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10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/06/2019
Entire Document
 

Research and development expenses were $96.0 million for the year ended December 31, 2018, compared to $89.5 million for the year ended December 31, 2017. The increase of $6.5 million was due primarily to the following:

 

a decrease of $0.9 million in research expenses related to our microbiome therapeutics platform, due primarily to a decrease in research consulting expenses of $2.0 million and IT expenses of $0.4 million and is partially offset by an increase in salary and consulting costs of $1.4 million and facilities and supplies costs of $0.1 million;

 

an increase of $2.2 million in expenses related to our SER-109 program, due primarily to an increase in contract manufacturing costs of $2.7 million, an increase in clinical trial consulting expenses of $0.6 million and an increase of $0.2 million in sequencing costs. This is partially offset by a decrease of $1.3 million in other consulting costs;

 

a decrease of $1.9 million in expenses of our SER-262 program primarily driven by a decrease in clinical trial costs of $1.2 million, and decrease in lab supplies and consumables of $0.7 million; and

 

an increase of $7.1 million in expenses of our SER-287 program primarily driven by an increase in clinical trials costs of $4.3 million, an increase in other consulting costs of $1.4 million and increase in lab supplies and consumables of $1.4 million.

We expect that our research and development expenses may increase in the foreseeable future as we advance the clinical development of SER-109, SER-287 and SER-262, and continue to discover and develop additional product candidates, including SER-401, SER-301 and SER-155, and pursue later stages of clinical development of our product candidates.

General and Administrative Expenses

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Personnel related (including stock-based compensation)

 

$

15,765

 

 

$

17,233

 

 

$

(1,468

)

Professional fees

 

 

7,609

 

 

 

8,265

 

 

 

(656

)

Facility-related and other

 

 

9,222

 

 

 

8,542

 

 

 

680

 

Total general and administrative expenses

 

$

32,596

 

 

$

34,040

 

 

$

(1,444

)

 

General and administrative expenses were $32.6 million for the year ended December 31, 2018, compared to $34.0 million for the year ended December 31, 2017. The decrease of $1.4 million was primarily due to the following:

 

a decrease in personnel related costs of $1.5 million primarily due to the decrease in stock-based compensation expense;

 

a decrease in professional fees of $0.7 million due primarily to a decrease in legal fees of $0.8 million and a decrease in consulting fees of $0.3 million, partially offset by an increase in recruiting fees of $0.4 million; and

 

an increase in facility-related and other costs of $0.7 million primarily due to an increase in information technology expenses of $1.4 million, partially offset by a decrease in office-related expenses of $0.7 million.

Other Income (Expense), Net

Other income (expense), net for the year ended December 31, 2018 was $1.3 million, compared to $2.0 million for the year ended December 31, 2017. The $0.7 million decrease in other income (expense), net was primarily due to a decrease in interest income from lower cash and investment balances in 2018 versus 2017.

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