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Seres Therapeutics Inc. (MCRB-9.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the sale of the VOWST Business to Société des Produits Nestlé S.A., which was completed on September 30, 2024. The transaction included a cash payment of $100 million and potential milestone payments based on future sales targets.
Seres reported a net loss from continuing operations of $125.8 million for the year, compared to $190.1 million in 2023. The reduction in loss was attributed to decreased research and development expenses following the sale of the VOWST Business.
Research and development expenses decreased to $64.6 million from $117.6 million in the prior year, primarily due to reduced personnel-related costs and lower expenses associated with the live biotherapeutics platform.
General and administrative expenses were $53.2 million, down from $77.5 million in 2023, reflecting cost reductions following the business restructuring.
Seres continues to focus on the development of SER-155, an investigational oral live biotherapeutic designed to prevent bacterial bloodstream infections in patients undergoing allogeneic hematopoietic stem cell transplantation.
The company has identified conditions that raise substantial doubt about its ability to continue as a going concern, indicating the need for additional funding by the first quarter of 2026.
Seres has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement and plans to propose a reverse stock split to regain compliance.
The company also outlined its ongoing obligations under a Transition Services Agreement with Nestlé, which includes providing certain manufacturing services until December 31, 2025.
Seres maintains a strategic focus on advancing its pipeline of live biotherapeutic candidates and leveraging its reverse translational platform for future drug development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seres Therapeutics Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.