Q2 2024 Seres Therapeutics Inc Earnings Call Transcript
Key Points
- Seres Therapeutics Inc (MCRB) announced the sale of VOWST assets to Nestle Health Science, providing a substantial immediate and future financial consideration.
- The VOWST asset sale will provide Seres Therapeutics Inc (MCRB) with $155 million in cash, strengthening their balance sheet and enabling debt retirement.
- Seres Therapeutics Inc (MCRB) has developed VOWST, the first FDA-approved oral live microbiome therapy, transforming the lives of patients with recurrent C. difficile infections.
- The company is advancing its pipeline with promising programs like SER-155 and SER-147, targeting significant unmet medical needs in vulnerable patient populations.
- Seres Therapeutics Inc (MCRB) reported a 43% growth in VOWST net sales for the second quarter, reflecting strong market potential and execution.
- Seres Therapeutics Inc (MCRB) reported a net loss of $32.9 million for the second quarter of 2024, compared to net income of $46.6 million for the same period in 2023.
- The company will not recognize VOWST net sales in its financial statements, sharing equally the product's commercial profits and losses with Nestle.
- Research and development expenses for the second quarter were $17.9 million, indicating ongoing high costs despite a decrease from the previous year.
- General and administrative expenses for the second quarter were $16.1 million, reflecting significant operational costs.
- The company's future cash runway is dependent on the successful completion of the VOWST asset sale and subsequent capital infusion.
Good day, and thank you for standing by. At this time, I would like to welcome everyone to Seres Therapeutics second quarter 2024 earnings conference call.
(Operator Instructions)
I would now like to turn the conference over to Dr. Carlo Tanzi, Investor Relations. Please go ahead.
Thank you, and good morning. Our press release with the company's second quarter 2024 financial results and a business update became available at 7:00AM Eastern Time this morning and can be found on the Investors & News section of the company's website. The company has also posted an updated corporate presentation to the website.
I'd like to remind you that we'll be making forward-looking statements, including related to the financial terms, timing and completion of the sale of VOWST assets to Nestle Health Science. The receipt of future payments and the use of proceeds of the transaction, the timing and results of clinical studies and data readouts, development plans and commercial opportunities
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |