$MCRB
Seres Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019222 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $126.5M -$522.0K $1.493M
YoY Change 10300.74% -134.96% -73.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $28.05M $22.47M $18.57M
YoY Change 37.94% 21.0% 58.19%
% of Gross Profit
Research & Development $46.79M $43.97M $39.65M
YoY Change 6.5% 10.9% 35.31%
% of Gross Profit
Depreciation & Amortization $1.527M $1.400M $1.570M
YoY Change -9.38% -10.83% 6.37%
% of Gross Profit
Operating Expenses $76.95M $70.05M $57.24M
YoY Change 19.22% 22.36% 39.47%
Operating Profit $49.52M -$70.57M -$55.75M
YoY Change -178.21% 26.58% 57.82%
Interest Expense -$1.461M -$916.0K -$528.0K
YoY Change 32.1% 73.48% -295.56%
% of Operating Profit -2.95%
Other Income/Expense, Net -$1.511M -$606.0K -$873.0K
YoY Change 7.16% -30.58% 528.06%
Pretax Income $46.55M -$71.17M -$56.62M
YoY Change -171.91% 25.7% 59.64%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $46.55M -$71.17M -$56.62M
YoY Change -171.91% 25.7% 59.66%
Net Earnings / Revenue 36.81% -3792.63%
Basic Earnings Per Share $0.36 -$0.57 -$0.61
Diluted Earnings Per Share $0.36 -$0.57 -$614.4K
COMMON SHARES
Basic Shares Outstanding 127.9M 126.1M 92.16M
Diluted Shares Outstanding 129.8M 125.9M 92.16M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $229.5M $106.5M $248.0M
YoY Change 17.22% -57.04% 2.14%
Cash & Equivalents $229.5M $94.84M $153.2M
Short-Term Investments $0.00 $11.70M $94.81M
Other Short-Term Assets $8.819M $9.537M $15.25M
YoY Change -36.02% -37.46% 131.05%
Inventory $5.340M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $251.2M $116.1M $263.3M
YoY Change 19.88% -55.9% 4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $134.3M $24.31M $19.07M
YoY Change 588.06% 27.48% 40.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $20.84M $11.31M $1.741M
YoY Change 119.16% 549.45% 189.2%
Total Long-Term Assets $155.1M $154.1M $56.64M
YoY Change 143.88% 172.1% 5.47%
TOTAL ASSETS
Total Short-Term Assets $251.2M $116.1M $263.3M
Total Long-Term Assets $155.1M $154.1M $56.64M
Total Assets $406.4M $270.2M $319.9M
YoY Change 48.75% -15.54% 4.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.92M $12.30M $6.791M
YoY Change -7.65% 81.08% 38.59%
Accrued Expenses $17.16M $11.66M $12.14M
YoY Change 10.26% -3.94% 49.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.90M $63.82M $82.36M
YoY Change -12.51% -22.51% 72.07%
LONG-TERM LIABILITIES
Long-Term Debt $100.7M $51.23M $50.44M
YoY Change 98.97% 1.58% 130.31%
Other Long-Term Liabilities $205.1M $1.486M $3.908M
YoY Change 21653.23% -61.98% -95.77%
Total Long-Term Liabilities $305.9M $1.486M $3.908M
YoY Change 32336.37% -61.98% -96.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.90M $63.82M $82.36M
Total Long-Term Liabilities $305.9M $1.486M $3.908M
Total Liabilities $383.8M $318.1M $238.9M
YoY Change 53.42% 33.12% 47.49%
SHAREHOLDERS EQUITY
Retained Earnings -$889.1M -$935.7M -$671.0M
YoY Change 20.85% 39.45% 14.85%
Common Stock $911.7M $887.8M $752.1M
YoY Change 20.12% 18.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.61M -$47.87M $80.96M
YoY Change
Total Liabilities & Shareholders Equity $406.4M $270.2M $319.9M
YoY Change 48.75% -15.54% 4.64%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $46.55M -$71.17M -$56.62M
YoY Change -171.91% 25.7% 59.66%
Depreciation, Depletion And Amortization $1.527M $1.400M $1.570M
YoY Change -9.38% -10.83% 6.37%
Cash From Operating Activities $65.98M -$76.58M -$66.45M
YoY Change -232.24% 15.26% 125.27%
INVESTING ACTIVITIES
Capital Expenditures $1.233M $4.068M $2.950M
YoY Change -157.0% 37.9% 119.82%
Acquisitions
YoY Change
Other Investing Activities $11.75M $6.807M $15.92M
YoY Change -54.03% -57.25% -182.07%
Cash From Investing Activities $10.52M $2.739M $12.97M
YoY Change -55.05% -78.89% -162.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.18M 5.656M 26.85M
YoY Change 44651.54% -78.93% 3414.14%
NET CHANGE
Cash From Operating Activities 65.98M -76.58M -66.45M
Cash From Investing Activities 10.52M 2.739M 12.97M
Cash From Financing Activities 58.18M 5.656M 26.85M
Net Change In Cash 134.7M -68.19M -26.63M
YoY Change -610.76% 156.11% -46.18%
FREE CASH FLOW
Cash From Operating Activities $65.98M -$76.58M -$66.45M
Capital Expenditures $1.233M $4.068M $2.950M
Free Cash Flow $64.75M -$80.65M -$69.40M
YoY Change -235.65% 16.22% 125.03%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In the unaudited condensed consolidated financial statements, the Company uses estimates and assumptions related to revenue recognition and the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.</span></p>
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3000
CY2023Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Certain leases include one or more options to renew, exercisable at the Company’s sole discretion, with renewal terms that can extend the lease from approximately one year to five years.
CY2023Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
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24306000
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6877000
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14709000
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OperatingLeaseLiability
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CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1672000
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368000
CY2022Q1 us-gaap Short Term Lease Cost
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355000
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1763000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1032000
CY2023Q1 us-gaap Lease Cost
LeaseCost
7541000
CY2022Q1 us-gaap Lease Cost
LeaseCost
3059000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3413000
CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
13403000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19055000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21164000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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21754000
CY2023Q1 mcrb Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y8M4D
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y11M23D
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CY2023Q1 us-gaap Long Term Debt
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.46
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16826144
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12188000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8676217
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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125862975
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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92164419
CY2023Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.57
CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2016Q1 mcrb Collaborative Arrangement Upfront License Fee Received
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120000000
CY2023Q1 mcrb Contract With Customer Liability Revenue Recognized With Related Party
ContractWithCustomerLiabilityRevenueRecognizedWithRelatedParty
522000
CY2022Q1 mcrb Contract With Customer Liability Revenue Recognized With Related Party
ContractWithCustomerLiabilityRevenueRecognizedWithRelatedParty
1493000

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