$MCRB
Seres Therapeutics, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019015070 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $6.615M $3.971M
YoY Change 66.58% 31.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.500M $8.780M
YoY Change -14.58% 0.23%
% of Gross Profit
Research & Development $22.89M $23.46M
YoY Change -2.43% 16.47%
% of Gross Profit
Depreciation & Amortization $2.006M $1.941M
YoY Change 3.35% 12.2%
% of Gross Profit
Operating Expenses $31.87M $32.24M
YoY Change -1.13% 11.53%
Operating Profit -$24.55M -$28.27M
YoY Change -13.14% 9.18%
Interest Expense $220.0K $347.0K
YoY Change -36.6% -55.51%
% of Operating Profit
Other Income/Expense, Net $220.0K $347.0K
YoY Change -36.6% -16.59%
Pretax Income -$24.33M -$27.92M
YoY Change -12.86% 9.62%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.33M -$27.92M
YoY Change -12.84% 9.6%
Net Earnings / Revenue -367.85% -703.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$593.0K -$687.2K
COMMON SHARES
Basic Shares Outstanding 41.05M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.71M $122.2M
YoY Change -56.04% -34.69%
Cash & Equivalents $53.71M $48.71M
Short-Term Investments $0.00 $75.00M
Other Short-Term Assets $7.500M $4.300M
YoY Change 74.42% -17.31%
Inventory
Prepaid Expenses
Receivables $6.667M
Other Receivables $0.00
Total Short-Term Assets $67.80M $126.5M
YoY Change -46.4% -34.22%
LONG-TERM ASSETS
Property, Plant & Equipment $37.80M $31.50M
YoY Change 20.0% -12.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $1.500M
YoY Change 0.0% 7.14%
Total Long-Term Assets $39.20M $32.90M
YoY Change 19.15% -37.45%
TOTAL ASSETS
Total Short-Term Assets $67.80M $126.5M
Total Long-Term Assets $39.20M $32.90M
Total Assets $107.0M $159.4M
YoY Change -32.87% -34.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $5.400M
YoY Change -27.78% -3.57%
Accrued Expenses $8.000M $2.000M
YoY Change 300.0% -9.09%
Deferred Revenue $2.770M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.57M $35.20M
YoY Change 18.09% 29.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $644.0K $114.3M
YoY Change -99.44% 7.63%
Total Long-Term Liabilities $644.0K $114.3M
YoY Change -99.44% 7.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.57M $35.20M
Total Long-Term Liabilities $644.0K $114.3M
Total Liabilities $176.9M $149.4M
YoY Change 18.39% 11.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $343.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$69.83M $10.03M
YoY Change
Total Liabilities & Shareholders Equity $107.0M $159.4M
YoY Change -32.87% -34.91%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$24.33M -$27.92M
YoY Change -12.84% 9.6%
Depreciation, Depletion And Amortization $2.006M $1.941M
YoY Change 3.35% 12.2%
Cash From Operating Activities -$32.39M -$26.76M
YoY Change 21.04% 4.54%
INVESTING ACTIVITIES
Capital Expenditures $306.0K $953.0K
YoY Change -67.89% -57.59%
Acquisitions
YoY Change
Other Investing Activities $0.00 $39.00M
YoY Change -100.0% 156.58%
Cash From Investing Activities -$306.0K $38.03M
YoY Change -100.8% 192.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 480.0K -165.0K
YoY Change -390.91%
NET CHANGE
Cash From Operating Activities -32.39M -26.76M
Cash From Investing Activities -306.0K 38.03M
Cash From Financing Activities 480.0K -165.0K
Net Change In Cash -32.22M 11.11M
YoY Change -390.1% -188.14%
FREE CASH FLOW
Cash From Operating Activities -$32.39M -$26.76M
Capital Expenditures $306.0K $953.0K
Free Cash Flow -$32.70M -$27.72M
YoY Change 17.98% -0.47%

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#8217;s estimates.</p>
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AllocatedShareBasedCompensationExpense
4236000
CY2019Q1 mcrb Contract With Customer Liability Revenue Recognized With Related Party
ContractWithCustomerLiabilityRevenueRecognizedWithRelatedParty
6615000
CY2018Q1 mcrb Contract With Customer Liability Revenue Recognized With Related Party
ContractWithCustomerLiabilityRevenueRecognizedWithRelatedParty
3766000
CY2019Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2019Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Certain leases include one or more options to renew, exercised at the Company’s sole discretion, with renewal terms that can extend the lease from one year to five years.
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23473000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1154000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
648000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
726000
CY2019Q1 us-gaap Lease Cost
LeaseCost
2528000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1642000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4951000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6382000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6461000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6390000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5158000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
29342000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5869000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M21D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
6342000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6120000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6221000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
6372000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5158000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
30213000
CY2019Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
608000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2018Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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