Seres Therapeutics Q3 net loss widens on impairment charge
Overview
US biotechnology firm's Q3 revenue rose yr/yr, but net loss widened from prior-year profit
Company cut R&D and administrative expenses, reflecting lower activity and cost reduction efforts
Seres expects cash runway through Q1 2027, excluding future partnerships or capital raises
Outlook
Seres expects to submit next irEC study design to FDA in Q1 2027
Company expects to fund operations through Q1 2027, excluding new partnerships or capital
Company plans next SER-155 study in ICI patients, with dose optimization, pending funding
Result Drivers
LOWER R&D SPENDING - Co said reduced research and development expenses reflected lower activity and cost-cutting measures
ADMINISTRATIVE COST CUTS - General and administrative expenses declined due to lower personnel, facilities, and IT costs
LEASE IMPAIRMENT - Co recorded a non-cash impairment charge from early termination of a facility lease
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Collaboration Revenue | $593,000 | ||
Q3 Loss Per Share | $1.63 | ||
Q3 Net Loss | $16.29 mln | ||
Q3 Operating Expenses | $16.75 mln | ||
Q3 Operating Income | -$16.15 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Seres Therapeutics, Inc. is $17.00, about 767.3% above its November 3 closing price of $1.96
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)