Financial Performance - Total revenue for Q1 2025 was $1.1 million, a decrease of 81.1% compared to $5.84 million in Q1 2024[19] - Net loss for Q1 2025 was $17.71 million, significantly improved from a net loss of $56.82 million in Q1 2024[19] - The company reported a basic and diluted net loss per share of $0.68 for Q1 2025, compared to $10.50 for Q1 2024[19] - The net loss for the three months ended March 31, 2025, was $17.71 million, compared to a net loss of $56.82 million for the same period in 2024[27] - For the three months ended March 31, 2025, total revenue was $1.1 million, a decrease of 81.1% compared to $5.84 million for the same period in 2024[150] - The net loss for the three months ended March 31, 2025, was $17.7 million, compared to a net loss of $56.8 million for the same period in 2024, representing a 68.9% improvement[150] Research and Development - Research and development expenses increased to $14.67 million in Q1 2025, up 50.1% from $9.74 million in Q1 2024[19] - Research and development expenses totaled $14.7 million for the three months ended March 31, 2025, an increase of 51.1% from $9.7 million in the same period in 2024[157] - The lead product candidate, Descartes-08, showed that 83% of participants maintained clinically meaningful improvements in myasthenia gravis severity scales at six months[153] Cash and Liquidity - Cash and cash equivalents decreased to $180.43 million as of March 31, 2025, down 15.1% from $212.61 million at the end of 2024[16] - The company reported cash, cash equivalents, and restricted cash of $182.10 million at the end of the period, down from $214.28 million at the beginning of the period[27] - As of March 31, 2025, the Company reported cash, cash equivalents, and restricted cash totaling $182.1 million, with $1.7 million being restricted cash related to lease commitments[43] - The company expects to fund its operating expenses and capital expenditures into mid-2027 based on current cash resources[160] - The company expects to continue incurring losses and will require additional capital to fund operations, potentially through equity offerings and collaborations[9] Assets and Liabilities - Total assets decreased to $409.13 million as of March 31, 2025, down 5.9% from $435.02 million at the end of 2024[16] - Total liabilities were $430.92 million as of March 31, 2025, a slight decrease from $441.83 million at the end of 2024[16] - The accumulated deficit increased to $709.78 million as of March 31, 2025, compared to $692.07 million at the end of 2024[16] - The Company had an accumulated deficit of $709.8 million as of March 31, 2025[156] Financing Activities - Cash used in operating activities for the three months ended March 31, 2025, was $23.11 million, an increase from $15.92 million in the prior year[27] - The company experienced a net cash used in financing activities of $8.03 million for the three months ended March 31, 2025, compared to a net cash provided of $43.03 million in the same period of 2024[27] - The company completed a private placement for the issuance of 149,330.115 shares of Series A Preferred Stock for approximately $60.25 million[32] - The Company completed a private placement resulting in gross proceeds of approximately $130.0 million from the sale of 3,563,247 shares of common stock and 2,937,903 shares of Series B Preferred Stock at $20.00 per share[98] Stock and Equity - The weighted-average common shares outstanding increased to 25,902,650 in Q1 2025 from 5,414,020 in Q1 2024[19] - The Company has authorized shares of common stock for future issuance totaling 12,374,230 as of March 31, 2025[104] - The company had 2,475,023 outstanding common stock options as of March 31, 2025, with a weighted-average exercise price of $13.96[114] - The company granted 256,790 restricted stock unit awards during the three months ended March 31, 2025, with a weighted-average fair value of $16.93 per share[115] Lease Obligations - The Company entered into a lease agreement for 19,199 square feet of manufacturing and office space at 7495 New Horizon Way, with an annual base rent of $0.9 million, subject to a 3% annual increase[78] - The total future minimum lease payments as of March 31, 2025, amount to $18.1 million, with total operating lease liabilities recorded at $14.1 million[95] - The company has lease obligations totaling approximately $9.0 million for laboratory and office space in Watertown, Massachusetts, through May 2028[203] Collaboration and Revenue - The company has not generated product revenue and relies primarily on collaboration agreements for revenue[42] - Collaboration and license revenue dropped to $0.4 million, down 93% from $5.8 million due to the termination of the Astellas Agreement[2] - The company recorded revenue of $5.8 million related to the Astellas Agreement during the three months ended March 31, 2024, but no revenue was recognized for the same agreement in 2025[119] Future Outlook - The Company is dependent on raising additional capital to fund its operations and product development, which may not be available on favorable terms[41] - The company expects that existing cash and equivalents will fund operations into mid-2027, but may need to seek additional funding sooner if actual results differ from estimates[201] - The Company must initiate a Phase 3 clinical trial by Q4 2024 and submit a BLA by Q4 2026 under the NCI Agreement[137]
SELECTA BIOSCI(SELB) - 2025 Q1 - Quarterly Report