Revenue Performance - Total revenue for the three months ended September 30, 2025, was $452,000, a 16.8% increase from $387,000 in the same period of 2024[19] - Total revenue for the nine months ended September 30, 2025, was $1.85 million, a significant decrease from $39.67 million in the same period of 2024[161] - Collaboration and license revenue for the nine months ended September 30, 2025, was $400,000, a significant decrease from $39,111,000 in the same period of 2024[19] - Collaboration and license revenue for the nine months ended September 30, 2025, was $400,000, a significant decrease of 99% from $39.1 million in 2024[196] Expenses and Losses - Operating expenses for the three months ended September 30, 2025, totaled $21,518,000, up 19.1% from $17,962,000 in the same period of 2024[19] - Net loss for the three months ended September 30, 2025, was $35,902,000, compared to a net loss of $24,183,000 for the same period in 2024, representing a 48.4% increase in losses[19] - The company reported a net loss of $37.726 million for the nine months ended September 30, 2025, compared to a net loss of $67.171 million for the same period in 2024, indicating a 44% improvement in losses year-over-year[29] - Research and development expenses for the three months ended September 30, 2025, were $13.8 million, a 21% increase from $11.4 million in 2024[188] - General and administrative expenses for the three months ended September 30, 2025, rose to $7.7 million, an 18% increase from $6.6 million in 2024[189] - Research and development expenses for the nine months ended September 30, 2025, were $43.3 million, an increase of 28% from $33.8 million in 2024[199] Cash and Assets - Cash and cash equivalents decreased to $143,384,000 as of September 30, 2025, down from $212,610,000 as of December 31, 2024, a decline of 32.5%[16] - Total assets decreased to $372,675,000 as of September 30, 2025, from $435,023,000 as of December 31, 2024, a reduction of 14.3%[16] - The company had cash, cash equivalents, and restricted cash of $145.119 million at the end of the period, down from $220.867 million at the same time last year, representing a decrease of 34%[29] - As of September 30, 2025, the Company reported cash, cash equivalents, and restricted cash totaling $145.1 million, with $1.7 million classified as restricted cash[45] Stock and Financing - The company completed a private placement resulting in net proceeds of approximately $124.438 million from the issuance of common stock and Series B Preferred Stock[29] - The company executed a 1-for-30 reverse stock split on April 4, 2024, affecting all share-related figures in the financial statements[26] - The 2024 Private Placement raised approximately $130.0 million through the issuance of 3,563,247 shares of common stock and 2,937,903 shares of Series B Non-Voting Convertible Preferred Stock at $20.00 per share[38] - The Company entered into a Sales Agreement for an "at-the-market" equity offering program with potential gross sales proceeds of up to $100.0 million[104] Liabilities and Deficits - Total liabilities decreased to $408,519,000 as of September 30, 2025, from $441,825,000 as of December 31, 2024, a decline of 7.5%[16] - The accumulated deficit increased to $(729,797,000) as of September 30, 2025, compared to $(692,071,000) as of December 31, 2024[16] - The Company has an accumulated deficit of $729.8 million as of September 30, 2025, and anticipates continued operating losses due to ongoing research and development costs[47] Future Outlook and Risks - The Company currently has no source of product revenue and does not expect to generate product revenue for the foreseeable future, relying primarily on collaboration agreements for revenue[44] - The Company is subject to risks typical of biotechnology firms, including the need for significant additional capital for research and development efforts[40] - The Company expects to continue incurring significant expenses and operating losses for the foreseeable future as it advances its product candidates[167] - The company may need to seek additional funding sooner than expected if actual results differ from management's estimates regarding its ability to fund operations[45] Agreements and Milestones - Astellas paid a $10.0 million upfront payment under the Astellas Agreement, with potential future payments of up to $340.0 million contingent on development and regulatory milestones[124] - The Sobi License includes a one-time upfront payment of $75.0 million and potential milestone payments totaling up to $630.0 million, along with tiered royalty payments ranging from low double digits to high teens[127] - The Company must submit a BLA for a licensed product by the fourth quarter of 2026 and achieve a first commercial sale by the fourth quarter of 2028 under the NCI Agreement[147] Changes in Fair Value - The company recognized $16.9 million in expenses related to the change in fair value of the contingent value right liability for the three months ended September 30, 2025, compared to $15.1 million in 2024, an increase of 12%[192] - The estimated fair value of the CVR liability as of September 30, 2025, was $369,000,000, with a change in fair value of $(18,746,000) during the nine months ended September 30, 2025[74] - For the nine months ended September 30, 2025, the company recognized $18.7 million of income from the decrease in the fair value of the CVR liability, a change of $70.6 million compared to a $51.9 million expense in the prior period[203]
SELECTA BIOSCI(SELB) - 2025 Q3 - Quarterly Report