Seres Therapeutics(US:MCRB)2025-08-06 13:30Financial Data and Key Metrics Changes - The company reported a net loss from continuing operations of $19.9 million in Q2 2025, compared to a net loss of $26.2 million in Q2 2024, indicating an improvement in financial performance [17] - Research and development expenses decreased to $12.9 million from $15.8 million in the previous year, reflecting lower costs associated with the SER-155 Phase Ib study and reduced personnel expenses [17] - General and administrative expenses were $10.3 million in Q2 2025, down from $13.1 million in Q2 2024, primarily due to lower personnel and IT-related expenses [18] - As of June 30, 2025, the company had cash and cash equivalents of $45.4 million, and with the recent $25 million payment received, it expects to fund operations into 2026 [18] Business Line Data and Key Metrics Changes - The SER-155 Phase Ib study demonstrated a 77% relative risk reduction in bloodstream infections compared to placebo in patients undergoing allogeneic hematopoietic stem cell transplant, with a number needed to treat of three [6][9] - The company is preparing for a Phase II study with an enrollment goal of approximately 248 participants, focusing on the prevention of bloodstream infections [8] Market Data and Key Metrics Changes - The company has received positive feedback from European physicians regarding SER-155, indicating plans to include the EU in the Phase II study [22][29] - Engagement with EU key opinion leaders (KOLs) confirmed that bloodstream infections in the alloHSCT population remain a significant unmet need [30] Company Strategy and Development Direction - The immediate corporate priority is to secure capital to advance SER-155 and other promising development candidates, exploring various transaction structures including partnerships and mergers [10][11] - The company is actively discussing potential deals with multiple parties to secure necessary resources for clinical milestones [11][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of SER-155 to provide transformative clinical benefits for patients with serious infections and inflammatory diseases [5] - The company is mindful of the challenging biotech environment but remains focused on advancing its development programs and securing capital [10] Other Important Information - The company acknowledged the contributions of Eric Schaff, who played a significant role in the maturation of the biotherapeutic field, and welcomed Rob Rossello to the Board [19] Q&A Session Summary Question: How will the company decide the best structure for potential deals? - The company is exploring various deal structures that provide capital to advance SER-155 and leverage expertise in conducting global studies [24][28] Question: Are there plans to include the EU in the Phase II study? - Yes, the Phase II study will be a global study including European countries, and the design is robust and well-powered [29]