Seres Therapeutics Proxy Filing: Earnings Call Solicitation

TL;DR

Seres Therapeutics filed a proxy statement for their earnings call, shareholders need to pay attention.

AI Summary

Seres Therapeutics, Inc. filed a DEFA14A, indicating it is a definitive proxy statement soliciting material under Rule 14a-12. The filing pertains to their earnings conference call, with the company previously known as Seres Health, Inc. before a name change on June 3, 2014. The company is incorporated in Delaware and based in Cambridge, MA.

Why It Matters

This filing is a proxy statement, which is crucial for shareholders to understand company proposals and exercise their voting rights, especially around earnings calls and corporate governance.

Risk Assessment

Risk Level: low — This is a standard proxy filing related to an earnings call, not indicating immediate financial distress or significant corporate action.

Key Players & Entities

• Seres Therapeutics, Inc. (company) — Registrant
• Seres Health, Inc. (company) — Former company name
• 200 SIDNEY STREET, CAMBRIDGE, MA 02139 (location) — Business and Mail Address
• 617 945 9626 (phone_number) — Business Phone
• DEFA14A (document_type) — Filing Type
• 20240813 (date) — Filing Date

FAQ

Key Financial Figures

• $155 million — g stockholder approval, we will receive $155 million in cash, which includes an upfront paym
• $14.4 m — es of VOWST for the second quarter were $14.4 million, reflecting an approximately 43%
• $17.9 m — nt expenses for the second quarter were $17.9 million, down from $46.8 million for the
• $46.8 million — d quarter were $17.9 million, down from $46.8 million for the same period in 2023. The year-o
• $16.1 m — ve expenses for the second quarter were $16.1 million, reduced from $28.1 million for t
• $28.1 million — uarter were $16.1 million, reduced from $28.1 million for the same period in 2023. Again, re
• $32.9 million — ion efforts. We reported a net loss of $32.9 million for the second quarter of 2024 as compa
• $46.6 million — er of 2024 as compared to net income of $46.6 million for the same period in 2023. The changi
• $125 million — eriod in 2023. The changing result of a $125 million milestone payment received from Nestle
• $71.2 million — ition. As of June 30, 2024, and we had $71.2 million in cash and cash equivalents. This does

Filing Documents

• ny20030749x11_defa14a.htm (DEFA14A) — 70KB
• 0001140361-24-037115.txt ( ) — 71KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a6(e)(2)) Definitive Proxy Statement Definitive Additional Material Soliciting Material under Sec.240.14a12 SERES THERAPEUTICS, INC. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. The following is a transcript to the Seres Therapeutics, Inc. ("Seres") earnings conference call led by Eric D. Shaff, President and Chief Executive Officer of Seres, Marella Thorell, Executive Vice President and Chief Financial Officer of Seres, and certain other officers of Seres from August 13, 2024. Seres Therapeutics, Inc. (Q2 2024 Earnings) August 13, 2024 Corporate Speakers Carlo Tanzi; Seres Therapeutics Inc.; Investor Relations Eric Shaff; Seres Therapeutics Inc.; President and Chief Executive Officer Lisa von Moltke; Seres Therapeutics Inc.; Chief Medical Officer Matthew Henn; Seres Therapeutics Inc.; Chief Scientific Officer Teresa Young; Seres Therapeutics Inc.; Chief Commercial and Strategy Officer Marella Thorell; Seres Therapeutics Inc.; Chief Financial Officer Participants Tessa Romero; JP Morgan; Analyst Edward Tenthoff; Piper Sandler; Analyst Pamela Barendt; TD Cowen; Analyst Unidentified Participant; Oppenheimer; Analyst PRESENTATION Operator^ Good day. Thank you for standing by. At this time, I would like to welcome everyone to Seres Therapeutics Second Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Dr. Carlo Tanzi, Investor Relations. Please go ahead. Carlo Tanzi^ Thank you. And good morning. Our press release with the company's second quarter 2024 financial results and a business update became available at 7:00 a.m. Eastern Time this morning and can be found on the investors and news section of the company's website. The company has also posted an updated corporate presentation to the website. I'd like to remind you that we are making forward-looking statements including related to the financial terms, timing and completion of the sale of VOWST assets to Nestle Health Science; the receipt of future payments and the use of proceeds of the transaction; the timing and results of clinical studies and data readouts; development plans and commercial opportunities; operating plans and our future cash runway; our planned strategic focus; and other statements which are not historical fact. Actual results may differ materially. On today's call with prepared remarks, I'm joined by Eric Shaff, Seres' President and CEO; Marella Thorell CFO; Dr. Lisa von Moltke, Chief Medical Officer; Dr. Matthew Henn, Chief Scientific Officer; and Dr. Terri Young, Chief Commercial and Strategy Officer. With that, I'll pass the call to Eric. Eric Shaff^ Thank you, Carlo. And good morning, everyone. Last week, we announced our agreement to sell Seres VOWST assets of commercial rights to Nestle Health Science in exchange for substantial immediate and future financial consideration. We held a call at that time to review the agreement and the deal terms and to provide a high-level view of our planned corporate strategy to advance our live biotherapeutics drug candidates, which are consortia bacterial strains cultivated from clonal master cell banks and rationally design and optimize target disease-relevant pathways. Today's call will focus on our SER-155 program, and the clinical data we look forward to obtaining next month and more broadly, our strategy moving forward. Later in the call we will provide a review of our second quarter financial results. I'll begin with a recap of the VOWST asset sale and how this helps to support advancement of our pipeline. We expect the transaction to close in the next 90 days. As we discussed last week, the VOWST asset sale provides Seres with a meaningful capital infusion. Upon deal close, pending stockholder approval, we will receive $155 million in cash, which includes an upfront payment, a prepaid milestone payment and an equity investment, net of operational obligations we pay Nestle at close. The capital provided will strengthen our balance sheet, enable us to retire our existing debt facility and certain other operational liabilities and, most importantly, support the development of our pipeline of wholly-owned live biotherapeutics that build upon our previous successes and represent the next generation of our drug technology. We are proud to have

View Full Filing

View this DEFA14A filing on SEC EDGAR