Seres Therapeutics, Inc (MCRB) saw its loss widen to $25.47 million, or $0.63 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.70 million, or $0.50 a share.
Revenue during the quarter grew 11.25 percent to $3.02 million from $2.71 million in the previous year period.
Operating loss for the quarter was $25.89 million, compared with an operating loss of $19.92 million in the previous year period.
"Seres is making strong progress throughout our broad pipeline of microbiome therapeutics." said Roger J. Pomerantz, M.D., president, chief executive officer and chairman of Seres. "Following positive feedback from the FDA, we are working to rapidly initiate the SER-109 ECOSPOR III clinical study, and we expect study start in mid-year. This trial could potentially serve as the basis for the approval of SER-109, which may represent the first approved microbiome therapeutic. In addition, we have advanced our Phase 1b study of SER-287 in patients with ulcerative colitis, as well as our Phase 1b study of SER-262 in patients with primary C. difficile infection. We look forward to a highly data rich period ahead, with readouts from both the SER-287 and SER-262 studies expected in the second half of 2017."
Working capital drops significantly
Seres Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $165.02 million as at Mar. 31, 2017, down 41.49 percent or $117.01 million from $282.02 million on Mar. 31, 2016. Current ratio was at 7.06 as on Mar. 31, 2017, down from 12.36 on Mar. 31, 2016.
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