MCRB - Earnings call transcript Q2 2024 | Seres Therapeutics, Inc.

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Operator

Good day, and 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

morning. good and you, Thank

on Our posted press results X:XX quarter financial the The be company's Eastern of News the website. company's updated with a business corporate the website. found can and and at has this second Investors update & Time section also XXXX company morning release the an became a.m. to available presentation

transaction, commercial of planned statements, the to and other the payments you proceeds of and receipt timing that and including forward-looking opportunities, related studies remind making operating historical terms, clinical statements, The which to like plans strategic focus are of to future I'd results Actual materially. timing and our and assets are differ completion sale the not VOWST results and may Science. of Nestle financial the we of the Health use runway, plans data readouts, fact. future development our and cash of

prepared by Dr. Matthew On CFO; and Moltke, Strategy Officer; Medical call Officer. CEO; Commercial Eric Chief Chief Dr. Chief Lisa I'm Scientific Thorell, Young, and President with Dr. Henn, Officer; Marella today's and Seres' von Shaff, remarks, Terri joined

to pass I'll With that, Eric. the call

Eric Shaff

our to Last everyone. consideration. obtaining second We financial corporate design of Health call held optimize to cell commercial of in month bacterial we advance rights the and the broadly, immediate our strategy Later future review on strains high-level to view financial Thank Science and SER-XXX substantial review will and live strategy provide target a data program, forward banks results. time and which our agreement terms more disease-relevant are quarter good and and planned to from will in VOWST cultivated a biotherapeutics assets to you, provide our forward. Carlo, at morning, announced agreement Nestle Today's look consortia Seres clonal we the call, drug clinical our week, a sell moving of exchange to our deal that for the next and focus we pathways. master and rationally candidates, call

a asset sale to the with and pipeline. support begin how helps of advancement recap our I'll this VOWST of

to XX the the next close in transaction days. expect We

us the net includes As retire discussed receive facility represent close. provides that a Upon The an capital biotherapeutics capital Nestle at sale the drug our the most provided enable to wholly payment, of week, operational sheet, previous close, next successes our payment last debt upon approval, and will build our million certain our a of VOWST pending existing liabilities Seres we obligations upfront will asset and, technology. development in live other we and strengthen owned of balance our infusion. pay operational with stockholder which support cash, $XXX prepaid equity deal of pipeline we investment, an milestone meaningful generation and importantly,

biotherapeutics. who have proud [indiscernible] to have patients oral infections devastating for the live infections. therapy. first are of has Preventing recurrences ever individuals We VOWST the with thousands as transformed microbiome lives of recurrent developed of entirely VOWST FDA-approved in product methods, options. we an VOWST, manufacturing collaborated approval FDA-approved including secure of and therapeutic oral limited numerous for entirely In FDA capabilities the class developing new created a with we regulatory to new

position successfully patient medically to needs decade that technology capabilities, vulnerable have platforms we Seres Looking property continue to advance and ahead, new and biotherapeutics additional address significant and intellectual underlying the over and we populations. believe our that core unmet last developed to know-how medical the

high-risk our as develop and as and longer inflammatory as neutropenia In to conditions. diseases opportunities we there related febrile term, that are believe We we such allo-HSCT in also and such patients, plan vulnerable can apply the acquired infection diseases our bacterial such multiple bloodstream technology drug patient immune-related other groups to to bowel in our capabilities address near-term we prevent leverage infections GI serious and prevent specifically, believe infections could conditions biotherapeutics disease. and to More medically we patients.

competencies asset that believe Seres stakeholders. will assets conventional streamlined our in and of human transform new through meaningful The development, to to VOWST approaches to transaction summary, discovery able In advance enable patients financial into value with biotherapeutics number be enables and a pipeline not Seres capital for more for are us sale and thereby deploying other addressed clinical creating create organization, and core we the effectively to Seres. diseases

to diseases. build and advance upon technical the our We treatments extensive potentially to for will of new well development capabilities transformative be positioned serious many

expanding SER-XXX composition, successes. developing now infections. chronic those to to bacterial and obtaining high discuss improve outcomes program, biotherapeutic results we Lisa We to this forward placebo-controlled evaluated month next in proprietary an shortly. metabolic will Phase with looking and will ongoing also detail. cohort lead is and important another extend X further in discuss with risk X. program are anticipate being therapeutic those positive the SER-XXX patients Matt including pass study, Cohort clinical SER-XXX novel approach, observed more Our Seres prior data for readout the in our the to disease of disease, is potential in live our at clinical Ib in I'll highlight liver clinical this

Lisa von Moltke

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HSCT to exposure microbiome extensive in these gastrointestinal and that conditioning regimens, develop to often GI the often disruptive of result patients the in the a deficiencies pathogen effects antibiotics domination functional and As resulting overgrowth of tract. lead

subjects year, cohort tolerated to data in and SER-XXX immunocompromised reported with associated of with with clinical host open-label epithelial Last patients. we XX being bloodstream are In was Phase increased to versus coupled allo XX of well mortality. significantly Ib disruptions, highly the These continuing integrity transplant. graft with GI SER-XXX diminished barrier HSCT risks this promising infections, disease cohort, X administered

Cohort data intent indicated administered days markedly cell pathogen related lower in and the and of subjects prevent stem X patient cohort. mechanistic reference a incidence GI This in enteric These than SER-XXX had XX was was incidents single the pathogen supporting strong observed transplant. that clinical resulting provide to following the transient domination infections. domination Our data bloodstream a SER-XXX, the large domination evidence event of within of only

review important to specific study only we I'd a strains X, perspective, is from Next have would evaluating. we will month, we From endpoints of Cohort to that study see randomized, a placebo-controlled enrolled not like candidates humans include continued like are infection. design several tolerated. from be derived been that the that to It obtain tract note incorporates will well and which SER-XXX isolated evidence is double-blinded, our XX biotherapeutics data associated bacterial safety healthy from with and the bacteria indicating that of GI subjects.

clinical a reason observed our biotherapeutics to prior that the profile have result, favorable we our in to As believe will be safety have we continue studies. as associated with

derived we perspective, bloodstream to days a SER-XXX assessing complications. an period From GI the will with of of following XXX incidence decrease high efficacy and first the rate associated HSCT, XX a infections ability within the of be

neutropenia results antibiotic of fever and SER-XXX subsequent evaluate if decreased also will rates rates of initiation. in during administration We

is examine we if associated acute addition, will reduced the versus graft In with host of SER-XXX incidence disease.

our expect study. single results changes treatment period. and study opportunity the study recent The we a to given FDA GvHD pivotal that inform the X an could assessment of next expect to in However, our be cohort rate we with be next will to subsequent and there but standard it practices, global overall low steps, for be be during discussions

outcomes positive including Cohort promise X with solid patients in address chronic and live validate further infection-related transplant from liver with infection and biotherapeutics data negative believe modality the medically We populations, vulnerable recipients neutropenia, individuals would serious disease. readout cancer our organ to of the clinical

plan have other initiation study X SER-XXX, a in bacterial potentially of Cohort vulnerable supportive development allo-HSCT steps infections. registrational and also already data, begun rates for medically of high to including development in potential further groups, global Assuming we

to study. pharmacology SER-XXX I'll now in discuss collecting we be Matt the will call pass the to that the data

Matthew Henn

Thank translating of studies. you, strains GI based from the from strains is the that bacterial pathogen and Seres portfolio bacteria across on of designed reduce GI tract of the and prevent individual barrier to in properties a clinical is This epithelial biotherapeutic and was and the optimized to the designed to likelihood functional bloodstream. clinical XX colonization, rationally harmful consortium Lisa. of as overgrowth insights promote reduce the SER-XXX well to as abundance

SER-XXX the GvHD. magnitude number parameters, allo-HSCT track and and species included bacteria drug induce can potential gastrointestinal of outgrowth of the Additionally, evaluate to overgrowth In will bacteria, X in and impact of engraftment, we Cohort the to the with to of in of there harmful immune the modulate SER-XXX resistance immune are the harbor abundance trial, pharmacology including bacteria GI. the a that including SER-XXX pathways tolerance those antimicrobial meaning in kinetics in

function evaluating microbiome and pathogen evaluate epithelial systemic and both of mechanisms immune host modulation and to will we In functions of biomarkers in barrier associated changes pending and addition, for be be immune pharmacology the decolonization, cohort. and local of collection GI a additionally, pathways tolerance. the could clinical outcomes observed. that the induce will additional control in support and endpoints placebo X control examined data pharmacology context can The provide Cohort data the reference of

well addition, further we populations in plans as prevention and development of for as additional important will SER-XXX consider data In immune GI-related diseases. infection these the as be patient targeting

and we consortium peritonitis, diseases. infections is candidate chronic SPP patients to live compromised are a an designed cultivated bacteria of infections disease. developing gut oral consisting SER-XXX spontaneous prevent downstream for metabolic biotherapeutic bacterial in seated living to addition SER-XXX, liver In or and product with SER-XXX associated of

care negative cirrhosis, enabling and as and designed with selection and of In the chronic selected associated in deficiencies. gastrointestinal on the infections and desired of model disruption contact bacterial with based functional disease health MBTX insights consortium. optimized vitro and of strains individual susceptibility lead decompensated exhibit screening unique ] the clinical using This, such increased strains a with [ drive patients our were outcomes reverse platform, properties. data-driven combined and translational known SER-XXX strains hospitalization. as set functional to extensive advanced can liver system These stages frequent can other was bacterial the of microbiome disease the preclinical clinical

are strain fermentation scalable for Our methods manufactured that single processes. from isolates through efficient, allow cultivated biotherapeutics

and SER-XXX, SER-XXX in the Seres readiness opportunity XXXX. of we represent anticipate IND another half that could with As for believe we second

provide I'll call context now our to strategy. Terri around pass further to the pipeline

Teresa Young

Matt. infection extensive success and frequent and has path we clinical without success additional believe serious to medically vulnerable Thank in summarize we patients. upon preventing To unique forward, our plan our this demonstrated approach general you, build in

profile pursue SER-XXX attractive own we adjacent will oral significant under they of Each highly SER-XXX a substantiate for substantial Matt to to with efficacy in study, and opportunity. in the and from is journey a together, terms but outlined. additional With for Lisa dosing short as month this both consideration meaningful adjacencies in step begin regimen. commercial a its Phase next patient Our represent is safety next results therapeutic population right, Ib

The malignancies patients allo-HSCT hematologic hematologic other is with an and annually population and neutropenia patients cancer approximately across XX,XXX across patients X,XXX from the rate. allo-HSCT of to XXX,XXX patient pool additional comprised would the U.S. from SER-XXX bring annually high Asia. another Expansion

from designed multiple These set benefit model across an the world, and HCP. are mainly AML, myeloma example, For large centers we treated a lymphoma. efficient concentrated of commercial reach therefore, at to developed patients non-Hodgkin would and

transplants We to kidney are receive solid patients and the like avoid potential with into U.S. -- other expansion organ and each XX,XXX EU in transplants. to the the liver. considering year infections also across The

provides SER-XXX, the large patients, program, in liver opportunity prevent chronic next Our patient. disease to infections another

to our approach would can by activity pipeline remain as about This inflammatory also conditions bowel additional front addressing infection difference of our we such the forward of outcome of us. a patients will as our us stakeholders. highly us immune and for the And asset move prevalent excited Nestle in We worth next-generation pursue We to we key is believe breadth against of disease. modulation. beyond make providing enable opportunities of to reminding that optionality for strategic candidates have that key full everyone positioning sale drive entire value a ownership VOWST it's

to prioritization implicated vulnerable extensive has knowledge pipeline our disease, microbiome leaving been in informed disruption patients where infection. Our by of thereby and been serious has

where a We strongly a are proposition bring we unmet with strong attractive profile with also needs, us an diseases value affording also pricing consider -- high flexibility. would product

commercial demonstrate under rigorous In development as all and proof we indications clinical our to our more timely strength will path and data-driven consider allow capability, obtain that us to clinical we evaluation consider along we approach rationale modest about cost. forward SER-XXX addition, we of We will to receive cost in scientific continue we our be In a which results time future summary, potential plans, ensure will that utilize develop considers strategy, and input manner. to our month with our forward next development and a develop once a we can communicating the set. forward refine clinical data at the to and carefully of path and path to fully will plans. strategic pipeline important for key required The this concept look

Marella the to over call turn our I'll to Now share results. financial

Marella Thorell

VOWST. like financial I'd Thanks, quarter, to Terri, discuss morning, good for results second the with our starting and everyone.

line. but under VOWST not in Nestle, profits share we and terms net does record equally the its our the with statements, instead losses, we agreements in profit prior are financial Seres share determined the reminder, product's over and an collaboration a sales cost and profits As and sharing of quarter commercial loss the party were sales and our of recognize first and sales, quarter related reflecting based for year. second growth marketing million, of of VOWST expenses. the VOWST XX% sales VOWST sold $XX.X Net losses approximately this upon goods net

on VOWST down they for Nestle the execution market discussed We to Nestle capitalized sheet. the $XX.X XXXX. million, manufacturing in no their points costs expenses million P&L, strategy by remain were to balance being increased of and as commercial same in development to call update, dynamics period prescriber decrease business. to being As potential year-over-year VOWST in call the expand our broaden $XX.X continues Research their quarter R&D expenses for recognized work from second primarily first but in respond instead the refined longer confident in the and launch The and was recognized Seres our quarter refine to their reach. driven and

and In expenses were period and from million, in at in contributed General administrative for of $XX.X XXXX. the million headcount addition, to end reductions for XXXX, announced expenses. restructuring $XX.X quarter second the from other expenses lower reduced the same the

income same period actions for The cost in as million well of for $XX.X received as loss million lower other the compared to the professional of reflecting sale. milestone prudently. more between headcount than a quarter part Nestle noted Science focused to as following We result Again, organization $XX.X the efforts. to restructuring the of to million $XXX of along of from net XXXX XXXX other lower VOWST, of reduction reductions fees changing asset the reported be upon upon move and quarter net we XXXX. with of expense a the More Health Seres a periods. VOWST X/X payment FDA employee expected manage the our and and approval second the of is as in streamlined Nestle continue sale, expenses will operating base will second

decline As of close transaction. a the result, the our following cash burn will

Turning cash to position. our

equivalents. sale expect we expected XXXX, of million as does and in had August As X to of XX part we the cash cash days the cash not which include signing. of infusion This $XX.X XX, close VOWST the June asset within and

received quarter at on runway expect in that ongoing of the close, through to meaningfully We its accounting anticipate our plans, transaction a and we runway, to obligations cash capital asset installment into future operating pipeline. the extend expected payments the to enabling of Based capital be and for XXXX XXXX. expected cash, transaction-related fourth completed, VOWST the plus to advance cash the allow if sale, our Seres us the team current

the pass call now Eric. to back I'll

Eric Shaff

I'll that a may forward, aware there Marella. note the just of made our be issue you, to we have been first that And we least being able Thank call the at website. folks or technical with from access call before part move the

available So completion from we following to posted ensure this remarks will the transcript of and the that call, is full everybody. our

Okay.

corporate experience focused a pursue improve a biotherapeutics live to where apply of in vulnerable will will variety medically Seres outcomes patient we forward, Moving patient with populations. strategy our

of in As to strategy bowel opportunities, as other future, be populations. the disease. reducing infections on we commercial that such could is In our our address high-risk developed risk including immediate believe also the treatment autoimmune inflammatory of biotherapeutics bacterial focused discussed, diseases the large

As excited in are allo-HSCT potential you've and tremendous obtain data heard clinical opportunity September. SER-XXX very data today, to we we have in the highlight see the the These SER-XXX. to

could are be very If medical we for SER-XXX commercial successful, and opportunities the meaningful.

patients approach developing diseases, highly substantial change efficacious medically that can our we for opening that and additional with SER-XXX compromised opportunity. metabolic yield lives. therapeutic already well-tolerated are We've can SER-XXX, shown medicine Beyond

capabilities we medically have to and support the vulnerable transaction, new additional announced to therapies our capital transformative have the with We patients. the development recently of expect for

let's call Operator, with to questions. now that, open the up

Operator

Tessa first line with of Instructions] JPMorgan. comes question [Operator the from Your Romero

Tessa Romero

from The for SER-XXX bit, should around secondary pivotal study for we you a what you looking what that look framework provide like signals a zooming if signal little how today. us or X first about can these ahead And one endpoints about are specifically then a might successful. potential talked you've Cohort key in is think X for cohort

backside that might think how that could you do kind Just on get Cohort how of at the running? to risk pivotal And trying get X? up trial study you of design also fast the be and

Eric Shaff

and maybe I'll pass Lisa. it start Let to me over

but I I at think a audio the most think the I heard we of of end lost little there, question. bit

was in in on readout. we how an endpoint, question side upcoming think the do around signal I quantifying the the assume, So about first efficacy

time, feel and we how to next it kind forth. what Second pivotal, of if And of was were and so do the like quickly in a smell study? cost question get terms what does

from and I questions, would can reminding Phase maybe saying just I Tessa, start and folks there. that go start Lisa a study. can So And I by is this butcher then if Ib your didn't

we So and tend the course, have XX looking benefit patients the having a And pharmacology as be primary signals. see our mentioned, always, are, to we of of the per I rich. think so studies data are do safety we endpoints to roughly cohort that arm, pretty placebo

Lisa So about your positive of maybe parameters the where perhaps I go can we study pass questions about talk data. to with it to and the

Lisa von Moltke

and are we're like not think have go the can deltas endpoints with specific where for, fever, about rates We we I starting neutropenia that but high. actual through the been and looking very, very something

a it's meaningful so a able be because prevalent. have very decrement chance to We just see to

like infectious to we're to we as the which we seeing change thing see for be is able for regard in With infections, GvHD. acute bloodstream in a as think other the not would difference, wanting to GI Same we also infection, frequent, We're Something right? we're obviously, but endpoint, thing see are less the and consistency, the still looking neutropenia antibiotic Same a would a thing for see same. fever, starts delta meaningful change BSIs. well that be

as So would believe data the findings consistency abundance really mechanistically, we of at pathogen looking that underlie important. which as well then the be will those picture

the points do. also individual we but of the paints So end the we the we're consistency what yes, to doing it's that it's picture see that idea that want

Eric Shaff

around registration we And how question study. the think of next the was do

Lisa von Moltke

is run want trial an we'd experience you can on And we with study I think be that in and would builds efficiently looking you that's what sized our clinical have that delta, meaningful when a VOWST what a for.

that wants. safety some database idea the kind of of agency have We

safety as expecting be would pivotal XXX requirement database total. could that study build using experience to on same we you the a the VOWST pivotal about a So as study, as of well scale imagine

Operator

Ed Sandler. the Next question comes from of with Piper line Tenthoff

Edward Tenthoff

I bit through in And of GvHD the seen, are therapy? some as therapies and it with data terms could the T make would down the forward profile, pipe. it to the were allogeneic CAR sense thinking in September. with new of in forward coming Kind challenges was little the some looking especially XXX we for walking Looking a CRS help of that's of that

of your wondering view Just opportunity a I thought what had. I'm that is.

Eric Shaff

me to it Lisa. hand Let

Lisa von Moltke

from issues And and think I Yes, infectious applies is that we believe the chemotherapy. indications other mechanistically, applicability complications you've as beauty on as outlined. which which trial, the absolutely is well of there's CAR-T, the well -- that the just think auto transplants where to as we in immunologic CAR-T be ongoing it as both this there could trial, that's

Matthew Henn

known And challenges of patient novel decolonize And barrier immunosuppressive. in approach I both one focusing a think epi other that for really bringing us Ted, we've to which technologies. our see these well around populations inducing think pathogens then been that's and the as responses. important many as the a and forward tolerance. important additional of immune as I too, we time, infections biologies, context long core really point something that's colonizing from is mechanisms different on where that's particularly and prevent We're the you've in ability not and immune such and

Lisa von Moltke

surprise thing. that There meta-analysis that bit and was recent So issue XX% mortality. that and more are amazingly are ICANs problems the attributed other just actually deaths more the Ted, to was are still that that just of infections. things being infections important than at exotic, to to more not Medicine that a kinds And paper a or of but the that an one Nature in that looked CAR-T actually patients came out in caused have

a issue. just kind that lot So work done still of there's on of be to fundamental

Edward Tenthoff

excited the more to to hear XXX looking I'm about the forward data, program. new and

Operator

the comes Peyton with question of line Next Bohnsack from TD Cowen.

Pamela Barendt

tend SER-XXX pipeline. I I to that This a that real on most mentioned guess data not amount going guys a Joe. think not MSK about trial. is on any there's then follow-up. whether have domination. globally? there that sets data it's you and use pathogens pivotal talk whether is I be the you type are of Could you Because will Pam likely for or for there a and reference set in and the to be of one And quick package global know or a from you kind I difference know for

Eric Shaff

to we before that level be Matt we're pathogen interesting comment. cohort might of but sure a that those as mentioned, where the looked I for at first this do, really aspect just mean, aware, to One setting, ask right? is -- in you domination comparison really incidents than with -- I a of thought And instances with reference actually might that established out it it cohort partnership around transitory interesting including the and early that of we domination initial MSK. we was signals subjects based think event. have pathogen of have study make reference lower versus the Maybe cohort, X -- I'll some not XX was on

one so can of further that cohort, the this that's placebo the upcoming maybe So reasons but with we're particularly excited on second about question. control, comment Matt your

Matthew Henn

that we across that So published. conducted and there England there work and collection data of to major But with around The I'd reference developed globally, is we'd the data into are was global other to MSK consistent be a lot you so of article because there abundance. that. time put centers the support centers data actually across work we've And set including happy obviously, New reason centers a of helps Journal and energy globe. as U.S. that Asian in transplant as well the Medicine the share we've use And pathogen cohort Seres point was that. is European

follow-up. like, those but very, sets that data reflects high-quality it's highly trends look data we observed very global in And so a had the rates a what those as are then well. And feel you set

Pamela Barendt

did. I Yes,

are to when -- cohort agency? premet kind you cohort ] additional the studies. control together? data package if steps Ib the go Phase of be Do still you have placebo that the details next could required into data any is needs actually What about the with put for these guess initiating [ I positive. So -- What

Eric Shaff

then hand it We it always can get Lisa. and the course, But Lisa like. and that XXX that saw answer, including our data then. The now with to data the I is discussions our with Yes, maybe more of bit the including but were easy easy has we right? was shows, data, with we can the the what -- experience, follow process what been comment then a what looks I answer agency. of specifically course, the results around And thrilled the little depends

Lisa von Moltke

We lot too actually in the next we data would around as for get designations breakthrough obviously, much can do drug, study and data then that the you and before. be to breakthrough the drug given construct going until done discuss thought. side, the And them as a of to we start orphan clearly, and of and on orphan imagine actually we've can't we've all that the well argument. to But

So request straightforward we feel that, that's kind a experience. from our of coming fairly

Operator

last question of the Oppenheimer. Jones Jeff line with comes the And from

Unknown Analyst

for Sai Jeff. is This

questions. have We a couple of

you you to pipeline at the when VOWST can cautery to using And you drove back. First, how what bring program share online? decide you the think of post the select like the to are what programs first that XXX bring the to

follow-up. to some have We

Eric Shaff

programs will of our pipeline. and around on what I Nestle do expect perhaps the to ability our be the in decide we closing prioritize we more think the the how was to transaction question focus

of has as excitement so unmet a, our unshared Terri in relative terms has. that approaches And of need, call mentioned technology and and technology success. other really we that remarks readout. therapeutic, can the to forward our efficacious, think oral. into we of where a process as so we lot the This a element a to think one the an that, we're that's successful I innovate have there's some well-tolerated had based disease advantage her we many it, And excited developing that which extent reasons adjacencies take is highly is precedent We SER-XXX we limited and has think years a has tried which been and companies for in us, were on our think prepared have about is experiences where in about for of there's about our

to part our XXX, as about XXX, can with got a platform, and quickly. where in bacterial why our can we what talk that's our the strains are utilize on hoping we on based quickly where with of to adjacencies do side on we ask with based opinion, certainly, maybe I XXX additional the if list. up functionally, then XXX opens really of successful it mechanistically But think think we're Matt can we've we next have we we cultivated opportunity out switch to move of backbone manufacturing therapeutics and strains that the move,

can I Matt for maybe it. comment ask So to

Matthew Henn

Yes.

the a So decisions, prioritizing that's how or data, and has I as about data. what always of mean, play as we the we scientific our put heart it be commercial been clinical we at whether data-driven diseases. And make Seres data think that's the the into the company various

various company medically focused a highly of to patients, there which is microbiome done gastrointestinal has where what those we are deficiencies successfully at compromised in highly which a settings that is linked drugs are know in target functional our disease and pathways company leads understand to lot of And tract as to modulate. can actually We functional the disruptive of with outcomes. different the we've work a we done

that on information preclinical is And based clinical and data. both

looked and for We've those across spectrum those basically kinds peer-reviewed And been diseases, we're so to connection. confirm had the of able real strong literature when moving saw of support the microbiome we results we a opportunities where forward.

opportunity. a technology nice really we that an a can disease a of with see clinically, lineup do. is think see So path commercial believe and chronic where there's liver we We meaningful we basically our what example

Eric Shaff

Last thing with move of I'll a mindset focus. just also and say quickly, our that to is bring ability we

that, where resources the of what hopefully, that. return our are for and is course, behind the there's and areas greatest XXX the deploying opportunity our We happens after readout in think capital idea we and

our approach. that So is

Unknown Analyst

well, that, continues turned for through profit XX-XX profitable has as fourth quarter. And sharing that We XXXX, the you note loss mentioned. quarter deal one this past was closing

this if you this associated like any the onetime profit Or event? anticipated was to quarter whether with the can So to continue? speak

Eric Shaff

on can what to expect this quarter comment going Maybe forward. and ask past I parameters the of maybe Marella we

Marella Thorell

party. that the component loss this a and on profit to Nestle, a enterprise of us The profit that sales, the by was Number is of was that was they overall less for when The into Nestle expenses a for the we VOWST, marketing the that which profit recognized COGS, less loss sell put transfer combination the inventory the of third on the to was period. collaboration the incurred a quarter things. net one two

will profit. inventory manufacturing will but on over longer Going services forward, to support we're a profit be an recognize Nestle some we will providing no component through that transfer period, deal The element. after longer no the second transition closes, operations

that So gone will the results. be from element

So publish a we in matter it really just and plan absorb. days. profit will we the the will to product of be In the loss which proxy, that coming

closing that balance We in for we adjust profit the record liability will and what then be for estimate period that collaboration we'll quarter. each profit will a will will of that closing, continue And be, what in period we'll an estimate or the share. sheet, include loss to of sharing as for the which loss an for or

you piece, loss that the So comparison in should to component one that think about this forward loss $X.X going quarter's results. million collaboration of

Operator

further There are back call no to the for remarks. questions over management the this turn at closing I time.

Eric Shaff

updated we and We morning. much, Thank for you, your you look time, have a week. us and very appreciate as thanks everyone go. joining we Thanks operator, and great to to forward keeping this

Operator

today's This conference concludes call.

now may You disconnect.

Seres Therapeutics (MCRB) 13 Aug 242024 Q2 Earnings call transcript