CAMBRIDGE, MA—Thomas DesRosier, Chief Legal Officer and Executive Vice President of Seres Therapeutics, Inc. (NASDAQ:MCRB), recently made a notable transaction involving company stock. According to a filing with the Securities and Exchange Commission, DesRosier sold 878 shares of Seres Therapeutics common stock on November 18, 2024, generating approximately $474. The sale was executed at an average price of $0.5407 per share.
This transaction was conducted under a Rule 10b5-1 trading plan, which DesRosier had adopted on March 2, 2023, primarily to cover taxes related to the vesting of restricted stock units. Following the sale, DesRosier retains ownership of 135,192 shares of the company's common stock.
Earlier, on November 15, 2024, DesRosier acquired 2,656 shares of common stock through the vesting of restricted stock units, with no associated cost. This acquisition increased his total holdings to 136,070 shares prior to the subsequent sale.
Seres Therapeutics, based in Cambridge, Massachusetts, is engaged in the development of microbiome therapeutics. The company continues to focus on pioneering treatments for a range of health conditions.
In other recent news, Seres Therapeutics has announced key milestones in its Q3 2024 earnings call. The company reported significant clinical and financial developments, including promising results from its SER-155 Phase Ib clinical trial and the successful completion of the VOWST sale to Nestlé Health Science. Despite a net loss of $51 million for the quarter, largely due to the extinguishment of Oaktree debt and decreased interest income, Seres retired its debt and streamlined operations.
The company's recent developments also include positive results from the SER-155 Phase Ib Cohort 2 clinical trial, showing a 77% reduction in bacterial bloodstream infections among patients. The sale of VOWST to Nestlé Health Science has provided Seres with upfront cash, enabling the company to retire debt and reduce its workforce by 100 employees. The company's financial position includes $66.8 million in cash, with expectations to fund operations into Q4 2025.
Seres is actively seeking partnerships to enhance its clinical development capabilities and aims to extend the application of SER-155 to various patient populations. The company is focusing on developing its live biotherapeutic programs, including SER-155 and SER-147 for patients with chronic liver disease. These are the recent developments in Seres Therapeutics, as the company continues to strive for progress in its research and development initiatives.
InvestingPro Insights
The recent stock sale by Seres Therapeutics' Chief Legal Officer comes at a challenging time for the company. According to InvestingPro data, Seres Therapeutics has experienced significant stock price declines, with a 31.67% drop in the past month and a 38.99% fall over the last three months. This downward trend is reflected in the company's market capitalization, which currently stands at $117.42 million.
InvestingPro Tips highlight that Seres Therapeutics is "quickly burning through cash" and is "not profitable over the last twelve months." These factors may contribute to investor concerns and could explain the recent stock performance. The company's financial health is further underscored by its negative operating income of $42.39 million for the last twelve months as of Q3 2024.
Despite these challenges, it's worth noting that the stock's RSI suggests it may be in oversold territory, according to another InvestingPro Tip. This could indicate a potential opportunity for investors looking for undervalued assets, although it's important to consider the company's overall financial position.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Seres Therapeutics, providing deeper insights into the company's financial situation and market position.
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