Business
Seres Therapeutics Reports Third Quarter 2023 Financial Results Including VOWST™ Net Sales of $7.6 Million
Rapid growth of VOWST continues with more than 1,500 patient enrollment forms received since FDA approval Announces strategic restructuring to focus
About this update from Seres Therapeutics, Inc.
[{"type":"text","content":"\nRapid growth of VOWST continues with more than 1,500 patient enrollment forms received since FDA approval\n\n\nAnnounces strategic restructuring to focus resources and investment on continued VOWST growth, completion of SER-155 Phase 1b study, and supporting longer-term business sustainability\n\n\nReduction of current workforce by 41%; total anticipated 2024 annual cash savings of $75-$85 million and cash runway expected into the fourth quarter of 2024\n\n\nConference call at 8:00 a.m. ET today\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nSeres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today reported financial results for the third quarter ended September 30, 2023, including VOWST net sales of $7.6 million. Third quarter VOWST commercial results show strong continued progress, driven by a significant increase in new patient starts and exceeding the Company’s forecasted expectations across multiple dimensions. VOWST is indicated to prevent the recurrence of Clostridioides difficile infection (CDI) in adults following antibacterial treatment for recurrent CDI (rCDI) and is commercialized by Nestlé Health Science in collaboration with Seres.\n\n\n\"With a broad label and compelling clinical profile, the launch of VOWST is off to a great start, exceeding our sales expectations. Performance metrics from this first full quarter of launch support our belief that the product is on track to deeply penetrate the rCDI market and fundamentally transform how this disease is managed,” said Eric Shaff, President and Chief Executive Officer at Seres.\n\n\nThe Company also announced that it will pursue a strategic restructuring to focus its business operations to prioritize the commercialization of VOWST and the completion of the SER-155 Phase 1b study, while significantly reducing costs and supporting longer-term business sustainability. The Company expects the restructuring, which includes a reduction in the current workforce of 41%, to result in annual cash savings of approximately $75-$85 million in 2024, excluding any one-time charges primarily associated with the workforce reduction.\n\n\n“Following a thorough review of the Company, we have decided to implement a significant corporate restructuring to substantially reduce expenses and prioritize the commercialization of VOWST. Given the realities of thi...