The following is a summary of the Seres Therapeutics, Inc. (MCRB) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Seres Therapeutics and Nestle Health Science managed to exceed expectations with over 2,000 VOWST patient starts in 2023.

• The company underwent a 41% reduction in workforce and is planning to reduce spending by about $75 million to $85 million in 2024.

• There was strong growing demand for VOWST, with 2,833 prescription enrollment forms received by year-end from 1,330 unique prescribers and 1,082 new patients starting in the fourth quarter.

• The use of free drug decreased from 48% to 44% in Q4.

• Net sales of VOWST for Q4 were $10.4 million, with Seres' share of the VOWST losses being $10.3 million.

• R&D expenses in Q4 were $26.8 million, down from $46.2 million in the same period in 2022, and G&A expenses were $17.2 million, down from $22.4 million in Q4 2022.

• The company ended 2023 with a cash balance of $128 million and is expecting further growth in cash balance, quarter-over-quarter revenue growth for VOWST, and a $45 million cash inflow under an agreement with Oaktree in 2024.

Business Progress:

• VOWST, the company's first-in-class oral microbiome therapeutic, was approved and launched in 2023 for patients with recurrent C. diff infection.

• 80% coverage for VOWST was received by commercial and 54% by Medicare Part D lives by year-end.

• The company is anticipated to see more usage of VOWST among patients with their first recurrence as education and understanding of VOWST's role increases.

• Major institutions are adding VOWST to discharge protocols and inpatient formularies, and the company plans to enhance hospital outflow, which will accelerate demand for the drug in 2024.

• The company expects VOWST to establish itself as a foundational therapy for rCDI.

• The company has seen promising Phase 1b Cohort 1 clinical data for SER-155, which has been fast-tracked and is expected to reveal Phase 1b data in Q3.

• The company aims for SER-155 to address serious infections in immunocompromised patients and potentially impact the problem of antimicrobial resistance.

• The company is amplifying its research on the role of the microbiome in health and disease and is developing a portfolio strategy with substances like VOWST and the SER-155 program.

• The company is planning to ramp up manufacturing efforts in preparation for the approval of their new Bacthera facility in 2024.

• The company's research focuses on diseases of the gastrointestinal tract, with recent data showing a substantial reduction in pathogen domination in this area.

More details: Seres Therapeutics IR

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