Aug. 15 at 7:00 PM
$MCRB The S-3 filing the other day caught my attention.
Haven’t seen much discussion about it, but one detail seems important: alongside the new
$300M shelf, Seres specifically established an ATM for up to
$100M of common stock, with proceeds intended to advance development of its product candidates + working capital.
Why specifically
$100M?
My hope is that this is primarily negotiating leverage. Basically: “We have the option to fund SER-155 ourselves, so we’re not going to accept a lowball offer for the asset/company.”
If that’s the strategy, it could actually be a positive — especially after the encouraging irEC data and the recent efforts to make the company much leaner.
But the other side is obvious: if nobody steps up with a good offer, shareholders could face some serious dilution funding Phase 2 themselves.
So please… bring the big wallet 🙏💰
