Seres Therapeutics ends part of Cambridge lease, pays landlord in cash and stock
The company terminated roughly 21,295 square feet of its Sidney Street facility and shortened the remaining lease term to cut ongoing facilities costs.
Seres Therapeutics, Inc. entered into a Third Amendment to Lease and Termination Agreement with BMR-Sidney Research Campus LLC on July 31, 2026, according to an 8-K filing. The agreement effects an early termination of one of the company's leases, reducing ongoing annual facilities costs and materially eliminating the company's primary restoration obligations.1
The lease originally dated November 11, 2015 covers approximately 68,636 rentable square feet of office, laboratory, and manufacturing space at 200 Sidney Street, Cambridge, Massachusetts.1 Under the new terms, effective August 1, 2026, Seres will surrender approximately 21,295 rentable square feet, while the expiration date for the remaining 47,341 rentable square feet is moved up from January 13, 2031 to December 31, 2026.1
As consideration, Seres agreed to increase its letter of credit held by the landlord by approximately $2.2 million (bringing the total to about $3.6 million), make a deferred termination payment of $3.85 million by January 4, 2027, and issue common stock valued at approximately $0.5 million.1
Regarding the stock component, Seres and the landlord signed a Stock Issuance Agreement on July 31, 2026 covering 103,520 shares at $4.83 per share, the Nasdaq closing price that day, for a total value of $500,001.60.1 The shares are to be issued within five business days of execution, are registered under the company's Form S-3 shelf registration, and will be freely tradeable upon issuance.1 If the share value on the issuance date falls below $500,000, Seres must pay the shortfall in cash to the landlord.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.