Selecta Biosciences, Inc. (NASDAQ:SELB), a clinical-stage
biopharmaceutical company focused on developing biologic therapies
for rare and serious diseases that avoid unwanted immunogenicity,
today reported financial results for the fourth quarter and full
year ended December 31, 2016 and provided a corporate update.
“After a pivotal 2016, we believe that 2017 will be a year of
great and lasting importance for Selecta Biosciences and for
patients with rare and serious diseases,” said Werner Cautreels,
Ph.D., CEO and Chairman of Selecta. “While we are still in the
early stages of our Phase 2 trial of SEL-212 that was initiated in
the fourth quarter of 2016, we are emboldened by its progress and
the patient data that have been generated thus far. Patient
enrollment has been faster than we expected, and SEL-212 has been
generally well tolerated at clinically active doses. We are
particularly pleased that we have already reached a dose level of
SEL-212 that has thus far enabled all patients that had received a
repeat administration to maintain persistent clinical activity. We
are eager to collect additional patient data that we believe should
be the basis for the development of a major new treatment for
severe gout patients.”
“In recent months, we and various collaborators have also
presented preclinical data demonstrating the transformative
potential of our immune tolerance SVP technology to create novel
and differentiated therapies in a number of additional strategic
areas such as gene therapy, oncology and enzyme replacement
therapy,” continued Cautreels. “We believe SVP has uniquely
demonstrated the potential to avoid the immunogenicity that hampers
today’s biologic treatments, which is garnering increasing interest
throughout the industry.”
SEL-212 Phase 2 Trial Update
Published data show that uricases, exogenous biologic enzymes
that metabolize uric acid, have the ability to significantly reduce
serum uric acid levels and eliminate uric acid crystal deposits in
severe gout patients. However, the efficacy and safety of currently
marketed uricases have been compromised by the formation of
anti-drug antibodies (ADAs) that are induced in most patients early
in their treatment and prevent further administrations. Leveraging
the immune tolerance application of Selecta’s SVP platform, SEL-212
(SVP-Rapamycin in combination with pegsiticase) is designed to be
the first non-immunogenic version of uricase, which would allow for
the effective and safe administration of multiple doses.
A prolonged elevation of serum uric acid levels can lead to the
formation of uric acid crystal deposits in joints and tissue. These
deposits have been shown to cause severe gout symptoms such as
pain, inflammation of joints and debilitating flares, which can
potentially exacerbate kidney and cardiovascular disease if
untreated. Multi-dose treatment with SEL-212 has the potential to
drastically and durably lower serum uric acid levels, enabling the
removal of uric acid crystal burden over a short treatment cycle,
which cannot be achieved for severe gout patients by oral
therapy.
In the fourth quarter of 2016, Selecta began enrolling patients
with symptomatic gout and elevated serum uric acid levels (above
6.0 mg/dL) in an open-label, multiple ascending dose Phase 2
clinical trial of SEL-212. The primary and secondary endpoints for
this trial include the safety, tolerability and pharmacokinetics of
repeated monthly doses of SEL-212; the clinical activity of SEL-212
as defined by the reduction of serum uric acid levels; and the
reduction of ADA levels.
As of March 23, 2017, a total of 38 patients had been dosed in
the Phase 2 trial at 10 active U.S. clinical sites. In the
company’s single-dose Phase 1a/b trial, it was determined that 0.4
mg/kg of pegsiticase combined with 0.1 mg/kg SVP-Rapamycin
prevented the formation of ADAs, thereby enabling the control of
uric acid for at least 30 days in the majority of patients. In the
ongoing Phase 2 study, patients are being enrolled in multiple
ascending dose cohorts to identify the optimal dose ratio of
SVP-Rapamycin and pegsiticase, the minimal effective dose level of
SEL-212 for repeat monthly administration, and the dose regimen to
take forward into Phase 3.
Enrollment has been completed for the first six patient cohorts,
and recruitment of two additional patient cohorts is ongoing. Serum
uric acid data was available as of March 23, 2017. Multiple serum
samples have been collected from all patients for the measurement
of ADA levels, and this analysis was ongoing. Patient and
enrollment data as of March 23, 2017 was as follows:
- Mid-Dose Cohorts (three monthly doses of 0.08 mg/kg of
SVP-Rapamycin + 0.2 mg/kg or 0.4 mg/kg of pegsiticase followed by
two monthly doses of pegsiticase alone): Of the 13 patients in
these cohorts, 11 patients continue to be dosed and all had
maintained serum uric acid control through March 23, 2017. Nine of
these patients had received three monthly doses and the other two
patients had received two monthly doses. Of the two patients no
longer being dosed, one was removed from the trial for a protocol
deviation and one reached the trial’s stopping rules.
- Low-Dose Cohorts (three monthly doses of 0.05 mg/kg of
SVP-Rapamycin + 0.2 mg/kg or 0.4 mg/kg of pegsiticase followed by
two monthly doses of pegsiticase alone): Of the 19 patients in
these cohorts, one patient had completed the full five-month
regimen and maintained serum uric acid control for the duration of
the trial, and three have received three monthly doses while
maintaining serum uric acid control and continue to be dosed. Of
the 15 patients no longer being dosed, seven dropped out of the
trial and eight reached the trial’s stopping rules.
- Control Cohorts (five monthly doses of 0.2 mg/kg or 0.4 mg/kg
of pegsiticase alone) – As expected, based upon the known
immunogenicity of uricase enzymes, five of six patients who
received pegsiticase alone were unable to maintain serum uric acid
control. Consequently, enrollment in these control cohorts was
stopped early.
Additional patient data from these cohorts are included in a
presentation entitled “Selecta Q4 and Year End 2016 Conference Call
Presentation” that Selecta posted to its website today. To access
this presentation, please visit www.selectabio.com, select
Investors & Media and then Events & Presentations.
Selecta developed stopping rules for its Phase 2 trial to ensure
patient safety given the well-recognized immunogenicity of uricase
enzymes. The loss of serum uric acid control during treatment is an
accepted surrogate for the formation of ADAs and potential risk of
subsequent infusion reactions. In order to ensure patient safety,
these rules call for serum uric acid levels to be rapidly analyzed
and dosing to cease upon a loss of serum uric acid control at Day
21 following a dose. As expected, these stopping rules have been
applied more frequently in cohorts dosed with pegsiticase alone and
the lower SVP-Rapamycin dose.
Consistent with the expected reduction in immunogenicity of
pegsiticase as SVP-Rapamycin doses increase, SEL-212 has been
generally well tolerated thus far in patients in the mid-dose
cohorts, with no SAEs being reported for these patients. One
infusion reaction was reported in the control cohorts, which was
classified as a serious adverse event (SAE) and successfully
treated. Two infusion reactions occurred in the low-dose cohorts;
they were classified as SAEs and were successfully treated.
In March 2017, recruiting began for two higher dose cohorts of
patients, which will receive three monthly doses of 0.1 mg/kg of
SVP-Rapamycin plus 0.2 mg/kg or 0.4 mg/kg of pegsiticase followed
by two monthly doses of 0.2 mg/kg or 0.4 mg/kg of pegsiticase
alone.
Selecta plans to present initial data from this trial at a
medical meeting by the end of June 2017. The Phase 2 trial is
expected to be completed in 2017. Following an End of Phase 2
Meeting with the U.S. Food and Drug Administration (FDA), the
company expects to initiate its Phase 3 program in 2018.
Additional Recent Business Highlights and
Activities
- Licensed SVP to Spark Therapeutics for up to Five Gene Therapy
Indications: In December 2016, Selecta entered into a license
agreement providing Spark Therapeutics with exclusive worldwide
rights to SVP-Rapamycin for co-administration with AAV-based gene
therapy vectors for Hemophilia A and up to four additional
pre-specified and undisclosed indications.
- Advanced its Proprietary Gene Therapy Programs: Selecta has
continued to advance its two proprietary gene therapy programs
focused on inborn errors of metabolism: Methylmalonic Acidemia
(MMA) and Ornithine Transcarbamylase Deficiency (OTC). In February
2017, Selecta announced a strategic manufacturing agreement with
Lonza for the production of an Anc80-AAV-based gene therapy product
for MMA, which is the more advanced of these programs. Selecta
intends to submit an Investigational New Drug (IND) Application for
MMA to the FDA in the first half of 2018.
- Teamed with the National Cancer Institute (NCI): LMB-100 is a
next-generation recombinant immunotoxin being developed in the
clinic for the treatment of solid tumors. Preclinical data was
presented in October 2016 by an NCI research team led by Ira
Pastan, MD, demonstrating SVP-Rapamycin’s mitigation of ADAs
against LMB-100. Selecta is collaborating with NCI to advance a
combination of SVP-Rapamycin with LMB-100 as a treatment for
mesothelioma and pancreatic cancer.
- Announced Pompe Disease Data: Preclinical data was presented in
February 2017 by a research team led by Priya Kishnani, MD, Chief
of Medical Genetics at Duke University Medical Center, regarding
the use of SVP-Rapamycin in combination with alglucosidase alfa
(marketed as Myozyme® and Lumizyme®) to treat Pompe disease. The
data demonstrate that this combination treatment could mitigate the
formation of ADAs against alglucosidase alfa and improve functional
outcomes in an animal model of Pompe disease. More broadly, the
data demonstrate the potential of Selecta’s immune tolerance SVP
technology to mitigate ADAs against enzyme replacement
therapies.
- Presented Peanut Allergy and Celiac Disease Data: Preclinical
data was presented in February 2017 demonstrating the potential
benefit of an SVP-enabled peanut allergy therapeutic vaccine and an
SVP-enabled celiac disease treatment. Selecta continues to evaluate
strategic opportunities to advance these programs.
Fourth Quarter Financial Results:
- Revenue: For the fourth quarter of 2016, the company’s total
revenue was $2.9 million, which compares with $2.1 million for the
same period in the prior year. The increase is primarily the result
of accelerated revenue recognition associated with the notification
of termination of the company’s collaboration with Sanofi as well
as initial revenue recognized from the company’s license agreement
with Spark Therapeutics.
- Research and Development Expenses: Research and development
expenses for the fourth quarter of 2016 were $11.0 million, which
compares with $7.2 million for the same period in the prior year.
The increase is primarily the result of a milestone payment that
was made subject to the company’s pegsiticase license agreement,
increased clinical trial-related activities as well as increased
salary and stock compensation expense.
- General and Administrative Expenses: General and administrative
expenses for the fourth quarter of 2016 were $5.8 million, which
compares with $2.0 million for the same period in the prior year.
The increase is primarily the result of an SVP-related sublicensing
payment made to the Massachusetts Institute of Technology resulting
from Selecta’s license agreement with Spark Therapeutics as well as
increased salary, legal, accounting, consulting and insurance fees
associated with being a public company.
- Net Loss: For the fourth quarter of 2016, Selecta reported a
net loss attributable to common stockholders of $(14.1) million, or
$(0.77) per share, compared to a net loss of $(9.2) million, or
$(4.26) per share, for the same period in 2015. The decrease in net
loss per share in the most recent quarter is primarily the result
of shares of common stock that were issued in the company’s June
2016 initial public offering (IPO) and conversion of Selecta’s
redeemable preferred stock into common stock in connection with the
IPO.
- Cash Position: Selecta had $84.5 million in cash, cash
equivalents, short-term deposits, investments and restricted cash
as of December 31, 2016, which compares with a balance of $79.9
million at September 30, 2016. The increase is primarily a result
of $15.0 million worth of cash payments from, and stock purchases
by, Spark Therapeutics pursuant to the recent license agreement and
stock purchase agreement, partially offset by the Selecta’s fourth
quarter net operating expenditures.
- Financial Guidance: Based on the cash received in the fourth
quarter of 2016 from the company’s recent license agreement and
stock purchase agreement with Spark Therapeutics and the company’s
current operating plans, Selecta now expects that its cash, cash
equivalents, short-term deposits, investments and restricted cash
will be sufficient to fund the company’s operating expenses and
capital expenditure requirements into mid-2018.
Conference Call Reminder
Selecta management will host a conference call at 5:00 p.m. ET
today to provide a corporate update and review the company’s fourth
quarter and year end 2016 financial results. Investors and the
public can access a live and archived webcast of this call via the
Investors & Media section of the company’s website,
http://selectabio.com. Individuals may also participate in the live
call via telephone by dialing (877) 270-2148 (domestic) or (412)
902-6510 (international) and may access a teleconference replay for
one week by dialing (877) 344-7529 (domestic) or (412) 317-0088
(international) and using confirmation code 10100540.
About Selecta Biosciences, Inc.
Selecta Biosciences, Inc. is a clinical-stage biopharmaceutical
company focused on developing biologic therapies for rare and
serious diseases that avoid the immune responses that compromise
efficacy and lead to life-threatening complications. Selecta is
applying its proprietary Synthetic Vaccine Particles (SVP™) to a
range of therapeutic areas in which immunogenicity is a key
challenge. SEL-212, the company’s lead candidate in Phase 2, is
being developed to treat severe gout patients and reduce their
debilitating symptoms, including flares and inflammatory arthritis.
Further, Selecta’s two proprietary gene therapy product candidates
have the unique potential to enable repeat administration, allowing
for dose adjustment in patients and maintenance of therapeutic
activity over time. The company is seeking to expand the use of its
SVP platform in other areas, such as immuno-oncology, allergies,
autoimmune diseases and vaccines. Selecta is based in Watertown,
Massachusetts. For more information, please visit
http://selectabio.com.
Forward-Looking Statements
Any statements in this press release about the future
expectations, plans and prospects of Selecta Biosciences, Inc.
(“the company”), including without limitation, statements regarding
the development of its pipeline, the ability of the company’s SVP
platform, including SVP-Rapamycin, to mitigate immune response and
create better therapeutic outcomes, the potential treatment
applications for products utilizing the SVP platform in areas such
as gene therapy, immuno-oncology, allergies, autoimmune diseases
and vaccines, whether the company’s proprietary gene therapy
product candidates will enable repeat administration, allow for
dose adjustment in patients or maintain therapeutic activity over
time, the receipt of additional payments under the company’s
license agreement and/or stock purchase agreement with Spark
Therapeutics, the sufficiency of the company’s cash, cash
equivalents, investments, and restricted cash and other statements
containing the words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “hypothesize,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “would,” and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including, but not limited to, the following: the
uncertainties inherent in the initiation, completion and cost of
clinical trials including their uncertain outcomes, the unproven
approach of the company’s SVP technology, undesirable side effects
of the company’s product candidates, its reliance on third parties
to manufacture its product candidates and to conduct its clinical
trials, the company’s inability to maintain its existing or future
collaborations, licenses or contractual relationships, its
inability to protect its proprietary technology and
intellectual property, potential delays in regulatory approvals,
the availability of funding sufficient for its foreseeable and
unforeseeable operating expenses and capital expenditure
requirements, substantial fluctuation in the price of its common
stock, a significant portion of the company’s total outstanding
shares have recently become eligible to be sold into the market,
and other important factors discussed in the “Risk Factors” section
of the company’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission, or SEC, on November 10, 2016,
and in other filings that the company makes with the SEC. In
addition, any forward-looking statements included in this press
release represent the company’s views only as of the date of its
publication and should not be relied upon as representing its views
as of any subsequent date. The company specifically disclaims any
obligation to update any forward-looking statements included in
this press release.
|
|
|
|
|
|
|
Selecta Biosciences, Inc. and
SubsidiariesConsolidated Balance
Sheets(In thousands, except for shares and par
value) |
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
58,656 |
|
|
|
|
$ |
32,337 |
|
Short-term deposits and
investments |
|
25,485 |
|
|
|
|
4,125 |
|
Restricted cash |
|
78 |
|
|
|
|
133 |
|
Accounts
receivable |
|
215 |
|
|
|
|
824 |
|
Prepaid expenses and
other current assets |
|
2,382 |
|
|
|
|
1,494 |
|
Total current
assets |
|
86,816 |
|
|
|
|
38,913 |
|
Property and equipment,
net |
|
2,047 |
|
|
|
|
2,029 |
|
Restricted cash and
other deposits |
|
316 |
|
|
|
|
316 |
|
Other assets |
|
122 |
|
|
|
|
1,566 |
|
Total assets |
|
$ |
89,301 |
|
|
|
|
$ |
42,824 |
|
Liabilities,
redeemable convertible preferred stock, and stockholders’ equity
(deficit) |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,882 |
|
|
|
|
$ |
2,179 |
|
Accrued expenses |
|
3,921 |
|
|
|
|
3,378 |
|
Loans payable, current
portion |
|
4,067 |
|
|
|
|
— |
|
Deferred revenue,
current portion |
|
1,836 |
|
|
|
|
1,313 |
|
Contingently repayable
grant funding |
|
— |
|
|
|
|
420 |
|
Total current
liabilities |
|
13,706 |
|
|
|
|
7,290 |
|
Non‑current
liabilities: |
|
|
|
|
|
|
Deferred rent and lease
incentive |
|
222 |
|
|
|
|
105 |
|
Loans payable, net of
current portion |
|
7,977 |
|
|
|
|
11,855 |
|
Deferred revenue, net
of current portion |
|
12,439 |
|
|
|
|
2,295 |
|
Other long‑term
liabilities |
|
— |
|
|
|
|
290 |
|
Total liabilities |
|
34,344 |
|
|
|
|
21,835 |
|
Redeemable Convertible
Preferred Stock: |
|
|
|
|
|
|
Series A redeemable
convertible preferred stock, $0.0001 par value; 0 and 2,589,868
shares authorized; 0 and 2,589,868 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
3,644 |
|
Series B redeemable
convertible preferred stock, $0.0001 par value; 0 and 7,437,325
shares authorized; 0 and 7,437,325 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
21,448 |
|
Series C redeemable
convertible preferred stock, $0.0001 par value; 0 and 5,000,002
shares authorized; 0 and 5,000,002 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
20,178 |
|
Series D redeemable
convertible preferred stock, $0.0001 par value; 0 and 8,166,662
shares authorized; 0 and 8,099,994 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
42,902 |
|
Series SRN redeemable
convertible preferred stock, $0.0001 par value; 0 and 5,611,112
shares authorized; 0 and 2,111,109 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
12,082 |
|
Series E redeemable
convertible preferred stock, $0.0001 par value; 0 and 9,030,654
shares authorized; 0 and 8,888,888 shares issued and outstanding;
as of December 31, 2016 and December 31, 2015 respectively. |
|
— |
|
|
|
|
37,228 |
|
Total redeemable
convertible preferred stock |
|
— |
|
|
|
|
137,482 |
|
Stockholders’ equity
(deficit): |
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 and 0 shares authorized; 0 shares
issued and outstanding at December 31, 2016 and December 31, 2015,
respectively. |
|
— |
|
|
|
|
— |
|
Common stock, $0.0001
par value; 200,000,000 and 62,164,377 shares authorized at December
31, 2016 and December 31, 2015 respectively;
18,438,742 and 2,180,976 shares issued, 18,438,742 and 2,173,399
shares outstanding as of December 31, 2016 and
December 31, 2015, respectively. |
|
1 |
|
|
|
|
— |
|
Additional paid-in
capital |
|
211,125 |
|
|
|
|
1 |
|
Receivable from stock
option exercises |
|
(75 |
) |
|
|
|
— |
|
Accumulated
deficit |
|
(151,576 |
) |
|
|
|
(111,508 |
) |
Accumulated other
comprehensive loss |
|
(4,518 |
) |
|
|
|
(4,986 |
) |
Total stockholders’
equity (deficit) |
|
54,957 |
|
|
|
|
(116,493 |
) |
Total liabilities,
redeemable convertible preferred stock and stockholders’
equity |
|
$ |
89,301 |
|
|
|
|
$ |
42,824 |
|
|
|
|
|
|
|
|
Selecta Biosciences, Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Loss(Unaudited, amounts in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
Grant and collaboration
revenue |
|
$ |
2,930 |
|
|
|
$ |
2,134 |
|
|
|
|
$ |
8,083 |
|
|
|
$ |
6,011 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
11,033 |
|
|
|
7,211 |
|
|
|
|
29,702 |
|
|
|
22,980 |
|
General
and administrative |
|
5,757 |
|
|
|
2,030 |
|
|
|
|
13,051 |
|
|
|
8,335 |
|
Total operating
expenses |
|
16,790 |
|
|
|
9,241 |
|
|
|
|
42,753 |
|
|
|
31,315 |
|
Loss from
operations |
|
(13,860 |
) |
|
|
(7,107 |
) |
|
|
|
(34,670 |
) |
|
|
(25,304 |
) |
Investment income |
|
113 |
|
|
|
22 |
|
|
|
|
234 |
|
|
|
171 |
|
Foreign currency
transaction gain (loss), net |
|
(96 |
) |
|
|
317 |
|
|
|
|
(525 |
) |
|
|
933 |
|
Interest expense |
|
(322 |
) |
|
|
(105 |
) |
|
|
|
(1,253 |
) |
|
|
(948 |
) |
Other expense, net |
|
82 |
|
|
|
24 |
|
|
|
|
4 |
|
|
|
(26 |
) |
Net loss |
|
(14,083 |
) |
|
|
(6,849 |
) |
|
|
|
(36,210 |
) |
|
|
(25,174 |
) |
Other comprehensive
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment |
|
88 |
|
|
|
(347 |
) |
|
|
|
504 |
|
|
|
(1,110 |
) |
Unrealized gain (loss) on securities |
|
(52 |
) |
|
|
— |
|
|
|
|
(36 |
) |
|
|
— |
|
Comprehensive loss |
|
$ |
(14,047 |
) |
|
|
$ |
(7,196 |
) |
|
|
|
$ |
(35,742 |
) |
|
|
$ |
(26,284 |
) |
Net loss |
|
(14,083 |
) |
|
|
(6,849 |
) |
|
|
|
(36,210 |
) |
|
|
(25,174 |
) |
Accretion
of redeemable convertible preferred stock |
|
— |
|
|
|
(2,376 |
) |
|
|
|
(4,566 |
) |
|
|
(7,335 |
) |
Net loss attributable
to common stockholders |
|
$ |
(14,083 |
) |
|
|
$ |
(9,225 |
) |
|
|
|
$ |
(40,776 |
) |
|
|
$ |
(32,509 |
) |
Net loss per share
attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.77 |
) |
|
|
$ |
(4.26 |
) |
|
|
|
$ |
(3.89 |
) |
|
|
$ |
(15.13 |
) |
Weighted average common
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
18,265,771 |
|
|
|
2,167,769 |
|
|
|
|
10,493,939 |
|
|
|
2,150,422 |
|
Contact Information:
Jason Fredette
Selecta Biosciences, Inc.
617-231-8078
jfredette@selectabio.com
Selecta Biosciences (NASDAQ:SELB)
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Selecta Biosciences (NASDAQ:SELB)
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