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MCRB

Seres Therapeutics, Inc.

MCRB

Seres Therapeutics, Inc. • NASDAQ
$17.99 ▲ 6.64% (+1.12)
Market Cap $157.86 M
52w High $29.98
52w Low $6.53
Dividend Yield 0%
P/E 20.44
Volume 124.20K
Outstanding Shares 8.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $351K ▲ $9.476M ▼ $8.204M ▲ 2.337K% ▲ $0.937 ▲ $9.263M ▲
Q2-2025 $0 $23.822M ▲ $-19.855M ▼ 0% $-2.271 ▼ $-18.796M ▼
Q1-2025 $0 $23.709M ▼ $32.682M ▲ 0% $3.755 ▲ $33.758M ▲
Q4-2024 $0 $28.835M ▼ $-15.637M ▼ 0% $-1.808 ▲ $-14.552M ▲
Q3-2024 $0 $29.17M $88.776M 0% $-7.59 $-49.631M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $47.638M ▲ $143.473M ▼ $99.776M ▼ $43.697M ▲
Q2-2025 $45.379M ▼ $143.8M ▼ $110.85M ▼ $32.95M ▼
Q1-2025 $58.849M ▲ $164.182M ▲ $113.717M ▼ $50.465M ▲
Q4-2024 $30.793M ▼ $139.81M ▼ $126.026M ▼ $13.784M ▼
Q3-2024 $66.824M $178.742M $154.823M $23.919M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.204M ▲ $2.206M ▲ $-8K ▲ $61K ▲ $2.259M ▲ $2.198M ▲
Q2-2025 $-19.855M ▼ $-13.289M ▼ $-181K ▼ $0 ▼ $-13.47M ▼ $-13.47M ▼
Q1-2025 $32.682M ▲ $26.91M ▲ $-34K ▲ $1.18M ▼ $28.056M ▲ $26.876M ▲
Q4-2024 $-15.637M ▼ $-38.882M ▼ $-90K ▼ $1.737M ▲ $-37.236M ▼ $-38.972M ▼
Q3-2024 $88.776M $-34.68M $141.143M $-110.871M $-4.408M $-34.809M

Revenue by Products

Product Q2-2018Q3-2018Q4-2018Q4-2019
License And Service
License And Service
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Grant
Grant
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Seres looks like a classic clinical‑stage biotech: very little recurring revenue and a long history of operating losses. The small bursts of revenue in earlier years most likely reflect partnership or milestone payments rather than a steady product business, and revenue has recently fallen back close to zero after the VOWST sale. Operating losses have been sizable and persistent, which is typical for a company funding expensive trials without commercial products to offset costs. Reported earnings per share have swung sharply, influenced not only by losses but also by capital structure changes like the reverse stock split, which magnifies per‑share figures without improving economics. Overall, the income statement shows a company still firmly in the investment and development phase, with financial results driven by R&D rather than by sales.

Balance Sheet

Balance Sheet The balance sheet is relatively small and has not grown meaningfully over the past several years, underscoring Seres’ modest scale. Cash once represented a healthy share of total assets but has been trending down, reflecting ongoing cash burn. Debt has become a more prominent part of the capital structure over time, while shareholders’ equity moved from positive to slightly negative and then back to only marginally positive. That pattern signals the impact of cumulative losses and financing needs on the company’s net worth. In simple terms, Seres has limited financial cushion and depends on carefully managing its resources and securing external funding.

Cash Flow

Cash Flow Seres consistently uses cash in its operations, with only a brief period where operating cash flow turned slightly positive, likely tied to one‑off payments. The main drain on cash is day‑to‑day R&D and clinical activity rather than heavy investment in equipment or facilities, since capital spending has stayed low. Free cash flow has been negative year after year, meaning the company is not self‑funding and must rely on its cash balance, partnerships, or capital markets to continue development. Management has publicly indicated a cash runway into the middle of 2026, but that still implies a need for additional funding to fully advance the pipeline. The cash flow picture is typical of a high‑risk, high‑research biotech that has not yet reached commercial scale.

Competitive Edge

Competitive Edge Seres sits in a specialized niche: microbiome therapeutics, where it was one of the earliest movers. The sale of VOWST removed its only approved product but left the company with valuable know‑how in navigating regulators, designing live biotherapeutics, and manufacturing complex bacterial consortia. Its competitive edge now rests less on current products and more on its scientific depth, proprietary platform, and intellectual property around cultivated live biotherapeutics. That said, Seres is a small player in a crowded healthcare landscape and faces competition both from other microbiome companies and from more traditional anti‑infective and immunology therapies. Its ability to form strong partnerships and to show clear clinical benefits in narrowly defined, high‑risk patient groups will be central to sustaining its position.

Innovation and R&D

Innovation and R&D Innovation is the core of Seres’ story. The company is pushing forward a platform of oral, live biotherapeutics aimed at restoring the microbiome to prevent severe infections and immune complications in very vulnerable patients. SER‑155 is the flagship program, backed by encouraging early data and special regulatory designations that signal it may address a serious unmet need, but it still needs to prove itself in larger, more definitive trials. Other programs in liver disease and immunology illustrate the platform’s breadth, although setbacks like the earlier ulcerative colitis trial show how uncertain this science remains. Overall, Seres is highly research‑intensive, with meaningful scientific upside but also substantial trial, timing, and execution risk.

Summary

Seres Therapeutics is effectively a reset story: it has proven the concept of microbiome therapeutics with VOWST, sold that asset, and is now refocusing on a pipeline built around cultivated live biotherapeutics. Financially, the company remains pre‑revenue in practical terms, with ongoing losses, a thin equity base, rising reliance on debt, and continuing cash burn, despite a medium‑term runway. Its future now turns on whether SER‑155 and a handful of earlier programs can deliver strong clinical results and attract supportive partners or financiers. The scientific platform and regulatory experience provide real differentiators, but concentration in a few assets and limited balance‑sheet strength leave little margin for major clinical disappointments. Investors and observers will likely track three things most closely: trial progress for SER‑155, the pace of new partnerships or financings, and how effectively Seres controls its spending while preserving its scientific momentum.

NEWS

November 24, 2025 · 7:00 AM UTC

Seres Therapeutics to Participate in Piper Sandler Healthcare Conference

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November 5, 2025 · 7:00 AM UTC

Seres Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Updates

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October 30, 2025 · 7:00 AM UTC

Seres Therapeutics to Announce Third Quarter 2025 Financial Results and Business Updates on November 5, 2025

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October 29, 2025 · 7:00 AM UTC

Seres Therapeutics Receives Award of Up to $3.6 Million from CARB-X to Develop Liquid Formulation of SER-155

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October 14, 2025 · 7:00 AM UTC

Seres Therapeutics to Present New Post Hoc Data From SER-155 Phase 1b Trial at IDWeek 2025, Highlighting Potential to Improve Outcomes in Adults Undergoing Allogeneic Hematopoietic Stem Cell Transplant

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