Seres Therapeutics, Inc. MCRB
We are a clinical-stage company focused on improving patient outcomes in medically vulnerable populations through discovery and development of novel live biotherapeutic product, or LBP, candidates. We led the successful development and approval of VOWST, the first FDA-approved orally administered microbiome biotherapeutic and a Breakthrough Therapy designated drug, which was sold to Société des Produits Nestlé S.A., or SPN, and with certain of its affiliates, collectively, Nestlé Health Science, in September 2024. We have established field-leading capabilities and platforms that are powered by best-in-field human data sets to advance a portfolio of products that can uniquely address diseases by targeting host pathways that are modulated by microbes in the human body, and, in particular, diseases associated with mucosal barrier-immune interface targets. We believe clinical and nonclinical data across our programs support the development of LBPs to target the prevention and treatment of a broad swath of infections, and to treat inflammatory and immune, or I&I, diseases. Our pipeline consists of SER-155, SER-603, and SER-147, as well as other potential candidates in earlier development.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $789.0K | $0 | $0 | $7.1M | $144.9M | $11.9M | $27.2M | $26.9M | $32.1M | $21.8M |
| R&D | $49.1M | $64.6M | $117.6M | $109.7M | $141.9M | $90.6M | $80.1M | $96.0M | $89.5M | $82.0M |
| SG&A | $39.2M | $53.2M | $77.5M | $70.3M | $69.3M | $30.8M | $24.7M | $32.6M | $34.0M | $32.6M |
| Total operating expenses | $94.8M | $121.3M | $195.1M | $179.9M | $209.4M | $121.3M | $106.4M | $128.6M | $123.5M | $114.6M |
| Operating income | -$94.0M | -$121.3M | -$195.1M | -$179.9M | -$64.5M | -$88.1M | -$71.9M | -$100.3M | -$91.4M | -$92.8M |
| Interest expense | — | — | — | — | — | — | — | — | $1.6M | $1.3M |
| Pre-tax income | $5.7M | $136.0K | -$113.7M | -$250.2M | -$65.6M | -$89.1M | -$70.3M | -$98.9M | -$89.4M | -$91.6M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $5.7M | $136.0K | -$113.7M | -$250.2M | -$65.6M | -$89.1M | -$70.3M | -$98.9M | -$89.4M | -$91.6M |
| EPS, basic | 0.64 | 0.00 | -17.77 | -2.31 | -0.72 | -1.12 | — | — | — | — |
| EPS, diluted | 0.64 | 0.00 | -17.77 | -2.31 | -0.72 | -1.12 | -1.24 | -2.43 | -2.21 | -2.30 |
| Shares, diluted (wtd. avg.) | $8.9M | $7.8M | $6.4M | $108.1M | $91.7M | $79.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $45.8M | $30.8M | $136.2M | $171.2M | $188.0M | $116.0M | $65.1M | $85.9M | $36.2M | $55.9M |
| Short-term investments | — | — | $0 | $18.3M | $110.7M | $137.6M | $29.7M | $0 | $113.9M | $138.7M |
| Receivables | $157.0K | $0 | — | — | — | $9.4M | $1.8M | — | — | — |
| Inventory | — | — | $29.6M | $0 | — | — | — | — | — | — |
| Total current assets | $49.4M | $38.7M | $175.4M | $194.8M | $303.6M | $268.8M | $100.2M | $92.7M | $155.1M | $198.4M |
| Property, plant and equipment | $7.6M | $11.5M | $17.6M | $23.0M | $17.9M | $13.9M | $19.5M | $26.3M | $32.9M | $36.1M |
| Total assets | $138.2M | $139.8M | $358.6M | $348.8M | $354.9M | $342.9M | $132.4M | $120.5M | $189.5M | $272.6M |
| Accounts payable | $1.7M | $4.1M | $3.6M | $17.4M | $13.7M | $4.0M | $4.9M | $6.4M | $7.0M | $7.6M |
| Total current liabilities | $19.3M | $41.2M | $98.7M | $85.6M | $82.3M | $46.4M | $46.0M | $42.0M | $31.6M | $30.5M |
| Long-term debt | — | — | $110.0M | $50.0M | $24.1M | $25.0M | $25.0M | — | — | — |
| Total liabilities | $94.0M | $126.0M | $403.5M | $338.0M | $223.4M | $168.2M | $180.8M | $168.5M | $128.8M | $140.0M |
| Retained earnings | -$972.4M | -$978.1M | -$978.2M | -$864.5M | -$614.4M | -$548.8M | -$459.6M | -$389.4M | -$263.6M | -$174.2M |
| Total equity | $44.2M | $13.8M | -$44.9M | $10.8M | $131.5M | $174.8M | -$48.3M | -$48.0M | $60.7M | $132.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1M | -$148.6M | -$117.4M | -$228.8M | $6.7M | -$93.6M | -$76.5M | -$62.9M | -$75.5M | $43.9M |
| Depreciation and amortisation | $4.1M | $5.5M | $6.2M | $6.6M | $5.9M | $6.6M | $7.6M | $7.9M | $7.3M | $4.2M |
| Stock-based compensation | $10.8M | $21.0M | $34.1M | $25.5M | $20.2M | $8.8M | $8.3M | $16.6M | $17.4M | $16.9M |
| Capital expenditure | $252.0K | $380.0K | $8.0M | $9.8M | $9.6M | $591.0K | $1.0M | $1.9M | $4.7M | $21.5M |
| Investing cash flow | -$42.0K | $142.3M | $10.6M | $82.4M | $64.1M | -$158.9M | -$30.5M | $112.3M | $55.7M | -$65.6M |
| Financing cash flow | $13.9M | -$90.4M | $71.7M | $129.6M | $1.2M | $303.4M | $86.2M | $268.0K | $83.0K | $2.1M |
| Buybacks | — | — | — | — | — | — | — | — | $33.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-182036.
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