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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.8M | $32.1M | $26.9M | $27.2M | $11.9M | $144.9M | $7.1M | $0 | $0 | $789.0K |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | $136.0K | $5.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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