Seres Therapeutics, Inc.

Seres Therapeutics, Inc. (MCRB) reported net income of $5.7M for FY 2025 ending December 31, 2025, a significant turnaround from prior losses driven by $80.7M gain on sale of VOWST Business to Nestlé's SPN. Total revenue was minimal at $789K from grants, with operating loss of $94.0M reflecting $49.1M R&D and $39.2M G&A expenses, down from higher prior-year levels post-VOWST divestiture. Key other income included $75.0M in Nestlé installment payments received in 2025. Balance sheet shows $45.8M cash, $138.2M total assets, $44.2M equity, and $972.4M accumulated deficit. Cash from operations was $1.1M, boosted by non-cash items and Nestlé reimbursements; financing provided $13.9M via ATM equity. FY 2025 loss from operations improved $27.3M YoY due to cost reductions and TSA completion. Going concern doubt persists with cash runway to Q3 2026; additional funding needed for SER-155 Phase 2 and pipeline advancement amid paused investments.

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