0001193125-26-103276
SEC filingSeres 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.
Seres Therapeutics achieved net income of $5.7M in FY 2025, versus operating losses in prior years, primarily from $80.7M gain on VOWST sale and $75.0M Nestlé installments. Total revenue limited to $789K grant income. Operating expenses fell to $94.8M (R&D $49.1M, G&A $39.2M, manufacturing services $6.5M), improving $26.6M YoY post-TSA completion and headcount cuts. Loss from operations -$94.0M, better by $27.3M YoY. Cash $45.8M supports operations to Q3 2026; equity $44.2M, accumulated deficit -$972.4M. Basic/diluted EPS $1.
Revenue solely $789K from grants (CARB-X), no product sales post-VOWST divestiture. Prior year revenue $0. No segment or geographic breakdown disclosed; focus shifted to pipeline grants amid commercialization pause.
No gross profit reported due to negligible revenue. Operating margin not applicable with $789K revenue vs $94.8M expenses. Cost structure improved via 25%+ headcount reduction, TSA wind-down; R&D down 24% YoY to $49.1M, G&A down 26% to $39.2M. Non-operating $99.7M other income drove profitability.
Operating cash $1.1M (vs -$148.6M prior), aided by $23.2M non-cash and Nestlé adjustments. Investing -$42K (PPE). Financing $13.9M (ATM equity). Net cash increase $15.0M; ending cash/restricted $171.2M (cash $45.8M). Total assets $138.2M, liabilities $94.0M (leases dominant), equity $44.2M. No debt post-Oaktree payoff.
Substantial doubt on going concern; cash to Q3 2026 requires funding for SER-155 Phase 2 (paused), SER-603 IBD. Seeking partnerships for I&I (irEC, UC/Crohn's). Cost cuts extended runway; milestones from Nestlé uncertain. Risks: dilution, bankruptcy if unfunded.