Seres Therapeutics, Inc. is a pioneering microbiome therapeutics firm dedicated to engineering bacterial consortia that modulate host cells and tissues to combat ...
Seres Therapeutics, Inc. is a pioneering biotechnology company focused on the development of a novel class of drugs known as microbiome therapeutics. These therapies are designed to treat disease by restoring the function of a dysbiotic microbiome—an imbalance in the body's microbial community. The company's lead candidate, SER-109 (now VOWST), ...Seres Therapeutics, Inc. is a pioneering biotechnology company focused on the development of a novel class of drugs known as microbiome therapeutics. These therapies are designed to treat disease by restoring the function of a dysbiotic microbiome—an imbalance in the body's microbial community. The company's lead candidate, SER-109 (now VOWST), is an oral microbiome therapeutic that successfully completed Phase III trials for the prevention of recurrent Clostridioides difficile infection (CDI) and received FDA approval in 2023. Beyond SER-109, the pipeline includes SER-155, a synthetic bacterial consortium undergoing Phase Ib evaluation to reduce infections and graft-versus-host disease in transplant patients; SER-287 and SER-301 for ulcerative colitis (Phase Ib); SER-401 for metastatic melanoma; and SER-262 for CDI. Seres maintains strategic collaborations with Nestec Ltd. and Memorial Sloan Kettering Cancer Center, among others. The company is headquartered in Cambridge, Massachusetts, and was founded in 2010 (originally as Seres Health, renamed in 2015). As of the latest data, Seres has approximately 66 employees and is publicly traded on NASDAQ under the symbol MCRB. Financially, the company is in a growth phase, with significant R&D expenses and negative net income, reflecting its investment in clinical development. Despite financial challenges, Seres is recognized as a leader in the microbiome field, committed to advancing treatments for medically vulnerable populations. Key leadership includes interim CEO Richard N. Kender, who brings over 35 years of biopharma experience. The company's mission is to establish a better microbiome for better health, addressing unmet medical needs across various diseases.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$789000
—
+105.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$5.7M
+103.9%
+123.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-423.8%
—
+184.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-11910.1%
—
+50.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+721.9%
—
+111.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$865000
+100.6%
-36.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+109.6%
—
+33.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
187.6%
-71.8%
-46.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.56x
+172.4%
+28.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, everyone, and thank you for standing by. My name is RG, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 Seres Therapeutics Results and Business Updates. [Operator Instructions] Thank you. I would now like to turn the call over to Dr. Carlo Tanzi of Investor Relations. Please go ahead.
Carlo Tanzi: Thank you, and good morning. Today, before market opened, we issued a press release with our third quarter 2025 financial results and business updates available on the Investors and News section of our website. We've also posted an updated corporate presentation. Before we begin, I'd like to remind everyone that we will be making forward-looking statements, including statements around the results of our current or planned clinical trials, studies and data readouts, our product candidates and their potential benefits, development plans and potential commercial opportunities, interactions with and feedback from the FDA, our ability to secure an R&D or other partnership and/or generate or obtain additional capital, financing or other resources, our planned strategic focus and operating plans, cost reduction actions and anticipated benefits and cash runway, the timing of any of the foregoing and other statements which are not historical facts. Actual results may differ materially due to various risks and uncertainties and other important factors described under Risk Factors in our recent SEC filings. We undertake no obligation to update these statements, except as required by law. On today's call with prepared remarks are Marella Thorell, our Co-Chief Executive Officer and Chief Financial Officer; and Dr. Matthew Henn, our Chief Scientific Officer. Additional members of the management team, including Tom DesRosier, Co-CEO and Chief Legal Officer; Terri Young, Chief Commercial and Strategy Officer; and Dr. Dennis Walling, SVP of Clinical Development, will be available during the Q&A portion of the call. And with that, I'll turn the call over to Marella.
Marella Thorell: Thank you, Carlo, and good morning, everyone. We made good progress during the quarter. Our immediate priority remains advancing SER-155, our lead investigational, oral, live biotherapeutic for the prevention of bloodstream infections, or BSIs, in adults undergoing allo-HSCT into a Phase II study. We believe that results in this study, if positive, could represent a very meaningful value creation event for the company. SER-155 represents a first-in-class mechanistically differentiated approach to address infections, including bloodstream and antimicrobial resistant infections, which are among the causes of mortality in medically compromised patients. In the Phase Ib study, treatment with SER-155 led to an impressive 77% relative risk reduction in bacterial bloodstream infections, along with decreased antibiotic exposure and febrile neutropenia. The therapy is designed to decolonize gastrointestinal pathogens, …