On March 12, 2026 Seres Therapeutics, Inc. (Nasdaq: MCRB), (Seres or the Company), a leading live biotherapeutics company, reported fourth quarter and full year 2025 financial results and provided business updates.

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"As highlighted in our recent announcements, we are prioritizing our promising inflammatory and immunology biotherapeutics portfolio, including SER-603 for inflammatory bowel disease," said Richard Kender, Executive Chair and interim CEO of Seres. "We are on track to report clinical data from the fully enrolled investigator-sponsored study at Memorial Sloan Kettering Cancer Center evaluating SER-155 to treat immune checkpoint inhibitor-related enterocolitis in the second quarter of this year. This serious condition affects up to 50% of immune checkpoint-treated cancer patients, with rates varying based on cancer drug and treatment regimen, and represents a sizable therapeutic and commercial opportunity. Additionally, our SER-155 program for the prevention of serious bloodstream infections in patients undergoing allo-HSCT for blood cancer is Phase 2 ready, and we continue to seek funding to support further development.

"To advance these opportunities, we continue to judiciously manage our resources, focusing on progressing our prioritized programs, as we pursue partnerships and other funding sources. We are in discussion with collaborators who could potentially provide Seres with additional financial and other resources to support pipeline advancement and value creation."

Recent Highlights

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As highlighted in recent press releases from February and March, Seres is prioritizing its emerging programs in inflammatory & immune diseases, including SER-603 for inflammatory bowel disease (IBD) and SER-155 for immune checkpoint-related enterocolitis (irEC). The Company also announced leadership changes, including the appointment of Richard N. Kender as Executive Chair and interim Chief Executive Officer.

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Seres is collaborating with Memorial Sloan Kettering Cancer Center on an investigator-sponsored trial (IST) evaluating SER-155 in participants with irEC. irEC is among the most frequent and severe immune-related adverse events (irAEs) in recipients of immune checkpoint-inhibitor therapy and can be observed in up to 50% of patients, with rates varying based on cancer drug and treatment regimen. Study enrollment is complete, with 15 subjects enrolled, and clinical data are expected in Q2 2026. Data from this IST could further inform the expansion of indications well-suited to Seres’ live biotherapeutic approach.

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The Company continues to advance its preclinical stage live biotherapeutic product candidates, including SER-603. The Company is conducting IND-enabling activities for SER-603 and is engaging potential collaborators to support the clinical advancement of this program as a mono- or combination therapy for IBD.

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SER-155 Phase 2 key preparatory activities have advanced to support further development for the prevention of serious bloodstream infections in patients undergoing allo-HSCT for blood cancer. Efforts to secure funding to commence the study remain ongoing.

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In January, the Company announced the publication of manuscripts in Nature Medicine and the Journal of Infectious Diseases, highlighting new insights into the functional mechanism and clinical impact of VOWST, which was previously sold to Nestle Health Science. These publications further inform the continued development of Seres’ next-generation live biotherapeutics pipeline.

Financial Results

The Company has classified all historical operating results for the VOWST business within discontinued operations in the consolidated statements of operations for the comparative periods presented. There is no activity in the current period related to discontinued operations.

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Net income from continuing operations was $5.7 million for the full year 2025, as compared to a net loss from continuing operations of $125.8 million for 2024. The difference in results between 2025 and 2024 were primarily due to: $26.6 million of lower operating expenses in 2025, an increase of $75 million in the gain on sale due to the installment payments received from Nestle in 2025, the $23.4 million loss on extinguishment of debt recognized in 2024 upon repayment of debt following the sale of VOWST, and an increase of $7 million in payments from Nestle related to transition services provided by the Company. Net loss from continuing operations was $15.3 million for the fourth quarter of 2025, as compared to a net loss from continuing operations of $15.7 million for the same period in 2024.

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Research and development (R&D) expenses for the year ended December 31, 2025, were $49.1 million, compared with $64.6 million for the same period in 2024. The year-over-year decrease of $15.5 million was primarily driven by lower personnel expenses, lower live biotherapeutics platform investments, and lower expenses related to our SER-155 program. R&D expenses for the fourth quarter of 2025 were $11.7 million, compared with $12.8 million for the fourth quarter of 2024.

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General and administrative (G&A) expenses for the year ended December 31, 2025, were $39.2 million, compared with $53.2 million for the same period in 2024. The year-over-year decrease of $14 million was primarily due to reduced personnel expenses, lower professional fees, and lower facility-related costs and cost management activities. G&A expenses for the fourth quarter of 2025 were $7.5 million, compared with $12.5 million for the fourth quarter of 2024.

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Manufacturing Services expenses were $6.5 million for the year ended December 31, 2025, as compared to $3.5 million in 2024. These costs relate to the provision of manufacturing services under the transition services agreement with Nestlé. The associated reimbursement received from Nestlé related to these expenses is recognized in other (expense) income, net.

Cash and Cash Runway

As of December 31, 2025, Seres had $45.8 million in cash and cash equivalents, which includes net proceeds of $12.2 million raised in Q4 2025 through the Company’s at-the-market equity offering program. Based on Seres’ current cash position and operating plans, the Company expects to fund operations through the third quarter of 2026. The Company continues to evaluate further opportunities to extend its cash runway.

(Press release, Seres Therapeutics, MAR 12, 2026, View Source [SID1234663506])