Seres Therapeutics (MCRB) Piper Sandler 36th Annual Healthcare Conference summary

Strategic focus and technology

• Shifted focus to microbiome therapies for serious infections after selling VOWST rights to Nestlé Health Science.

• Core technology centers on repairing gut microbiome dysbiosis using cultivated bacterial consortia.

• SER-155 and SER-147 are lead programs targeting infection reduction in immunocompromised and metabolic disease patients.

Financial and operational updates

• Received $175M upfront from Nestlé, with $75M more contingent on transition milestones in 2025.

• Retained up to $275M in sales-based milestone rights over 10 years.

• Workforce reduced to about 100 employees, lowering burn rate and extending cash runway into Q4 2024.

• Paid off Oaktree debt, resulting in a clean balance sheet.

SER-155 clinical progress

• SER-155 is a cultivated bacterial consortium for allo-HSCT patients, aiming to reduce bloodstream infections and promote gut healing.

• Achieved a 77% reduction in bloodstream infections and significant reduction in antibiotic use in a 30-day post-transplant window.

• Safety profile was strong, with no infections from SER-155 species and good patient tolerance.

• Applying for FDA breakthrough and QIDP designations, with feedback expected by year-end and pivotal trial planning underway.