Seres Therapeutics (MCRB) Q4 2025 earnings summary

Executive summary

• Prioritized development of live biotherapeutic programs for inflammatory and immune diseases, focusing on SER-603 for inflammatory bowel disease and SER-155 for immune checkpoint inhibitor-related enterocolitis.

• Completed enrollment in the SER-155 investigator-sponsored trial for irEC, with data expected in Q2 2026.

• Leadership changes include the appointment of Richard N. Kender as Executive Chair and interim CEO.

Financial highlights

• Net income from continuing operations was $5.7 million for 2025, compared to a net loss of $125.8 million in 2024, driven by lower operating expenses and gains from the VOWST sale.

• Fourth quarter 2025 net loss from continuing operations was $15.3 million, similar to $15.7 million in Q4 2024.

• R&D expenses for 2025 were $49.1 million, down from $64.6 million in 2024; Q4 2025 R&D expenses were $11.7 million, down from $12.8 million in Q4 2024.

• G&A expenses for 2025 were $39.2 million, down from $53.2 million in 2024; Q4 2025 G&A expenses were $7.5 million, down from $12.5 million in Q4 2024.

• Manufacturing services expenses rose to $6.5 million in 2025 from $3.5 million in 2024, with reimbursement recognized in other income.

Outlook and guidance

• Cash and cash equivalents totaled $45.8 million as of December 31, 2025, expected to fund operations through Q3 2026.

• Actively seeking partnerships and additional funding to support pipeline advancement, especially for SER-155 Phase 2.