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Seres Therapeutics (MCRB) investor relations material

Seres Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • SER-155 Phase 1b demonstrated a 77% relative risk reduction in bloodstream infections in allo-HSCT patients, with strong safety and FDA Breakthrough Therapy designation; Phase 2 protocol submitted and pending funding, with global KOL engagement and plans for broader patient populations.

  • Completed sale of VOWST business to Nestlé Health Science in September 2024, providing significant capital, streamlining operations, and extending cash runway into Q1 2026.

  • Company is actively pursuing partnerships, out-licensing, mergers, and other strategic transactions to secure capital for SER-155 and pipeline advancement.

  • Leadership transition: Eric Shaff resigned as CEO effective July 31, 2025; Marella Thorell and Thomas DesRosier appointed as Co-CEOs, with additional board changes.

  • Pipeline includes SER-147 for chronic liver disease and SER-603 for IBD, with preclinical and early clinical data supporting expansion.

Financial highlights

  • Net loss from continuing operations was $19.9M in Q2 2025, down from $26.2M in Q2 2024; net income for the first half of 2025 was $12.8M, driven by the VOWST sale.

  • R&D expenses decreased to $12.9M from $15.8M year-over-year, reflecting lower costs post-Phase 1b and reduced personnel expenses.

  • G&A expenses were $10.3M, down from $13.1M in Q2 2024, mainly due to lower personnel and IT costs.

  • Cash and cash equivalents stood at $45.4M as of June 30, 2025; cash runway expected to fund operations into Q1 2026.

  • VOWST asset sale generated $100M upfront, $15M equity investment, $60M prepaid milestone, and $275M in potential future milestones.

Outlook and guidance

  • Additional funding is required to initiate the SER-155 Phase 2 study; interim results expected within 12 months of study start, potentially informing a registrational trial.

  • Management is pursuing business development transactions, including partnerships, out-licensing, or mergers, to secure necessary capital.

  • Ongoing cost reduction actions to extend cash runway; evaluating further measures.

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Frequently asked questions

Seres Therapeutics, Inc. is a microbiome therapeutics platform company that engages in developing bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. The company's lead product candidate is the SER-109, an oral microbiome therapeutic candidate which has completed Phase III clinical trial for the treatment of CDI. It also develops SER-155 and SER-287 which are in Phase Ib clinical trial to reduce incidences of gastrointestinal infections and ulcerative colitis; SER-301 that is in Phase Ib clinical trial to treat metastatic melanoma; and SER-262 to treat Clostridioides difficile infection.

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