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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Seres Therapeutics
Seres Therapeutics (MCRB) investor relations material
Seres Therapeutics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 revenue was $593K and net loss was $16.286M; cash and cash equivalents were $17.528M at Sept. 30, 2026.
SER-155 allo-HCT Phase 2 remains paused pending funding, while planning continues for an irEC prevention study and earlier-stage programs.
In an investigator-sponsored SER-155 irEC trial, 12 of 15 participants (80%) achieved an immunosuppressive-free diarrhea response by Day 15; no drug-related serious adverse events were observed.
Financial highlights
Q3 2026 revenue was $593K vs. $351K YoY, all from CARB-X grant revenue; nine-month revenue was $1.687M vs. $351K.
Q3 operating expenses were $16.745M vs. $22.828M YoY; nine-month expenses were $60.019M vs. $74.945M. Q3 R&D and G&A expenses were $5.6M and $5.4M, respectively.
Q3 net loss was $16.286M vs. net income of $8.204M YoY; nine-month net loss was $31.618M vs. net income of $21.031M.
Q3 2025 results included a $27.222M VOWST business gain; nine-month 2026 results included the $25M VOWST milestone termination gain.
Nine-month cash used in operations was $49.231M; investing cash inflow was $12.566M and financing cash inflow was $2.895M. Cash, equivalents and restricted cash ended at $20.664M.
Outlook and guidance
Available cash, including the $12.5M VOWST milestone termination payment received in October, is expected to fund operations through Q1 2027; additional funding is expected to be required thereafter.
SER-155 allo-HCT Phase 2 remains paused pending funding; the planned study is expected to enroll ~248 participants and include an interim analysis.
FDA submission of the SER-155 irEC prophylaxis study design is expected in Q1 2027, with dose optimization and evaluation in patients initiating ICI therapy; development is funding-dependent.
SER-428 IND readiness is targeted by end-2026; further development depends on grants or other funding. SER-603 remains in preclinical development with IND-enabling work ongoing.
R&D and G&A expenses were expected to decrease in 2026 vs. 2025 following workforce reductions, TSA completion and lower program and facilities spending.
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Latest events from Seres Therapeutics
- Showcased microbiome therapies with strong clinical data and plans for strategic partnerships.MCRB
H.C. Wainwright 28th Annual Global Investment Conference - Up to $300M in securities, including $100M ATM equity, to fund clinical pipeline and operations.MCRBRegistration filing
- Q2 2026 profit from VOWST milestone and SER-155 success, but urgent funding needed by Q1 2027.MCRBQ2 2026
- All proposals passed, including director elections and incentive plan amendment; no questions submitted.MCRBAGM 2026
- SER-155 achieved 80% immunosuppressive-free response in irEC with strong safety and biomarker support.MCRBStudy result
- SER-155 delivers 77% risk reduction in bloodstream infections, driving pipeline momentum.MCRBCompany presentation
- AI-driven microbiome therapeutics pipeline advances toward key clinical and commercial milestones.MCRBH.C. Wainwright 4th Annual BioConnect Investor Conference
- Q1 2026 net loss of $19.9M, $29.8M cash, runway through Q3, and urgent need for new funding.MCRBQ1 2026
- Leadership changes and SER-155 data in Q2 2026, with cash runway through Q3 2026.MCRBStatus update
Next Seres Therapeutics earnings date
Q4 202610 Mar, 2027
Seres Therapeutics
Next Seres Therapeutics earnings date
Q4 202610 Mar, 2027
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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.