Seres Therapeutics (MCRB)
Market Price (5/25/2026): $8.0 | Market Cap: $76.7 MilSector: Health Care | Industry: Biotechnology
Seres Therapeutics (MCRB)
Market Price (5/25/2026): $8.0Market Cap: $76.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62% Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Microbiome Therapeutics Development, and Infectious Disease Microbiome Therapies. | Weak multi-year price returns2Y Excs Rtn is -98%, 3Y Excs Rtn is -172% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -88 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7641% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 853% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3675%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3694% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -66% High stock price volatilityVol 12M is 101% Key risksMCRB key risks include [1] a significant funding shortfall raising substantial doubt about its ability to continue as a going concern, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Microbiome Therapeutics Development, and Infectious Disease Microbiome Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -98%, 3Y Excs Rtn is -172% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -88 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7641% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 853% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3675%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3694% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -66% |
| High stock price volatilityVol 12M is 101% |
| Key risksMCRB key risks include [1] a significant funding shortfall raising substantial doubt about its ability to continue as a going concern, Show more. |
Qualitative Assessment
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Seres Therapeutics (MCRB) stock has lost about 45% since 1/31/2026 because of the following key factors:
1. Significant Cash Runway Shortage and Going Concern Disclosure.
Seres Therapeutics reported cash and cash equivalents of $29.8 million as of March 31, 2026, which is projected to fund operations only through the third quarter of 2026. The company's management explicitly stated "substantial doubt" about its ability to continue as a going concern over the next 12 months without securing additional financing or strategic transactions.
2. Return to Operating Losses and Q1 2026 Financial Underperformance.
The company posted a net loss of $19.9 million in the first quarter of 2026, a notable reversal from a net income of $32.7 million in the first quarter of 2025. This prior-year income was largely attributable to a $50 million installment payment from Nestlé Health Science related to the VOWST business sale. Additionally, Q1 2026 revenue of $0.36 million from grants fell short of analyst estimates.
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1. Significant Cash Runway Shortage and Going Concern Disclosure.
Seres Therapeutics reported cash and cash equivalents of $29.8 million as of March 31, 2026, which is projected to fund operations only through the third quarter of 2026. The company's management explicitly stated "substantial doubt" about its ability to continue as a going concern over the next 12 months without securing additional financing or strategic transactions.
2. Return to Operating Losses and Q1 2026 Financial Underperformance.
The company posted a net loss of $19.9 million in the first quarter of 2026, a notable reversal from a net income of $32.7 million in the first quarter of 2025. This prior-year income was largely attributable to a $50 million installment payment from Nestlé Health Science related to the VOWST business sale. Additionally, Q1 2026 revenue of $0.36 million from grants fell short of analyst estimates.
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Stock Movement Drivers
Fundamental Drivers
The -46.9% change in MCRB stock from 1/31/2026 to 5/24/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.92 | 7.92 | -46.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 66.2 | |
| Shares Outstanding (Mil) | 9 | 10 | -8.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 5/24/2026| Return | Correlation | |
|---|---|---|
| MCRB | -46.9% | |
| Market (SPY) | 8.1% | 39.8% |
| Sector (XLV) | -2.7% | 7.2% |
Fundamental Drivers
The -50.8% change in MCRB stock from 10/31/2025 to 5/24/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.10 | 7.92 | -50.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 66.2 | |
| Shares Outstanding (Mil) | 9 | 10 | -8.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| MCRB | -50.8% | |
| Market (SPY) | 9.9% | 21.3% |
| Sector (XLV) | 4.8% | 4.7% |
Fundamental Drivers
The -18.4% change in MCRB stock from 4/30/2025 to 5/24/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.70 | 7.92 | -18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 66.2 | |
| Shares Outstanding (Mil) | 9 | 10 | -10.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| MCRB | -18.4% | |
| Market (SPY) | 36.0% | 20.0% |
| Sector (XLV) | 8.6% | 16.1% |
Fundamental Drivers
The -91.9% change in MCRB stock from 4/30/2023 to 5/24/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.50 | 7.92 | -91.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 66.2 | |
| Shares Outstanding (Mil) | 6 | 10 | -34.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2023 to 5/24/2026| Return | Correlation | |
|---|---|---|
| MCRB | -91.9% | |
| Market (SPY) | 86.3% | 10.9% |
| Sector (XLV) | 18.0% | 9.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MCRB Return | -66% | -33% | -75% | -41% | -10% | -46% | -98% |
| Peers Return | -75% | -88% | 50% | -74% | -87% | -60% | -100% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| MCRB Win Rate | 50% | 50% | 33% | 50% | 50% | 60% | |
| Peers Win Rate | 17% | 33% | 42% | 25% | 17% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MCRB Max Drawdown | -81% | -69% | -86% | -65% | -98% | -56% | |
| Peers Max Drawdown | -83% | -93% | -58% | -93% | -99% | -95% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PHGE. See MCRB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | MCRB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -97.8% | -18.8% |
| % Gain to Breakeven | 4385.4% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.1% | -7.8% |
| % Gain to Breakeven | 19.2% | 8.5% |
| Time to Breakeven | 27 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -69.5% | -24.5% |
| % Gain to Breakeven | 227.4% | 32.4% |
| Time to Breakeven | 139 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.9% | -33.7% |
| % Gain to Breakeven | 36.7% | 50.9% |
| Time to Breakeven | 19 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.8% | -19.2% |
| % Gain to Breakeven | 63.3% | 23.8% |
| Time to Breakeven | 588 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.9% | -3.7% |
| % Gain to Breakeven | 46.8% | 3.9% |
| Time to Breakeven | 218 days | 6 days |
In The Past
Seres Therapeutics's stock fell -97.8% during the 2025 US Tariff Shock. Such a loss loss requires a 4385.4% gain to breakeven.
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| Event | MCRB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -97.8% | -18.8% |
| % Gain to Breakeven | 4385.4% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -69.5% | -24.5% |
| % Gain to Breakeven | 227.4% | 32.4% |
| Time to Breakeven | 139 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.9% | -33.7% |
| % Gain to Breakeven | 36.7% | 50.9% |
| Time to Breakeven | 19 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.8% | -19.2% |
| % Gain to Breakeven | 63.3% | 23.8% |
| Time to Breakeven | 588 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.9% | -3.7% |
| % Gain to Breakeven | 46.8% | 3.9% |
| Time to Breakeven | 218 days | 6 days |
In The Past
Seres Therapeutics's stock fell -97.8% during the 2025 US Tariff Shock. Such a loss loss requires a 4385.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Seres Therapeutics (MCRB)
Seres Therapeutics, Inc., a microbiome therapeutics platform company, 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 that has completed Phase III clinical trial for the treatment of clostridium difficile infection (CDI). It is also developing SER-155, a cultivated bacteria microbiome drug, which is Phase Ib clinical trial to reduce incidences of gastrointestinal infections, bloodstream infections, and graft versus host diseases in immunocompromised patients receiving allogeneic hematopoietic stem cell transplantation and solid organ transplants. In addition, the company engages in the development of SER-287 and SER-301 that are in Phase Ib to treat ulcerative colitis; SER-401 for patients with metastatic melanoma; and SER-262 to treat Clostridioides difficile infection. It has license and collaboration agreements with Nestec Ltd. and Memorial Sloan Kettering Cancer Center. The company was formerly known as Seres Health, Inc. and changed its name to Seres Therapeutics, Inc. in May 2015. Seres Therapeutics, Inc. was incorporated in 2010 and is headquartered in Cambridge, Massachusetts.
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Here are 1-2 brief analogies to describe Seres Therapeutics:
- Pfizer for the gut microbiome.
- Moderna, but for developing microbiome-based drugs instead of mRNA vaccines.
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- SER-109: An oral microbiome therapeutic candidate that has completed Phase III clinical trials for the treatment of Clostridium difficile infection (CDI).
- SER-155: A cultivated bacteria microbiome drug in Phase Ib clinical trial to reduce infections and graft versus host diseases in immunocompromised patients.
- SER-287: A therapeutic candidate in Phase Ib to treat ulcerative colitis.
- SER-301: A therapeutic candidate in Phase Ib to treat ulcerative colitis.
- SER-401: A therapeutic candidate in development for patients with metastatic melanoma.
- SER-262: A therapeutic candidate in development to treat Clostridioides difficile infection.
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Seres Therapeutics (MCRB) is a biopharmaceutical company in the drug development phase. As such, it does not currently sell commercialized products directly to individuals, nor does it have major customers in the traditional sense of entities purchasing finished drugs for distribution or patient use. Its current business model involves developing therapeutic candidates and engaging in strategic partnerships for research, development, and potential future commercialization.
Based on the provided background, the company's major partners, who can be considered its "customers" or significant collaborators in a business-to-business context due to licensing and collaboration agreements, are:
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- Thermo Fisher Scientific (TMO)
- Swissfillon AG
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Richard N. Kender, Interim Chief Executive Officer and Executive ChairMr. Kender was appointed Executive Chair and Interim Chief Executive Officer of Seres Therapeutics, Inc. effective March 2, 2026. He has over 35 years of biopharma executive experience, including as Senior Vice President of Business Development and Corporate Licensing at Merck & Co. During his more than three-decade tenure at Merck, he held various roles across corporate development, including M&A, licensing, financial evaluation and analysis, and global competitive intelligence, and was involved in Merck's acquisition of Schering-Plough. Mr. Kender has served on the Seres Board of Directors since September 2014. He currently serves on the board of directors of Longeveron and has previously served on the boards of numerous public and private companies, including INC Research, Abide Therapeutics, ReViral, POXEL SA, Omega Therapeutics, and Bicycle Therapeutics.
Marella Thorell, Chief Financial Officer
Ms. Thorell serves as the Chief Financial Officer of Seres Therapeutics, Inc., a role she has held since joining the company in March 2024. She is a seasoned finance and operations expert with over 25 years of experience, including leading capital strategy, financial planning, accounting operations, building organizations, and preparing and executing IPOs. Prior to Seres, Ms. Thorell served as the Chief Financial Officer of Evelo Biosciences. Her previous roles also include Chief Accounting Officer at Centessa Pharmaceuticals, Chief Financial Officer of Palladio Biosciences, and Chief Financial Officer and Chief Operating Officer of Realm Therapeutics.
Thomas J. DesRosier, Chief Legal Officer
Mr. DesRosier serves as the Chief Legal Officer of Seres Therapeutics, Inc. He joined Seres in May 2016 as Executive Vice President, Chief Legal Officer and Secretary. Before joining Seres, he was the Chief Legal and Administrative Officer at ARIAD Pharmaceuticals, and prior to that, held the same position at Cubist Pharmaceuticals, where he led the negotiation of Cubist's acquisition by Merck. Mr. DesRosier also served as Senior Vice President and General Counsel, North America of Sanofi, a position he assumed after Sanofi acquired Genzyme Corporation, where he was Senior Vice President and Chief Legal Officer.
Matthew Henn, Ph.D., President and Chief Scientific Officer
Dr. Henn is the President and Chief Scientific Officer of Seres Therapeutics, Inc. He is a long-tenured member of the Seres team and was instrumental in the development, approval, and launch of VOWST™ (formerly SER-109), which is the first-ever oral microbiome therapeutic.
Kelly Brady, M.S., Chief Operating Officer
Ms. Brady serves as the Chief Operating Officer of Seres Therapeutics, Inc. She previously held the role of Senior Vice President of Clinical Development. Ms. Brady is a long-tenured member of the Seres team and played a key role in the development, approval, and launch of VOWST™ (formerly SER-109), the first-ever oral microbiome therapeutic.
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The key risks to Seres Therapeutics (MCRB) are primarily centered around its financial stability, the progression of its pipeline following the sale of its first approved product, and its reliance on a commercial partner.
- Financial Viability and Need for Additional Funding: Seres Therapeutics faces significant financial challenges, with "substantial doubt about its ability to continue as a going concern." The company has indicated a critical need for additional funding or strategic transactions to support its operations, having already reduced its workforce. Potential outcomes if funding is not secured include further cost reductions, partnership deals, or even seeking relief under the U.S. Bankruptcy Code.
- Clinical Trial Failures and Pipeline Dependence: Following the sale of VOWST (formerly SER-109), Seres Therapeutics' future growth is highly dependent on the successful development of its remaining pipeline candidates. Its new lead candidate, SER-155, has shown promising Phase 1b data and received Fast Track and Breakthrough Therapy designations. However, the planned Phase 2 trial for SER-155 is currently paused, awaiting additional financing. This highlights the inherent risks of clinical trial failures, delays in development, and the company's capacity to fund the progression of its early-stage programs.
- Reliance on Nestlé for VOWST Commercialization and Milestone Payments: Seres Therapeutics sold the commercial rights to its FDA-approved product, VOWST (previously SER-109), to Nestlé Health Science in 2024. While Seres has received upfront and will receive potential milestone payments, its future financial performance and strategic planning are now partially dependent on Nestlé's commercialization efforts and accurate reporting of VOWST net sales. Any inaccuracies or issues with Nestlé's reporting or commercial success could detrimentally impact Seres' financial statements and ability to realize expected milestone revenues.
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Here are the addressable market sizes for Seres Therapeutics' main products: * **For SER-109 (VOWST) and SER-262 (*Clostridioides difficile* infection (CDI)):** The global Clostridium difficile infection (CDI) treatment market is projected to reach approximately $2.87 billion by 2030, growing from $1.91 billion in 2024. Another estimate indicates the global Clostridium difficile Infections market size was valued at USD 9.82 billion in 2024 and is expected to reach USD 16.88 billion by 2032. The Clostridioides difficile infection market across the 7 Major Markets (7MM – United States, Germany, France, Italy, Spain, United Kingdom, and Japan) was valued at approximately USD 551 million in 2025 and is projected to reach about USD 1,715 million by 2034. The United States accounted for the largest market share in 2024 within the 7MM. * **For SER-287 and SER-301 (Ulcerative Colitis):** The global ulcerative colitis market size was valued at USD 636.98 million in 2023 and is expected to grow to USD 9.72 billion by 2033. Another projection estimates the global ulcerative colitis market size to be valued at USD 8.70 billion in 2026 and reach USD 15.30 billion by 2033. The total ulcerative colitis market size in the 7MM was approximately USD 8,400 million in 2023, with the United States market alone accounting for approximately USD 5,900 million in the same year. * **For SER-401 (Metastatic Melanoma):** The global metastatic melanoma therapeutics market size is expected to reach $16.46 billion by 2030. In 2025, this market was valued at $9.29 billion and is projected to grow to $10.4 billion in 2026. Another report forecasts the metastatic melanoma market size to reach $14,950 million by 2030. The metastatic melanoma drugs market was valued at USD 4.94 billion in 2025 and is estimated to reach USD 8.7 billion by 2031. North America was the largest region in the metastatic melanoma therapeutics market in 2025 and held the largest market share with 37% of the overall market in 2023. * **For SER-155:** nullAI Analysis | Feedback
Seres Therapeutics (MCRB) is focusing its efforts on a streamlined pipeline following the sale of its lead commercial product, VOWST (formerly SER-109), to Nestlé Health Science in September 2024. While direct product sales of VOWST no longer contribute to Seres' revenue, several drivers are expected to fuel future growth over the next two to three years:
- VOWST (SER-109) Milestone and Profit-Sharing Payments: Despite the sale of VOWST's commercial rights, Seres Therapeutics is eligible to receive significant milestone payments based on VOWST's worldwide net sales performance. The company expects to receive approximately $73.5 million in payments in 2025 and is eligible for up to $275 million in future milestone payments tied to specific net sales targets. Seres also shares in the commercial profits and losses of VOWST.
- Upfront and Development Milestone Payments from Strategic Partnerships for SER-155: SER-155, an investigational oral microbiome therapeutic, is a primary focus for Seres and has received both FDA Fast Track and Breakthrough Therapy designations. Promising Phase 1b data showed a 77% relative risk reduction in bloodstream infections in immunocompromised patients, such as those undergoing allogeneic hematopoietic stem cell transplantation (allo-HSCT). Seres is actively seeking partnerships to advance SER-155 through its next clinical study (Phase 2). A significant upfront payment and subsequent development milestones from such a partnership would be a substantial revenue driver in the near term.
- Expansion of SER-155 into Additional Indications Leading to New Partnership Opportunities: Seres is exploring the potential of SER-155 in other medically vulnerable patient populations beyond allo-HSCT, including an investigator-sponsored trial for immune checkpoint inhibitor-related enterocolitis, with clinical data anticipated in the second quarter of 2026. Positive clinical data from these expanded indications could broaden the commercial appeal and market potential of SER-155, potentially leading to additional or expanded partnership deals that include upfront payments and milestone revenues.
- Early-Stage Partnerships for Other Pipeline Programs: Seres is also prioritizing other live biotherapeutic programs for inflammatory and immune diseases, such as SER-603 for inflammatory bowel disease. While these programs are in earlier stages of development, successful preclinical or early clinical data could attract collaboration interest from larger pharmaceutical companies. Such early-stage partnerships could provide Seres with upfront payments, research funding, and development milestones, contributing to revenue growth within the next two to three years.
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Share Issuance
- Seres Therapeutics raised net proceeds of $12.2 million in the fourth quarter of 2025 through an at-the-market (ATM) equity offering program.
- The company's shares outstanding increased from 0.005 billion in 2021 to 0.009 billion by the third quarter of 2025, reflecting general issuance activity.
Inbound Investments
- In September 2024, Seres Therapeutics completed the sale of its VOWST business to Nestlé Health Science, receiving approximately $175 million in gross proceeds, which included an upfront payment, a prepaid milestone, and an equity investment.
- A $50 million installment payment related to the VOWST sale was received from Nestlé in January 2025, and a further $25 million installment was received in July 2025.
- The company recognized an $80.7 million gain on the sale of its VOWST business in 2025.
- Seres Therapeutics received up to $3.6 million in CARB-X funding.
Capital Expenditures
- Capital expenditures were reported as -0.313 million (or -313K) in the last 12 months leading up to March 2026.
- In the most recent quarter (prior to January 2026), capital expenditures totaled -0.0080 million.
- For the years 2021, 2022, and 2023, capital expenditures were approximately -0.01 million each year.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.37 |
| Mkt Cap | 0.0 |
| Rev LTM | 1 |
| Op Inc LTM | -56 |
| FCF LTM | -35 |
| FCF 3Y Avg | -49 |
| CFO LTM | -35 |
| CFO 3Y Avg | -48 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | 45.4% |
| Op Inc Chg LTM | 26.4% |
| Op Inc Chg 3Y Avg | 2.3% |
| Op Mgn LTM | -7,641.0% |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | 4,269.2% |
| CFO/Rev LTM | -3,675.1% |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | -3,694.1% |
| FCF/Rev 3Y Avg | - |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.0 |
| P/S | 66.2 |
| P/Op Inc | -0.5 |
| P/EBIT | 2.2 |
| P/E | -0.8 |
| P/CFO | -0.9 |
| Total Yield | -1,014.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -2,014.8% |
| D/E | 0.5 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.3% |
| 3M Rtn | -45.7% |
| 6M Rtn | 82.5% |
| 12M Rtn | -44.2% |
| 3Y Rtn | -95.1% |
| 1M Excs Rtn | -22.2% |
| 3M Excs Rtn | -51.8% |
| 6M Excs Rtn | 53.6% |
| 12M Excs Rtn | -72.4% |
| 3Y Excs Rtn | -174.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 0 | 7 | |||
| Collaboration revenue - related party | 144 | 12 | |||
| Grant revenue | 1 | 4 | |||
| Collaboration revenue | 17 | ||||
| Total | 0 | 7 | 145 | 33 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 0 | ||||
| Total | 0 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 359 | ||||
| Total | 359 |
Price Behavior
Price Behavior
| Market Price | $7.92 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 06/26/2015 | |
| Distance from 52W High | -72.3% | |
| 50 Days | 200 Days | |
| DMA Price | $8.31 | $14.05 |
| DMA Trend | down | down |
| Distance from DMA | -4.7% | -43.6% |
| 3M | 1YR | |
| Volatility | 58.5% | 102.0% |
| Downside Capture | 311.31 | 205.70 |
| Upside Capture | 192.58 | 145.97 |
| Correlation (SPY) | 39.2% | 18.3% |
MCRB Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 1.14 | 2.54 | 1.60 | 1.57 | 8.70 |
| Up Beta | 0.56 | -0.41 | -0.07 | -0.58 | 0.52 | 19.94 |
| Down Beta | 3.93 | -0.09 | 4.25 | 3.13 | 3.40 | 0.33 |
| Up Capture | -34% | 132% | 182% | 95% | 113% | 1505% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 21 | 30 | 62 | 121 | 346 |
| Down Capture | 956% | 262% | 357% | 228% | 154% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 12 | 22 | 34 | 63 | 126 | 390 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRB | |
|---|---|---|---|---|
| MCRB | 3.0% | 101.9% | 0.52 | - |
| Sector ETF (XLV) | 16.0% | 14.5% | 0.80 | 8.8% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 18.2% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 6.8% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | 0.9% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | -1.3% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 17.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRB | |
|---|---|---|---|---|
| MCRB | -55.2% | 938.3% | 0.40 | - |
| Sector ETF (XLV) | 5.7% | 14.7% | 0.21 | 7.7% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 8.8% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | -3.2% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 0.8% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 6.6% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 6.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRB | |
|---|---|---|---|---|
| MCRB | -33.6% | 676.8% | 0.34 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 6.4% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 7.6% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -2.4% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 1.7% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 5.2% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 4.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | 1.3% | 1.1% | -6.8% |
| 11/5/2025 | -7.6% | 8.4% | 21.2% |
| 8/6/2025 | -3.5% | 8.1% | 31.7% |
| 3/13/2025 | -7.9% | 12.5% | -16.2% |
| 11/13/2024 | -11.1% | 3.7% | 29.6% |
| 8/13/2024 | -7.0% | 6.6% | 18.0% |
| 3/5/2024 | -7.0% | -24.6% | -36.4% |
| 11/2/2023 | -35.2% | -27.8% | -25.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 3 | 8 | 7 |
| # Negative | 13 | 8 | 9 |
| Median Positive | 8.5% | 8.2% | 25.4% |
| Median Negative | -7.0% | -15.9% | -16.2% |
| Max Positive | 20.4% | 19.1% | 43.4% |
| Max Negative | -35.2% | -27.8% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Cash Runway | |||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shaff, Eric D | Direct | Sell | 5192026 | 7.53 | 259 | 1,950 | 90,661 | Form | |
| 2 | Desrosier, Thomas | See Remarks | Direct | Sell | 5192026 | 7.53 | 79 | 595 | 59,894 | Form |
| 3 | Brady, Kelly | See Remarks | Direct | Sell | 5192026 | 7.53 | 59 | 444 | 64,472 | Form |
| 4 | Henn, Matthew R | See Remarks | Direct | Sell | 5192026 | 7.53 | 77 | 580 | 59,020 | Form |
| 5 | Shaff, Eric D | Direct | Sell | 2182026 | 8.47 | 259 | 2,194 | 98,057 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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