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    Seres Therapeutics (MCRB)

    Market Price (9/14/2026): $5.05 | Market Cap: $49.0 MilSector: Health Care | Industry: Biotechnology

    Seres Therapeutics (MCRB)

    Market Price (9/14/2026): $5.05
    Market Cap: $49.0 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%

    Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics. Themes include Microbiome Therapeutics Development, and Infectious Disease Microbiome Therapies.

    Weak multi-year price returns
    2Y Excs Rtn is -115%, 3Y Excs Rtn is -164%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -78 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4154%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 488%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2722%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2724%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -50%

    Key risks
    MCRB key risks include [1] a significant funding shortfall raising substantial doubt about its ability to continue as a going concern, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%
    1 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics. Themes include Microbiome Therapeutics Development, and Infectious Disease Microbiome Therapies.
    2 Weak multi-year price returns
    2Y Excs Rtn is -115%, 3Y Excs Rtn is -164%
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -78 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4154%
    4 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 488%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2722%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2724%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -50%
    8 Key risks
    MCRB key risks include [1] a significant funding shortfall raising substantial doubt about its ability to continue as a going concern, Show more.

    MCRB in ETFs

    Weight = MCRB's share of each fund

    VTI0.00%
    SCHA0.00%

    Valuation & Metrics

    FYE: 12/31MCRB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.9 Mil—
    FY 2026 Sales$13.8 Mil—
    FY 2027 Sales$0.3 Mil—
    FY 2026 Sales Growth632.7%—
    FY 2027 Sales Growth-98.0%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$-22.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-37.5 Mil—
    FY 2027 Net Income (Non-GAAP)$-79.0 Mil—
    FY 2027 Net Income Growth—18.3%
    FY 2026 EPS (Non-GAAP)$-3.52—
    FY 2027 EPS (Non-GAAP)$-4.95—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S3.61.6
    FY 2027 P/S179.2—
    FY 2026 P/E—7.4
    FY 2027 P/E——

    [1] MCRB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MCRBS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�9.1%
    Rev Chg LTM�8.3%
    Rev Chg 3Y Avg-100.0%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-4,154.4%18.6%
    CFO/Rev LTM-2,722.1%21.8%
    Net Inc Mgn-1,192.9%13.1%
    VALUATIONVERY HIGH
    P/S26.03.2
    P/CFO-1.015.1
    P/FCF-1.019.4
    P/E-2.222.6
    STABILITYFAIR
    Debt/Equity1.160.20
    Cash/Assets0.150.07

    AI Analysis | Feedback

    MetricValueDateSource
    Planned Enrollment for SER-155 Phase 2 Studyapproximately 248 participants11052025Link
    SER-155 Phase 1b Efficacy (Relative Risk Reduction in BSIs)77%5272025Link
    Workforce Reduction25%9232025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/10/2026

    Seres Therapeutics (MCRB) stock has lost about 30% since 5/31/2026 because of the following key factors:

    1. Ongoing Financial Instability and Cash Preservation Efforts.

    Seres Therapeutics continued to demonstrate significant cash burn, reporting a net income of -$22.5 million and a free cash flow of -$51.3 million for the twelve months leading up to fiscal Q2 2026 (ended June 2026). In response, the company undertook "balance sheet strengthening" measures in June 2026, including an amendment to its asset purchase agreement with Nestlé Health Science, securing a $25 million payment for future VOWST net sales-based milestones, and restructuring a lease agreement to reduce facility costs. These actions were critical to extend the company's projected cash runway into fiscal Q1 2027, highlighting persistent financial challenges.

    2. Strategic Prioritization of Early-Stage Programs and Funding Challenges for Late-Stage Assets.

    The company had previously announced in February 2026 its decision to pause further investment in the Phase 2 study of SER-155 for the prevention of bloodstream infections in allogeneic hematopoietic stem cell transplant (allo-HSCT) patients. This strategic shift redirected operational focus towards high-value earlier-stage pipeline programs, while actively seeking external funding to advance the SER-155 Phase 2 study. Despite positive early clinical data for SER-155 in immune checkpoint inhibitor-related enterocolitis (irEC) announced in July 2026, the overall program's advancement in allo-HSCT remains contingent on securing external capital, contributing to investor uncertainty regarding its pipeline progression.

    Show more
    Updated on 9/10/2026

    Seres Therapeutics (MCRB) stock has lost about 30% since 5/31/2026 because of the following key factors:

    1. Ongoing Financial Instability and Cash Preservation Efforts.

    Seres Therapeutics continued to demonstrate significant cash burn, reporting a net income of -$22.5 million and a free cash flow of -$51.3 million for the twelve months leading up to fiscal Q2 2026 (ended June 2026). In response, the company undertook "balance sheet strengthening" measures in June 2026, including an amendment to its asset purchase agreement with Nestlé Health Science, securing a $25 million payment for future VOWST net sales-based milestones, and restructuring a lease agreement to reduce facility costs. These actions were critical to extend the company's projected cash runway into fiscal Q1 2027, highlighting persistent financial challenges.

    2. Strategic Prioritization of Early-Stage Programs and Funding Challenges for Late-Stage Assets.

    The company had previously announced in February 2026 its decision to pause further investment in the Phase 2 study of SER-155 for the prevention of bloodstream infections in allogeneic hematopoietic stem cell transplant (allo-HSCT) patients. This strategic shift redirected operational focus towards high-value earlier-stage pipeline programs, while actively seeking external funding to advance the SER-155 Phase 2 study. Despite positive early clinical data for SER-155 in immune checkpoint inhibitor-related enterocolitis (irEC) announced in July 2026, the overall program's advancement in allo-HSCT remains contingent on securing external capital, contributing to investor uncertainty regarding its pipeline progression.

    3. Persistent Lack of Significant Revenue Generation and Concerns Over Future Dilution.

    As a clinical-stage biotechnology company, Seres Therapeutics has not yet achieved substantial recurring revenue, recording only $1.9 million in revenue for the twelve months ending fiscal Q2 2026. Analysts forecast a significant annual revenue decline of -42.12%, which substantially underperforms the US Biotechnology industry's average forecast growth rate of 32.25%. This ongoing lack of robust revenue generation, coupled with the projected need for additional fundraising, raises concerns among investors about potential future dilution of existing shares.

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    Stock Movement Drivers

    Fundamental Drivers

    The -31.6% change in MCRB stock from 5/31/2026 to 9/13/2026 was primarily driven by a -57.8% change in the company's P/S Multiple.
    (LTM values as of)53120269132026Change
    Stock Price ($)7.325.01-31.6%
    Change Contribution By: 
    Total Revenues ($ Mil)1264.2%
    P/S Multiple61.225.8-57.8%
    Shares Outstanding (Mil)1010-1.3%
    Cumulative Contribution-31.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/13/2026
    ReturnCorrelation
    MCRB-31.6% 
    Market (SPY)1.0%9.4%
    Sector (XLV)10.6%15.4%

    Fundamental Drivers

    The -42.7% change in MCRB stock from 2/28/2026 to 9/13/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)22820269132026Change
    Stock Price ($)8.745.01-42.7%
    Change Contribution By: 
    Total Revenues ($ Mil)029.2233720368547763E17%
    P/S Multiple∞25.8 
    Shares Outstanding (Mil)910-9.8%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/13/2026
    ReturnCorrelation
    MCRB-42.7% 
    Market (SPY)11.7%20.5%
    Sector (XLV)3.6%17.1%

    Fundamental Drivers

    The -73.5% change in MCRB stock from 8/31/2025 to 9/13/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)83120259132026Change
    Stock Price ($)18.945.01-73.5%
    Change Contribution By: 
    Total Revenues ($ Mil)029.2233720368547763E17%
    P/S Multiple∞25.8 
    Shares Outstanding (Mil)910-9.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/13/2026
    ReturnCorrelation
    MCRB-73.5% 
    Market (SPY)19.5%15.3%
    Sector (XLV)21.9%8.9%

    Fundamental Drivers

    The -92.7% change in MCRB stock from 8/31/2023 to 9/13/2026 was primarily driven by a -98.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239132026Change
    Stock Price ($)69.005.01-92.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1232-98.5%
    P/S Multiple3.625.8622.3%
    Shares Outstanding (Mil)610-34.2%
    Cumulative Contribution-92.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/13/2026
    ReturnCorrelation
    MCRB-92.7% 
    Market (SPY)75.7%10.9%
    Sector (XLV)30.0%8.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MCRB Return-66%-33%-75%-41%-10%-66%-99%
    Peers Return-75%-88%50%-74%-87%-92%-100%
    S&P 500 Return27%-19%24%23%16%11%102%

    Monthly Win Rates [3]
    MCRB Win Rate50%50%33%50%50%56% 
    Peers Win Rate17%33%42%25%17%33% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    MCRB Max Drawdown-81%-69%-86%-65%-98%-73% 
    Peers Max Drawdown-83%-93%-58%-93%-92%-98% 
    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 9/11/2026 (YTD)

    How Low Can It Go

    EventMCRBS&P 500
    2025 US Tariff Shock
      % Loss-97.8%-18.8%
      % Gain to Breakeven4385.4%23.1%
      Time to Breakeven119 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-16.1%-7.8%
      % Gain to Breakeven19.2%8.5%
      Time to Breakeven27 days18 days
    2022 Inflation Shock & Fed Tightening
      % Loss-69.5%-24.5%
      % Gain to Breakeven227.4%32.4%
      Time to Breakeven139 days427 days
    2020 COVID-19 Crash
      % Loss-26.9%-33.7%
      % Gain to Breakeven36.7%50.9%
      Time to Breakeven19 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-38.8%-19.2%
      % Gain to Breakeven63.3%23.8%
      Time to Breakeven588 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-31.9%-3.7%
      % Gain to Breakeven46.8%3.9%
      Time to Breakeven218 days6 days

    Compare to PHGE

    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.

    EventMCRBS&P 500
    2025 US Tariff Shock
      % Loss-97.8%-18.8%
      % Gain to Breakeven4385.4%23.1%
      Time to Breakeven119 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-69.5%-24.5%
      % Gain to Breakeven227.4%32.4%
      Time to Breakeven139 days427 days
    2020 COVID-19 Crash
      % Loss-26.9%-33.7%
      % Gain to Breakeven36.7%50.9%
      Time to Breakeven19 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-38.8%-19.2%
      % Gain to Breakeven63.3%23.8%
      Time to Breakeven588 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-31.9%-3.7%
      % Gain to Breakeven46.8%3.9%
      Time to Breakeven218 days6 days

    Compare to PHGE

    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. (MCRB) is a biotechnology company pioneering the development of microbiome therapeutics. The company's core business revolves around designing and advancing bacterial consortia, which are specific combinations of bacteria engineered to functionally interact with human host cells and tissues. This innovative platform aims to treat a range of diseases by harnessing the power of the human microbiome.

    The company's lead product candidate, SER-109, is an oral microbiome therapeutic that has completed Phase III clinical trials for the treatment of recurrent Clostridium difficile infection (CDI), a severe gastrointestinal condition. Beyond CDI, Seres has a robust pipeline addressing other significant unmet medical needs. These include SER-155, in Phase Ib, designed to reduce gastrointestinal and bloodstream infections as well as graft-versus-host disease in immunocompromised patients undergoing allogeneic hematopoietic stem cell transplantation and solid organ transplants. Other candidates, SER-287 and SER-301, are in Phase Ib for ulcerative colitis, and SER-401 is being developed for metastatic melanoma. Seres Therapeutics primarily serves patient populations with these serious conditions, often collaborating with partners like Nestec Ltd. and Memorial Sloan Kettering Cancer Center to advance its therapeutic solutions.

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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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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:

    • Nestec Ltd. (a subsidiary of Nestlé S.A., symbol: NSRGY for its ADR, or NESN.SW on the SIX Swiss Exchange)
    • Memorial Sloan Kettering Cancer Center

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    • Thermo Fisher Scientific (TMO)
    • Swissfillon AG

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    Richard N. Kender, Interim Chief Executive Officer and Executive Chair
    Mr. 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.

    AI Analysis | Feedback

    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.

    1. 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.
    2. 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.
    3. 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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    null

    AI Analysis | Feedback

    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:** null

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    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    Peer Outperformance in Biotechnology

    MCRB has trailed 72% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that MCRB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    15%
    of 455 industry peers · -68.5% return
    3Y
    17%
    of 401 industry peers · -91.5% return
    5Y
    28%
    of 361 industry peers · -95.4% return
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is MCRB's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 7 7.1%86.3%123.6% CAH 402% · MCK 343% · COR 175%
    Managed Health Care 8 43.7%-1.3%8.2% OSCR 84% · HQY 57% · ELV 23%
    Health Care Services 20 18.9%44.9%0.0% HIMS 218% · RDNT 172% · DGX 67%
    Health Care Facilities 24 3.7%7.9%-14.2% NHC 276% · THC 268% · ENSG 122%
    Health Care Equipment 50 -1.7%-5.5%-25.7% POCI 10800% · UFPT 331% · GKOS 234%
    Health Care Supplies 12 20.8%-12.1%-37.9% LNTH 308% · HAE 51% · MMSI 21%
    Pharmaceuticals 62 -7.4%7.7%-40.7% LQDA 2457% · INDV 1136% · ETON 1063%
    Life Sciences Tools & Services 109 -1.4%-25.5%-71.2% SNWV 1573% · MEDP 224% · NTRA 174%
    Health Care Technology 20 -31.7%-52.2%-78.5% SPOK 77% · HSTM 3% · VEEV -12%
    Biotechnology ← 362 1.6%-24.8%-79.6% DNTH 1632% · CELZ 1272% · ELVN 1222%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Seres Therapeutics Earnings Notes12/16/2025
    2Seres Therapeutics Stock Drop Looks Sharp, But How Deep Can It Go?10/17/2025
    3MCRB Dip Buy Analysis06/29/2025
    4Seres Therapeutics Market Price04/22/2025
    5Seres Therapeutics (MCRB) Stock: 29% of days in last 3 months had 1% or greater fluctuation02/09/2025
    6Day 5 of Gains Streak for Seres Therapeutics Stock with 50% Return (vs. -25% YTD) [11/5/2024]11/05/2024
    7Seres Therapeutics vs. S&P500 Correlation10/03/2024
    8Seres Therapeutics Price Volatility09/24/2024
    9Day 7 of Gains Streak for Seres Therapeutics Stock with 58% Return (vs. -18% YTD) [5/3/2024]05/03/2024
    10Day 5 of Gains Streak for Seres Therapeutics Stock with 49% Return (vs. -22% YTD) [5/1/2024]05/01/2024
    11ARTICLES 
    12Will The Rally Continue In Seres Therapeutics (MCRB) Stock After A Stellar 77% Surge In A Month?12/01/2021

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    More From Trefis

    Research & Analysis

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    Peer Comparisons

    Peers to compare with:

    Financials

    MCRBPHGEMedian
    NameSeres Th.BiomX  
    Mkt Price5.01-5.01
    Mkt Cap0.0-0.0
    Rev LTM2-2
    Op Inc LTM-78--78
    FCF LTM-51--51
    FCF 3Y Avg-99--99
    CFO LTM-51--51
    CFO 3Y Avg-98--98

    Growth & Margins

    MCRBPHGEMedian
    NameSeres Th.BiomX  
    Rev Chg LTM---
    Rev Chg 3Y Avg---
    Rev Chg Q---
    QoQ Delta Rev Chg LTM64.2%-64.2%
    Op Inc Chg LTM29.0%-29.0%
    Op Inc Chg 3Y Avg-8.0%--8.0%
    Op Mgn LTM-4,154.4%--4,154.4%
    Op Mgn 3Y Avg---
    QoQ Delta Op Mgn LTM3,486.6%-3,486.6%
    CFO/Rev LTM-2,722.1%--2,722.1%
    CFO/Rev 3Y Avg---
    FCF/Rev LTM-2,724.1%--2,724.1%
    FCF/Rev 3Y Avg---

    Valuation

    MCRBPHGEMedian
    NameSeres Th.BiomX  
    Mkt Cap0.0-0.0
    P/S25.8-25.8
    P/Op Inc-0.6--0.6
    P/EBIT2.3-2.3
    P/E-2.2--2.2
    P/CFO-0.9--0.9
    Total Yield-46.2%--46.2%
    Dividend Yield0.0%-0.0%
    FCF Yield 3Y Avg-1,165.5%--1,165.5%
    D/E1.2-1.2
    Net D/E0.8-0.8

    Returns

    MCRBPHGEMedian
    NameSeres Th.BiomX  
    1M Rtn10.4%-10.4%
    3M Rtn-12.1%--12.1%
    6M Rtn-41.9%--41.9%
    12M Rtn-68.5%--68.5%
    3Y Rtn-91.5%--91.5%
    1M Excs Rtn7.3%-7.3%
    3M Excs Rtn-24.3%--24.3%
    6M Excs Rtn-59.4%--59.4%
    12M Excs Rtn-88.7%--88.7%
    3Y Excs Rtn-163.6%--163.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/5/20263/12/202611/5/20258/6/20255/7/20253/13/202511/13/20248/13/20245/8/20243/5/202411/2/2023
    Key Financials Quarterly            
    Total Revenue101000000000
    Ebitda-15-2081-21-24-26-32-28-25-31-33-39
    Operating Income-15-21-19-22-25-27-29-29-29-34-37-45
    Net Income5-20-158-2033-1689-33-40-41-48
    EPS0.47-2.08-1.770.94-2.273.76-2.1011.63-4.34-5.49-6.37-7.40
    Key Financials TTM            
    Total Revenue TTM211000000126126120
    Ebitda TTM251610-104-110-111-115-116-128-52-89-55
    Operating Income TTM-78-88-94-103-110-114-121-130-145-67-103-67
    Net Income TTM-22-476586730-25-162-83-114-141
    Growth Rates Quarterly            
    Total Revenue Growth---------100.0%100.0%100.0%-100.0%
    EBITDA Growth37.9%23.1%352.3%22.8%3.9%14.9%2.7%29.4%-148.3%54.7%-2670.7%30.4%
    Operating Income Growth37.8%23.2%32.8%22.9%13.8%20.9%22.1%34.6%-158.3%51.2%-2038.9%24.6%
    Net Income Growth123.1%-160.9%1.9%-90.8%39.6%181.4%62.1%285.5%-170.6%43.6%40.0%20.2%
    Margins Quarterly            
    EBITDA Margin-2010.3%-5621.8%10297.1%---------
    Operating Income Margin-2101.4%-5839.9%-2455.9%---------
    Net Income Margin622.4%-5562.3%-1943.6%---------
    Cash & Debt            
    Total Cash163046484559316771111128170
    Total Debt5780838587909294213214199212
    Net Debt / (Cash)41513738423161271411037142
    Cash Flows Quarterly            
    FCF from Operations-22-16-152-1327-39-35-40-35-47-59
    Cash Flows TTM            
    FCF from Operations TTM-51-421-23-60-86-149-157-182-76-117-123
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-5.8%-7.8%-7.4%-8.7%-9.6%-10.6%-11.0%-11.5%-10.4%-13.0%-14.7%-18.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-7.4%-8.2%-8.9%-10.0%-10.6%-11.1%-11.5%-12.8%-13.1%-6.3%-10.2%-7.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment100 145
    Collaboration revenue - related party   7 
    Total1007145


    Net Income by Segment
    $ Mil2025202420232022
    Single Segment60-114-250
    Total60-114-250


    Price Behavior

    Price Behavior
    Market Price$5.01 
    Market Cap ($ Bil)0.0 
    First Trading Date06/26/2015 
    Distance from 52W High-82.5% 
       50 Days200 Days
    DMA Price$5.49$9.44
    DMA Trenddowndown
    Distance from DMA-8.7%-46.9%
     3M1YR
    Volatility73.7%90.1%
    Downside Capture173.33221.02
    Upside Capture84.2144.78
    Correlation (SPY)13.1%16.2%
    MCRB Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta3.011.910.480.971.098.60
    Up Beta1.652.852.711.300.5619.88
    Down Beta4.280.41-1.29-0.351.580.23
    Up Capture322%-14%-50%41%15%1748%
    Bmk +ve Days10213268138427
    Stock +ve Days11183060119347
    Down Capture441%388%134%179%159%113%
    Bmk -ve Days11213259113324
    Stock -ve Days10243467131390

    [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-71.7%90.0%-0.95-
    Sector ETF (XLV)22.1%16.2%1.049.3%
    Equity (SPY)18.3%12.8%1.0316.2%
    Gold (GLD)19.0%29.2%0.598.7%
    Commodities (DBC)48.3%20.6%1.803.1%
    Real Estate (VNQ)7.6%13.6%0.290.6%
    Bitcoin (BTCUSD)-32.4%43.8%-0.7713.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MCRB
    MCRB-48.3%937.9%0.41-
    Sector ETF (XLV)5.5%15.2%0.187.5%
    Equity (SPY)12.5%17.2%0.558.8%
    Gold (GLD)18.7%18.8%0.81-3.0%
    Commodities (DBC)11.4%19.5%0.460.8%
    Real Estate (VNQ)0.7%18.9%-0.076.5%
    Bitcoin (BTCUSD)9.4%52.6%0.367.0%

    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-31.2%676.4%0.33-
    Sector ETF (XLV)10.4%16.7%0.506.3%
    Equity (SPY)15.2%17.9%0.727.6%
    Gold (GLD)12.3%16.3%0.62-2.1%
    Commodities (DBC)8.7%18.1%0.391.5%
    Real Estate (VNQ)4.7%20.7%0.195.2%
    Bitcoin (BTCUSD)63.2%66.2%1.034.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.4 Mil
    Short Interest: % Change Since 8152026-3.1%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest6.1 days
    Basic Shares Quantity9.7 Mil
    Short % of Basic Shares3.7%

    Returns Analyses

    Earnings Returns History

    Updated 9/8/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-4.7%-11.6%5.5%
    5/5/2026-2.5%2.0%-6.8%
    3/12/20261.3%1.1%-6.8%
    11/5/2025-7.6%8.4%21.2%
    8/6/2025-3.5%8.1%31.7%
    5/7/2025-3.0%-13.8%-15.1%
    3/13/2025-7.9%12.5%-16.2%
    1/10/2025-0.7%-13.5%-7.6%
    ...
    SUMMARY STATS   
    # Positive598
    # Negative201617
    Median Positive5.6%8.1%23.3%
    Median Negative-7.0%-13.9%-15.1%
    Max Positive20.4%19.1%43.4%
    Max Negative-35.2%-27.8%-36.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-4.7%-11.6%5.5%
    5/5/2026-2.5%2.0%-6.8%
    3/12/20261.3%1.1%-6.8%
    11/5/2025-7.6%8.4%21.2%
    8/6/2025-3.5%8.1%31.7%
    5/7/2025-3.0%-13.8%-15.1%
    3/13/2025-7.9%12.5%-16.2%
    1/10/2025-0.7%-13.5%-7.6%
    11/13/2024-11.1%3.7%29.6%
    8/13/2024-7.0%6.6%18.0%
    5/8/2024-32.5%-19.3%-23.1%
    3/5/2024-7.0%-24.6%-36.4%
    1/10/2024-15.4%-9.8%-27.6%
    11/2/2023-35.2%-27.8%-25.7%
    8/8/2023-6.9%-16.7%-30.8%
    5/9/20230.2%-4.1%-3.6%
    3/7/2023-1.6%-2.0%5.6%
    11/2/2022-9.5%-15.0%-26.3%
    8/3/20228.5%17.6%25.4%
    5/4/2022-2.5%-18.4%-34.1%
    3/1/2022-7.6%-17.6%-6.6%
    11/10/202120.4%19.1%43.4%
    8/3/2021-1.0%-1.0%-8.8%
    5/4/20215.6%-1.5%-5.7%
    3/2/2021-4.8%-13.9%-5.8%
    SUMMARY STATS   
    # Positive598
    # Negative201617
    Median Positive5.6%8.1%23.3%
    Median Negative-7.0%-13.9%-15.1%
    Max Positive20.4%19.1%43.4%
    Max Negative-35.2%-27.8%-36.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/05/202610-Q
    12/31/202503/12/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/05/202610-Q
    12/31/202503/12/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/04/202210-Q
    12/31/202103/01/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/04/202110-Q
    12/31/202003/02/202110-K
    09/30/202011/09/202010-Q
    06/30/202007/28/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/02/202010-K
    09/30/201911/05/201910-Q

    Recent Forward Guidance

    Updated 8/18/2026

    Latest: Q2 2026 Earnings Reported 8/5/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q1 2027 Cash RunwayReported      


    Prior: Q1 2026 Earnings Reported 5/5/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 Cash RunwayReported     AffirmedGuidance: 0 for Q3 2026

    Insider Activity

    Updated 8/18/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Brady, KellySee RemarksDirectSell81820264.556429139,489Form
    2Shaff, Eric D DirectSell81820264.552631,19756,870Form
    3Henn, Matthew RSee RemarksDirectSell81820264.558136936,377Form
    4Desrosier, ThomasSee RemarksDirectSell81820264.558237336,932Form
    5Shaff, Eric D DirectSell51920267.532591,95090,661Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Brady, KellySee RemarksDirectSell81820264.556429139,489Form
    2Shaff, Eric D DirectSell81820264.552631,19756,870Form
    3Henn, Matthew RSee RemarksDirectSell81820264.558136936,377Form
    4Desrosier, ThomasSee RemarksDirectSell81820264.558237336,932Form
    5Shaff, Eric D DirectSell51920267.532591,95090,661Form
    6Desrosier, ThomasSee RemarksDirectSell51920267.537959559,894Form
    7Brady, KellySee RemarksDirectSell51920267.535944464,472Form
    8Henn, Matthew RSee RemarksDirectSell51920267.537758059,020Form
    9Shaff, Eric D DirectSell21820268.472592,19498,057Form
    10Young, Teresa LSee RemarksDirectSell21820268.477563572,478Form
    11Desrosier, ThomasSee RemarksDirectSell21820268.477866165,973Form
    12Henn, Matthew RSee RemarksDirectSell21820268.478975465,024Form
    13Young, Teresa LSee RemarksDirectSell1118202517.301,04218,027145,337Form
    14Shaff, Eric D DirectSell1118202517.302173,754192,255Form
    15Desrosier, ThomasSee RemarksDirectSell1118202517.30761,315131,878Form
    16Henn, Matthew RSee RemarksDirectSell1118202517.301,25721,746130,217Form
    17Shaff, Eric D DirectSell819202516.652173,613176,640Form
    18Desrosier, ThomasSee RemarksDirectSell819202516.65761,265124,126Form
    19Henn, Matthew RSee RemarksDirectSell819202516.65731,21575,724Form
    20Young, Teresa LSee RemarksDirectSell819202516.655998286,830Form

    Investor Activity (13F)

    Updated Sep 14, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Flagship Pioneering, LLC$10.3 Mil0.9%7Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Flagship Pioneering, LLC$10.3 Mil0.9%7Hold13F

    Industry Resources

    External Quote Links


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