Seres Therapeutics, Inc. SEC 10-Q Report

Seres Therapeutics, Inc., a leading microbiome therapeutics company, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial performance and significant business developments, reflecting its ongoing efforts to advance its pipeline of live biotherapeutic candidates.

Financial Highlights

• Total Revenue: $0.351 million, reflecting grant revenue recognized from CARB-X for the development of SER-155.
• Loss from Operations: $(22.477) million for the three months ended September 30, 2025, indicating a decrease in operating expenses compared to the prior year.
• Net Income from Continuing Operations: $8.204 million, driven by a gain on the sale of the VOWST Business and other income.
• Net Income and Comprehensive Income: $8.204 million for the three months ended September 30, 2025, compared to $88.776 million in the prior year, which included significant income from discontinued operations.
• Net Income (Loss) from Continuing Operations per Share - Basic: $0.94, reflecting improved financial performance from continuing operations.
• Net Income (Loss) from Continuing Operations per Share - Diluted: $0.94, consistent with basic earnings per share, indicating no significant dilution effects.

Business Highlights

• SER-155 Development: SER-155, an investigational oral live biotherapeutic, is being developed to decolonize gastrointestinal pathogens and prevent bacterial bloodstream infections in patients undergoing allogeneic hematopoietic stem cell transplantation. The Phase 1b study showed a 77% relative risk reduction in bacterial BSIs and a significant reduction in systemic antibiotic exposure.
• FDA Breakthrough Therapy Designation: In December 2024, the FDA granted Breakthrough Therapy designation to SER-155 for reducing BSIs in patients 18 years and older undergoing allo-HSCT, highlighting its potential impact in this patient population.
• SER-155 Phase 2 Study Plans: The company is preparing to initiate a Phase 2 study for SER-155, which will include an adaptive design and an interim analysis. The study aims to enroll approximately 248 participants, with interim results expected within twelve months of initiation.
• SER-147 Development: SER-147 is being developed to prevent bacterial bloodstream and spontaneous bacterial peritonitis infections in patients with metabolic diseases, including chronic liver disease, expanding the company's pipeline of live biotherapeutics.
• Business Development Focus: The company is actively seeking partnerships to support the clinical advancement of SER-155 and other live biotherapeutic candidates, aiming to leverage its expertise in microbiome therapeutics.
• Cost Reduction Actions: In September 2025, the company implemented cost reduction measures, including a workforce reduction of approximately 25%, to streamline operations and focus resources on key development programs.
• VOWST Business Sale: The sale of the VOWST Business to Société des Produits Nestlé S.A. was completed in September 2024, allowing the company to focus on advancing its wholly-owned live biotherapeutic candidates.
• Transition Services Agreement: The company entered into a Transition Services Agreement with Nestlé Enterprises S.A. to provide manufacturing and other transition services until December 31, 2025, facilitating the transition of the VOWST Business.
• Future Outlook: The company plans to focus on progressing SER-155 and advancing other live biotherapeutic candidates, with an emphasis on securing additional capital and strategic partnerships to support these initiatives.

SEC Filing: Seres Therapeutics, Inc. [ MCRB ] - 10-Q - Nov. 05, 2025