Seres Therapeutics, Inc.

Seres reported net income from continuing operations of $8.2 million in Q3 2025, compared with a net loss from continuing operations of $51 million in Q3 2024. The quarter included a $22.5 million loss from operations and a $27.2 million gain on the sale of VOWST, driven primarily by the expected $25 million installment payment from Nestlé. R&D expense was $12.6 million versus $16.5 million last year, and G&A expense was $9.5 million versus $12.7 million. Cash and cash equivalents were $47.6 million as of September 30, 2025, and management said current cash, remaining VOWST obligations and operating plans fund the company through Q2 2026. Looking ahead, Seres said SER-155 Phase II start-up continues, but commencement is funding dependent; the company expects an interim analysis with meaningful placebo-controlled data within 12 months of study initiation. It also expects early 2026 data from the MSK investigator-sponsored irEC study.

Marella Thorell emphasized that advancing SER-155 into Phase II is the company’s immediate priority and described the FDA feedback as constructive, with alignment on study size, dosing, primary endpoint and interim analysis plan. She framed SER-155 as potentially “first-in-class” and highlighted the 77% relative risk reduction in bloodstream infections seen in Phase Ib, while noting the broader opportunity across other medically vulnerable populations. Her tone was optimistic on the science but pragmatic on financing, repeatedly stating that study commencement and broader advancement remain dependent on securing additional capital.

As CFO, Thorell laid out the quarter’s financial improvement and cost discipline. She cited $8.2 million of net income from continuing operations, a $22.5 million operating loss offset by a $27.2 million gain on the VOWST sale, $12.6 million in R&D expense, $9.5 million in G&A expense, and $47.6 million in cash and cash equivalents. She said the workforce was reduced by approximately 25% to extend runway and that, based on current cash, remaining VOWST transaction-related obligations and current operating plans, the company expects to fund operations through the second quarter of 2026.

Analysts focused on how Seres plans to fund SER-155 Phase II and whether the company could secure a partnership or capital within its runway. Management would not quantify capital needs, but said the Phase II design is meant to be capital-efficient and that obtaining a partnership or another source of capital is the company’s highest priority. Questions also covered the reported Nestlé takeout offer; management declined to comment on rumors. On the MSK irEC study, management said it is a small Phase I open-label trial with early 2026 readout expected, mainly safety, pharmacology and diarrhea symptom response data.