Seres Therapeutics, Inc. (MCRB) Earnings
Seres Therapeutics, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $-2.30. MCRB has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +449.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-1.88 | $-2.08 | -10.6% | $358000 | +0.0% |
| Mar 12, 2026 | $-2.11 | $-1.89 | +10.4% | $438000 | — |
| Nov 5, 2025 | $0.05 | $0.94 | +1780.0% | $351000 | -95.5% |
| Aug 6, 2025 | $-2.72 | $-2.27 | +16.5% | — | — |
| May 7, 2025 | $-0.67 | $-2.24 | -234.3% | — | — |
| Mar 13, 2025 | $-0.17 | $-0.32 | -88.2% | — | — |
| May 8, 2024 | $-7.20 | $-5.40 | +25.0% | — | — |
| Mar 5, 2024 | $-8.00 | $-6.40 | +20.0% | $64000 | -81.7% |
| Nov 2, 2023 | $-9.40 | $-7.40 | +21.3% | $310000 | -11.4% |
| Mar 7, 2023 | $-8.20 | $-10.80 | -31.7% | $975000 | -83.7% |
| Nov 2, 2022 | $-9.00 | $-9.80 | -8.9% | $3M | -50.8% |
| Aug 3, 2022 | $-11.60 | $-14.00 | -20.7% | $1M | -73.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 5, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- SER-155 is being advanced into a Phase II study for prevention of bloodstream infections in allo-HSCT patients, with positive Phase Ib results showing 77% relative risk reduction in bacterial bloodstream infections. Received FDA feedback aligning on study parameters. - Obtained a $3.6 million non-dilutive award from CARB-X for an oral liquid formulation of SER-155. - Presented post-hoc analyses from SER-155 Phase Ib study at IDWeek. - Collaboration with Memorial Sloan Kettering Cancer Center on an investigator-sponsored trial for SER-155 in immune checkpoint inhibitor-related enterocolitis is enrolling subjects. - Implemented 25% workforce reduction to extend cash runway and focus on core development priorities. - Exploring R&D partnerships for inflammatory and immune diseases.
Guidance
- Expect to obtain initial clinical results from the MSK study in early 2026. - SER-155 Phase II study start-up activities are advancing, with commencement funding dependent. - Based on cash position, expect to fund operations through Q2 2026. - Positive Phase II study results, if achieved, could lead to significant value creation.
Segment performance
Seres reported net income from continuing operations of $8.2 million in Q3 2025 compared to a net loss from continuing operations of $51 million in Q3 2024. R&D expenses for Q3 2025 were $12.6 million versus $16.5 million in Q3 2024, reflecting lower personnel and related costs, etc. G&A expenses were $9.5 million in Q3 2025 compared to $12.7 million in Q3 2024. As of September 30, 2025, Seres had $47.6 million in cash and cash equivalents. Based on the current cash position, remaining VOWST transaction-related obligations, and current operating plans, the company expects to fund operations through the second quarter of 2026.
Risks & headwinds
- Forward-looking statements subject to risks and uncertainties described in SEC filings, including risks related to clinical trial results, FDA interactions, securing partnerships, and obtaining capital. - Uncertainty around ability to secure additional capital to support development activities.
Analyst Q&A
Q: You have some really interesting commentary on this IST at Sloan Kettering for immune checkpoint-related enterocolitis. I wonder if you could just talk to us a little bit more about anything you can tell us regarding the study design and also how you view the commercial opportunity?
A: Sure. John, thank you for the question. We're very excited about the study as well. MSK initiated this study, and we're pleased to be looking at one of what could be potentially many different applications for SER-155. As you know, there is a significant unmet need in this patient population, and so we're eager for the results as well. To elaborate a little bit more on the design of the study, I'd like to turn it over to Dennis, and he can share a little bit about the significant impact to patients who are on ICI of the irEC side effect. Dennis?
Q: Maybe just a couple on the potential partnership deals. Can you talk a little bit about how much capital you would need to get to that initial SER-155 data within the 12 months of study initiation? And then I guess, secondly, anything that you can do to kind of convey confidence that you'll be able to achieve something within the next 6 months within your targeted cash runway? And then maybe last, if you're able to comment, there obviously was a report during the quarter that Nestlé made a takeout offer. Are you able to comment on if that was authentic and maybe why that wasn't an appropriate choice at that time?
A: Great. Joe, thank you for the question. So first of all, just to talk a little bit about the design of the Phase II study. Importantly, that interim analysis 12 months after the study start will allow us a capital-efficient and timely recovery of data, and we are pleased to get feedback from the FDA that they were in alignment with that approach. As to the specific capital needs, we haven't guided on that other than to say that the timing of that and the way that we've designed the study, we do feel that we'll get meaningful safety and efficacy data given the patient count in this study at that IA point. We continue to make obtaining a partnership or another source of capital as our highest priority for SER-155, our lead candidate. So we are continuing to have interactions and looking at a variety of different sources from which that capital could be obtained. So while we can't comment on any specifics as to status, it remains our most important priority. With respect to your last question, we just make it a practice not to comment on rumors, Joe, so I can't comment specifically on that.