Seres Therapeutics Posts $5.7M Net Income, Q2 2026 SER-155 Data Readout On Track
Seres Therapeutics reported $5.7 million net income in 2025 versus a $125.8 million loss in 2024, with R&D expenses down to $49.1 million and $45.8 million cash funding operations through Q3 2026. The SER-155 investigator-sponsored irEC trial enrollment is complete and clinical data are expected in Q2 2026.
1. Financial Results
Seres reported net income from continuing operations of $5.7 million for 2025 compared with a $125.8 million loss in 2024, reflecting a $15.5 million reduction in R&D expenses to $49.1 million and a $14.0 million decrease in G&A expenses to $39.2 million. Fourth-quarter net loss was $15.3 million, nearly flat versus the prior-year quarter.
2. Pipeline Progress and Milestones
The investigator-sponsored SER-155 trial in immune checkpoint–related enterocolitis has completed enrollment of 15 subjects and is on track for clinical data in Q2 2026. The SER-155 program for preventing serious bloodstream infections in allo-HSCT is Phase 2 ready, while SER-603 IND-enabling activities advance for inflammatory bowel disease.
3. Cash Position and Runway
As of December 31, 2025, Seres held $45.8 million in cash and equivalents, including $12.2 million raised in Q4 through its at-the-market equity offering program. Management expects this cash to fund operations into Q3 2026 and continues to evaluate options to extend the runway.
4. Partnerships and Funding Strategy
Seres is actively engaging collaborators to support clinical advancement of SER-155 and SER-603, targeting partnerships that can provide financial and development resources. These efforts aim to bolster the live biotherapeutics pipeline and optimize capitalization to drive value creation.