Full Press Release Details
SERES THERAPEUTICS REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS AND
PROVIDES BUSINESS UPDATES
Clinical readout from investigator-sponsored SER-155 study in immune checkpoint inhibitor-related
enterocolitis expected in the coming weeks
Seres maintains operational focus on advancing live biotherapeutic programs in
inflammatory and immune diseases
Company pursuing partnerships and other sources of capital to support continued development of
pipeline programs including SER-155 in allo-HSCT
CAMBRIDGE, Mass.- May 5, 2026 -Seres
Therapeutics, Inc. (Nasdaq: MCRB), (Seres or the Company), a leading live biotherapeutics company, today reported first quarter 2026 financial results and provided business updates.
"We are approaching an important clinical milestone with the expected readout in the coming weeks from the investigator-sponsored study at Memorial Sloan
Kettering Cancer Center, an institution with whom we've collaborated for over a decade, evaluating SER-155 in immune checkpoint inhibitor-related enterocolitis (irEC)," said Richard Kender,
Executive Chair and interim Chief Executive Officer of Seres. "irEC is a serious condition which represents a meaningful therapeutic and commercial opportunity, and with positive data we will evaluate potential development pathways and
adjacent expansion opportunities. In parallel, we are advancing our inflammatory and immunology portfolio, including SER-603 for inflammatory bowel disease, with
IND-enabling work progressing. We have achieved Phase 2 readiness for SER-155 for the prevention of bloodstream infections in patients undergoing allo-HSCT for the
treatment of blood cancer and are seeking funding to commence the study. We are continuing disciplined capital allocation while actively pursuing partnerships and other financing sources to support Seres' pipeline advancement and long-term
Cash and Cash Runway
As of March 31, 2026, Seres had $29.8 million in cash and cash equivalents. Based on Seres' current cash position and operating plans,
the Company expects to fund operations through the third quarter of 2026. The Company continues to evaluate opportunities to extend its cash runway.
About Seres Therapeutics
Seres Therapeutics, Inc.
(Nasdaq: MCRB) is a clinical-stage biotechnology company developing novel live biotherapeutics, with a focus on inflammatory and immune diseases. The Company led the development and FDA approval of VOWST , the first orally administered microbiome therapeutic, which was subsequently divested to Nestl Health Science. SER-155, which has
received Breakthrough Therapy and Fast Track designations, is being advanced for patients undergoing allogeneic hematopoietic stem cell transplant, and is Phase 2 ready, pending receipt of funding. An investigator-sponsored
trial of SER-155 is ongoing in immune checkpoint inhibitor-related enterocolitis to further evaluate the potential breadth of the Company's live biotherapeutic
platform. SER-603, in development for inflammatory bowel disease, is designed to modulate the gastrointestinal microbiome and support mucosal barrier integrity by targeting inflammatory bacteria and
associated metabolites. For more information, please visit www.serestherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements
contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about: the design, timing and results of our preclinical and clinical studies and
data readouts; current or future product candidates and their potential impacts and outcomes; clinical development plans and commercial opportunities; communications with, feedback from, or submissions to the FDA; operating plans; cost
reduction actions and their anticipated benefits; our cash runway; our ability to secure a strategic, R&D, or other partnership and other funding sources; the advancement of IND-enabling
activities; CARB-X funding and its intended uses and benefits and the potential accessibility for patients; our ability to operationalize a study upon receipt of any funding; our planned strategic focus;
the anticipated timing of any of the foregoing; and other statements that are not historical fact.
These forward-looking statements are based on
management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: (1) our need for additional funding; (2) our ability to
continue as a going concern; (3) we have incurred significant losses, are not currently profitable and may never become profitable; (4) our cost reduction actions may not achieve their intended benefits, including an extended cash runway;
(5) our limited operating history; (6) the expected payments from the VOWST sale are subject to risks and uncertainties; (7) we may not be able to realize the anticipated benefits of the VOWST sale, and may face new challenges as a
smaller, less diversified company; (8) we have in the past and may in the future receive notice of the failure to satisfy a continued listing rule from The Nasdaq Stock Market LLC; (9) our novel approach to therapeutic intervention;
(10) our reliance on third parties to conduct our clinical trials and manufacture our product candidates; (11) our ability to achieve market acceptance necessary for commercial success; (12) the competition we will face; (13) our
ability to protect our intellectual property; (14) impact of our recent management transitions and appointments and our ability, to retain key personnel; and (15) disruptions at the FDA or other government
agencies. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed
with the Securities and Exchange Commission (SEC) on March12, 2026, as well as our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any
obligation to do so, even if subsequent events cause our views to change except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of
SERES THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share data)
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 29,834 | $ | 45,766 | ||||
| Accounts receivable due from SPN - related party | - | 360 | ||||||
| Accounts receivable | 233 | 157 | ||||||
| Prepaid expenses and other current assets | 1,770 | 3,093 | ||||||
| Total current assets | 31,837 | 49,376 | ||||||
| Property and equipment, net | 6,854 | 7,635 | ||||||
| Operating lease assets | 70,228 | 72,483 | ||||||
| Restricted cash | 8,668 | 8,668 | ||||||
| Other non-current assets | 31 | 31 | ||||||
| Total assets | $ | 117,618 | $ | 138,193 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,338 | $ | 1,682 | ||||
| Accrued expenses and other current liabilities | 2,863 | 3,972 | ||||||
| Accrued liabilities due to SPN - related party | 3,278 | 3,278 | ||||||
| Operating lease liabilities | 10,865 | 10,390 | ||||||
| Total current liabilities | 19,344 | 19,322 | ||||||
| Operating lease liabilities, net of current portion | 69,634 | 72,576 | ||||||
| Other long-term liabilities | 2,141 | 2,077 | ||||||
| Total liabilities | 91,119 | 93,975 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders' equity (deficit): | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025 | - | - | ||||||
| Common stock, $0.001 par value; 360,000,000 shares authorized at March 31, 2026 and December 31, 2025; 9,592,326 and 9,556,466 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 10 | 10 | ||||||
| Additional paid-in capital | 1,018,805 | 1,016,611 | ||||||
| Accumulated deficit | (992,316 | ) | (972,403 | ) | ||||
| Total stockholders' equity | 26,499 | 44,218 | ||||||
| Total liabilities and stockholders' equity | $ | 117,618 | $ | 138,193 |
SERES THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue: | ||||||||
| Grant revenue | 358 | - | ||||||
| Total revenue | 358 | - | ||||||
| Operating expenses: | ||||||||
| Research and development expenses | 13,195 | 11,821 | ||||||
| General and administrative expenses | 8,070 | 11,888 | ||||||
| Manufacturing services | - | 3,527 | ||||||
| Total operating expenses | 21,265 | 27,236 | ||||||
| Loss from operations | (20,907 | ) | (27,236 | ) | ||||
| Other income (expense): | ||||||||
| Gain on sale of VOWST Business | - | 52,181 | ||||||
| Interest income | 325 | 618 | ||||||
| Other income (expense) (1) | 669 | 7,119 | ||||||
| Total other income (expense), net | 994 | 59,918 | ||||||
| Net (loss) income and comprehensive (loss) income | $ | (19,913 | ) | $ | 32,682 | |||
| Net (loss) income per share attributable to common stockholders - basic | $ | (2.08 | ) | $ | 3.76 | |||
| Net (loss) income per share attributable to common stockholders - diluted | $ | (2.08 | ) | $ | 3.75 | |||
| Weighted average common shares outstanding - basic | 9,582,533 | 8,703,221 | ||||||
| Weighted average common shares outstanding - diluted | 9,582,533 | 8,714,701 |
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