Seres Therapeutics, Inc.

Seres Therapeutics, Inc. is a U.S.-based clinical-stage biopharmaceutical company focused on discovering and developing live biotherapeutic product candidates. Its pipeline includes SER-155, SER-603, and SER-147, and its operations are centered on microbiome-based therapies and related manufacturing capabilities in Cambridge, Massachusetts.

−11 386,3 %

721,9 %

2.56

2.56

— Seres Therapeutics, Inc.
%
Clinical-stage live biotherapeutic candidates70% Pipeline LBP programs being developed for infectious, inflammatory, and immune-related diseases.
Microbiome discovery platform10% Human-data-driven discovery capabilities used to identify and advance new LBP candidates.
Manufacturing and development services20% Internal cGMP manufacturing and related support for drug substance and drug product.

Seres does not currently sell approved products broadly; its economic relationships are primarily with collaborators,...

  • Collaborators and strategic partnersprimary

    They support development, transition services, and other contractual arrangements tied to pipeline programs.

  • Clinical and research organizationsprimary

    CROs, CMOs, and testing labs that buy or provide development and manufacturing support.

  • Hospitals and transplant centerssecondary

    Potential future users of approved therapies such as SER-155 in transplant settings.

  • Physicians and healthcare providerssecondary

    Prescribers who would recommend any approved product in medically vulnerable populations.

  • Third-party payorssecondary

    Insurers and government programs that would determine coverage and reimbursement.

Seres is headquartered and manufactures in the United States, with cGMP operations in Cambridge, Massachusetts...

  • •Headquartered in the United States
  • •cGMP manufacturing in Cambridge, Massachusetts
  • •Current operations are concentrated in U.S. R&D
  • •Future commercialization could extend beyond the U.S.
  • •IP and licensing rights may have worldwide scope

Seres is focused on advancing SER-155 and its other wholly owned live biotherapeutic candidates through clinical...

01
Advance SER-155 clinical developmentshort-term

SER-155 is the lead remaining program and the main near-term value driver.

02
Build manufacturing capabilitymedium-term

Live biotherapeutics require specialized cGMP production and supply control.

03
Protect and expand IPmedium-term

Patent and know-how protection are central to differentiation in microbiome therapeutics.

04
Prepare for future commercializationlong-term

Any approved product would require sales, distribution, and reimbursement infrastructure.

Seres faces the typical risks of a clinical-stage biotech company: clinical failure, regulatory delay, and the need for...

critical

Need for additional capital

Development and commercialization require funding before product revenue exists.

Scope
Advancing SER-155 and other pipeline programs
Materiality
high
high

Clinical development failure

Pipeline value depends on positive trial outcomes and acceptable safety.

Scope
SER-155 and other LBP candidates
Materiality
high
high

Regulatory approval delay or denial

LBPs must clear FDA review and may face evolving regulatory expectations.

Scope
All product candidates
Materiality
high
medium

Manufacturing and supply complexity

Live biotherapeutics require controlled cultivation, testing, and cGMP processes.

Scope
Cambridge manufacturing and third-party CMOs
Materiality
medium
medium

Competition from larger biopharma companies

Competitors may have more resources and faster development timelines.

Scope
Microbiome and inflammatory disease programs
Materiality
medium
Collaboration and milestone revenue
Can create uneven quarterly revenue recognition
Discontinued operations
Affects trend analysis and segment comparability
Accrued research and development expenses
Can shift reported R&D expense between periods
Warrant liabilities and fair value changes
Can add non-operating volatility to reported results
Stock-based compensation
Impacts operating loss and expense comparability

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: 29.4.2026