Seres Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $351,000, primarily from grant revenue, compared to no revenue in the same period last year. The company achieved a net income of $8.2 million from continuing operations, a significant turnaround from a net loss of $51 million in the prior year. This improvement was largely driven by a $27.2 million gain from the sale of its VOWST business to Société des Produits Nestlé S.A. (SPN), which closed in September 2024. For the nine months ended September 30, 2025, Seres reported a total revenue of $351,000 and a net income of $21 million, compared to a net loss of $110 million for the same period in 2024.
Operating expenses for the third quarter decreased to $22.8 million from $29.2 million in the previous year, reflecting a reduction in research and development costs, which fell to $12.6 million from $16.5 million. General and administrative expenses also decreased to $9.5 million from $12.7 million. The company attributed these reductions to a decrease in personnel-related costs due to a lower headcount following the sale of the VOWST business and ongoing cost containment measures. Manufacturing services expenses, which began in the fourth quarter of 2024, accounted for $736,000 in the latest quarter.
In terms of strategic developments, Seres continues to focus on advancing its investigational product SER-155, designed to prevent bacterial bloodstream infections in patients undergoing allogeneic hematopoietic stem cell transplantation. The company is preparing for a Phase 2 study of SER-155, which is expected to enroll approximately 248 participants. The FDA has granted Breakthrough Therapy designation for SER-155, and the company anticipates obtaining interim clinical results within twelve months of study initiation. Additionally, Seres was awarded a grant from CARB-X to support the development of an oral liquid formulation of SER-155, providing up to $3.6 million in funding.
As of September 30, 2025, Seres had cash and cash equivalents totaling $47.6 million, an increase from $30.8 million at the end of 2024. However, the company reported an accumulated deficit of $957 million and indicated that it will require additional funding to support ongoing operations and product development. Management has expressed substantial doubt about the company's ability to continue as a going concern for the next twelve months without securing additional financing. The company plans to explore various funding options, including collaborations and public or private equity financing, to meet its capital needs.
About Seres Therapeutics, Inc.
Seres Therapeutics is a biopharmaceutical company specializing in live biotherapeutics to treat serious medical conditions. Its core focus is developing oral microbial therapies to prevent infections, improve immune regulation, and address inflammatory diseases. The company’s pipeline includes investigational products targeting bacterial bloodstream infections, gastrointestinal pathogens, and inflammatory bowel disease, leveraging proprietary microbiome platforms for drug discovery, manufacturing, and regulatory success.
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