Seres Therapeutics, Inc., a clinical-stage biopharmaceutical company, reported a net income of $5.7 million from continuing operations for the year ended December 31, 2025, a significant shift from the $125.8 million net loss in 2024. This improvement was primarily driven by a $75 million increase in gain on the sale of its VOWST business, which was sold to Nestlé Health Science in September 2024, and a $7 million increase in reimbursement income from Nestlé associated with the performance of transition services. The company's total revenue for 2025 was $0.8 million, derived from costs reimbursable under a CARB-X grant, compared to no revenue in the prior year.
Operating expenses for 2025 totaled $94.8 million, a decrease of $26.6 million compared to $121.3 million in 2024. Research and development expenses decreased by $15.5 million to $49.1 million, attributed to lower personnel-related costs, reduced expenses related to the live biotherapeutics platform, and decreased spending on the SER-155 program as its Phase 1b study concluded. General and administrative expenses also decreased by $14 million to $39.2 million, primarily due to lower personnel-related costs, reduced professional fees, and decreased facility-related expenses. Manufacturing services expenses increased to $6.5 million, reflecting a full year of transition service agreement (TSA) activities with Nestlé, compared to only a partial year in 2024.
Strategic developments in 2025 included the continued advancement of SER-155, an investigational oral live biotherapeutic, which received Breakthrough Therapy designation from the FDA for reducing bloodstream infections in allo-HSCT patients. The company also paused additional investment in the SER-155 Phase 2 study while seeking funding. Seres is prioritizing programs targeting inflammatory and immune indications, including SER-603 for inflammatory bowel disease and SER-155 for immune checkpoint-related enterocolitis. The company is exploring potential collaborations related to these programs.
As of December 31, 2025, Seres Therapeutics had $45.8 million in cash and cash equivalents. The company anticipates needing additional funding following the third quarter of 2026 to continue operations and advance its product candidates. Management has expressed substantial doubt about the company's ability to continue as a going concern within 12 months of the issuance of the financial statements. The company is actively seeking a business development transaction, including a potential partnership, to provide financial support for SER-155 and its other pipeline programs. As of March 1, 2026, the company had 45 full-time employees, including 13 in operations and administration and 32 in research and development.
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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