Seres Therapeutics, Inc. reported a net loss of $19.9 million for the first quarter of 2026, a significant decline from a net income of $32.7 million in the same period of 2025. The company’s total revenue for the quarter was $358,000, primarily from grant revenue, compared to no revenue in the prior year. This stark contrast is largely attributed to the absence of the $52.2 million gain from the sale of its VOWST business, which was recognized in the first quarter of 2025. Operating expenses decreased to $21.3 million from $27.2 million year-over-year, driven by reduced general and administrative costs and the conclusion of manufacturing services related to the VOWST business.
In terms of operational changes, Seres Therapeutics has implemented a workforce reduction of approximately 30% as part of its cost-cutting measures, incurring restructuring costs of about $914,000 in the first quarter. The company is currently focusing on advancing its product pipeline, particularly SER-155, which is designed to prevent bacterial bloodstream infections in patients undergoing allogeneic hematopoietic stem cell transplantation. The company has paused further investment in the Phase 2 study of SER-155 while seeking additional funding.
As of March 31, 2026, Seres Therapeutics had cash and cash equivalents totaling $29.8 million, down from $45.8 million at the end of 2025. The company has an accumulated deficit of $992.3 million and anticipates needing additional funding to support ongoing operations and product development. The management has expressed substantial doubt about the company’s ability to continue as a going concern without securing further financing.
Looking ahead, Seres Therapeutics is exploring potential collaborations and partnerships to bolster its financial position and advance its clinical programs. The company is also focused on developing SER-428, an oral liquid formulation aimed at patients in intensive care units who are at high risk for infections. The company’s future success will depend on its ability to navigate the challenges of clinical development and secure the necessary funding to support its operations.
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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