MCRB

MKT CAP:$78M

Seres Therapeutics, Inc.

Market Cap

$78M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$8.09-$7.06 (-46.60%)

Apr 23, 2026

Company Details

Seres Therapeutics, Inc., a microbiome therapeutics platform company, engages in developing bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. The company's lead product candidate is...

CEO

Richard N. Kender

IPO Date

Jun 26, 2015

Website

www.serestherapeutics.com

Key Metrics TTM

Revenue

$789.0K

— YoY

Net Income

$6M

EPS (Diluted)

$0.66

Free Cash Flow

$865.0K

Revenue / Share

$0.09

Gross Margin

-423.8%

Operating Margin

-11910.1%

Net Margin

721.9%

FCF Margin

109.6%

P/S

99.3x

P/E

13.8x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 12, 2026

$789.0KEPS $0.64

Q4 2025

Mar 12, 2026

$438.0KEPS -$1.76

Q3 2025

Nov 5, 2025

$351.0KEPS $0.94

Q2 2025

Aug 6, 2025

$0EPS -$2.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$127M	$87M	$68M
Q4 21	$7M	-$30M	-$49M
Q1 22	$1M	-$38M	-$56M
Q2 22	$1M	-$43M	-$63M
Q3 22	$3M	$3M	-$59M
Q4 22	$975.0K	-$45M	-$68M
Q1 23	-$522.0K	-$44M	-$71M
Q2 23	$126M	$80M	$50M
Q1 24	$0	$0	-$34M
Q2 24	$0	$0	-$29M
Q3 24	$0	-$1M	-$29M
Q4 24	$0	$0	-$29M
Q1 25	$0	-$4M	-$27M
Q2 25	$0	-$1M	-$25M
Q3 25	$351.0K	-$13M	-$22M
Q4 25	$438.0K	$14M	-$19M

Valuation

Quarter	P/S	P/E
Q3 21	0.5x	—
Q4 21	0.5x	—
Q1 22	0.6x	—
Q2 22	0.6x	—
Q3 22	5.9x	—
Q4 22	11.0x	—
Q1 23	15.3x	—
Q2 23	0.6x	—
Q1 24	0.6x	—
Q2 24	0.6x	—
Q3 24	0.6x	1.3x
Q4 24	—	575.9x
Q1 25	—	1.1x
Q2 25	—	0.9x
Q3 25	223.1x	14.5x
Q4 25	99.3x	13.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$128M	$124M
Q4 21	-$52M	-$53M
Q1 22	-$66M	-$69M
Q2 22	-$50M	-$52M
Q3 22	-$60M	-$61M
Q4 22	-$53M	-$56M
Q1 23	-$77M	-$81M
Q2 23	$66M	$65M
Q1 24	-$35M	-$35M
Q2 24	-$40M	-$40M
Q3 24	-$35M	-$35M
Q4 24	-$39M	-$39M
Q1 25	$27M	$27M
Q2 25	-$13M	-$13M
Q3 25	$2M	$2M
Q4 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q3 21	$4M
Q4 21	$2M
Q1 22	$3M
Q2 22	$2M
Q3 22	$1M
Q4 22	$3M
Q1 23	$4M
Q2 23	$1M
Q1 24	$62.0K
Q2 24	$99.0K
Q3 24	$129.0K
Q4 24	$90.0K
Q1 25	$34.0K
Q2 25	$181.0K
Q3 25	$8.0K
Q4 25	$29.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+8843.2%	+85.7%
Q4 21	-58.9%	+59.8%
Q1 22	-73.9%	+39.5%
Q2 22	-76.9%	+20.9%
Q3 22	-97.3%	+7.3%
Q4 22	-86.5%	+22.3%
Q1 23	-135.0%	+22.4%
Q2 23	+10300.7%	+19.2%
Q1 24	-100.0%	-44.9%
Q2 24	-100.0%	-58.3%
Q3 24	+100.0%	-58.4%
Q4 24	-100.0%	-62.5%
Q1 25	—	-20.9%
Q2 25	—	-13.8%
Q3 25	—	-21.7%
Q4 25	—	-31.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$6M	4.6%
Q4 21	$6M	78.6%
Q1 22	$5M	340.2%
Q2 22	$7M	554.9%
Q3 22	$6M	184.8%
Q4 22	$7M	747.8%
Q1 23	$7M	—
Q2 23	$13M	10.7%
Q1 24	$6M	—
Q2 24	$6M	—
Q3 24	$5M	—
Q4 24	$4M	—
Q1 25	$3M	—
Q2 25	$2M	—
Q3 25	$0	0.0%
Q4 25	$3M	730.4%

OpEx Breakdown

Quarter	R&D	G&A
Q3 21	$40M	$20M
Q4 21	$37M	$21M
Q1 22	$40M	$19M
Q2 22	$44M	$20M
Q3 22	$43M	$18M
Q4 22	$46M	$22M
Q1 23	$44M	$22M
Q2 23	$47M	$28M
Q1 24	$19M	$15M
Q2 24	$16M	$13M
Q3 24	$16M	$13M
Q4 24	$13M	$12M
Q1 25	$12M	$12M
Q2 25	$13M	$10M
Q3 25	—	$9M
Q4 25	$12M	$8M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$153M	$95M	$248M
Q2 22	$127M	$69M	$196M
Q3 22	$205M	$28M	$233M
Q4 22	$163M	$18M	$181M
Q1 23	$95M	$12M	$107M
Q2 23	$230M	$0	$230M
Q3 23	$170M	$0	$170M
Q4 23	$128M	$0	$128M
Q1 24	$111M	$0	$111M
Q2 24	$71M	$0	$71M
Q3 24	$67M	$0	$67M
Q4 24	$31M	$0	$31M
Q1 25	$59M	$0	$59M
Q2 25	$45M	$0	$45M
Q3 25	$48M	$0	$48M
Q4 25	$46M	$0	$46M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	5M	+3.6%	+13.7%
Q4 21	5M	-3.2%	+0.5%
Q1 22	5M	+0.3%	+0.7%
Q2 22	5M	+0.1%	+0.6%
Q3 22	6M	+32.8%	+29.0%
Q4 22	6M	+2.2%	+36.3%
Q1 23	6M	+0.5%	+36.6%
Q2 23	6M	+3.2%	+40.7%
Q1 24	7M	+12.5%	+19.2%
Q2 24	8M	+3.7%	+21.0%
Q3 24	8M	+0.7%	+21.3%
Q4 24	9M	+13.3%	+33.2%
Q1 25	9M	+0.7%	+19.3%
Q2 25	9M	+0.3%	+15.4%
Q3 25	9M	+0.3%	+14.9%
Q4 25	9M	+1.1%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$817.6K	155
Q4 21	$21.7K	333
Q1 22	$4.5K	333
Q2 22	$3.7K	333
Q3 22	$10.3K	333
Q4 22	$2.3K	431
Q1 23	-$1.2K	431
Q2 23	$293.4K	431
Q1 24	$0	160
Q2 24	$0	160
Q3 24	$0	160
Q4 24	$0	103
Q1 25	$0	103
Q2 25	$0	103
Q3 25	$3.4K	103
Q4 25	$2	200K

Revenue / Employee