Seres Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Updates

Core Insights - Seres Therapeutics is finalizing the Phase 2 study protocol for SER-155 aimed at preventing bloodstream infections in adults undergoing allogeneic hematopoietic stem cell transplant, following positive feedback from the FDA [1][2][3] - The company is actively seeking funding to support the Phase 2 study, with interim clinical results expected within 12 months of study initiation [1][2][3] - Cost-reduction measures have been implemented, and the company anticipates funding operations through Q2 2026 based on current plans [2][3][9] SER-155 Development - SER-155 has received Breakthrough Therapy designation and is expected to enroll approximately 248 participants in the Phase 2 study, which will include an adaptive design and interim data analysis [3][12] - Positive results from the Phase 2 study could lead to a significant value-creating event for the company and its shareholders, potentially advancing to a Phase 3 trial [2][3] - An ongoing investigator-sponsored study at Memorial Sloan Kettering Cancer Center is expected to provide insights into SER-155's broader therapeutic potential, with initial results anticipated in early 2026 [2][7] Financial Performance - For Q3 2025, Seres reported a net income of $8.2 million, a significant improvement from a net loss of $51.0 million in Q3 2024, primarily due to a gain on the sale of VOWST [8][20] - Research and development expenses decreased to $12.6 million in Q3 2025 from $16.5 million in Q3 2024, reflecting cost-reduction efforts [8][20] - As of September 30, 2025, the company had $47.6 million in cash and cash equivalents, expecting to fund operations through Q2 2026 [9][20] Strategic Initiatives - The company is exploring various deal structures to leverage its expertise in live biotherapeutics, as demonstrated by the successful development of VOWST [3] - Seres is also investigating potential partnerships to advance the development of its biotherapeutics targeting inflammatory and immune diseases, including ulcerative colitis and Crohn's disease [7]