Seres Therapeutics (NASDAQ: MCRB) is a clinical-stage biotherapeutics company focused on developing live biotherapeutic products that target the human gut microbiome. The company does not generate product revenue from continuing operations as of the FY2025 10-K filed March 12, 2026. Its revenue model has historically relied on collaboration and partnership arrangements, including a transition services agreement with Nestlé under which Nestlé reimbursed certain manufacturing and labor costs associated with PRMS, now classified as discontinued operations. Seres maintains a proprietary strain library, bioinformatics databases, and a reverse translational research platform to identify microbiome-derived drug candidates. Active pipeline programs include SER-603, targeting inflammatory bowel disease with support from the Crohn's and Colitis Foundation, and an exploratory oncology program evaluating live biotherapeutics in combination with immune checkpoint inhibitors. The company carries debt under the Hercules Loan and Security Agreement and has an accumulated deficit, characteristic of a pre-commercial drug development operation. Seres is headquartered in Cambridge, Massachusetts and is listed on the Nasdaq Global Select Market.

Revenue model

No product revenue from continuing operations as of FY2025. Historical revenue included collaboration payments and transition services reimbursements from Nestlé (related party) covering PRMS manufacturing costs and labor pass-through under a transition services agreement, now associated with discontinued operations. Interest income is earned on cash, cash equivalents, and investments.

Products and services

Pipeline candidates include SER-603, a live biotherapeutic candidate targeting GI microbiome disruption and mucosal barrier integrity in inflammatory bowel disease, and an undisclosed live biotherapeutic being evaluated in an investigator-sponsored trial alongside immune checkpoint inhibitors in oncology. The company also operates a proprietary reverse translational platform comprising a strain library, genomic and metagenomic databases, metabolomics tools, machine learning-based analytics, and a graphical database linking microbial strain functional properties to host physiology.

Customers and end markets

End markets are gastroenterology (inflammatory bowel disease, including ulcerative colitis and Crohn's disease) and oncology (cancer patients receiving immune checkpoint inhibitors). No commercial product customers exist from continuing operations as of FY2025. Research partnership with the Crohn's and Colitis Foundation supports SER-603 development.

Value-chain role

Drug discovery and clinical-stage development organization. Seres conducts preclinical and clinical research internally and through contract research organizations and clinical investigators. Manufacturing for the discontinued PRMS product was transitioned to Nestlé under a transition services agreement. The company does not have commercial manufacturing or distribution infrastructure for continuing pipeline programs as of the FY2025 filing.

Geographic exposure

Headquartered in Cambridge, Massachusetts. Clinical trials conducted in the U.S. and abroad. Foreign currency transactions noted in financial statements but no specific geographic revenue breakdown disclosed for continuing operations in the excerpts.

Source: SEC 10-K, filed 2026-03-12

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