Seres Therapeutics, Inc.
MCRBHealthcare|Biotechnology|US
$1.98
-0.11 (-5.26%)
Tangible Book / Share
$2.14
Cash / Share
$1.76
Financials
Financial Snapshot
Market Cap
$19.7M
Enterprise Value
$37.9M
Revenue (TTM)
$2.1M
Net Income (TTM)
-$47.0M
Cash & Investments
$17.5M
Net Cash
-$18.2M
Free Cash Flow (TTM)
-$64.0M
Operating CF (TTM)
-$63.9M
Debt/Equity
1.67
Cash Runway & Burn Rate
Cash on Hand
$17.5M
Quarterly Burn
$16.0M
Monthly Burn
$5.3M
Est. Runway
~1.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $193.2M | $150.0M | $85.8M | $94.8M | $253.6M | $290.7M | $181.3M | $128.0M | $30.8M | $45.8M | $17.5M | |
| Operating Cash Flow | $43.9M | -$75.5M | -$62.9M | -$76.5M | -$93.6M | $6.7M | -$228.8M | -$117.4M | -$148.6M | $1.1M | -$63.9M | |
| Free Cash Flow | $22.4M | -$80.2M | -$64.8M | -$77.5M | -$94.2M | -$2.9M | -$238.6M | -$125.3M | -$149.0M | $865.0K | -$64.0M | |
| Capital Expenditure | -$21.5M | -$4.7M | -$1.9M | -$1.0M | -$591.0K | -$9.6M | -$9.8M | -$8.0M | -$380.0K | -$252.0K | -$29.0K | |
| Financing Cash Flow | $2.1M | $83.0K | $268.0K | $86.2M | $303.4M | $1.2M | $129.6M | $71.7M | -$90.4M | $13.9M | $15.6M |
R&D Spending
R&D (TTM)
$39.6M
R&D Intensity
1864.1%
R&D Growth vs Prior
-19.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.8M | $32.1M | $28.3M | $34.5M | $33.2M | $144.9M | $0.00 | $0.00 | $0.00 | $789.0K | $2.1M | |
| R&D Expense | $82.0M | $89.5M | $96.0M | $80.1M | $90.6M | $141.9M | $109.7M | $117.6M | $64.6M | $49.1M | $39.6M | |
| R&D % of Revenue | 376.7% | 278.7% | 339.5% | 232.3% | 272.7% | 97.9% | — | — | — | 6218.0% | 1864.1% | |
| SG&A | $32.6M | $34.0M | $32.6M | $24.7M | $30.8M | $69.3M | $70.3M | $77.5M | $53.2M | $39.2M | $28.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.8M | $32.1M | $28.3M | $34.5M | $33.2M | $144.9M | $0.00 | $0.00 | $0.00 | $789.0K | $2.1M | |
| Cost of Revenue | $82.0M | $89.5M | $96.0M | $0.00 | $90.6M | $0.00 | $0.00 | $19.3M | $3.5M | $4.1M | $1.1M | |
| Gross Profit | -$60.2M | -$57.4M | -$67.7M | $34.5M | -$57.4M | $144.9M | $0.00 | -$19.3M | -$3.5M | -$3.3M | $1.1M | |
| R&D | $82.0M | $89.5M | $96.0M | $80.1M | $90.6M | $141.9M | $109.7M | $117.6M | $64.6M | $49.1M | $39.6M | |
| SG&A | $32.6M | $34.0M | $32.6M | $24.7M | $30.8M | $69.3M | $70.3M | $77.5M | $53.2M | $39.2M | $28.1M | |
| Operating Income | -$92.8M | -$91.4M | -$100.3M | -$71.9M | -$88.1M | -$64.5M | -$179.9M | -$195.1M | -$121.3M | -$94.0M | -$72.0M | |
| Interest Expense | $969.0K | $1.6M | $1.2M | $502.0K | $2.9M | $2.9M | $6.0M | $13.2M | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$183.6M | -$190.1M | -$125.8M | $5.7M | -$47.0M | |
| Net Income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | -$146.6M | $5.7M | -$47.0M | |
| EPS (Diluted) | -46.00 | -44.19 | -48.57 | -24.81 | -22.34 | -14.30 | -46.29 | -17.77 | -18.86 | 0.64 | -4.95 | |
| EBITDA | -$88.6M | -$82.1M | -$91.1M | -$62.2M | -$79.6M | -$56.7M | -$170.9M | -$181.4M | -$120.3M | $9.8M | -$64.1M | |
| Shares Out. (M) | 1.99 | 2.02 | 2.04 | 2.83 | 3.99 | 4.59 | 5.40 | 6.40 | 7.77 | 8.87 | 9.98 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54.5M | $36.1M | $85.8M | $65.1M | $116.0M | $180.0M | $163.0M | $128.0M | $30.8M | $45.8M | $17.5M | |
| Short-Term Investments | $138.7M | $113.9M | $0.00 | $29.7M | $137.6M | $110.7M | $18.3M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $198.4M | $155.1M | $92.7M | $100.2M | $268.8M | $303.6M | $194.8M | $175.4M | $38.7M | $49.4M | $34.4M | |
| Total Assets | $272.6M | $189.5M | $120.5M | $132.4M | $342.9M | $354.9M | $348.8M | $358.6M | $139.8M | $138.2M | $65.9M | |
| Total Current Liabilities | $30.5M | $31.6M | $42.0M | $46.0M | $46.4M | $82.3M | $85.6M | $98.7M | $41.2M | $19.3M | $20.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $24.6M | $24.6M | $24.6M | $50.6M | $101.5M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $140.0M | $128.8M | $168.5M | $180.8M | $168.2M | $223.4M | $338.0M | $403.5M | $126.0M | $94.0M | $44.5M | |
| Stockholders' Equity | $132.6M | $60.7M | -$48.0M | -$48.3M | $174.8M | $131.5M | $10.8M | -$44.9M | $13.8M | $44.2M | $21.4M | |
| Retained Earnings | -$174.2M | -$263.6M | -$389.4M | -$459.6M | -$548.8M | -$614.4M | -$864.5M | -$978.2M | -$978.1M | -$972.4M | -$1.00B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $43.9M | -$75.5M | -$62.9M | -$76.5M | -$93.6M | $6.7M | -$228.8M | -$117.4M | -$148.6M | $1.1M | -$63.9M | |
| Capital Expenditure | -$21.5M | -$4.7M | -$1.9M | -$1.0M | -$591.0K | -$9.6M | -$9.8M | -$8.0M | -$380.0K | -$252.0K | -$29.0K | |
| Free Cash Flow | $22.4M | -$80.2M | -$64.8M | -$77.5M | -$94.2M | -$2.9M | -$238.6M | -$125.3M | -$149.0M | $865.0K | -$64.0M | |
| Investing Cash Flow | -$65.5M | $57.0M | $112.3M | -$30.5M | -$158.9M | $64.1M | $82.4M | $10.6M | $142.3M | -$42.0K | $12.7M | |
| Financing Cash Flow | $2.1M | $83.0K | $268.0K | $86.2M | $303.4M | $1.2M | $129.6M | $71.7M | -$90.4M | $13.9M | $15.6M | |
| Issuance of Stock | $2.1M | $0.00 | $61.0K | $61.2M | $268.6M | $2.1M | $101.2M | $18.2M | $23.5M | $13.9M | $15.6M | |
| Repurchase of Stock | $0.00 | -$33.0K | -$197.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $25.0M | $19.9M | -$948.0K | $25.7M | $50.5M | -$127.9M | $0.00 | $0.00 | |
| Stock Based Comp. | $16.9M | $17.4M | $16.6M | $8.3M | $8.8M | $20.2M | $25.5M | $34.1M | $21.0M | $10.8M | $8.6M | |
| Net Change in Cash | -$19.4M | -$18.5M | $49.7M | -$20.8M | $50.9M | $72.0M | -$16.8M | -$35.1M | -$96.7M | $15.0M | -$35.6M |
Dilution Tracker
Shares outstanding grew 122.3% over 5 years — significant dilution
Shares Outstanding
10M
5-Year Share Growth
+122.3%
Stock Issuance (TTM)
$15.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.99 | 2.02 | 2.04 | 2.83 | 3.99 | 4.59 | 5.40 | 6.40 | 7.77 | 8.87 | 9.98 | |
| Change vs Prior % | — | 1.5% | 0.7% | 39.0% | 40.8% | 14.9% | 17.9% | 18.4% | 21.4% | 14.2% | 12.5% | |
| Stock Issuance | $2.1M | $0.00 | $61.0K | $61.2M | $268.6M | $2.1M | $101.2M | $18.2M | $23.5M | $13.9M | $15.6M | |
| Stock Repurchase | $0.00 | -$33.0K | -$197.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $16.9M | $17.4M | $16.6M | $8.3M | $8.8M | $20.2M | $25.5M | $34.1M | $21.0M | $10.8M | $8.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -276.7% | -178.7% | -239.5% | 100.0% | -172.7% | 100.0% | — | — | — | -423.8% | 49.5% | |
| Operating Margin % | -426.5% | -284.7% | -354.8% | -208.3% | -265.3% | -44.5% | — | — | — | -11910.1% | -3388.4% | |
| Net Margin % | -420.7% | -278.4% | -350.0% | -203.7% | -268.3% | -45.2% | — | — | — | 721.9% | -2209.6% | |
| EBITDA Margin % | -407.2% | -255.8% | -322.2% | -180.2% | -239.7% | -39.1% | — | — | — | 1245.8% | -3015.6% | |
| FCF Margin % | 103.0% | -249.8% | -229.2% | -224.7% | -283.6% | -2.0% | — | — | — | 109.6% | -3010.4% | |
| ROE % | -69.0% | -147.3% | 205.9% | 145.4% | -51.0% | -49.9% | -2319.9% | 253.5% | -1063.3% | 12.9% | -148.3% | |
| ROA % | -33.6% | -47.2% | -82.1% | -53.1% | -26.0% | -18.5% | -71.7% | -31.7% | -104.8% | 4.1% | -71.3% | |
| ROIC % | -38.3% | -57.9% | -127.9% | -79.1% | -29.2% | -23.1% | -67.3% | -73.5% | -113.1% | -72.7% | -124.9% | |
| R&D / Revenue % | 376.7% | 278.7% | 339.5% | 232.3% | 272.7% | 97.9% | — | — | — | 6218.0% | 1864.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 47.5% | -11.9% | 22.1% | -3.7% | 336.3% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -8172.4% | 4.8% | -18.0% | 151.0% | -266.2% | 352.7% | -100.0% | 0.0% | 81.7% | 5.3% | |
| Operating Income | -69.2% | 1.6% | -9.7% | 28.3% | -22.6% | 26.8% | -179.0% | -8.4% | 37.8% | 22.5% | |
| Net Income | -67.2% | 2.4% | -10.7% | 29.0% | -26.8% | 26.4% | -281.5% | 54.5% | -28.9% | 103.9% | |
| EPS (Diluted) | 1.3% | 3.9% | -9.9% | 48.9% | 10.0% | 36.0% | -223.7% | 61.6% | -6.1% | 103.4% | |
| Operating Cash Flow | 207.5% | -272.0% | 16.8% | -21.7% | -22.3% | 107.1% | -3521.3% | 48.7% | -26.6% | 100.8% | |
| Free Cash Flow | 149.6% | -457.6% | 19.2% | -19.6% | -21.5% | 96.9% | -8191.8% | 47.5% | -18.9% | 100.6% | |
| R&D Expense | 115.2% | 9.1% | 7.3% | -16.5% | 13.0% | 56.7% | -22.7% | 7.2% | -45.1% | -24.1% | |
| SG&A Expense | 94.6% | 4.4% | -4.2% | -24.1% | 24.4% | 125.1% | 1.4% | 10.3% | -31.4% | -26.4% | |
| Total Assets | 25.7% | -30.5% | -36.4% | 9.9% | 158.9% | 3.5% | -1.7% | 2.8% | -61.0% | -1.2% | |
| Book Value / Share | -61.9% | -54.9% | -178.6% | 27.7% | 356.7% | -34.5% | -93.0% | -451.2% | 125.3% | 181.4% | |
| Debt | 0.0% | -16.2% | -19.3% | 517.7% | -9.0% | 20.7% | 230.4% | 22.3% | -53.9% | -9.5% | |
| Diluted Shares | 69.3% | 1.5% | 0.7% | 39.0% | 40.8% | 14.9% | 17.9% | 18.4% | 21.4% | 14.2% |
Valuation
P/E (TTM)At Loss
P/S9.26
10Y Low / Med / High5.27 / 12.78 / 167.07
P/B0.93
10Y Low / Med / High2.97 / 6.76 / 56.13
EV/EBITDAAt Loss
EV/Revenue17.85
10Y Low / Med / High3.74 / 11.93 / 214.22
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.14
Cash / Share
$1.76
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.30 | -4.59 | -1.86 | -2.78 | -21.93 | -11.65 | -2.42 | -1.58 | -0.88 | 23.25 | -0.40 | |
| P/S Ratio | 18.12 | 12.78 | 6.52 | 5.66 | 58.85 | 5.27 | 0.00 | 0.00 | 0.00 | 167.07 | 9.26 | |
| P/B Ratio | 2.97 | 6.76 | -3.83 | -4.04 | 11.19 | 5.81 | 56.13 | -4.00 | 9.37 | 2.98 | 0.93 | |
| EV/EBITDA | -3.96 | -4.66 | -1.16 | -2.82 | -23.61 | -11.16 | -3.54 | -1.38 | -1.58 | 17.20 | -0.59 | |
| EV/Revenue | 16.11 | 11.93 | 3.74 | 5.07 | 56.59 | 4.37 | 0.00 | 0.00 | 0.00 | 214.22 | 17.85 |
Analyst Estimates & Quality
Altman Z-Score
-24.14
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $14.0M | $273.5K | $273.5K |
| Net Income | -$37.5M | -$22.1M | -$42.8M |
| EPS | $-3.84 | $-2.50 | $-4.83 |
| # Analysts (EPS) | 1 | 1 | 2 |
Revenue Segments
By Product
| Segment | 2018 | 2019 |
|---|---|---|
| License And Service | $26.9M | $27.2M |