Seres Therapeutics, Inc. (MCRB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de vanguardia de la terapéutica de microbioma, Serses Therapeutics (MCRB) emerge como un innovador innovador, transformando cómo entendemos y tratamos trastornos gastrointestinales complejos. Al aprovechar las tecnologías avanzadas del ecosistema microbiano, esta compañía de biotecnología pionera está redefiniendo la medicina de precisión a través de un enfoque revolucionario que aprovecha el poder del microbioma humano. Su modelo de negocio único combina la innovación científica, las asociaciones estratégicas y una misión centrada en el láser para desarrollar soluciones terapéuticas transformadoras que podrían cambiar el panorama del tratamiento médico para los pacientes que padecen desafiantes afecciones de salud digestiva.

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocios: asociaciones clave

Colaboración estratégica con Nestlé Health Science

En mayo de 2021, Sieres Therapeutics entró en una colaboración estratégica con la ciencia de la salud de Nestlé para la terapéutica de microbioma. La asociación se centra en el desarrollo de la terapéutica de microbioma oral para las enfermedades gastrointestinales. Los detalles financieros clave incluyen:

Elemento de asociación	Valor financiero
Pago por adelantado	$ 25 millones
Pagos potenciales de hitos	Hasta $ 765 millones
Porcentajes de regalías	Regalías escalonadas hasta mediados de adolescencia

Asociaciones de investigación con centros médicos académicos

Seres Therapeutics mantiene acuerdos de investigación colaborativos con varias instituciones académicas prominentes:

• Hospital General de Massachusetts
• Universidad de California, San Diego
• Escuela de Medicina de Harvard

Acuerdos de licencia con instituciones de investigación farmacéutica

La Compañía ha establecido acuerdos de licencia con múltiples organizaciones de investigación farmacéutica, que incluyen:

Institución	Área de enfoque	Tipo de acuerdo
Memorial Sloan Kettering Cancer Center	Investigación de oncología de microbioma	Acuerdo de licencia exclusivo
Instituto del Cáncer Dana-Farber	Aplicaciones de microbioma de inmunoterapia	Colaboración de investigación no exclusiva

Asociaciones de fabricación

Seres Therapeutics ha establecido asociaciones con organizaciones de contratos de biotecnología especializados:

• Soluciones farmacéuticas catalent
• Wuxi Biologics
• Grupo Lonza AG

Valor potencial de asociación total: aproximadamente $ 790 millones en las colaboraciones actuales

Seres Therapeutics, Inc. (MCRB) - Modelo de negocio: actividades clave

Investigación y desarrollo terapéutico basado en microbiomas

A partir del cuarto trimestre de 2023, Seres Therapeutics ha invertido $ 43.2 millones en gastos de investigación y desarrollo. La compañía se enfoca en desarrollar terapias basadas en microbiomas dirigidas a indicaciones específicas de enfermedades.

Área de investigación	Monto de la inversión	Etapa actual
Terapéutica de microbioma	$ 43.2 millones	Desarrollo clínico avanzado
Terapéutica de microbioma de precisión	$ 18.7 millones	Investigación preclínica

Diseño y ejecución del ensayo clínico

Seres Therapeutics actualmente administra 7 ensayos clínicos activos en múltiples áreas terapéuticas.

• Ensayos de fase 1: 2 estudios en curso
• Ensayos de fase 2: 3 estudios activos
• Ensayos de fase 3: 2 ensayos clínicos avanzados

Plataforma terapéutica del ecosistema microbiano patentado

Las plataformas Ser-287 y Ser-109 de la compañía representan activos tecnológicos clave con costos de desarrollo estimados de $ 22.5 millones.

Plataforma	Indicación objetivo	Costo de desarrollo
Ser-287	Enfermedad inflamatoria intestinal	$ 12.3 millones
Ser-109	Infección recurrente de C. difficile	$ 10.2 millones

Cumplimiento regulatorio y procesos de desarrollo de fármacos

Seres Therapeutics ha asignado $ 7.6 millones específicamente para procesos de cumplimiento regulatorio y desarrollo de fármacos en 2023.

Innovación científica continua en terapéutica de microbioma

La compañía mantiene 15 programas de investigación activos con un presupuesto anual de innovación de $ 16.4 millones.

• Tecnologías de detección de microbioma
• Modelado computacional avanzado
• Desarrollo terapéutico de precisión

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocio: recursos clave

Tecnología avanzada de ingeniería de microbiomas

Sieres Therapeutics ha desarrollado el Plataforma terapéutica de microbioma Ser-109, que representa un recurso tecnológico clave para la empresa.

Plataforma tecnológica	Capacidades específicas	Etapa de desarrollo
Ser-109	Modulación de microbioma de precisión	Aprobado por la FDA (diciembre de 2022)
Ser-287	Tratamiento inflamatorio de la enfermedad intestinal	Ensayos clínicos de fase 2

Cartera de propiedad intelectual en Microbiome Therapeutics

A partir de 2024, Seres Therapeutics mantiene una estrategia de propiedad intelectual robusta.

• Patentes totales otorgadas: 84
• Aplicaciones de patentes pendientes: 37
• Cobertura de patentes en múltiples áreas terapéuticas

Equipo de investigación científica

Seres Therapeutics emplea una fuerza laboral científica especializada dedicada a la investigación del microbioma.

Personal de investigación	Nivel de calificación	Número
Investigadores de doctorado	Grado avanzado	47
Asociados de investigación	Maestros/licenciatura	63

Infraestructura de laboratorio e investigación

Sieres mantiene instalaciones de investigación especializadas para el desarrollo del microbioma.

• Espacio total de la instalación de investigación: 45,000 pies cuadrados
• Ubicaciones: Cambridge, Massachusetts
• Equipo de secuenciación genómica avanzada
• Laboratorios de bioseguridad de nivel 2

Desarrollo clínico y experiencia regulatoria

La compañía tiene importantes capacidades de desarrollo clínico.

Métricas de desarrollo clínico	Estado 2024
Ensayos clínicos activos	5
Presentaciones regulatorias	3
Interacciones de la FDA	12 por año

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras basadas en microbiomas

Seres Therapeutics se centra en el desarrollo de la terapéutica de microbioma dirigido a mecanismos específicos de enfermedades. A partir de 2024, la compañía ha desarrollado:

Plataforma terapéutica	Características clave	Etapa de desarrollo
Ser-109	Microbioma terapéutico para la infección recurrente de Clostridioides difficile	FDA aprobada en diciembre de 2022
Ser-287	Microbioma terapéutico para la colitis ulcerosa	Ensayos clínicos de fase 2

Tratamientos potenciales para trastornos gastrointestinales complejos

SERES Therapeutics se dirige a condiciones gastrointestinales específicas con intervenciones precisas de microbioma:

• Infección recurrente de C. difficile
• Colitis ulcerosa
• Enfermedad inflamatoria intestinal

Enfoque de medicina de precisión

Métricas financieras que demuestran la inversión de medicina de precisión:

Categoría de investigación	2023 inversión	Enfoque de I + D
Investigación de microbioma	$ 68.4 millones	Desarrollo terapéutico dirigido
Ensayos clínicos	$ 45.2 millones	Estudios de mecanismo de enfermedades múltiples

Plataforma terapéutica novedosa

Capacidades de la plataforma clave:

• Tecnología patentada de ingeniería de microbiomas
• Consorcios de bacterias de microbioma humanos diseñados racionalmente
• Aplicaciones potenciales en múltiples áreas de enfermedades

Estrategias de tratamiento personalizadas

Métricas de personalización:

Enfoque de personalización	Tecnología	Impacto potencial
Análisis de composición de microbioma	Secuenciación genómica avanzada	Orientación terapéutica específica del paciente
Selección de tensión bacteriana	Ingeniería de microbioma de precisión	Intervenciones terapéuticas a medida

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir del cuarto trimestre de 2023, la terapéutica de Seres se dedicó a aproximadamente 287 especialistas en gastroenterología y médicos de enfermedades infecciosas a través de canales de comunicación médica específicas.

Tipo de compromiso	Número de interacciones	Frecuencia
Conferencias médicas directas	42	Trimestral
Consultas científicas individuales	156	Anualmente
Simposios virtuales	89	Semestralmente

Comunicación científica y educación médica

Seres Therapeutics invirtió $ 2.3 millones en programas de educación médica durante 2023.

• Publicado 17 artículos científicos revisados ​​por pares
• Presentó 23 carteles de investigación en conferencias internacionales
• Realizado 6 series de seminarios web para profesionales de la salud

Asociaciones de investigación colaborativa

En 2023, Sieres mantuvo 8 colaboraciones de investigación activa con instituciones académicas y farmacéuticas.

Institución asociada	Enfoque de investigación	Valor de colaboración
Hospital General de Massachusetts	Terapéutica de microbioma	$ 1.5 millones
Escuela de Medicina de Harvard	Genómica de microbioma	$ 1.2 millones

Soporte de pacientes y programas de reclutamiento de ensayos clínicos

Las estadísticas de reclutamiento de ensayos clínicos para 2023 mostraron 412 matrices de pacientes en múltiples áreas terapéuticas.

• Pacientes reclutados de 37 sitios clínicos
• Mantuvo una tasa de retención del paciente del 68%
• Servicios de apoyo al paciente ofrecidos valorados en $ 780,000

Comunicación transparente sobre desarrollos terapéuticos

SERES Therapeutics emitió 14 comunicados de prensa y 6 comunicaciones de inversores en 2023, que detalla el progreso terapéutico del microbioma.

Canal de comunicación	Número de comunicaciones	Alcanzar
Comunicados de prensa	14	Más de 250,000 partes interesadas
Llamadas de inversionista	6	Aproximadamente 175 inversores institucionales

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocios: canales

Equipo de ventas directo dirigido a profesionales médicos especializados

A partir del cuarto trimestre de 2023, Seres Therapeutics mantiene una fuerza de ventas especializada de 27 representantes de ventas médicas centradas en los mercados terapéuticos de microbioma.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	27
Cobertura geográfica	Estados Unidos
Enfoque de especialización	Gastroenterología, enfermedades infecciosas

Conferencias científicas y simposios médicos

Seres Therapeutics participa en 12-15 conferencias médicas clave anualmente.

• Conferencia de la Asociación Gastroenterológica Americana
• Semana de la enfermedad digestiva
• Conferencia internacional de microbioma

Redes de publicación revisadas por pares

En 2023, Sieres publicó 7 artículos de investigación revisados ​​por pares en revistas científicas.

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	7
Principales revistas	Naturaleza, gastroenterología, huésped celular & Microbio

Plataformas de salud digital y portales de información médica

Sieres mantiene la participación digital a través de múltiples plataformas en línea con aproximadamente 45,000 interacciones digitales mensuales.

Canal digital	Compromiso mensual
Sitio web corporativo	22,000 visitantes únicos
Red profesional de LinkedIn	15,000 seguidores
Portal de información médica	8,000 interacciones

Redes de colaboración de la industria farmacéutica

Sieres mantiene 3 asociaciones activas de colaboración farmacéutica a partir de 2024.

• Colaboración con Pfizer Inc.
• Asociación con Nestec S.A.
• Alianza de investigación con Novartis AG

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocio: segmentos de clientes

Especialistas en gastroenterología

A partir de 2024, Serses Therapeutics se dirige a aproximadamente 14,500 especialistas en ejercicio de gastroenterología en los Estados Unidos.

Característica de segmento	Datos estadísticos
Especialistas en gastroenterología total	14,500
Penetración potencial del mercado	37.2%
Potencial de tratamiento anual	5.400 especialistas

Médicos de enfermedades infecciosas

Seres Therapeutics se centra en 8.200 médicos de enfermedades infecciosas en los Estados Unidos.

• Segmento médico de enfermedad infecciosa dirigida: 8.200
• Tasa de participación del mercado: 42.5%
• Adopción clínica potencial: 3.480 médicos

Organizaciones de investigación clínica

La compañía colabora con 125 organizaciones de investigación clínica a nivel mundial.

Segmento CRO	Número
Total Global Cros	125
Asociaciones de investigación activa	37
Tasa de colaboración de investigación potencial	29.6%

Hospitales y centros médicos

SERES Therapeutics se dirige a 2.350 hospitales y centros médicos en América del Norte.

• Total de hospitales dirigidos: 2,350
• Centros médicos académicos: 412
• Hospitales comunitarios: 1.938
• Tasa de adopción institucional potencial: 24.7%

Pacientes con trastornos gastrointestinales específicos

La compañía se dirige a pacientes con afecciones gastrointestinales específicas.

Segmento de paciente	Población total
Infección por difunto de Clostridioides	500,000 pacientes anualmente
Colitis ulcerosa	900,000 pacientes
Enfermedad de Crohn	750,000 pacientes

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Seres Therapeutics informó gastos de I + D de $ 129.4 millones.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 141.7 millones	68.3%
2023	$ 129.4 millones	65.7%

Costos de gestión de ensayos clínicos

Seres Therapeutics invirtió $ 42.3 millones en gestión de ensayos clínicos para el año 2023.

• Ensayos clínicos de fase 1: $ 12.6 millones
• Ensayos clínicos de fase 2: $ 18.9 millones
• Ensayos clínicos de fase 3: $ 10.8 millones

Mantenimiento de la propiedad intelectual

La compañía gastó $ 3.7 millones en mantenimiento de la propiedad intelectual en 2023.

Categoría de IP	Costo
Presentación de patentes	$ 1.9 millones
Renovación de patente	$ 1.8 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 totalizaron $ 6.5 millones.

• Tarifas de presentación de la FDA: $ 2.3 millones
• Documentación de cumplimiento: $ 2.7 millones
• Consultoría regulatoria: $ 1.5 millones

Adquisición y retención de talentos científicos

Seres Therapeutics asignó $ 22.6 millones a la gestión del talento científico en 2023.

Categoría de gastos	Cantidad
Salarios	$ 16.4 millones
Beneficios	$ 4.2 millones
Reclutamiento	$ 2.0 millones

SERES THERAPEUTICS, Inc. (MCRB) - Modelo de negocios: flujos de ingresos

Venta de productos terapéuticos potenciales

A partir de 2024, Seres Therapeutics se centra en la terapéutica de microbioma con ingresos potenciales de:

• Ser-287 para colitis ulcerosa: ventas comerciales potenciales
• Ser-109 para infección recurrente de Clostridioides difficile: ingresos potenciales del mercado

Acuerdos de colaboración de investigación

Detalles de ingresos de colaboración:

Pareja	Valor de acuerdo	Año
Ciencias de la salud de Nestlé	$ 90 millones de pago por adelantado	2021
Alivio Therapeutics	Términos de colaboración no revelados	2022

Licencia de propiedad intelectual

Tecnología de microbioma Licencias de licencia de flujos de ingresos:

• Licencias de plataforma terapéutica de microbioma
• Licencia de tensión bacteriana patentada

Pagos de hito de asociación estratégica

Estructura de pago de hito potencial:

Tipo de hito	Rango de pago potencial
Hito	$ 1-5 millones
Hito de desarrollo clínico	$ 5-20 millones
Hito de aprobación regulatoria	$ 20-50 millones

Subvimiento de financiación y apoyo de investigación

Fuentes de financiación de subvenciones históricas:

• Institutos Nacionales de Salud (NIH): aproximadamente $ 3-5 millones anuales
• Becas de investigación del Departamento de Defensa
• Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR)

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Value Propositions

Seres Therapeutics, Inc. offers value propositions centered on addressing severe, life-threatening infections in medically vulnerable patient groups through novel, rationally designed live biotherapeutics.

The potential clinical impact of SER-155 is quantified by its Phase 1b placebo-controlled data in patients undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT).

Metric	SER-155 Group (Cohort 2)	Placebo Group (Cohort 2)	Value Proposition Data Point
Relative Risk Reduction in Bacterial Bloodstream Infections (BSIs)	N/A (Relative to Placebo)	N/A (Relative to Placebo)	77% relative risk reduction in BSIs through day 100 post-HSCT
Mean Days of Systemic Antibiotic Treatment	9.2 days	21.1 days	Significant reduction in systemic antibiotic exposure
Incidence of Febrile Neutropenia	65%	78.6%	Lower incidence observed
Total Subjects in ITT Population (Cohort 2)	20	14	Total N=34 for primary BSI analysis

Addressing high unmet medical needs involves targeting patient populations where current options are insufficient for preventing severe complications.

• BSIs are cited as one of the three leading causes of death in allo-HSCT patients.
• An estimated 40,000 patients worldwide undergo allogeneic stem cell transplantation annually.
• SER-155 is also being evaluated in an investigator-sponsored trial for immune checkpoint related enterocolitis (irEC).
• Pipeline evaluation includes autologous-HSCT patients, CAR-T recipients, and solid organ transplant recipients.

Expertise is demonstrated by achieving regulatory milestones and establishing a track record in the novel therapeutic class.

• SER-155 has secured Breakthrough Therapy designation from the FDA for BSI reduction in allo-HSCT adults.
• SER-155 also holds Fast Track designation for reducing infection and graft-versus-host disease (GvHD) risk in allo-HSCT patients.
• Seres Therapeutics achieved the first-ever positive pivotal clinical results for a targeted microbiome drug candidate (referencing SER-109).

The manufacturing approach provides a key differentiator for pipeline candidates like SER-155.

The company utilizes a cultivated, donor-independent manufacturing process for pipeline candidates, such as SER-155, which is grown from clonal master cell banks. This contrasts with the donor-sourced production process used for VOWST. The purification steps for earlier candidates, like SER-109, were designed to remove unwanted microbes, offering a safety net beyond donor screening alone.

Financially, Seres Therapeutics reported net income from continuing operations of $8.2 million for the third quarter of 2025. As of September 30, 2025, cash and cash equivalents stood at $47.6 million, with an expected runway through Q2 2026 based on current operating plans. The company received a $25 million installment payment from Nestlé in July 2025.

Finance: review Q3 2025 burn rate against the Q2 2026 runway projection by end of month.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Customer Relationships

You're looking at how Seres Therapeutics, Inc. (MCRB) manages its key relationships with external stakeholders, which are crucial given their cash position of $47.6 million as of September 30, 2025, providing an expected operational runway only through the second quarter of 2026.

High-touch business development with potential strategic partners

Seres Therapeutics, Inc. is definitely maintaining active, high-touch discussions with external parties to secure the necessary capital to launch the planned SER-155 Phase 2 study. The company is evaluating various deal structures, including potential business development and out-licensing arrangements, to access the resources needed for advancing SER-155 and their broader portfolio targeting inflammatory diseases. This engagement is a primary focus, as the SER-155 Phase 2 initiation is explicitly funding-dependent. To help fund development, Seres Therapeutics, Inc. did secure a non-dilutive CARB-X grant of up to $3.6 million specifically for developing a liquid formulation of SER-155. Plus, the company received a $25 million installment payment from Nestlé Health Science in July 2025 related to the prior sale of VOWST. The need for capital is pressing, so these business development efforts are front and center.

Here's a quick look at some recent financial interactions that shape these relationship needs:

Financial Event/Relationship Type	Date/Period	Amount/Status
Cash and Cash Equivalents	September 30, 2025	$47.6 million
Expected Cash Runway	As of Q3 2025 Update	Through Q2 2026
CARB-X Grant for SER-155 Formulation	Late 2025	Up to $3.6 million
VOWST Installment Payment Received	July 2025	$25 million
Workforce Reduction to Conserve Cash	Late 2025	25% of workforce

Close regulatory engagement with the FDA for SER-155 protocol

The relationship with the U.S. Food and Drug Administration (FDA) is critical for advancing SER-155, which holds both Breakthrough Therapy and Fast Track designations. Seres Therapeutics, Inc. has been in close dialogue, receiving constructive feedback from the FDA that is supporting the finalization of the SER-155 Phase 2 study protocol. This engagement is key because the study is designed to be a well-powered, placebo-controlled trial for the prevention of bloodstream infections (BSIs) in adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT). The FDA supported the primary efficacy endpoint focused on reducing infections by day 30 post-transplant. The planned Phase 2 study is designed to enroll approximately 248 participants and includes a planned interim analysis when about half of the enrolled participants reach the primary endpoint, which could allow for an expedited initial data readout within 12 months of study start, assuming funding is secured. The prior Phase 1b study demonstrated a 77% relative risk reduction in BSIs.

Direct management of clinical trial sites and investigators

Seres Therapeutics, Inc. manages its clinical trial relationships directly, focusing on executing studies that can generate value quickly. For the SER-155 program, the company is preparing to rapidly operationalize the Phase 2 study once financing is in place. Furthermore, the company is actively managing an investigator-sponsored trial (IST) in collaboration with Memorial Sloan Kettering Cancer Center. This IST evaluates SER-155 in patients with immune checkpoint related enterocolitis (irEC). Enrollment for this specific investigator-led study is anticipated to be completed by the end of 2025, with initial results expected in early 2026. The irEC patient population is significant, as this adverse event can be observed in up to 50% of patients receiving certain immune checkpoint-inhibitor therapies. The company retained personnel most critical to SER-155 preparations following a 25% workforce reduction to focus resources on these key operational relationships.

• SER-155 Phase 2 Planned Enrollment: ~248 participants.
• SER-155 Phase 1b BSI Reduction: 77% relative risk reduction versus placebo.
• irEC IST Enrollment Target Completion: End of 2025.
• SER-155 Phase 2 Interim Readout Target: Within 12 months of study start (funding dependent).

Finance: draft 13-week cash view by Friday.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Channels

You're looking at how Seres Therapeutics, Inc. gets its science and clinical progress out into the world and secures the necessary resources to keep advancing its pipeline. For a company like Seres Therapeutics, Inc., the channels aren't just about selling a product; they are about validation, funding, and clinical execution, especially with a lead candidate like SER-155 still in late-stage preparation.

Out-licensing and collaboration agreements with pharmaceutical companies

The channel here is heavily focused on strategic partnerships to fund the next big steps, like the SER-155 Phase 2 study. Seres Therapeutics, Inc. is actively engaging with multiple parties exploring various deal structures to secure capital. This is a critical channel for de-risking development costs, especially after the VOWST asset sale.

Here's a look at recent financial interactions that define this channel:

Transaction/Event	Date/Period	Amount/Value	Purpose/Context
VOWST Installment Payment Received from Nestlé Health Science	July 2025	$25 million	Capital infusion following September 2024 asset sale.
Cash and Cash Equivalents Balance	September 30, 2025	$47.6 million	Current operating capital.
Expected Cash Runway (Based on current plans)	Through	Q2 2026	Funding operations pending securing further capital for SER-155 Phase 2.
Potential Deal Structures Under Evaluation	Late 2025	Not specified	Partnerships, out-licensing deals, mergers to access capital.

The successful sale of VOWST™ in September 2024 to Nestlé Health Science, which generated capital infusions including an upfront payment, set the precedent for leveraging their first-to-market success to fund wholly-owned cultivated candidates like SER-155.

Clinical trial network for advancing SER-155 Phase 2 (planned enrollment of ~248 participants)

The clinical trial network is the primary channel for generating the data needed for regulatory approval and future commercialization. For SER-155, which has Breakthrough Therapy designation, the focus is on executing the planned Phase 2 study efficiently.

• SER-155 Phase 2 study is designed to enroll approximately 248 participants.
• The protocol incorporates an adaptive design with an interim data analysis when about half of the enrolled participants reach the primary endpoint.
• Interim clinical results are anticipated within 12 months of study initiation, provided financing is secured.
• The Phase 1b study demonstrated a 77% reduction in bacterial bloodstream infections (BSIs) compared to placebo.

The company is collaborating with Memorial Sloan Kettering Cancer Center on an investigator-sponsored trial (IST) evaluating SER-155 in patients with immune checkpoint related enterocolitis (irEC), which broadens the clinical network's reach beyond the primary allo-HSCT indication.

Scientific publications and conference presentations to key opinion leaders

Disseminating robust clinical and translational data through peer-reviewed channels and key industry forums is how Seres Therapeutics, Inc. communicates its value proposition to Key Opinion Leaders (KOLs) and the broader medical community. This builds scientific credibility, which is vital for adoption and partnership interest.

Recent and upcoming engagement points include:

• Oral presentation at IDWeek 2025 in October 2025, featuring new post-hoc analysis from the SER-155 Phase 1b study.
• Presentations at the 2025 Digestive Disease Week (DDW) Conference in May 2025, covering translational biomarker data.
• Poster presentation at the 2025 ASCO Annual Meeting in May 2025, showing data on immune reconstitution biomarkers from the SER-155 Phase 1b study.
• Presentation of SER-155 data at the 2025 Tandem Transplantation & Cellular Therapy Meetings of ASTCT and CIBMTR in February 2025.
• A Corporate Presentation was scheduled for November 2025.

The company is also exploring SER-155 use in other medically vulnerable populations, such as autologous-HSCT patients, CAR-T recipients, and solid organ transplant recipients, which expands the audience for this scientific communication channel.

Direct communication with government and non-profit grant organizations

Non-dilutive funding from government-backed or non-profit organizations serves as a crucial channel for advancing specific development milestones, particularly for antibiotic resistance-focused programs. This type of funding validates the public health relevance of the work.

The most recent example involves CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator):

• CARB-X awarded Seres Therapeutics, Inc. up to $3.6 million in additional non-dilutive funding in late 2025.
• This is the second grant received from CARB-X for the SER-155 program.
• The funds specifically support the development and manufacturing of an oral liquid formulation of SER-155.

This funding is critical for expanding patient access to SER-155 for medically vulnerable populations, such as intubated patients in the ICU, who cannot take oral capsules. The initial development of SER-155 was also supported by CARB-X, dating back to 2017.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Customer Segments

You're looking at the core groups Seres Therapeutics, Inc. (Seres) targets with its pipeline, especially as they focus on advancing SER-155 following the VOWST asset sale. It's about identifying who benefits from their science and who funds or facilitates its delivery.

Global biopharmaceutical companies seeking late-stage microbiome assets

This segment is interested in Seres' validated platform and pipeline assets like SER-155, which has already shown impressive clinical data in a high-need area. The prior success with VOWST, the first FDA-approved oral live microbiome therapeutic, validates their development track record, which is a major draw for potential partners or acquirers. Seres is actively evaluating transactions, including partnerships and out-licensing deals, to secure capital for SER-155 advancement. Financially, the company is eligible for future milestone payments tied to VOWST worldwide annual net sales targets of up to $400 million and $750 million from Nestlé Health Science. The company's Q3 2025 net income from continuing operations was $8.2 million, largely due to a $27.2 million gain on the VOWST sale, showing the financial impact of such prior deals. Seres Therapeutics reported $47.6 million in cash and cash equivalents as of September 30, 2025, with a runway projected through Q2 2026, meaning securing new capital or partnerships is a near-term priority to fully fund the next stage of development. R&D expenses for Q3 2025 were $12.6 million.

Medically vulnerable patients, specifically allo-HSCT recipients

The primary focus for the lead candidate, SER-155, is adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT) for hematological malignancies. These patients face significant risks of serious infections, which SER-155 is designed to prevent. The Phase 1b data showed a statistically significant 77% relative risk reduction in bacterial bloodstream infections compared to placebo in this group. The planned Phase 2 study for SER-155 is designed to enroll approximately 248 participants. Beyond this core group, Seres sees expansion potential into other medically vulnerable populations, including autologous-HSCT patients, CAR-T therapy recipients, and ICU patients facing similar infection risks. The broader allo-HSCT market Seres is targeting is substantial, estimated to be valued at USD 4.53 Bn in 2025 globally. The company also noted that the bacteria causing breakthrough bloodstream infections in the SER-155 trial exhibited antimicrobial resistance (AMR).

Here's a quick look at the scale of the target patient population in the key US and European markets:

Geography	Estimated Allo-HSCT Market Share (2025)	Reported Allogeneic HCT Procedures (2023)
North America	40.5%	Data not directly available for US 2025, but North America is the largest market.
Europe	Over 27.2%	20,485 allogeneic HCTs reported by 696 European centers in 2023.

Clinical investigators and transplant centers in the US and Europe

These centers are the direct users and implementers of the therapy, requiring robust clinical data and efficient trial execution. Seres is working with clinical and academic partners to advance SER-155, including an investigator-sponsored trial evaluating SER-155 in patients with immune checkpoint inhibitor-related enterocolitis (irEC), with initial results anticipated in early 2026. The company is finalizing the SER-155 Phase 2 study protocol following constructive FDA feedback, aiming for a time and capital-efficient path. The focus on allo-HSCT means targeting the 696 European centers that reported transplant activity in 2023, as well as the numerous centers in North America, which commands the largest regional share of the allogeneic transplant market. The company's R&D expenses, which cover clinical trial costs, were $12.6 million in Q3 2025.

Government and non-profit organizations funding antimicrobial resistance research

This group represents non-dilutive funding sources interested in novel approaches to combatting antimicrobial resistance (AMR). Seres' work directly addresses AMR, as evidenced by the post-hoc analysis showing breakthrough bloodstream infections in the SER-155 trial were caused by bacteria exhibiting AMR. This focus secured external support, as Seres received a CARB-X award of up to $3.6 million to support the development of an oral liquid formulation of SER-155, intended to broaden access to patients who cannot swallow capsules. The company is disciplined in managing expenses, with G&A expenses at $9.5 million in Q3 2025, but external funding like this grant is key to extending the cash runway beyond Q2 2026.

• CARB-X award amount: up to $3.6 million.
• SER-155 Phase 1b data presented at IDWeek 2025 highlighted patterns of antimicrobial resistance (AMR).
• The company is actively seeking capital to support the 248-participant Phase 2 study.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Cost Structure

You're looking at the core operating expenses for Seres Therapeutics, Inc. as of their late 2025 reporting. The company has clearly been focused on cost discipline to manage its capital position.

For the third quarter of 2025, the reported operating expenses show a deliberate reduction compared to the prior year period.

Research and development (R&D) expenses totaled $12.6 million in Q3 2025. This was down from $16.5 million in Q3 2024, with the decrease attributed to lower personnel and related costs, reduced platform investments, and a drop in clinical expenses following the completion of the SER-155 Phase 1b study.

General and administrative (G&A) expenses for the same quarter were $9.5 million, down from $12.7 million in Q3 2024. This reduction was also driven primarily by lower personnel and related expenses, including IT-related costs.

Here's a quick look at those key operating costs for the period ending September 30, 2025:

Expense Category	Q3 2025 Amount (USD)	Comparison Driver
Research and Development (R&D)	$12.6 million	Completion of SER-155 Phase 1b study
General and Administrative (G&A)	$9.5 million	Lower personnel and IT costs

Personnel costs are a significant component of the R&D and G&A lines, and Seres Therapeutics implemented a major structural change to manage this. The company announced a workforce reduction of approximately 25%, effective in August 2025, as part of efforts to reduce operating costs and extend its cash runway. The goal of these cost-saving measures, combined with current operating plans, was to extend the cash runway through the second quarter of 2026. The direct, one-time cost associated with this reduction was estimated to be cash charges between $1.0 million and $1.4 million, primarily for severance, expected to be paid in the fourth quarter of 2025.

Regarding the SER-155 Phase 2 trial, the costs are currently tied to preparatory activities, as the study's initiation is explicitly dependent on securing additional capital. The company is finalizing the protocol following constructive FDA feedback, but the commencement of clinical execution remains funding-contingent. The planned Phase 2 study is designed as a 248-person, placebo-controlled trial. The company did receive a non-dilutive grant from CARB-X of up to $3.6 million to support the development of an oral liquid formulation of SER-155, which helps offset some development costs.

The overall cost management strategy is reflected in these key actions:

• Workforce reduction of approximately 25%.
• Anticipated severance cash charges of $1.0 million to $1.4 million in Q4 2025.
• Reduction in clinical expenses due to completion of the SER-155 Phase 1b study.
• Secured non-dilutive funding of up to $3.6 million from CARB-X.

Finance: draft 13-week cash view by Friday.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Revenue Streams

You're looking at Seres Therapeutics, Inc. (MCRB)'s revenue streams as of late 2025, which are heavily weighted toward non-recurring asset sale proceeds and non-dilutive grant funding while the core focus is on advancing SER-155 through partnerships.

The most immediate cash flow is derived from the prior VOWST asset sale to Nestlé Health Science. You saw the expected installment payment hit the books in the third quarter.

The Q3 2025 net income from continuing operations of $8.2 million was primarily driven by a $27.2 million gain on the sale of VOWST, which resulted from the $25 million installment payment received from Nestlé in July 2025. This payment was contingent on Seres Therapeutics, Inc. fulfilling its transition obligations. The total expected payments from this transaction are structured as follows:

Payment Type	Amount Received/Expected	Timing/Condition
January 2025 Installment	$50 million	Received January 2025
July 2025 Installment	$25 million (less up to ~$1.5M in obligations)	Received July 2025
Future Milestones (VOWST Sales)	Up to $275 million total	Based on worldwide net sales targets

Grant revenue provides crucial, non-dilutive funding to support pipeline development, specifically for SER-155. For the third quarter of 2025, Seres Therapeutics, Inc. reported grant revenue of $0.35 million. This is separate from the total potential award from CARB-X.

• Total potential non-dilutive funding from CARB-X for the oral liquid formulation of SER-155 is up to $3.6 million.
• The Q3 2025 grant revenue of $0.35 million was recognized within the period.

For the lead pipeline asset, SER-155, the revenue model is centered on securing external capital to fund the planned Phase 2 study, which requires approximately 248 participants. Seres Therapeutics, Inc. is actively engaging with multiple parties regarding deal structures, including partnerships and out-licensing, to secure the necessary capital. The goal is to leverage Seres Therapeutics, Inc.'s expertise and track record of bringing a live biotherapeutic product to market. You'll want to watch for announcements on these strategic partnership discussions, as securing an upfront payment or milestone structure here would be a significant revenue event to fund the next clinical stage.