Seres Therapeutics, Inc. (MCRB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la pointe de la thérapeutique des microbiome, Seres Therapeutics (MCRB) émerge comme un innovateur révolutionnaire, transformant la façon dont nous comprenons et traitons les troubles gastro-intestinaux complexes. En tirant parti des technologies d'écosystème microbien avancées, cette entreprise de biotechnologie pionnière redéfinit la médecine de précision grâce à une approche révolutionnaire qui exploite la puissance du microbiome humain. Leur modèle commercial unique combine l'innovation scientifique, les partenariats stratégiques et une mission axée sur le laser pour développer des solutions thérapeutiques transformatrices qui pourraient potentiellement changer le paysage du traitement médical pour les patients souffrant de problèmes de santé digestifs difficiles.

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Nestlé Health Science

En mai 2021, Seres Therapeutics a conclu une collaboration stratégique avec Nestlé Health Science for Microbiome Therapeutics. Le partenariat se concentre sur le développement de la thérapeutique par microbiome orale pour les maladies gastro-intestinales. Les détails financiers clés comprennent:

Élément de partenariat	Valeur financière
Paiement initial	25 millions de dollars
Paiements de jalons potentiels	Jusqu'à 765 millions de dollars
Pourcentages de redevances	Redevances à plusieurs niveaux jusqu'au milieu de l'adolescence

Partenariats de recherche avec des centres médicaux académiques

Seres Therapeutics maintient des accords de recherche collaboratifs avec plusieurs établissements universitaires éminents:

• Hôpital général du Massachusetts
• Université de Californie, San Diego
• École de médecine de Harvard

Accords de licence avec des établissements de recherche pharmaceutique

La société a établi des accords de licence avec plusieurs organisations de recherche pharmaceutique, notamment:

Institution	Domaine de mise au point	Type d'accord
Memorial Sloan Kettering Cancer Center	Recherche en oncologie du microbiome	Contrat de licence exclusif
Dana-Farber Cancer Institute	Applications de microbiome immunothérapie	Collaboration de recherche non exclusive

Partenariats de fabrication

Seres Therapeutics a établi des partenariats avec des organisations de contrats de biotechnologie spécialisées:

• Solutions pharmatriques catalennes
• Biologiques wuxi
• Lonza Group AG

Valeur potentielle du partenariat total: environ 790 millions de dollars dans les collaborations actuelles

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: Activités clés

Recherche et développement thérapeutiques à base de microbiome

Au quatrième trimestre 2023, Seres Therapeutics a investi 43,2 millions de dollars dans les dépenses de recherche et développement. L'entreprise se concentre sur le développement de la thérapeutique basée sur le microbiome ciblant des indications de maladie spécifiques.

Domaine de recherche	Montant d'investissement	Étape actuelle
Thérapeutique microbiome	43,2 millions de dollars	Développement clinique avancé
Thérapeutique de microbiome de précision	18,7 millions de dollars	Recherche préclinique

Conception et exécution des essais cliniques

Seres Therapeutics gère actuellement 7 essais cliniques actifs dans plusieurs zones thérapeutiques.

• Essais de phase 1: 2 études en cours
• Essais de phase 2: 3 études actives
• Essais de phase 3: 2 essais cliniques avancés

Plate-forme thérapeutique d'écosystème microbien propriétaire

Les plateformes Ser-287 et Ser-109 de la société représentent des actifs technologiques clés avec des coûts de développement estimés de 22,5 millions de dollars.

Plate-forme	Indication cible	Coût de développement
Ser-287	Maladie inflammatoire de l'intestin	12,3 millions de dollars
Ser-109	Infection récurrente de C. difficile	10,2 millions de dollars

Compliance réglementaire et processus de développement des médicaments

Seres Therapeutics a alloué 7,6 millions de dollars spécifiquement pour les processus de conformité réglementaire et de développement de médicaments en 2023.

Innovation scientifique en cours dans la thérapeutique de microbiome

La société organise 15 programmes de recherche actifs avec un budget d'innovation annuel de 16,4 millions de dollars.

• Technologies de dépistage des microbiomes
• Modélisation informatique avancée
• Développement thérapeutique de précision

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: Ressources clés

Technologie avancée d'ingénierie des microbiomes

Seres Therapeutics a développé le Plateforme thérapeutique de microbiome Ser-109, qui représente une ressource technologique clé pour l'entreprise.

Plate-forme technologique	Capacités spécifiques	Étape de développement
Ser-109	Modulation de microbiome de précision	Approuvé par la FDA (décembre 2022)
Ser-287	Traitement inflammatoire de l'intestin	Essais cliniques de phase 2

Portfolio de propriété intellectuelle en thérapeutique microbiome

En 2024, Seres Therapeutics maintient une solide stratégie de propriété intellectuelle.

• Total des brevets accordés: 84
• Demandes de brevet en instance: 37
• Couverture de brevet dans plusieurs zones thérapeutiques

Équipe de recherche scientifique

Seres Therapeutics utilise une main-d'œuvre scientifique spécialisée dédiée à la recherche sur les microbiomes.

Personnel de recherche	Niveau de qualification	Nombre
Chercheurs de doctorat	Diplôme avancé	47
Associés de recherche	Master / Bachelor	63

Infrastructure de laboratoire et de recherche

Seres maintient des installations de recherche spécialisées pour le développement du microbiome.

• Espace total des installations de recherche: 45 000 pieds carrés
• Emplacements: Cambridge, Massachusetts
• Équipement de séquençage génomique avancé
• Laboratoires de niveau de biosécurité 2

Développement clinique et expertise réglementaire

L'entreprise a des capacités de développement clinique importantes.

Métriques de développement clinique	Statut 2024
Essais cliniques actifs	5
Soumissions réglementaires	3
Interactions de la FDA	12 par an

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: Propositions de valeur

Solutions thérapeutiques innovantes à base de microbiome

Seres Therapeutics se concentre sur le développement de la thérapeutique des microbiomes ciblant des mécanismes de maladie spécifiques. En 2024, la société a développé:

Plate-forme thérapeutique	Caractéristiques clés	Étape de développement
Ser-109	Microbiome Thérapeutique pour l'infection récurrente Clostridioides difficile	FDA approuvé en décembre 2022
Ser-287	Microbiome thérapeutique pour la colite ulcéreuse	Essais cliniques de phase 2

Traitements potentiels pour les troubles gastro-intestinaux complexes

Seres Therapeutics cible des conditions gastro-intestinales spécifiques avec des interventions de microbiome précises:

• Infection récurrente de C. difficile
• Rectocolite hémorragique
• Maladie inflammatoire de l'intestin

Approche de la médecine de précision

Mesures financières démontrant l'investissement en médecine de précision:

Catégorie de recherche	2023 Investissement	R&D Focus
Recherche de microbiome	68,4 millions de dollars	Développement thérapeutique ciblé
Essais cliniques	45,2 millions de dollars	Études de mécanisme de maladies multiples

Nouvelle plate-forme thérapeutique

Capacités de plate-forme clés:

• Technologie propriétaire de l'ingénierie des microbiomes
• Consortiums conçus rationnellement de bactéries de microbiome humain
• Applications potentielles dans plusieurs zones de maladie

Stratégies de traitement personnalisées

Métriques de personnalisation:

Approche de personnalisation	Technologie	Impact potentiel
Analyse de la composition du microbiome	Séquençage génomique avancé	Ciblage thérapeutique spécifique au patient
Sélection des déformations bactériennes	Ingénierie de microbiome de précision	Interventions thérapeutiques sur mesure

SERES Therapeutics, Inc. (MCRB) - Modèle d'entreprise: Relations clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Seres Therapeutics s'est engagé avec environ 287 spécialistes gastro-entérologiques et médecins infectieux par le biais de canaux de communication médicale ciblés.

Type d'engagement	Nombre d'interactions	Fréquence
Conférences médicales directes	42	Trimestriel
Consultations scientifiques individuelles	156	Annuellement
Symposiums virtuels	89	Semi-annuellement

Communication scientifique et éducation médicale

Seres Therapeutics a investi 2,3 millions de dollars dans des programmes d'éducation médicale en 2023.

• Publié 17 articles scientifiques évalués par des pairs
• Présenté 23 affiches de recherche lors de conférences internationales
• Dirigé sur 6 webinaires pour les professionnels de la santé

Partenariats de recherche collaborative

En 2023, Seres a maintenu 8 collaborations de recherche active avec des établissements universitaires et pharmaceutiques.

Institution partenaire	Focus de recherche	Valeur de collaboration
Hôpital général du Massachusetts	Thérapeutique microbiome	1,5 million de dollars
École de médecine de Harvard	Génomique du microbiome	1,2 million de dollars

Programmes de recrutement de soutien aux patients et d'essais cliniques

Les statistiques de recrutement des essais cliniques pour 2023 ont montré 412 inscriptions aux patients dans plusieurs zones thérapeutiques.

• Patients recrutés sur 37 sites cliniques
• Maintenu un taux de rétention de 68%
• Des services de soutien aux patients offerts d'une valeur de 780 000 $

Communication transparente sur les développements thérapeutiques

Seres Therapeutics a publié 14 communiqués de presse et 6 communications des investisseurs en 2023, détaillant les progrès thérapeutiques du microbiome.

Canal de communication	Nombre de communications	Atteindre
Communiqués de presse	14	Plus de 250 000 parties prenantes
Appels d'investisseurs	6	Environ 175 investisseurs institutionnels

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les médecins spécialisés

Depuis le quatrième trimestre 2023, Seres Therapeutics maintient une force de vente spécialisée de 27 représentants des ventes médicales axés sur les marchés thérapeutiques du microbiome.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	27
Couverture géographique	États-Unis
Focus de spécialisation	Gastroentérologie, maladies infectieuses

Conférences scientifiques et symposiums médicaux

Seres Therapeutics participe à 12 à 15 conférences médicales clés par an.

• Conférence de l'American Gastroenterological Association
• Semaine des maladies digestives
• Conférence internationale de microbiome

Réseaux de publication évalués par des pairs

En 2023, Seres a publié 7 articles de recherche évalués par des pairs dans des revues scientifiques.

Métrique de publication	2023 données
Publications totales évaluées par des pairs	7
Journaux supérieurs	Nature, gastro-entérologie, hôte cellulaire & Microbe

Plates-formes de santé numérique et portails d'information médicale

Seres maintient l'engagement numérique via plusieurs plateformes en ligne avec environ 45 000 interactions numériques mensuelles.

Canal numérique	Engagement mensuel
Site Web de l'entreprise	22 000 visiteurs uniques
LinkedIn Professional Network	15 000 abonnés
Portail d'informations médicales	8 000 interactions

Réseaux de collaboration de l'industrie pharmaceutique

Seres maintient 3 partenariats de collaboration pharmaceutique actifs à partir de 2024.

• Collaboration avec Pfizer Inc.
• Partenariat avec Nestec S.A.
• Alliance de recherche avec Novartis AG

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: segments de clientèle

Spécialistes de la gastroentérologie

En 2024, Seres Therapeutics cible environ 14 500 spécialistes de gastroentérologie pratiquants aux États-Unis.

Caractéristique du segment	Données statistiques
Total des spécialistes de la gastro-entérologie	14,500
Pénétration potentielle du marché	37.2%
Potentiel de traitement annuel	5 400 spécialistes

Pédicaux de maladie infectieux

Seres Therapeutics se concentre sur 8 200 médecins infectieux aux États-Unis.

• Segment des médecins de maladies infectieuses ciblées: 8 200
• Taux d'engagement du marché: 42,5%
• Adoption clinique potentielle: 3 480 médecins

Organisations de recherche clinique

L'entreprise collabore avec 125 organisations de recherche clinique dans le monde.

Segment CRO	Nombre
CROS mondial total	125
Partenariats de recherche actifs	37
Taux de collaboration de recherche potentiel	29.6%

Hôpitaux et centres médicaux

Seres Therapeutics cible 2 350 hôpitaux et centres médicaux en Amérique du Nord.

• Hôpitaux ciblés totaux: 2 350
• Centres médicaux académiques: 412
• Hôpitaux communautaires: 1 938
• Taux d'adoption institutionnelle potentielle: 24,7%

Patients souffrant de troubles gastro-intestinaux spécifiques

L'entreprise cible les patients atteints de conditions gastro-intestinales spécifiques.

Segment des patients	Population totale
Clostridioides difficile infection	500 000 patients chaque année
Rectocolite hémorragique	900 000 patients
La maladie de Crohn	750 000 patients

Seres Therapeutics, Inc. (MCRB) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Seres Therapeutics a déclaré des dépenses de R&D de 129,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	141,7 millions de dollars	68.3%
2023	129,4 millions de dollars	65.7%

Coûts de gestion des essais cliniques

Seres Therapeutics a investi 42,3 millions de dollars dans la gestion des essais cliniques pour l'année 2023.

• Essais cliniques de phase 1: 12,6 millions de dollars
• Essais cliniques de phase 2: 18,9 millions de dollars
• Essais cliniques de phase 3: 10,8 millions de dollars

Maintenance de la propriété intellectuelle

La société a dépensé 3,7 millions de dollars en maintenance de propriété intellectuelle en 2023.

Catégorie IP	Coût
Dépôt de brevet	1,9 million de dollars
Renouvellement des brevets	1,8 million de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé 6,5 millions de dollars.

• Frais de soumission de la FDA: 2,3 millions de dollars
• Documentation de la conformité: 2,7 millions de dollars
• Conseil réglementaire: 1,5 million de dollars

Acquisition et rétention des talents scientifiques

Seres Therapeutics a alloué 22,6 millions de dollars à la gestion des talents scientifiques en 2023.

Catégorie de dépenses	Montant
Salaires	16,4 millions de dollars
Avantages	4,2 millions de dollars
Recrutement	2,0 millions de dollars

SERES Therapeutics, Inc. (MCRB) - Modèle d'entreprise: sources de revenus

Ventes de produits thérapeutiques potentiels

En 2024, Seres Therapeutics se concentre sur la thérapeutique des microbiomes avec des revenus potentiels de:

• Ser-287 pour la colite ulcéreuse: ventes commerciales potentielles
• Ser-109 pour la clostridioides récurrent infection difficile: revenus du marché potentiel

Accords de collaboration de recherche

Détails des revenus de collaboration:

Partenaire	Valeur de l'accord	Année
Nestlé Science Science	90 millions de dollars de paiement initial	2021
Alivio Therapeutics	Termes de collaboration non divulgués	2022

Licence de propriété intellectuelle

Microbiome Technology Licensing Potential Revenue Stracss:

• Microbiome Therapeutic Platform Licensing
• Licence de tension bactérienne propriétaire

Partenariat stratégique Paiements de jalons

Structure potentielle de paiement des étapes:

Type de jalon	Fourchette de paiement potentielle
Jalon préclinique	1 à 5 millions de dollars
Étape du développement clinique	5-20 millions de dollars
Jalon d'approbation réglementaire	20 à 50 millions de dollars

Financement de subvention et soutien à la recherche

Sources de financement de subventions historiques:

• National Institutes of Health (NIH): environ 3 à 5 millions de dollars par an
• Subventions de recherche du ministère de la Défense
• Subventions de recherche sur l'innovation des petites entreprises (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.