Seres Therapeutics, Inc. (MCRB): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that made a sharp turn after monetizing its first success-the VOWST asset sale-and now Seres Therapeutics, Inc. is laser-focused on its next big bet, SER-155, while managing a tight ship. Honestly, with cash reserves at $47.6 million as of September 30, 2025, and R&D expenses running at $12.6 million in Q3 2025, securing that next strategic partnership is not just a goal, it's a necessity to push SER-155 through its Phase 2 trials. We've broken down exactly how Seres Therapeutics, Inc. is structuring its operations-from key activities like securing grants up to $3.6M from CARB-X to its customer segments of global biopharma giants-to survive and thrive until that next capital infusion. Dive in below to see the full nine-block breakdown of their current business model, mapping out the near-term risks and the path to potential milestone payments up to $275 million.

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

You're looking at the partnerships Seres Therapeutics, Inc. relies on to keep the lights on and advance its pipeline, especially after the VOWST divestiture. It's a mix of transition services, non-dilutive grants, and ongoing clinical collaborations that define their near-term operational structure.

The relationship with Nestlé Health Science, stemming from the VOWST asset sale, is critical for near-term cash flow and operational wind-down in that area. Seres Therapeutics is providing support services to ensure product availability continues smoothly for patients.

• Nestlé Health Science is receiving manufacturing support through the end of 2025, with limited extension rights possible.
• Transition services were scheduled through the first quarter of 2025.
• Seres Therapeutics continues to share 50/50 in the profit and loss of the VOWST business through the end of 2025.

Financially, the VOWST sale provided specific cash installments in 2025, which were key to the company's operating plan. The expectation was that the deal economics would fund operations into Q4 2025.

For the pipeline, specifically SER-155, non-dilutive funding from CARB-X is supporting the development of a liquid formulation. This is important because it could help patients who cannot take capsules, like those in the ICU. The Phase 1b data for SER-155 was compelling, showing a 77% reduction in bacterial Bloodstream Infections (BSIs) versus placebo in patients undergoing allogeneic hematopoietic stem cell transplants (allo-HSCT).

The CARB-X award is substantial for this specific development effort:

• Total non-dilutive funding available is up to $3.6M.
• The funding supports development and manufacturing of the liquid formulation.
• The Phase 1b study also showed significantly lowered systemic antibiotic use and febrile neutropenia.

The collaboration with Memorial Sloan Kettering Cancer Center (MSK) remains a key academic partnership, particularly for SER-155 and other pipeline assets. This relationship helps translate novel discoveries into therapeutics.

The current focus areas under this academic umbrella include:

• Investigator-sponsored trial (IST) for SER-155 evaluating treatment of immunotherapy-related enterocolitis (irEC).
• Initial data from the MSK IST on SER-155 is expected in early 2026.
• The original agreement also covered improving outcomes in HSCT patients by preventing Transplant-Related Infections and Graft Versus Host Disease (GVHD).

Advancing the lead program, SER-155, into a pivotal study requires external capital. Seres Therapeutics is actively seeking partners to finance the next step, which is a large, well-powered clinical trial. The Phase 2 study protocol has received constructive feedback from the FDA.

Here are the specifics on the planned Phase 2 study and the associated financing efforts:

To manage resources while awaiting external funding for the Phase 2 study, Seres Therapeutics implemented internal cost controls. This includes a workforce reduction of approximately 25%, effective in August 2025. These actions are designed to extend the company's cash runway well into the second quarter of 2026.

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

You're managing a biotech firm that has successfully commercialized one asset but is now intensely focused on advancing its next-generation pipeline while managing a tight financial window. Here's the breakdown of the core activities Seres Therapeutics, Inc. is executing as of late 2025.

Clinical development of SER-155 for bloodstream infection prevention

The primary clinical focus is pushing SER-155, which holds both Breakthrough Therapy designation and Fast Track designation for reducing bloodstream infections ($\text{BSIs}$) in adults undergoing allogeneic hematopoietic stem cell transplant ($\text{allo-HSCT}$). Seres Therapeutics is currently finalizing the Phase 2 study protocol after receiving additional constructive feedback from the $\text{FDA}$. This planned Phase 2 study is designed to be well-powered, placebo-controlled, and incorporate an adaptive design with an interim data analysis.

The Phase 2 study is projected to enroll approximately 248 participants. The company is preparing to rapidly operationalize this trial, with interim clinical results anticipated within 12 months of study initiation, though this progress is explicitly dependent on securing capital. Previous Phase 1b data showed a significant clinical benefit, demonstrating a 77% relative risk reduction in $\text{BSIs}$ compared to placebo.

Key statistical and operational data points for SER-155 development include:

Securing strategic partnerships and capital to extend cash runway past Q2 2026

Managing the capital structure is a critical, ongoing activity. Following a workforce reduction of approximately 25%, effective in August 2025, Seres Therapeutics projects its current cash will fund operations through the second quarter of 2026. This cost-cutting effort involved estimated cash charges of about \$1.0 million to \$1.4 million for severance, expected to be paid in the fourth quarter of 2025. As of September 30, 2025, the company reported \$47.6 million in cash and cash equivalents.

The advancement of the SER-155 Phase 2 study is entirely dependent on securing new financing or other resources. Seres Therapeutics is actively engaging with multiple parties regarding various deal structures, including partnerships and out-licensing, to access the necessary capital. This need for external funding represents the single most important near-term catalyst for the company.

Research and development of new cultivated live biotherapeutic candidates

Seres Therapeutics continues to develop its pipeline of cultivated live biotherapeutic candidates, which use a cultivation process rather than the donor-sourced method used for VOWST. The company is actively exploring $\text{R\&D}$ partnerships to advance investigational live biotherapeutics for inflammatory and immune diseases, specifically mentioning ulcerative colitis and Crohn's disease.

Financial investment in this area is reflected in the operating expenses. Research and development ($\text{R\&D}$) expenses for the third quarter of 2025 were \$12.6 million, a decrease from \$16.5 million in the third quarter of 2024. Furthermore, the company received a grant from CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator) of up to \$3.6 million to support the development of an oral liquid formulation of SER-155.

Key $\text{R\&D}$ financial metrics:

• $\text{R\&D}$ expenses for $\text{Q3 2025}$: \$12.6 million
• $\text{R\&D}$ expenses for $\text{Q2 2025}$: \$12.9 million
• $\text{CARB-X}$ grant for $\text{SER-155}$ liquid formulation: Up to \$3.6 million

Providing VOWST transition services to Nestlé Health Science

A key activity involves fulfilling obligations from the sale of the VOWST asset to Nestlé Health Science, which occurred in September 2024 for a total of \$155 million in cash. Seres Therapeutics has completed the majority of the Transition Service Agreement ($\text{TSA}$) activities.

Financial flows related to the transition services in 2025 include:

• Installment payment received from Nestlé in $\text{July 2025}$: \$25 million
• Employment-related obligations paid to Nestlé concurrently: \$1.4 million
• Manufacturing services expenses under $\text{TSA}$ in $\text{Q2 2025}$: \$1.7 million
• Reimbursement received from $\text{SPN}$ (related party) for $\text{TSA}$ services in $\text{Q3 2025}$: \$2,028 thousand

The gain on the sale of the VOWST business, primarily from the \$25 million installment payment received in $\text{Q3 2025}$, contributed to a net income from continuing operations of \$8.2 million for that quarter. The company is definitely focused on closing out these transition obligations to streamline operations further.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Seres Therapeutics, Inc. (MCRB) relies on to execute its strategy as of late 2025. These aren't just line items on a balance sheet; they are the proprietary engines and regulatory milestones that underpin future value.

Proprietary Cultivated Live Biotherapeutics Manufacturing Platform

The foundation of Seres Therapeutics, Inc.'s current pipeline, beyond the divested VOWST asset, is its Biotherapeutics Engine. This is how they design, test, and manufacture their next generation of therapies. What this means is they control the process from initial discovery to final product, which is crucial for consistency in this novel drug class.

The manufacturing approach for the current lead candidate, SER-155, and other pipeline programs is distinct from their prior product; these are manufactured from standard clonal cell banks via cultivation, moving away from the donor-sourced production method. This in-house capability integrates several key functions:

• Microbiome biomarker discovery using proprietary analytical tools.
• Rational design of multifunctional bacterial consortia for specific pharmacological properties.
• In-house manufacturing integrating process development, current Good Manufacturing Practices (cGMP), Quality Control (QC), and Quality Assurance (QA).

Intellectual Property and Clinical Data for SER-155

The intellectual property surrounding SER-155 is heavily supported by compelling clinical evidence from the Phase 1b study in patients undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT). This data is the primary driver for near-term valuation and partnership discussions.

Here's a snapshot of the key clinical performance metrics that form the basis of the intellectual property value:

The company is actively finalizing the SER-155 Phase 2 study protocol based on recent FDA feedback, with interim clinical results anticipated within 12 months of study initiation, assuming capital is secured.

Cash and Equivalents of $47.6 million as of September 30, 2025

Liquidity is a critical resource, especially for a clinical-stage company dependent on external funding for its next major trial. As of the end of the third quarter of 2025, the balance sheet shows a specific cash position.

The cash position directly impacts operational runway, which is currently projected through the second quarter of 2026 based on current operating plans and cost reduction actions, including a workforce reduction of approximately 25%.

Here's the quick math on the cash position and runway extension:

• Cash and Cash Equivalents (as of September 30, 2025): $47.6 million.
• Projected Cash Runway End Date: Through Q2 2026.
• Key Financial Event Impacting Runway: Receipt of the second installment payment of $25 million from Nestlé in July 2025 related to the VOWST asset sale.

FDA Breakthrough Therapy and Fast Track Designations for SER-155

Regulatory designations act as a force multiplier for the intellectual property, signaling high potential to the FDA and potentially streamlining development. Seres Therapeutics, Inc. has secured two significant designations for SER-155 in the indication of preventing bloodstream infections in adults undergoing allo-HSCT.

These designations grant access to senior management at the FDA and a commitment to work closely with the Company, facilitating an efficient development process. The designations are:

• Breakthrough Therapy designation for the reduction of bloodstream infections in adults undergoing allo-HSCT.
• Fast Track designation for reducing the risk of infection and graft-versus-host disease (GvHD) in adults undergoing allo-HSCT.

The FDA has supported the proposed primary endpoint for the Phase 2 study, which focuses on reducing BSIs within 30 days after transplant. Finance: draft 13-week cash view by Friday.

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).

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:

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).

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:

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:

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:

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:

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.