FDA Approval PotentialMaintain BUY, raising price target to $22 based on positive feedback from the higher probability of FDA approval.
Financial OutlookSeres currently holds ~$45.4M in cash and expects ~$25M Nestle payment in 3Q25, supporting a cash runway into 2Q26.
Strategic PartnershipsFDA provided feedback on Seres' proposed Phase 2 SER-155 study in bloodstream infections, which could aid in partnership discussions.