Seres Therapeutics (MCRB) AI Stock Analysis

• Market Cap: $81.48M
• Dividend Yield: N/A
• Average Volume (3M): 80.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.63
• Revenue Growth: 448.44%
• EPS Growth: N/A
• Country: US
• Employees: 103
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.78
• Shares Outstanding: 9,586,298
• 10 Day Avg. Volume: 45,185
• 30 Day Avg. Volume: 80,506
• PEG Ratio: -0.22
• Price to Book (P/B): 2.98
• Price to Sales (P/S): 167.07
• P/FCF Ratio: 152.39
• Enterprise Value/Market Cap: 1.40
• Enterprise Value/Revenue: 144.61
• Enterprise Value/Gross Profit: -34.12
• Enterprise Value/Ebitda: 16.34
• 1Y Price Target: $21.00
• Price Target Upside: 147.06% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -7.82
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $8.50 ▲(0.00% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is weighed down primarily by weak underlying financial performance (large ongoing operating losses, leveraged balance sheet, and limited evidence that the 2025 cash-flow improvement is durable) and bearish technical trend signals. Offsetting factors include constructive earnings-call updates on SER-155 progress and some financial stabilization, but funding dependence and lack of income-oriented support limit the overall score.

Positive Factors

Clinical progress (SER-155)

Breakthrough designation and a strong Phase Ib signal materially raise the program's clinical and regulatory probability of success. For a company reliant on a narrow pipeline, SER-155's differentiated evidence in allo-HSCT patients supports durable value creation, partner interest, and a clearer commercialization path if Phase II replicates results.

Non-dilutive funding and strategic receipts

Attracting grants and milestone/installment payments demonstrates external validation and reduces near-term dilution. Non-dilutive support and the VOWST-related installment gains improve runway and credibility with partners, making sustained R&D investment and strategic collaborations more feasible over the medium term.

Balance-sheet and cash-flow stabilization

Reduced debt and higher equity signal a structural improvement versus prior negative equity, and 2025's modest positive operating/free cash flow shows emerging cash discipline. This healthier footing expands strategic optionality for partnering or non-dilutive funding and lowers, though does not eliminate, refinancing pressure.

Negative Factors

Elevated leverage and fragile capitalization

Even after recent improvements, elevated leverage and a recent history of negative equity constrain financial flexibility. This raises refinancing and covenant risk, increases the cost of capital, and limits the company's ability to independently fund late-stage trials or absorb setbacks without dilutive financing or restrictive partner deals.

Persistent operating losses

Substantial recurring operating deficits indicate the core business has not reached sustainable profitability. Net income in 2025 was driven by non-operating items and asset sale gains, so underlying operations still require external capital, making long-term funding and execution on multiple programs uncertain without partnerships.

Funding dependence for Phase II progression

Reliance on external capital or partners to start Phase II creates execution risk and timeline uncertainty. It gives counterparties leverage on trial design, size, and commercialization terms, and any delay in securing funds could materially slow clinical advancement and reduce the strategic optionality of the lead program.

Seres Therapeutics Business Overview & Revenue Model

Company Description

Seres Therapeutics, Inc., a microbiome therapeutics platform company, engages in developing bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. The company's lead product candidate is the SER-109, an oral microbiome therapeutic candidate that has completed Phase III clinical trial for the treatment of clostridium difficile infection (CDI). It is also developing SER-155, a cultivated bacteria microbiome drug, which is Phase Ib clinical trial to reduce incidences of gastrointestinal infections, bloodstream infections, and graft versus host diseases in immunocompromised patients receiving allogeneic hematopoietic stem cell transplantation and solid organ transplants. In addition, the company engages in the development of SER-287 and SER-301 that are in Phase Ib to treat ulcerative colitis; SER-401 for patients with metastatic melanoma; and SER-262 to treat Clostridioides difficile infection. It has license and collaboration agreements with Nestec Ltd. and Memorial Sloan Kettering Cancer Center. The company was formerly known as Seres Health, Inc. and changed its name to Seres Therapeutics, Inc. in May 2015. Seres Therapeutics, Inc. was incorporated in 2010 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Seres Therapeutics’ revenues have historically been driven primarily by collaboration-related income rather than product sales. Key revenue streams have included (1) upfront payments and license fees received when entering partnering or licensing arrangements, (2) reimbursement of research and development services performed under collaboration agreements, and (3) development, regulatory, and commercial milestone payments that may become payable if agreed program objectives are achieved. Where applicable, the company may also be entitled to royalties on net sales of partnered products after commercialization. Product sales revenue: null.

Seres Therapeutics Financial Statement Overview

Summary

Financials show stabilization in 2025 (positive net income, improved equity, and slightly positive operating/free cash flow), but core operations remain deeply loss-making (EBIT/EBITDA around -$94M) and the balance sheet is still leveraged (debt-to-equity ~1.88x) after a history of weak capitalization.

Income Statement

Results remain volatile and largely loss-making on an operating basis. Annual revenue was effectively zero from 2022–2024, then returned to a small base in 2025 ($0.8M) with very high year-over-year growth off that trough. Despite the positive 2025 net income ($5.7M; ~7.2% net margin), operating profitability is still deeply negative (EBIT and EBITDA around -$94M), suggesting earnings were driven by non-operating items rather than a sustainably profitable core business.

Balance Sheet

Leverage remains a key risk, though the trajectory improved in 2025. Total debt declined to ~$83.0M from ~$91.6M in 2024, while equity increased to ~$44.2M from ~$13.8M, bringing debt-to-equity down to ~1.88x (still elevated). The company also has a history of very weak capitalization, including negative equity in 2023, which underscores balance-sheet fragility even after the recent improvement.

Cash Flow

Cash flow quality is mixed and inconsistent. After very large operating cash burn in 2022–2024 (operating cash flow of -$229M, -$117M, and -$149M), 2025 turned slightly positive (operating cash flow ~$1.1M; free cash flow ~$0.9M). However, the 2025 cash generation is small relative to the scale of operating losses, and free cash flow growth was sharply negative versus the prior year, highlighting that the improvement may not yet be durable.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	789.00K	0.00	0.00	0.00	144.93M
Gross Profit	-3.34M	-3.53M	0.00	0.00	144.93M
EBITDA	-89.84M	-120.30M	-181.42M	-170.93M	-56.72M
Net Income	5.70M	136.00K	-113.72M	-250.16M	-65.58M
Balance Sheet
Total Assets	138.19M	139.81M	358.60M	348.78M	354.86M
Cash, Cash Equivalents and Short-Term Investments	45.77M	30.79M	127.97M	181.34M	290.71M
Total Debt	82.97M	91.64M	198.78M	162.59M	49.21M
Total Liabilities	93.97M	126.03M	403.46M	338.00M	223.35M
Stockholders Equity	44.22M	13.78M	-44.86M	10.78M	131.51M
Cash Flow
Free Cash Flow	865.00K	-148.99M	-125.33M	-238.64M	-2.88M
Operating Cash Flow	1.12M	-148.61M	-117.35M	-228.82M	6.69M
Investing Cash Flow	-42.00K	142.29M	10.58M	82.43M	64.09M
Financing Cash Flow	13.90M	-90.37M	71.70M	129.60M	1.18M

Seres Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MCRB, the sentiment is Negative. The current price of 8.5 is below the 20-day moving average (MA) of 8.92, below the 50-day MA of 11.81, and below the 200-day MA of 14.69, indicating a bearish trend. The MACD of -0.72 indicates Negative momentum. The RSI at 37.00 is Neutral, neither overbought nor oversold. The STOCH value of 38.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MCRB.

Seres Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAMP	52 Neutral	$259.60M	-2.32	-162.49%	―	―	5.51%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$215.57M	-0.39	―	―	-63.96%	-28.50%
ANIX	49 Neutral	$88.85M	-9.85	-65.55%	―	―	11.78%
CGTX	47 Neutral	$94.45M	-5.34	-109.73%	―	―	50.39%
MCRB	43 Neutral	$81.48M	―	13.30%	―	448.44%	―

Seres Therapeutics Corporate Events

Seres Therapeutics Reports 2025 Results, Highlights Refocused Pipeline

Seres Therapeutics reported its fourth-quarter and full-year 2025 financial results on March 12, 2026, alongside updates on its refocused pipeline in inflammatory and immune diseases. The company posted a modest net income of $5.7 million from continuing operations in 2025, reversing a $125.8 million loss in 2024, driven by lower operating expenses, installment gains from the VOWST sale to Nestlé, and payments for transition services.

Seres highlighted progress on SER-155 and SER-603, including a fully enrolled investigator-sponsored SER-155 study in immune checkpoint inhibitor–related enterocolitis with data expected in the second quarter of 2026. The company is advancing Phase 2–ready SER-155 for preventing serious bloodstream infections in allo-HSCT patients and preparing IND-enabling work for SER-603 in inflammatory bowel disease, while actively seeking partnerships and funding to support these programs.

Cost-cutting efforts sharply reduced research and development and general and administrative expenses in 2025, reflecting a leaner operating model after divesting the VOWST business, now classified as discontinued operations. As of December 31, 2025, Seres held $45.8 million in cash and cash equivalents, including proceeds from an at-the-market equity program, and projects its current cash position will fund operations through the third quarter of 2026, underscoring the urgency of securing additional capital or strategic collaborations.

The most recent analyst rating on (MCRB) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Seres Therapeutics stock, see the MCRB Stock Forecast page.

Seres Therapeutics Announces Executive Leadership Changes and Promotions

On February 27, 2026, Seres Therapeutics’ board named director Richard N. Kender as Executive Chair and Interim CEO, effective March 2, 2026, while promoting Chief Scientific Officer Matthew Henn to President and Senior Vice President of Clinical Development Kelly Brady to Executive Vice President and Chief Operating Officer. Co-Presidents and Co-CEOs Thomas J. DesRosier and Marella Thorell stepped down from those roles on March 2 but remain as Chief Legal Officer and Chief Financial Officer, respectively, as part of a leadership reshuffle.

In connection with these changes, Seres approved new compensation and equity packages for Kender, Henn and Brady, including significant salary increases, retention or signing bonuses tied to continued service through December 31, 2026, and new stock option grants whose full vesting partly depends on shareholder approval of an expanded 2025 Incentive Award Plan. The enhanced pay, severance protections and equity awards underscore the board’s effort to stabilize and retain top leadership during an executive transition that may influence strategic direction and execution for investors and other stakeholders.

The most recent analyst rating on (MCRB) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Seres Therapeutics stock, see the MCRB Stock Forecast page.