The positive SER-155 irEC data is a significant pipeline catalyst that could attract partnership interest from companies with ICI franchises. Watch for partnership announcements and the second $12.5M milestone payment from Nestlé due October 1, 2026. Cash runway into Q1 2027 provides buffer, but operating burn remains high; any delay in financing could pressure the stock.
Price Chart
Executive Summary
Seres Therapeutics reported Q2 2026 results with net income of $4.6M ($0.47 EPS) vs consensus loss of -$2.07, driven by a $25M milestone payment from Nestlé for VOWST. The company also announced positive clinical data for SER-155 in immune checkpoint inhibitor-related enterocolitis (80% immunosuppressive-free response at day 15) and lease restructuring to reduce cash burn. Cash runway extended to Q1 2027, but operating loss remains significant at -$21.3M.
Key Financial Metrics
Key Facts
- Q2 2026 net income of $4.6M vs net loss of $19.9M in Q2 2025, driven by $25M gain on VOWST sale milestone
- EPS of $0.47 vs consensus -$2.07 (beat of 122.7%)
- Total revenue $736k (grant revenue only), no product revenue
- Operating loss of $21.3M, but includes $5.8M impairment charge
- SER-155 in irEC showed 80% immunosuppressive-free clinical response at day 15 in 15-patient open-label study
- Cash and equivalents of $15.6M at June 30, 2026; extended runway to Q1 2027 after $12.5M milestone receipt in July
- Lease restructuring and early termination to reduce ongoing facility costs from 2027
Financial Impact
Net income of $4.6M vs consensus loss of -$2.07 per share; one-time $25M gain from Nestlé milestone payment; $5.8M impairment charge
Risk Factors
- Clinical data based on small open-label study (15 patients); larger Phase 2 needed for regulatory discussions
- No product revenue; solely dependent on partnerships or financing for pipeline advancement
- Significant operating loss; cash burn rate remains high despite facility cost reductions
- Stock is micro-cap ($51M market cap) with low liquidity and high volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-333820 |
| Document: d124829d8k.htm | 0001193125-26-333820 |
| Document: 0001193125-26-333820-index-headers.html | 0001193125-26-333820 |
| Document: 0001193125-26-333820-index.html | 0001193125-26-333820 |
| Document: 0001193125-26-333820.txt | 0001193125-26-333820 |
| 8-K Data (Synthetic) | 0001193125-26-333820 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | — | awaiting T+20 | — | — |
Aug 24, 2026 9w ago | EFFECT | $4.66 $4.02 | ▲ +13.73% | ▲ +15.05% | $2.09 (+55.15%) |
Aug 5, 2026 11w ago | 8-K | $5.01 $5.54 | ▲ +10.69% | ▲ +11.29% | $2.09 (−58.24%) |
Jul 8, 2026 15w ago | 8-K | $7.14 $5.01 | ▼ −29.90% | ▼ −33.17% | $2.09 (−70.73%) |
Jun 5, 2026 20w ago | 8-K | $6.63 $7.71 | ▲ +16.29% | ▲ +14.43% | $2.09 (−68.48%) |
Jun 5, 2026 20w ago | Press Release | $6.63 $7.71 | ▲ +16.29% | ▲ +14.43% | $2.09 (−68.48%) |
May 19, 2026 22w ago | Insider Cluster | $7.66 $6.61 | ▼ −13.71% | ▼ −14.45% | $2.09 (−72.72%) |
May 5, 2026 24w ago | 8-K | $7.50 $7.33 | ▲ +2.27% | ▲ +7.22% | $2.09 (+72.13%) |
May 5, 2026 24w ago | Press Release | $7.50 $7.33 | ▲ +2.27% | ▲ +7.22% | $2.09 (+72.13%) |
May 4, 2026 25w ago | Press Release | $7.69 $7.64 | ▼ −0.65% | ▼ −6.30% | $2.09 (−72.82%) |
US Market Status
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