The SER-155 irEC data readout in the coming weeks is the primary near-term catalyst. Positive data could trigger partnership/funding discussions and extend runway. Negative data would likely accelerate cash depletion and raise going-concern risk. The stock is a binary bet on this readout — position size accordingly.
Price Chart
Executive Summary
Seres Therapeutics reported Q1 2026 financial results: net loss of $19.9M vs net income of $32.7M in Q1 2025 (which included a $50M installment payment from Nestlé). Operating expenses fell ~$6M YoY. Cash burn continues with $29.8M cash on hand, funding operations only through Q3 2026. The key catalyst is the upcoming SER-155 irEC clinical readout in the coming weeks, but the company faces a going-concern risk without additional financing.
Key Financial Metrics
Key Facts
- Net loss of $19.9M in Q1 2026 vs net income of $32.7M in Q1 2025 (prior year included $50M Nestlé installment payment)
- Cash and cash equivalents fell to $29.8M as of March 31, 2026, from $45.8M at year-end 2025
- Company expects to fund operations only through Q3 2026 — going-concern risk without new financing
- Operating expenses decreased ~$6M YoY to $21.3M, driven by completion of TSA with Nestlé
- SER-155 irEC clinical data readout expected in coming weeks — binary catalyst
- SER-155 allo-HSCT program is Phase 2 ready but requires funding to commence
- SER-603 IND-enabling activities ongoing for IBD; preclinical data presented at DDW 2026
- No revenue from product sales; only $358K in grant revenue for Q1 2026
- GAAP EPS of -$2.08 vs consensus of -$1.88 (miss of 10.6%)
Financial Impact
Cash burn of ~$16M in Q1 2026; cash runway only through Q3 2026; net loss of $19.9M
Risk Factors
- Cash runway only through Q3 2026 — significant dilution or bankruptcy risk without financing
- SER-155 irEC data readout is binary; negative results would severely impair pipeline value
- No approved products or recurring revenue; entirely dependent on clinical-stage pipeline
- Nasdaq continued listing risk (previously flagged in risk factors)
- Management transition risk with interim CEO in place
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-205009 |
| Document: d155025d8k.htm | 0001193125-26-205009 |
| Document: 0001193125-26-205009-index-headers.html | 0001193125-26-205009 |
| Document: 0001193125-26-205009-index.html | 0001193125-26-205009 |
| Document: 0001193125-26-205009.txt | 0001193125-26-205009 |
| 8-K Data (Synthetic) | 0001193125-26-205009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $1.98 | awaiting T+20 | — | $1.98 (−0.00%) |
Aug 24, 2026 9w ago | EFFECT | $4.66 $4.02 | ▲ +13.73% | ▲ +15.05% | $1.98 (+57.51%) |
Aug 5, 2026 11w ago | 8-K | $5.01 $5.54 | ▲ +10.69% | ▲ +11.29% | $1.98 (−60.44%) |
Jul 8, 2026 15w ago | 8-K | $7.14 $5.01 | ▼ −29.90% | ▼ −33.17% | $1.98 (−72.27%) |
Jun 5, 2026 20w ago | 8-K | $6.63 $7.71 | ▲ +16.29% | ▲ +14.43% | $1.98 (−70.14%) |
Jun 5, 2026 20w ago | Press Release | $6.63 $7.71 | ▲ +16.29% | ▲ +14.43% | $1.98 (−70.14%) |
May 19, 2026 23w ago | Insider Cluster | $7.66 $6.61 | ▼ −13.71% | ▼ −14.45% | $1.98 (−74.15%) |
May 5, 2026 25w ago | 8-K | $7.50 $7.33 | ▲ +2.27% | ▲ +7.22% | $1.98 (+73.60%) |
May 5, 2026 25w ago | Press Release | $7.50 $7.33 | ▲ +2.27% | ▲ +7.22% | $1.98 (+73.60%) |
May 4, 2026 25w ago | Press Release | $7.69 $7.64 | ▼ −0.65% | ▼ −6.30% | $1.98 (−74.25%) |
US Market Status
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