# Seres Therapeutics, Inc. (MCRB)

> Source: Nexqual · https://nexqual.com/MCRB · data as of 2026-10-23 15:17 UTC · cite as "Nexqual, Seres Therapeutics, Inc. (MCRB), nexqual.com/MCRB" · informational, not investment advice.

**Price:** USD 2.12 (-0.47% today) · US market open, as of October 23, 2026 at 15:17 UTC; quotes may be delayed. Prev close 2.13 · day 2.05–2.17 · 52w 2.02–29.98 · market cap $21.3M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.9M, net income -$22.5M (-1192.9% margin), free cash flow -$51.3M (SEC filings).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $6K; 1 not under a Rule 10b5-1 plan ($0K); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 17 (range 12–22).
- Total return with dividends: 1Y -88.0% vs S&P 500 +14.7%; 5Y -98.3% vs S&P 500 +77.4%.
- Next earnings: 2026-11-04, EPS estimate USD -1.01, revenue estimate $6.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $145M | $7.1M | $0K | $0K | $789K | $1.9M |
| Operating income | -$64.5M | -$180M | -$195M | -$121M | -$94.0M | -$84.0M |
| Net income | -$65.6M | -$250M | -$114M | $136K | $5.7M | -$22.5M |
| EPS (diluted) | -$14.40 | -$46.20 | -$17.77 | $0.00 | $0.64 | — |
| Free cash flow | -$2.9M | -$239M | -$125M | -$149M | $865K | -$51.3M |
| Operating margin | -44.5% | -2524.0% | — | — | -11910.1% | -4462.8% |
| Net margin | -45.2% | -3509.5% | — | — | 721.9% | -1192.9% |
| Revenue growth | +336.3% | -95.1% | -100.0% | — | — | — |
| Cash + short-term investments | $291M | $181M | $128M | — | — | — |
| Total debt | $24.1M | $50.0M | $110M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 11.3x · P/B 0.6x · FCF yield -240.88% · Earnings yield -105.49%
P/E at fiscal year-ends: Dec 2025 23.2x, Dec 2024 949.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Brady Kelly | See Remarks | 64 | $0K | 0.7% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Shaff Eric D. | Director | 263 | $1K | 2.1% | Yes (adopted March 2, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Henn Matthew R | See Remarks | 81 | $0K | 1% | Yes (adopted April 13, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Desrosier Thomas | See Remarks | 82 | $0K | 1% | Yes (adopted March 2, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Shaff Eric D. | Director | 259 | $2K | 2.1% | Yes (adopted March 2, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Desrosier Thomas | See Remarks | 79 | $1K | 1% | Yes (adopted March 2, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Brady Kelly | See Remarks | 59 | $0K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Henn Matthew R | See Remarks | 77 | $1K | 1% | Yes (adopted April 13, 2023) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 17 (low 12, high 22).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -88.0% | -98.3% |
| S&P 500 (SPY) | +14.7% | +77.4% |
| Per year | -88.1% | -55.5% |
| Volatility (annualized) | 96.4% | 93.0% |
| Max drawdown | -92.6% (Nov 2025→Oct 2026) | -99.0% (Nov 2021→Oct 2026) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 308.17 +0.11% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.53 -1.51% · IOVA (Iovance Biotherapeutics, Inc.) USD 13.99 -1.06% · PRAX (Praxis Precision Medicines, Inc) USD 256.77 -0.83% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.91 -2.28% · AXSM (Axsome Therapeutics, Inc.) USD 147.17 -5.70%

## More
Full page: https://nexqual.com/MCRB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-05)

- "The restructured 10-year lease is expected to materially reduce the Company's ongoing annual facility-related cash costs and long-term lease obligations. • In June, Seres entered into an amendment to its asset purchase agreement with Nestlé"
- "Health Science (Nestlé) under which Nestlé will pay Seres an aggregate $25 million (the Milestone Termination Payment), in two equal installments of $12.5 million on July 1, 2026 (which was received) and $12.5 million which is expected to be received on October 1, 2026, to buy out potential future VOWST net sales-based milestones."
- "Based on Seres' currently available cash resources, including the $12.5 million Milestone Termination Payment received from Nestlé on July 1, 2026, and the expected receipt of the remaining $12.5 million Milestone Termination Payment from Nestlé on October 1, 2026, and considering future operating plans, the Company expects to fund operations through the first quarter of 2027."
- "(6) we may not be able to realize the anticipated benefits of the VOWST sale, and may face new challenges as a smaller, less diversified company;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.00 | $-2.37 | -57.6% | $6.3M | 2 |
| Next quarter (ends 2026-12-31) | $-1.01 | $-2.33 | -56.4% | $6.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-3.52 | $-9.19 | -61.8% | $13.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $-4.95 | $-10.28 | -51.9% | $273,500 | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±144.8%; last 8 reports averaged ±5.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 294.5% | ±144.8% |
| 2027-04-16 | 175 | 207.3% | ±59.2% |