Free cash flow remains consistently negative with quarterly outflows exceeding $15 million, rapidly depleting the cash position to $29.8 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -42.15M | 1.12M | -148.61M | -117.35M | -228.82M | 6.69M | -93.61M | -76.52M | -62.85M | -75.52M | 43.92M | -40.84M | -10.36M | -5.32M | -2.92M |
| Operating CF Margin % | - | 141.57% | - | - | - | 4.61% | -281.83% | -221.76% | -222.36% | -235.27% | 201.79% | - | - | - | - |
| Operating CF Growth % | 74.35% | 100.75% | -26.63% | 48.71% | -3521.29% | 107.14% | -22.33% | -21.74% | 16.78% | -271.95% | 207.53% | -294.32% | -94.66% | -81.91% | - |
| Net Income | -46.9M | 5.7M | 136K | -113.72M | -250.16M | -65.58M | -89.13M | -70.28M | -98.94M | -89.38M | -91.58M | -54.78M | -16.71M | -6.1M | -3.13M |
| Depreciation & Amortization | 3.84M | 4.13M | 5.47M | 6.24M | 6.63M | 5.95M | 6.58M | 7.6M | 7.86M | 7.26M | 4.21M | 728K | 190K | 88K | 25K |
| Stock-Based Compensation | 7.3M | 10.84M | 20.97M | 34.1M | 25.48M | 20.22M | 8.82M | 8.34M | 16.64M | 17.36M | 16.86M | 9.69M | 2.07M | 209K | 28K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103K | 0 | 0 | 0 | 7K | 1.42M | 8K | -28K |
| Other Non-Cash Items | 9.67M | 8.23M | -109.67M | 15M | 7.62M | 4.57M | 3.31M | 2.34M | -214K | -213K | -386K | 367K | 398K | 19K | 28K |
| Working Capital Changes | -16.07M | -27.78M | -65.51M | -58.98M | -18.39M | 41.53M | -23.2M | -24.63M | 11.8M | -10.55M | 114.82M | 3.14M | 2.28M | 457K | 148K |
| Change in Receivables | 2.6M | 1.55M | -2.07M | -8.67M | 0 | 9.39M | -7.6M | -1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -33.8M | -29.65M | 0 | 0 | -2.87M | -3.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 225K | -2.4M | -2.94M | -11.58M | 2.2M | 9.36M | -1.16M | -1.46M | -353K | -856K | 3.58M | 2.68M | 810K | 281K | 103K |
| Cash from Investing | -8K | -42K | 142.29M | 10.58M | 82.43M | 64.09M | -158.89M | -30.52M | 112.32M | 56.99M | -65.45M | -137.13M | -1.1M | -184K | -319K |
| Capital Expenditures | -218K | -252K | -380K | -7.97M | -9.82M | -9.57M | -591K | -1M | -1.94M | -4.68M | -21.49M | -4.36M | -1M | -174K | -292K |
| CapEx % of Revenue | 19.01% | 31.94% | - | - | - | 6.6% | 1.78% | 2.9% | 6.85% | 14.57% | 98.74% | - | - | - | - |
| Acquisitions | 210K | 210K | 0 | 0 | -92.25M | 0 | 19.9M | 29.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -13.52M | 0 | 92.25M | 0 | -19.9M | -29.52M | 114.25M | -113K | 139K | -1.4M | -102K | -10K | -27K |
| Cash from Financing | 13.15M | 13.9M | -90.37M | 71.7M | 129.6M | 1.18M | 303.42M | 86.23M | 268K | 83K | 2.14M | 137.72M | 123.99M | 944K | 9.44M |
| Debt Issued (Net) | 0 | 0 | -127.91M | 50.52M | 25.7M | -948K | 19.9M | 25M | 0 | 0 | 0 | -2.6M | 1.6M | 944K | 500K |
| Equity Issued (Net) | 12.72M | 13.9M | 23.53M | 18.16M | 101.17M | 0 | 268.64M | 61.22M | -136K | -33K | 0 | 142.99M | 123.21M | 0 | 8.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -197K | -33K | 0 | -24K | 0 | 0 | 0 |
| Other Financing | 428K | 0 | 14M | 3.03M | 2.73M | 2.13M | 14.88M | 16K | 404K | 116K | 2.14M | -2.67M | -816K | 0 | 0 |
| Net Change in Cash | -29.02M | 14.97M | -96.69M | -35.06M | -16.79M | 71.95M | 50.92M | -20.81M | 49.73M | -18.45M | -19.39M | -40.25M | 112.53M | -4.56M | 6.19M |
| Free Cash Flow | -42.37M | 865K | -148.99M | -125.33M | -238.64M | -2.88M | -94.2M | -77.52M | -64.79M | -80.2M | 22.43M | -45.21M | -11.36M | -5.5M | -3.22M |
| FCF Margin % | -3694.07% | 109.63% | - | - | - | -1.99% | -283.61% | -224.67% | -229.21% | -249.84% | 103.05% | - | - | - | - |
| FCF Growth % | 51.19% | 100.58% | -18.88% | 47.48% | -8191.77% | 96.94% | -21.52% | -19.65% | 19.21% | -457.57% | 149.62% | -297.98% | -106.72% | -70.81% | - |
| FCF per Share | -4.42 | 0.10 | -19.17 | -19.58 | -44.16 | -0.63 | -23.61 | -27.37 | -31.80 | -39.65 | 11.26 | -38.42 | -5.83 | -2.82 | -1.65 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.20x | -1092.71x | 1.03x | 0.91x | -0.10x | 1.05x | 1.09x | 0.64x | 0.84x | -0.48x | 0.75x | 0.62x | 0.87x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial statements, Seres Therapeutics exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating outside of standard ranges, suggesting that reported earnings are heavily influenced by non-cash accounting events rather than core operational cash generation.
The volatility in the OCF/NI ratio, particularly during periods of asset divestiture, indicates that net income is an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor this gap closely, as it highlights the difficulty in reconciling accounting profits with the ongoing cash burn required to sustain R&D operations.
Based on historical cash flow data, the company's free cash flow remains consistently negative, with quarterly outflows often exceeding $15 million, underscoring a structural inability to fund its clinical development pipeline through internal operations following the divestiture of its primary commercial asset to Nestlé Health Science.
The persistent negative FCF trajectory suggests that the company is in a state of continuous capital consumption. Without a clear path to commercial revenue, the reliance on external financing appears to be the primary mechanism for maintaining the current R&D burn rate.
According to quarterly cash flow filings, working capital changes have been highly erratic, with swings as large as $30 million in a single quarter, which complicates the assessment of underlying operational efficiency and masks the true cash requirements of the company's ongoing clinical trial activities.
These significant fluctuations in working capital suggest that the company's cash position is sensitive to the timing of milestone payments and vendor obligations. This volatility warrants further investigation into whether these movements represent sustainable management of payables or merely the timing of project-based clinical costs.
Based on reported figures, stock-based compensation remains a notable non-cash expense, frequently adding millions back to operating cash flow, which effectively subsidizes the company's cash burn while simultaneously diluting existing shareholders to maintain the specialized talent required for its microbiome platform.
The reliance on stock-based compensation as a primary tool for managing cash outflows suggests that the company is attempting to preserve its limited cash reserves at the expense of equity dilution. Analysts should consider this as a hidden cost of operations that is not fully captured in the headline cash burn figures.
Quick answers to the most common questions about buying MCRB stock.
Seres Therapeutics, Inc. (MCRB) generated $1.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seres Therapeutics, Inc. (MCRB) generated $0.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Seres Therapeutics, Inc. (MCRB) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.