Revenue has collapsed to a nominal $358,000 per quarter, while the firm continues to absorb significant R&D overhead of $13.2 million, resulting in a persistent operating margin of -58.4%.
| 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 |
|---|
| Sales/Revenue | 1.15M | 789K | 0 | 0 | 0 | 144.93M | 33.22M | 34.51M | 28.27M | 32.1M | 21.77M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | 336.33% | -3.74% | 22.07% | -11.94% | 47.48% | - | - | - | - | - |
| Cost of Goods Sold | 606K | 4.13M | 3.53M | 0 | 0 | 0 | 90.57M | 0 | 95.95M | 89.45M | 81.99M | 728K | 10.72M | 0 | 0 |
| COGS % of Revenue | - | 523.83% | - | - | - | - | 272.68% | - | 339.46% | 278.68% | 376.68% | - | - | - | - |
| Gross Profit | 183K | -3.34M | -3.53M | 0 | 0 | 144.93M | -57.35M | 34.51M | -67.69M | -57.35M | -60.22M | -728K | -10.72M | 0 | 0 |
| Gross Margin % | 15.95% | -423.83% | - | - | - | 100% | -172.68% | 100% | -239.46% | -178.68% | -276.68% | - | - | - | - |
| Gross Profit Growth % | - | 5.32% | - | - | -100% | 352.68% | -266.22% | 150.98% | -18.02% | 4.76% | -8172.39% | 93.21% | - | - | - |
| Operating Expenses | 88.18M | 90.63M | 117.78M | 195.1M | 179.91M | 209.42M | 30.77M | 106.38M | 128.55M | 123.5M | 114.61M | 54.86M | 15.08M | 6.05M | 3.03M |
| OpEx % of Revenue | - | 11486.31% | - | - | - | 144.5% | 92.65% | 308.31% | 454.77% | 384.72% | 526.53% | - | - | - | - |
| Selling, General & Admin | 35.34M | 39.16M | 53.18M | 77.5M | 70.26M | 69.26M | 30.77M | 24.75M | 32.6M | 34.04M | 32.62M | 16.76M | 4.36M | 1.25M | 956K |
| SG&A % of Revenue | - | 4962.74% | - | - | - | 47.79% | 92.65% | 71.72% | 115.31% | 106.04% | 149.85% | - | - | - | - |
| Research & Development | 37.82M | 49.06M | 64.6M | 117.6M | 109.65M | 141.89M | 90.57M | 80.14M | 95.95M | 89.45M | 81.99M | 38.09M | 10.72M | 4.8M | 2.08M |
| R&D % of Revenue | - | 6218% | - | - | - | 97.91% | 272.68% | 232.26% | 339.46% | 278.68% | 376.68% | - | - | - | - |
| Other Operating Expenses | 1.63M | 2.41M | 0 | 0 | 0 | -1.73M | -90.57M | 1.49M | 170K | 425K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -87.64M | -93.97M | -121.31M | -195.1M | -179.91M | -64.49M | -88.13M | -71.88M | -100.28M | -91.39M | -92.84M | -54.86M | -15.08M | -6.05M | -3.03M |
| Operating Margin % | -7640.98% | -11910.14% | - | - | - | -44.5% | -265.33% | -208.31% | -354.77% | -284.72% | -426.53% | - | - | - | - |
| Operating Income Growth % | - | 22.54% | 37.82% | -8.44% | -178.97% | 26.82% | -22.61% | 28.33% | -9.73% | 1.56% | -69.24% | -263.72% | -149.21% | -99.54% | - |
| EBITDA | -83.39M | -89.84M | -115.85M | -188.85M | -173.28M | -58.55M | -79.24M | -64.27M | -92.42M | -84.14M | -88.63M | -54.13M | -14.89M | -5.96M | -3.01M |
| EBITDA Margin % | -7270.18% | -11386.31% | - | - | - | -40.4% | -238.56% | -186.27% | -326.96% | -262.11% | -407.21% | - | - | - | - |
| EBITDA Growth % | 23.59% | 22.45% | 38.66% | -8.98% | -195.98% | 26.11% | -23.28% | 30.46% | -9.85% | 5.07% | -63.75% | -263.47% | -149.7% | -98.27% | - |
| D&A (Non-Cash Add-back) | 4.25M | 4.13M | 5.47M | 6.24M | 6.63M | 5.95M | 8.89M | 7.6M | 7.86M | 7.26M | 4.21M | 728K | 190K | 88K | 25K |
| EBIT | -31.03M | -93.97M | -125.77M | -187.66M | -177.56M | -62.67M | -86.2M | -69.78M | -98.94M | -89.38M | -92.84M | -54.86M | -15.08M | -6.05M | -3.03M |
| Net Interest Income | 1.61M | 2.23M | 3.97M | -5.88M | -2.96M | -40K | -1.98M | 531K | 1.17M | 1.59M | 1.26M | 83K | 0 | 0 | 0 |
| Interest Income | 1.93M | 2.23M | 3.97M | 7.3M | 3.06M | 2.87M | 946K | 1.03M | 0 | 0 | 2.23M | 638K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 13.18M | 6.02M | 2.91M | 2.92M | 502K | 1.17M | 1.59M | 969K | 555K | 0 | 42K | 0 |
| Other Income/Expense | 40.74M | 99.67M | -4.46M | 4.97M | -3.67M | -1.08M | -997K | 1.6M | 1.34M | 2.02M | 1.26M | 76K | -1.63M | -50K | -93K |
| Pretax Income | -46.9M | 5.7M | -125.77M | -190.13M | -183.58M | -65.58M | -89.13M | -70.28M | -98.94M | -89.38M | -91.58M | -54.78M | -16.71M | -6.1M | -3.13M |
| Pretax Margin % | -4088.84% | 721.93% | - | - | - | -45.25% | -268.33% | -203.68% | -350.03% | -278.44% | -420.74% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.69% | 0% |
| 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 |
| Net Margin % | -4088.84% | 721.93% | - | - | - | -45.25% | -268.33% | -203.68% | -350.03% | -278.44% | -420.74% | - | - | - | - |
| Net Income Growth % | -164.29% | 4088.24% | 100.12% | 54.54% | -281.46% | 26.42% | -26.82% | 28.97% | -10.7% | 2.4% | -67.18% | -227.85% | -173.83% | -95.2% | - |
| Net Income (Continuing) | -46.9M | 5.7M | -125.77M | -190.13M | -183.58M | -65.58M | -89.13M | -70.28M | -98.94M | -89.38M | -91.58M | -54.78M | -16.71M | -6.1M | -3.13M |
| Discontinued Operations | 0 | 0 | 125.91M | 76.41M | -66.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.89 | 0.64 | -18.86 | -17.77 | -46.29 | -14.30 | -22.34 | -24.81 | -48.57 | -44.19 | -46.00 | -46.60 | -9.24 | -3.58 | -1.75 |
| EPS Growth % | 48.25% | 103.39% | -6.13% | 61.61% | -223.71% | 35.99% | 9.96% | 48.91% | -9.9% | 3.93% | 1.29% | -404.17% | -158% | -105.07% | - |
| EPS (Basic) | - | 0.64 | -18.86 | -17.77 | -46.29 | -14.30 | -22.34 | -24.81 | -48.57 | -44.19 | -46.00 | -46.60 | -9.24 | -3.58 | -1.75 |
| Diluted Shares Outstanding | 9.58M | 8.87M | 7.77M | 6.4M | 5.4M | 4.59M | 3.99M | 2.83M | 2.04M | 2.02M | 1.99M | 1.18M | 1.95M | 1.95M | 1.95M |
| Basic Shares Outstanding | 9.58M | 8.86M | 7.77M | 6.4M | 5.4M | 4.59M | 3.99M | 2.83M | 2.04M | 2.02M | 1.99M | 1.18M | 1.95M | 1.95M | 1.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial failure
As reported in recent financial filings, Seres Therapeutics has transitioned to a nominal revenue model, with quarterly figures hovering near $358,000, reflecting a fundamental shift away from commercial product sales toward sporadic collaboration fees following the strategic divestiture of its primary commercial asset to Nestlé Health Science.
The current revenue trajectory suggests the company has effectively exited the commercial stage, leaving it without a reliable top-line engine. Investors should interpret these minimal figures as residual service income rather than evidence of a scalable business model, as the firm now relies entirely on pipeline progression.
Based on the company's income statement data, quarterly R&D expenditures remain significant at $13.2 million, indicating that despite the divestiture of commercial rights, the firm continues to carry a heavy fixed-cost structure required to maintain its specialized bacterial consortia manufacturing and clinical development capabilities.
The persistence of these high R&D costs relative to near-zero revenue highlights the structural difficulty of maintaining a platform-based biotech firm without a commercial anchor. This expense discipline appears insufficient to preserve the remaining cash runway, suggesting that the current burn rate may necessitate further capital market intervention.
According to historical income statements, the company's reported net income has experienced extreme volatility, including a notable $88.8 million gain in 2024Q3, which appears to be a one-time accounting windfall from asset sales rather than an indicator of sustainable operational profitability or underlying earnings power.
Analysts should adjust for these non-operating gains to accurately assess the firm's true cash burn, as the headline figures mask the underlying operational losses. The reliance on such accounting events to bolster the bottom line suggests that the core business remains far from achieving self-sustaining profitability.
Based on reported figures, the company's operating losses consistently exceed $20 million per quarter, which, when measured against the $45.8 million cash position, suggests a precarious financial situation that may force management to seek dilutive financing or further asset liquidations within the next few quarters.
Short-sellers would likely focus on the mismatch between the current cash burn and the long-term clinical milestones required to generate future value. The lack of a clear path to operational cash flow break-even implies that the company's survival is contingent upon binary clinical outcomes for its remaining pipeline.
Quick answers to the most common questions about buying MCRB stock.
For fiscal year 2025, Seres Therapeutics, Inc. (MCRB) reported total revenue of $0.8M.
Seres Therapeutics, Inc. (MCRB) is profitable, generating $5.7M in net income for the fiscal year ending 2025 with a net profit margin of 721.9%.
Seres Therapeutics, Inc. (MCRB) reported an operating income of $-94.0M, resulting in an operating profit margin of -11910.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Seres Therapeutics, Inc. (MCRB) generated $-3.3M in gross profit for the year, representing a gross profit margin of -423.8%. This demonstrates the company's core pricing power and production efficiency.