Quarterly ResultMay 5, 2026, 10:38 AM
Seres Therapeutics Reports Q1 Net Loss $(19.9)M; Raises Going Concern Doubt
AI Summary
Seres Therapeutics reported a net loss of $(19.9) million for the first quarter of 2026, a significant decline from a net income of $32.7 million in the prior year, largely due to the absence of the VOWST Business sale gain. The company's cash and cash equivalents fell to $29.8 million, leading management to conclude that substantial doubt exists regarding its ability to continue as a going concern. In response, Seres implemented cost reduction measures, including a 30% workforce reduction, and has paused further investment in its SER-155 Phase 2 study while actively seeking additional funding.
Key Highlights
- Reported a net loss of $(19.9) million for Q1 2026, compared to net income of $32.7 million in Q1 2025.
- Basic net loss per share was $(2.08) in Q1 2026, down from basic net income per share of $3.76 in Q1 2025.
- Cash and cash equivalents decreased to $29.8 million as of March 31, 2026, from $45.8 million at December 31, 2025.
- Management concluded that substantial doubt exists about the company's ability to continue as a going concern.
- Implemented cost reduction actions, including a 30% workforce reduction, incurring $914,000 in restructuring costs.
- Paused additional investment in the SER-155 Phase 2 study in allo-HSCT while seeking funding.
- Total operating expenses decreased to $21.3 million in Q1 2026 from $27.2 million in Q1 2025.
- Total revenue was $358,000 in Q1 2026, primarily from a CARB-X grant.
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