Overview

• US biotechnology firm reports Q1 net loss, compared to prior-year gain from VOWST sale

• Company's operating expenses fell about $6 mln yr/yr, while R&D costs increased

• Seres expects to fund operations through Q3 2026, seeks partnerships and capital

Outlook

• Seres expects clinical readout from SER-155 study in irEC in coming weeks

• Company expects to fund operations through Q3 2026 based on current cash position

• Seres is seeking partnerships and other capital sources to support pipeline development

Result Drivers

• HIGHER R&D COSTS - Q1 R&D expenses rose due to increased facilities and manufacturing-related costs, partially offset by lower personnel expenses

• LOWER ADMINISTRATIVE COSTS - General and administrative expenses fell, reflecting reduced personnel, professional services, and IT costs

• NO MANUFACTURING SERVICES REVENUE - Absence of manufacturing services revenue and related expenses after completion of Nestlé transition services at end of 2025

Company press release: ID:nGNXbl0f48

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Collaboration Revenue		$358,000
Q1 EPS		-$2.08
Q1 Net Income		-$19.91 mln
Q1 Operating Expenses		$21.27 mln
Q1 Operating Income		-$20.91 mln

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Seres Therapeutics Inc is $22.00, about 186.1% above its May 4 closing price of $7.69

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