Seres Therapeutics, Inc. (MCRB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No reino de ponta da terapêutica de microbioma, a Terapeutics (MCRB) surge como inovador inovador, transformando como entendemos e tratamos distúrbios gastrointestinais complexos. Ao alavancar tecnologias avançadas de ecossistemas microbianos, esta empresa pioneira em biotecnologia está redefinindo a medicina de precisão por meio de uma abordagem revolucionária que aproveita o poder do microbioma humano. Seu modelo de negócios exclusivo combina inovação científica, parcerias estratégicas e uma missão focada em laser para desenvolver soluções terapêuticas transformadoras que possam potencialmente alterar o cenário do tratamento médico para pacientes que sofrem de desafiar as condições de saúde digestiva.

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Nestlé Health Science

Em maio de 2021, a Seres Therapeutics entrou em uma colaboração estratégica com a Nestlé Health Science for Microbiome Therapeutics. A parceria se concentra no desenvolvimento de terapêuticas de microbiomas orais para doenças gastrointestinais. Os principais detalhes financeiros incluem:

Elemento de parceria	Valor financeiro
Pagamento inicial	US $ 25 milhões
Potenciais pagamentos marcantes	Até US $ 765 milhões
Porcentagens de royalties	Royalties em camadas até meados da adolescência

Parcerias de pesquisa com centros médicos acadêmicos

Seres Therapeutics mantém acordos de pesquisa colaborativa com várias instituições acadêmicas proeminentes:

• Hospital Geral de Massachusetts
• Universidade da Califórnia, San Diego
• Escola de Medicina de Harvard

Acordos de licenciamento com instituições de pesquisa farmacêutica

A empresa estabeleceu acordos de licenciamento com várias organizações de pesquisa farmacêutica, incluindo:

Instituição	Área de foco	Tipo de contrato
Memorial Sloan Kettering Cancer Center	Pesquisa de Oncologia Microbioma	Contrato de licenciamento exclusivo
Instituto de Câncer Dana-Farber	Aplicações de microbioma de imunoterapia	Colaboração de pesquisa não exclusiva

Parcerias de fabricação

A Seres Therapeutics estabeleceu parcerias com organizações de contratos especializadas em biotecnologia:

• Soluções farmacêuticas catalentas
• Wuxi Biologics
• Lonza Group AG

Valor potencial de parceria total: aproximadamente US $ 790 milhões em colaborações atuais

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento terapêuticos baseados em microbioma

A partir do quarto trimestre de 2023, a Seres Therapeutics investiu US $ 43,2 milhões em despesas de pesquisa e desenvolvimento. A empresa se concentra no desenvolvimento de terapêuticas baseadas em microbioma, direcionando indicações específicas de doenças.

Área de pesquisa	Valor do investimento	Estágio atual
Terapêutica de microbioma	US $ 43,2 milhões	Desenvolvimento Clínico Avançado
Terapêutica de microbioma de precisão	US $ 18,7 milhões	Pesquisa pré -clínica

Projeto de ensaio clínico e execução

Atualmente, o Seres Therapeutics gerencia 7 ensaios clínicos ativos em várias áreas terapêuticas.

• Ensaios de fase 1: 2 estudos em andamento
• Ensaios de fase 2: 3 estudos ativos
• Ensaios de fase 3: 2 ensaios clínicos avançados

Plataforma proprietária do ecossistema microbiano

As plataformas Ser-287 e Ser-109 da Companhia representam os principais ativos tecnológicos com custos estimados de desenvolvimento de US $ 22,5 milhões.

Plataforma	Indicação alvo	Custo de desenvolvimento
Ser-287	Doença inflamatória intestinal	US $ 12,3 milhões
Ser-109	Infecção recorrente de C. difficile	US $ 10,2 milhões

Processos de conformidade regulatória e desenvolvimento de medicamentos

O Seres Therapeutics alocou US $ 7,6 milhões especificamente para processos regulatórios de conformidade e desenvolvimento de medicamentos em 2023.

Inovação científica em andamento na terapêutica de microbioma

A empresa mantém 15 programas de pesquisa ativos com um orçamento anual de inovação de US $ 16,4 milhões.

• Tecnologias de triagem de microbioma
• Modelagem computacional avançada
• Desenvolvimento terapêutico de precisão

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: Recursos -chave

Tecnologia avançada de engenharia de microbiomas

Seres Therapeutics desenvolveu o Plataforma terapêutica do microbioma Ser-109, que representa um recurso tecnológico essencial para a empresa.

Plataforma de tecnologia	Recursos específicos	Estágio de desenvolvimento
Ser-109	Modulação de microbioma de precisão	FDA aprovado (dezembro de 2022)
Ser-287	Tratamento inflamatório de doença intestinal	Ensaios clínicos de fase 2

Portfólio de propriedade intelectual em terapêutica de microbioma

A partir de 2024, a Seres Therapeutics mantém uma robusta estratégia de propriedade intelectual.

• Total de patentes concedidas: 84
• Aplicações de patentes pendentes: 37
• Cobertura de patentes em várias áreas terapêuticas

Equipe de pesquisa científica

A Seres Therapeutics emprega uma força de trabalho científica especializada dedicada à pesquisa de microbiomas.

Pessoal de pesquisa	Nível de qualificação	Número
Pesquisadores de doutorado	Grau avançado	47
Associados de pesquisa	Masters/Bachelor's	63

Infraestrutura de laboratório e pesquisa

Seres mantém instalações de pesquisa especializadas para o desenvolvimento de microbiomas.

• Espaço total da instalação de pesquisa: 45.000 pés quadrados
• Locais: Cambridge, Massachusetts
• Equipamento avançado de sequenciamento genômico
• Laboratórios de nível 2 de biossegurança

Desenvolvimento clínico e experiência regulatória

A empresa possui recursos significativos de desenvolvimento clínico.

Métricas de desenvolvimento clínico	2024 Status
Ensaios clínicos ativos	5
Submissões regulatórias	3
Interações FDA	12 por ano

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: proposições de valor

Soluções terapêuticas baseadas em microbiomas inovadores

Seres Therapeutics concentra -se no desenvolvimento de terapêuticas de microbiomas direcionadas a mecanismos específicos de doenças. A partir de 2024, a empresa desenvolveu:

Plataforma terapêutica	Principais características	Estágio de desenvolvimento
Ser-109	Microbioma terapêutico para infecção recorrente de Clostridioides difficile	FDA aprovado em dezembro de 2022
Ser-287	Terapêutico de microbioma para colite ulcerosa	Ensaios clínicos de fase 2

Tratamentos em potencial para distúrbios gastrointestinais complexos

Seres Therapeutics tem como alvo condições gastrointestinais específicas com intervenções precisas de microbioma:

• Infecção recorrente de C. difficile
• Colite ulcerativa
• Doença inflamatória intestinal

Abordagem de medicina de precisão

Métricas financeiras demonstrando investimento em medicina de precisão:

Categoria de pesquisa	2023 Investimento	Foco em P&D
Pesquisa de microbioma	US $ 68,4 milhões	Desenvolvimento terapêutico direcionado
Ensaios clínicos	US $ 45,2 milhões	Múltiplos estudos de mecanismo de doença

Nova plataforma terapêutica

Recursos de plataforma -chave:

• Tecnologia proprietária de engenharia de microbiomas
• Consórcios racionalmente projetados de bactérias de microbioma humano
• Aplicações em potencial em várias áreas de doenças

Estratégias de tratamento personalizadas

Métricas de personalização:

Abordagem de personalização	Tecnologia	Impacto potencial
Análise de composição do microbioma	Sequenciamento genômico avançado	Direcionamento terapêutico específico do paciente
Seleção de deformação bacteriana	Engenharia de Microbioma de Precisão	Intervenções terapêuticas personalizadas

Seres Therapeutics, Inc. (MCRB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

A partir do quarto trimestre de 2023, a terapêutica seres se envolveu com aproximadamente 287 especialistas em gastroenterologia e médicos de doenças infecciosas através de canais de comunicação médica direcionados.

Tipo de engajamento	Número de interações	Freqüência
Conferências médicas diretas	42	Trimestral
Consultas científicas individuais	156	Anualmente
Simpósios virtuais	89	Semestralmente

Comunicação científica e educação médica

A Seres Therapeutics investiu US $ 2,3 milhões em programas de educação médica durante 2023.

• Publicado 17 artigos científicos revisados ​​por pares
• Apresentou 23 pôsteres de pesquisa em conferências internacionais
• Conduzido 6 séries de webinar para profissionais de saúde

Parcerias de pesquisa colaborativa

Em 2023, os Seres mantiveram 8 colaborações ativas de pesquisa com instituições acadêmicas e farmacêuticas.

Instituição parceira	Foco na pesquisa	Valor de colaboração
Hospital Geral de Massachusetts	Terapêutica de microbioma	US $ 1,5 milhão
Escola de Medicina de Harvard	Genômica do microbioma	US $ 1,2 milhão

Programas de apoio ao paciente e de recrutamento de ensaios clínicos

As estatísticas de recrutamento de ensaios clínicos para 2023 mostraram 412 matrículas de pacientes em várias áreas terapêuticas.

• Pacientes recrutados de 37 locais clínicos
• Manteve uma taxa de retenção de pacientes de 68%
• Serviços de apoio ao paciente oferecidos no valor de US $ 780.000

Comunicação transparente sobre desenvolvimentos terapêuticos

A Seres Therapeutics emitiu 14 comunicados de imprensa e 6 comunicações de investidores em 2023, detalhando o progresso terapêutico do microbioma.

Canal de comunicação	Número de comunicações	Alcançar
Comunicados de imprensa	14	Mais de 250.000 partes interessadas
Ligações de investidores	6	Aproximadamente 175 investidores institucionais

Seres Therapeutics, Inc. (MCRB) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando médicos especializados

No quarto trimestre 2023, a Seres Therapeutics mantém uma força de vendas especializada de 27 representantes de vendas médicas focadas nos mercados terapêuticos de microbioma.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	27
Cobertura geográfica	Estados Unidos
Foco de especialização	Gastroenterologia, doenças infecciosas

Conferências científicas e simpósios médicos

Seres Therapeutics participa de 12 a 15 principais conferências médicas anualmente.

• Conferência da Associação Americana de Gastroenterologia
• Semana de Doenças Digestivas
• Conferência Internacional de Microbioma

Redes de publicação revisadas por pares

Em 2023, os Seres publicaram 7 artigos de pesquisa revisados ​​por pares em revistas científicas.

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	7
Principais periódicos	Natureza, gastroenterologia, host de células & Micróbio

Plataformas de saúde digital e portais de informações médicas

O Seres mantém o engajamento digital por meio de várias plataformas on -line com aproximadamente 45.000 interações digitais mensais.

Canal digital	Engajamento mensal
Site corporativo	22.000 visitantes únicos
Rede Profissional do LinkedIn	15.000 seguidores
Portal de informações médicas	8.000 interações

Redes de colaboração da indústria farmacêutica

Seres mantém 3 parcerias ativas em colaboração farmacêutica a partir de 2024.

• Colaboração com a Pfizer Inc.
• Parceria com a Nestec S.A.
• Aliança de Pesquisa com Novartis AG

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: segmentos de clientes

Especialistas em gastroenterologia

A partir de 2024, o Seres Therapeutics tem como alvo aproximadamente 14.500 especialistas em gastroenterologia praticantes nos Estados Unidos.

Característica do segmento	Dados estatísticos
Especialistas totais de gastroenterologia	14,500
Penetração potencial de mercado	37.2%
Potencial de tratamento anual	5.400 especialistas

Médicos de doenças infecciosas

Seres Therapeutics se concentra em 8.200 médicos de doenças infecciosas nos Estados Unidos.

• Doença infecciosa direcionada segmento médico: 8.200
• Taxa de envolvimento do mercado: 42,5%
• Potencial adoção clínica: 3.480 médicos

Organizações de pesquisa clínica

A empresa colabora com 125 organizações de pesquisa clínica globalmente.

Segmento CRO	Número
CROs globais totais	125
Parcerias de pesquisa ativa	37
Taxa de colaboração potencial de pesquisa	29.6%

Hospitais e centros médicos

Seres Therapeutics tem como alvo 2.350 hospitais e centros médicos na América do Norte.

• Total de hospitais direcionados: 2.350
• Centros Médicos Acadêmicos: 412
• Hospitais comunitários: 1.938
• Taxa de adoção institucional potencial: 24,7%

Pacientes com distúrbios gastrointestinais específicos

A empresa tem como alvo pacientes com condições gastrointestinais específicas.

Segmento de pacientes	População total
Infecção por Clostridioides difficile	500.000 pacientes anualmente
Colite ulcerativa	900.000 pacientes
Doença de Crohn	750.000 pacientes

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Seres Therapeutics registrou despesas de P&D de US $ 129,4 milhões.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 141,7 milhões	68.3%
2023	US $ 129,4 milhões	65.7%

Custos de gerenciamento de ensaios clínicos

A Seres Therapeutics investiu US $ 42,3 milhões em gerenciamento de ensaios clínicos para o ano de 2023.

• Ensaios clínicos de fase 1: US $ 12,6 milhões
• Ensaios clínicos de fase 2: US $ 18,9 milhões
• Fase 3 Ensaios Clínicos: US $ 10,8 milhões

Manutenção da propriedade intelectual

A empresa gastou US $ 3,7 milhões em manutenção da propriedade intelectual em 2023.

Categoria IP	Custo
Registro de patentes	US $ 1,9 milhão
Renovação de patentes	US $ 1,8 milhão

Investimentos de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 6,5 milhões.

• Taxas de envio da FDA: US $ 2,3 milhões
• Documentação de conformidade: US $ 2,7 milhões
• Consultoria regulatória: US $ 1,5 milhão

Aquisição e retenção de talentos científicos

Seres Therapeutics alocou US $ 22,6 milhões à gestão de talentos científicos em 2023.

Categoria de despesa	Quantia
Salários	US $ 16,4 milhões
Benefícios	US $ 4,2 milhões
Recrutamento	US $ 2,0 milhões

Seres Therapeutics, Inc. (MCRB) - Modelo de negócios: fluxos de receita

Vendas potenciais de produtos terapêuticos

A partir de 2024, a Seres Therapeutics se concentra na terapêutica dos microbiomas com potencial receita de:

• Ser-287 para colite ulcerosa: possíveis vendas comerciais
• Ser-109 para infecção recorrente de Clostridioides difficile: receita potencial de mercado

Acordos de colaboração de pesquisa

Detalhes da receita de colaboração:

Parceiro	Valor do acordo	Ano
Ciência da Saúde Nestlé	Pagamento antecipado de US $ 90 milhões	2021
Alivio Therapeutics	Termos de colaboração não divulgados	2022

Propriedade intelectual de licenciamento

Microbiome Technology Licenciamento potencial fluxos de receita:

• Licenciamento de plataforma terapêutica de microbioma
• Licenciamento de deformação bacteriana proprietária

Pagamentos de Milestone da Parceria Estratégica

Estrutura potencial de pagamento em marcos:

Tipo de marco	Faixa de pagamento potencial
Marco pré -clínico	US $ 1-5 milhões
Marco de desenvolvimento clínico	US $ 5-20 milhões
Milco de aprovação regulatória	US $ 20-50 milhões

Conceder financiamento e suporte de pesquisa

Fontes de financiamento históricas de concessão:

• Institutos Nacionais de Saúde (NIH): aproximadamente US $ 3-5 milhões anualmente
• Subsídios de pesquisa do Departamento de Defesa
• Subsídios de Pesquisa de Inovação em Pequenas Empresas (SBIR)

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Value Propositions

Seres Therapeutics, Inc. offers value propositions centered on addressing severe, life-threatening infections in medically vulnerable patient groups through novel, rationally designed live biotherapeutics.

The potential clinical impact of SER-155 is quantified by its Phase 1b placebo-controlled data in patients undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT).

Metric	SER-155 Group (Cohort 2)	Placebo Group (Cohort 2)	Value Proposition Data Point
Relative Risk Reduction in Bacterial Bloodstream Infections (BSIs)	N/A (Relative to Placebo)	N/A (Relative to Placebo)	77% relative risk reduction in BSIs through day 100 post-HSCT
Mean Days of Systemic Antibiotic Treatment	9.2 days	21.1 days	Significant reduction in systemic antibiotic exposure
Incidence of Febrile Neutropenia	65%	78.6%	Lower incidence observed
Total Subjects in ITT Population (Cohort 2)	20	14	Total N=34 for primary BSI analysis

Addressing high unmet medical needs involves targeting patient populations where current options are insufficient for preventing severe complications.

• BSIs are cited as one of the three leading causes of death in allo-HSCT patients.
• An estimated 40,000 patients worldwide undergo allogeneic stem cell transplantation annually.
• SER-155 is also being evaluated in an investigator-sponsored trial for immune checkpoint related enterocolitis (irEC).
• Pipeline evaluation includes autologous-HSCT patients, CAR-T recipients, and solid organ transplant recipients.

Expertise is demonstrated by achieving regulatory milestones and establishing a track record in the novel therapeutic class.

• SER-155 has secured Breakthrough Therapy designation from the FDA for BSI reduction in allo-HSCT adults.
• SER-155 also holds Fast Track designation for reducing infection and graft-versus-host disease (GvHD) risk in allo-HSCT patients.
• Seres Therapeutics achieved the first-ever positive pivotal clinical results for a targeted microbiome drug candidate (referencing SER-109).

The manufacturing approach provides a key differentiator for pipeline candidates like SER-155.

The company utilizes a cultivated, donor-independent manufacturing process for pipeline candidates, such as SER-155, which is grown from clonal master cell banks. This contrasts with the donor-sourced production process used for VOWST. The purification steps for earlier candidates, like SER-109, were designed to remove unwanted microbes, offering a safety net beyond donor screening alone.

Financially, Seres Therapeutics reported net income from continuing operations of $8.2 million for the third quarter of 2025. As of September 30, 2025, cash and cash equivalents stood at $47.6 million, with an expected runway through Q2 2026 based on current operating plans. The company received a $25 million installment payment from Nestlé in July 2025.

Finance: review Q3 2025 burn rate against the Q2 2026 runway projection by end of month.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Customer Relationships

You're looking at how Seres Therapeutics, Inc. (MCRB) manages its key relationships with external stakeholders, which are crucial given their cash position of $47.6 million as of September 30, 2025, providing an expected operational runway only through the second quarter of 2026.

High-touch business development with potential strategic partners

Seres Therapeutics, Inc. is definitely maintaining active, high-touch discussions with external parties to secure the necessary capital to launch the planned SER-155 Phase 2 study. The company is evaluating various deal structures, including potential business development and out-licensing arrangements, to access the resources needed for advancing SER-155 and their broader portfolio targeting inflammatory diseases. This engagement is a primary focus, as the SER-155 Phase 2 initiation is explicitly funding-dependent. To help fund development, Seres Therapeutics, Inc. did secure a non-dilutive CARB-X grant of up to $3.6 million specifically for developing a liquid formulation of SER-155. Plus, the company received a $25 million installment payment from Nestlé Health Science in July 2025 related to the prior sale of VOWST. The need for capital is pressing, so these business development efforts are front and center.

Here's a quick look at some recent financial interactions that shape these relationship needs:

Financial Event/Relationship Type	Date/Period	Amount/Status
Cash and Cash Equivalents	September 30, 2025	$47.6 million
Expected Cash Runway	As of Q3 2025 Update	Through Q2 2026
CARB-X Grant for SER-155 Formulation	Late 2025	Up to $3.6 million
VOWST Installment Payment Received	July 2025	$25 million
Workforce Reduction to Conserve Cash	Late 2025	25% of workforce

Close regulatory engagement with the FDA for SER-155 protocol

The relationship with the U.S. Food and Drug Administration (FDA) is critical for advancing SER-155, which holds both Breakthrough Therapy and Fast Track designations. Seres Therapeutics, Inc. has been in close dialogue, receiving constructive feedback from the FDA that is supporting the finalization of the SER-155 Phase 2 study protocol. This engagement is key because the study is designed to be a well-powered, placebo-controlled trial for the prevention of bloodstream infections (BSIs) in adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT). The FDA supported the primary efficacy endpoint focused on reducing infections by day 30 post-transplant. The planned Phase 2 study is designed to enroll approximately 248 participants and includes a planned interim analysis when about half of the enrolled participants reach the primary endpoint, which could allow for an expedited initial data readout within 12 months of study start, assuming funding is secured. The prior Phase 1b study demonstrated a 77% relative risk reduction in BSIs.

Direct management of clinical trial sites and investigators

Seres Therapeutics, Inc. manages its clinical trial relationships directly, focusing on executing studies that can generate value quickly. For the SER-155 program, the company is preparing to rapidly operationalize the Phase 2 study once financing is in place. Furthermore, the company is actively managing an investigator-sponsored trial (IST) in collaboration with Memorial Sloan Kettering Cancer Center. This IST evaluates SER-155 in patients with immune checkpoint related enterocolitis (irEC). Enrollment for this specific investigator-led study is anticipated to be completed by the end of 2025, with initial results expected in early 2026. The irEC patient population is significant, as this adverse event can be observed in up to 50% of patients receiving certain immune checkpoint-inhibitor therapies. The company retained personnel most critical to SER-155 preparations following a 25% workforce reduction to focus resources on these key operational relationships.

• SER-155 Phase 2 Planned Enrollment: ~248 participants.
• SER-155 Phase 1b BSI Reduction: 77% relative risk reduction versus placebo.
• irEC IST Enrollment Target Completion: End of 2025.
• SER-155 Phase 2 Interim Readout Target: Within 12 months of study start (funding dependent).

Finance: draft 13-week cash view by Friday.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Channels

You're looking at how Seres Therapeutics, Inc. gets its science and clinical progress out into the world and secures the necessary resources to keep advancing its pipeline. For a company like Seres Therapeutics, Inc., the channels aren't just about selling a product; they are about validation, funding, and clinical execution, especially with a lead candidate like SER-155 still in late-stage preparation.

Out-licensing and collaboration agreements with pharmaceutical companies

The channel here is heavily focused on strategic partnerships to fund the next big steps, like the SER-155 Phase 2 study. Seres Therapeutics, Inc. is actively engaging with multiple parties exploring various deal structures to secure capital. This is a critical channel for de-risking development costs, especially after the VOWST asset sale.

Here's a look at recent financial interactions that define this channel:

Transaction/Event	Date/Period	Amount/Value	Purpose/Context
VOWST Installment Payment Received from Nestlé Health Science	July 2025	$25 million	Capital infusion following September 2024 asset sale.
Cash and Cash Equivalents Balance	September 30, 2025	$47.6 million	Current operating capital.
Expected Cash Runway (Based on current plans)	Through	Q2 2026	Funding operations pending securing further capital for SER-155 Phase 2.
Potential Deal Structures Under Evaluation	Late 2025	Not specified	Partnerships, out-licensing deals, mergers to access capital.

The successful sale of VOWST™ in September 2024 to Nestlé Health Science, which generated capital infusions including an upfront payment, set the precedent for leveraging their first-to-market success to fund wholly-owned cultivated candidates like SER-155.

Clinical trial network for advancing SER-155 Phase 2 (planned enrollment of ~248 participants)

The clinical trial network is the primary channel for generating the data needed for regulatory approval and future commercialization. For SER-155, which has Breakthrough Therapy designation, the focus is on executing the planned Phase 2 study efficiently.

• SER-155 Phase 2 study is designed to enroll approximately 248 participants.
• The protocol incorporates an adaptive design with an interim data analysis when about half of the enrolled participants reach the primary endpoint.
• Interim clinical results are anticipated within 12 months of study initiation, provided financing is secured.
• The Phase 1b study demonstrated a 77% reduction in bacterial bloodstream infections (BSIs) compared to placebo.

The company is collaborating with Memorial Sloan Kettering Cancer Center on an investigator-sponsored trial (IST) evaluating SER-155 in patients with immune checkpoint related enterocolitis (irEC), which broadens the clinical network's reach beyond the primary allo-HSCT indication.

Scientific publications and conference presentations to key opinion leaders

Disseminating robust clinical and translational data through peer-reviewed channels and key industry forums is how Seres Therapeutics, Inc. communicates its value proposition to Key Opinion Leaders (KOLs) and the broader medical community. This builds scientific credibility, which is vital for adoption and partnership interest.

Recent and upcoming engagement points include:

• Oral presentation at IDWeek 2025 in October 2025, featuring new post-hoc analysis from the SER-155 Phase 1b study.
• Presentations at the 2025 Digestive Disease Week (DDW) Conference in May 2025, covering translational biomarker data.
• Poster presentation at the 2025 ASCO Annual Meeting in May 2025, showing data on immune reconstitution biomarkers from the SER-155 Phase 1b study.
• Presentation of SER-155 data at the 2025 Tandem Transplantation & Cellular Therapy Meetings of ASTCT and CIBMTR in February 2025.
• A Corporate Presentation was scheduled for November 2025.

The company is also exploring SER-155 use in other medically vulnerable populations, such as autologous-HSCT patients, CAR-T recipients, and solid organ transplant recipients, which expands the audience for this scientific communication channel.

Direct communication with government and non-profit grant organizations

Non-dilutive funding from government-backed or non-profit organizations serves as a crucial channel for advancing specific development milestones, particularly for antibiotic resistance-focused programs. This type of funding validates the public health relevance of the work.

The most recent example involves CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator):

• CARB-X awarded Seres Therapeutics, Inc. up to $3.6 million in additional non-dilutive funding in late 2025.
• This is the second grant received from CARB-X for the SER-155 program.
• The funds specifically support the development and manufacturing of an oral liquid formulation of SER-155.

This funding is critical for expanding patient access to SER-155 for medically vulnerable populations, such as intubated patients in the ICU, who cannot take oral capsules. The initial development of SER-155 was also supported by CARB-X, dating back to 2017.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Customer Segments

You're looking at the core groups Seres Therapeutics, Inc. (Seres) targets with its pipeline, especially as they focus on advancing SER-155 following the VOWST asset sale. It's about identifying who benefits from their science and who funds or facilitates its delivery.

Global biopharmaceutical companies seeking late-stage microbiome assets

This segment is interested in Seres' validated platform and pipeline assets like SER-155, which has already shown impressive clinical data in a high-need area. The prior success with VOWST, the first FDA-approved oral live microbiome therapeutic, validates their development track record, which is a major draw for potential partners or acquirers. Seres is actively evaluating transactions, including partnerships and out-licensing deals, to secure capital for SER-155 advancement. Financially, the company is eligible for future milestone payments tied to VOWST worldwide annual net sales targets of up to $400 million and $750 million from Nestlé Health Science. The company's Q3 2025 net income from continuing operations was $8.2 million, largely due to a $27.2 million gain on the VOWST sale, showing the financial impact of such prior deals. Seres Therapeutics reported $47.6 million in cash and cash equivalents as of September 30, 2025, with a runway projected through Q2 2026, meaning securing new capital or partnerships is a near-term priority to fully fund the next stage of development. R&D expenses for Q3 2025 were $12.6 million.

Medically vulnerable patients, specifically allo-HSCT recipients

The primary focus for the lead candidate, SER-155, is adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT) for hematological malignancies. These patients face significant risks of serious infections, which SER-155 is designed to prevent. The Phase 1b data showed a statistically significant 77% relative risk reduction in bacterial bloodstream infections compared to placebo in this group. The planned Phase 2 study for SER-155 is designed to enroll approximately 248 participants. Beyond this core group, Seres sees expansion potential into other medically vulnerable populations, including autologous-HSCT patients, CAR-T therapy recipients, and ICU patients facing similar infection risks. The broader allo-HSCT market Seres is targeting is substantial, estimated to be valued at USD 4.53 Bn in 2025 globally. The company also noted that the bacteria causing breakthrough bloodstream infections in the SER-155 trial exhibited antimicrobial resistance (AMR).

Here's a quick look at the scale of the target patient population in the key US and European markets:

Geography	Estimated Allo-HSCT Market Share (2025)	Reported Allogeneic HCT Procedures (2023)
North America	40.5%	Data not directly available for US 2025, but North America is the largest market.
Europe	Over 27.2%	20,485 allogeneic HCTs reported by 696 European centers in 2023.

Clinical investigators and transplant centers in the US and Europe

These centers are the direct users and implementers of the therapy, requiring robust clinical data and efficient trial execution. Seres is working with clinical and academic partners to advance SER-155, including an investigator-sponsored trial evaluating SER-155 in patients with immune checkpoint inhibitor-related enterocolitis (irEC), with initial results anticipated in early 2026. The company is finalizing the SER-155 Phase 2 study protocol following constructive FDA feedback, aiming for a time and capital-efficient path. The focus on allo-HSCT means targeting the 696 European centers that reported transplant activity in 2023, as well as the numerous centers in North America, which commands the largest regional share of the allogeneic transplant market. The company's R&D expenses, which cover clinical trial costs, were $12.6 million in Q3 2025.

Government and non-profit organizations funding antimicrobial resistance research

This group represents non-dilutive funding sources interested in novel approaches to combatting antimicrobial resistance (AMR). Seres' work directly addresses AMR, as evidenced by the post-hoc analysis showing breakthrough bloodstream infections in the SER-155 trial were caused by bacteria exhibiting AMR. This focus secured external support, as Seres received a CARB-X award of up to $3.6 million to support the development of an oral liquid formulation of SER-155, intended to broaden access to patients who cannot swallow capsules. The company is disciplined in managing expenses, with G&A expenses at $9.5 million in Q3 2025, but external funding like this grant is key to extending the cash runway beyond Q2 2026.

• CARB-X award amount: up to $3.6 million.
• SER-155 Phase 1b data presented at IDWeek 2025 highlighted patterns of antimicrobial resistance (AMR).
• The company is actively seeking capital to support the 248-participant Phase 2 study.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Cost Structure

You're looking at the core operating expenses for Seres Therapeutics, Inc. as of their late 2025 reporting. The company has clearly been focused on cost discipline to manage its capital position.

For the third quarter of 2025, the reported operating expenses show a deliberate reduction compared to the prior year period.

Research and development (R&D) expenses totaled $12.6 million in Q3 2025. This was down from $16.5 million in Q3 2024, with the decrease attributed to lower personnel and related costs, reduced platform investments, and a drop in clinical expenses following the completion of the SER-155 Phase 1b study.

General and administrative (G&A) expenses for the same quarter were $9.5 million, down from $12.7 million in Q3 2024. This reduction was also driven primarily by lower personnel and related expenses, including IT-related costs.

Here's a quick look at those key operating costs for the period ending September 30, 2025:

Expense Category	Q3 2025 Amount (USD)	Comparison Driver
Research and Development (R&D)	$12.6 million	Completion of SER-155 Phase 1b study
General and Administrative (G&A)	$9.5 million	Lower personnel and IT costs

Personnel costs are a significant component of the R&D and G&A lines, and Seres Therapeutics implemented a major structural change to manage this. The company announced a workforce reduction of approximately 25%, effective in August 2025, as part of efforts to reduce operating costs and extend its cash runway. The goal of these cost-saving measures, combined with current operating plans, was to extend the cash runway through the second quarter of 2026. The direct, one-time cost associated with this reduction was estimated to be cash charges between $1.0 million and $1.4 million, primarily for severance, expected to be paid in the fourth quarter of 2025.

Regarding the SER-155 Phase 2 trial, the costs are currently tied to preparatory activities, as the study's initiation is explicitly dependent on securing additional capital. The company is finalizing the protocol following constructive FDA feedback, but the commencement of clinical execution remains funding-contingent. The planned Phase 2 study is designed as a 248-person, placebo-controlled trial. The company did receive a non-dilutive grant from CARB-X of up to $3.6 million to support the development of an oral liquid formulation of SER-155, which helps offset some development costs.

The overall cost management strategy is reflected in these key actions:

• Workforce reduction of approximately 25%.
• Anticipated severance cash charges of $1.0 million to $1.4 million in Q4 2025.
• Reduction in clinical expenses due to completion of the SER-155 Phase 1b study.
• Secured non-dilutive funding of up to $3.6 million from CARB-X.

Finance: draft 13-week cash view by Friday.

Seres Therapeutics, Inc. (MCRB) - Canvas Business Model: Revenue Streams

You're looking at Seres Therapeutics, Inc. (MCRB)'s revenue streams as of late 2025, which are heavily weighted toward non-recurring asset sale proceeds and non-dilutive grant funding while the core focus is on advancing SER-155 through partnerships.

The most immediate cash flow is derived from the prior VOWST asset sale to Nestlé Health Science. You saw the expected installment payment hit the books in the third quarter.

The Q3 2025 net income from continuing operations of $8.2 million was primarily driven by a $27.2 million gain on the sale of VOWST, which resulted from the $25 million installment payment received from Nestlé in July 2025. This payment was contingent on Seres Therapeutics, Inc. fulfilling its transition obligations. The total expected payments from this transaction are structured as follows:

Payment Type	Amount Received/Expected	Timing/Condition
January 2025 Installment	$50 million	Received January 2025
July 2025 Installment	$25 million (less up to ~$1.5M in obligations)	Received July 2025
Future Milestones (VOWST Sales)	Up to $275 million total	Based on worldwide net sales targets

Grant revenue provides crucial, non-dilutive funding to support pipeline development, specifically for SER-155. For the third quarter of 2025, Seres Therapeutics, Inc. reported grant revenue of $0.35 million. This is separate from the total potential award from CARB-X.

• Total potential non-dilutive funding from CARB-X for the oral liquid formulation of SER-155 is up to $3.6 million.
• The Q3 2025 grant revenue of $0.35 million was recognized within the period.

For the lead pipeline asset, SER-155, the revenue model is centered on securing external capital to fund the planned Phase 2 study, which requires approximately 248 participants. Seres Therapeutics, Inc. is actively engaging with multiple parties regarding deal structures, including partnerships and out-licensing, to secure the necessary capital. The goal is to leverage Seres Therapeutics, Inc.'s expertise and track record of bringing a live biotherapeutic product to market. You'll want to watch for announcements on these strategic partnership discussions, as securing an upfront payment or milestone structure here would be a significant revenue event to fund the next clinical stage.