Estados financieros detallados de Seres Therapeutics, Inc. (MCRB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Seres Therapeutics, Inc. registró ingresos de $789000 en el último ejercicio fiscal, con un CAGR de 5 años del -52.7%.
Márgenes de los últimos 12 meses: margen bruto 82.6%, margen operativo -44.6%, margen neto -11.9%.
Al precio actual de $4.21, MCRB presenta beneficios negativos (P/E no significativo) y un ROE del -60.32%. La capitalización bursátil es de $41M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $21.8M | $32.1M | $28.3M | $34.5M | $33.2M | $144.9M | 0 | 0 | 0 | $789000 |
| Coste de Ventas | $82.0M | $89.5M | $96.0M | 0 | $90.6M | 0 | 0 | $19.3M | $3.5M | $4.1M |
| Beneficio Bruto | -$60.2M | -$57.4M | -$67.7M | $34.5M | -$57.4M | $144.9M | 0 | -$19.3M | -$3.5M | -$3.3M |
| I+D | $82.0M | $89.5M | $96.0M | $80.1M | $90.6M | $141.9M | $109.7M | $117.6M | $64.6M | $49.1M |
| Generales y Administrativos | $32.6M | $34.0M | $32.6M | $24.7M | $30.8M | $69.3M | $70.3M | $77.5M | $53.2M | $39.2M |
| Gastos Operativos | $114.6M | $123.5M | $128.6M | $106.4M | $30.8M | $209.4M | $179.9M | $175.8M | $117.8M | $90.6M |
| Beneficio Operativo | -$92.8M | -$91.4M | -$100.3M | -$71.9M | -$88.1M | -$64.5M | -$179.9M | -$195.1M | -$121.3M | -$94.0M |
| EBITDA | -$88.6M | -$82.1M | -$91.1M | -$62.2M | -$77.3M | -$56.7M | -$170.9M | -$181.4M | -$120.3M | $9.8M |
| Gastos por Intereses | $969000 | $1.6M | $1.2M | $502000 | $2.9M | $2.9M | $6.0M | $13.2M | 0 | 0 |
| Beneficio Antes de Impuestos | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$183.6M | -$190.1M | -$125.8M | $5.7M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | -$146.6M | $5.7M |
| BPA | $-46.00 | $-44.19 | $-48.57 | $-24.81 | $-22.34 | $-14.30 | $-46.29 | $-17.77 | $-18.86 | $0.64 |
| BPA Diluido | $-46.00 | $-44.19 | $-48.57 | $-24.81 | $-22.34 | $-14.30 | $-46.29 | $-17.77 | $-18.86 | $0.64 |
| Acciones en Circulación (Diluidas) | $2.0M | $2.0M | $2.0M | $2.8M | $4.0M | $4.6M | $5.4M | $6.4M | $7.8M | $8.9M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $54.5M | $36.1M | $85.8M | $65.1M | $116.0M | $180.0M | $163.0M | $128.0M | $30.8M | $45.8M |
| Inversiones a Corto | $138.7M | $113.9M | 0 | $29.7M | $137.6M | $110.7M | $18.3M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $1.8M | $9.4M | 0 | 0 | 0 | $4.8M | $360000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $29.6M | 0 | 0 |
| Activos Corrientes | $198.4M | $155.1M | $92.7M | $100.2M | $268.8M | $303.6M | $194.8M | $175.4M | $38.7M | $49.4M |
| Inmovilizado Material | $36.1M | $32.9M | $26.3M | $30.9M | $22.9M | $36.1M | $134.0M | $108.0M | $92.4M | $80.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $272.6M | $189.5M | $120.5M | $132.4M | $342.9M | $354.9M | $348.8M | $358.6M | $139.8M | $138.2M |
| Cuentas por Pagar | $7.6M | $7.0M | $6.4M | $4.9M | $4.0M | $13.7M | $17.4M | $3.6M | $4.1M | $1.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $454000 | 0 | $456000 | 0 | 0 | $10.4M |
| Pasivos Corrientes | $30.5M | $31.6M | $42.0M | $46.0M | $46.4M | $82.3M | $85.6M | $98.7M | $41.2M | $19.3M |
| Deuda a Largo | 0 | 0 | 0 | $24.6M | $24.6M | $24.6M | $50.6M | $101.5M | 0 | 0 |
| Pasivos Totales | $140.0M | $128.8M | $168.5M | $180.8M | $168.2M | $223.4M | $338.0M | $403.5M | $126.0M | $94.0M |
| Reservas | -$174.2M | -$263.6M | -$389.4M | -$459.6M | -$548.8M | -$614.4M | -$864.5M | -$978.2M | -$978.1M | -$972.4M |
| Patrimonio Neto | $132.6M | $60.7M | -$48.0M | -$48.3M | $174.8M | $131.5M | $10.8M | -$44.9M | $13.8M | $44.2M |
| Deuda Total | $10.7M | $9.0M | $7.2M | $44.8M | $40.8M | $49.2M | $162.6M | $198.8M | $91.6M | $83.0M |
| Deuda Neta | -$182.5M | -$141.0M | -$78.6M | -$50.0M | -$212.8M | -$241.5M | -$18.8M | $70.8M | $60.8M | $37.2M |
| Capital Circulante | $167.9M | $123.5M | $50.6M | $54.2M | $222.4M | $221.4M | $109.2M | $76.8M | -$2.5M | $30.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | $136000 | $5.7M |
| Amortizaciones | $4.2M | $7.3M | $7.9M | $7.6M | $6.6M | $5.9M | $6.6M | $6.2M | $5.5M | $4.1M |
| Compensación en Acciones | $16.9M | $17.4M | $16.6M | $8.3M | $8.8M | $20.2M | $25.5M | $34.1M | $21.0M | $10.8M |
| Cambio en Capital Circulante | $114.8M | -$10.6M | $11.8M | -$24.6M | -$23.2M | $41.5M | -$18.4M | -$59.0M | -$65.5M | -$27.8M |
| Flujo de Caja Operativo | $43.9M | -$75.5M | -$62.9M | -$76.5M | -$93.6M | $6.7M | -$228.8M | -$117.4M | -$148.6M | $1.1M |
| Inversiones (CapEx) | -$21.5M | -$4.7M | -$1.9M | -$1.0M | -$591000 | -$9.6M | -$9.8M | -$8.0M | -$380000 | -$252000 |
| Adquisiciones | 0 | 0 | 0 | $29.5M | $19.9M | 0 | -$92.2M | 0 | 0 | $210000 |
| Recompra de Acciones | 0 | -$33000 | -$197000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $22.4M | -$80.2M | -$64.8M | -$77.5M | -$94.2M | -$2.9M | -$238.6M | -$125.3M | -$149.0M | $865000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +47.5% | -11.9% | +22.1% | -3.7% | +336.3% | -100.0% | ||||
| Crecimiento Beneficio Neto (anual) | +2.4% | -10.7% | +29.0% | -26.8% | +26.4% | -281.5% | +54.5% | -28.9% | +103.9% | |
| Crecimiento BPA (anual) | +3.9% | -9.9% | +48.9% | +10.0% | +36.0% | -223.7% | +61.6% | -6.1% | +103.4% | |
| Cambio en Acciones (anual) | +1.5% | +0.7% | +39.0% | +40.8% | +14.9% | +17.9% | +18.4% | +21.4% | +14.2% | |
| Crecimiento FCF (anual) | -457.6% | +19.2% | -19.6% | -21.5% | +96.9% | -8191.8% | +47.5% | -18.9% | +100.6% | |
| Margen Bruto | -276.7% | -178.7% | -239.5% | 100.0% | -172.7% | 100.0% | -423.8% | |||
| Margen Operativo | -426.5% | -284.7% | -354.8% | -208.3% | -265.3% | -44.5% | -11910.1% | |||
| Margen EBITDA | -407.2% | -255.8% | -322.2% | -180.2% | -232.8% | -39.1% | 1245.8% | |||
| Margen Neto | -420.7% | -278.4% | -350.0% | -203.7% | -268.3% | -45.2% | 721.9% | |||
| Margen FCF | 103.0% | -249.8% | -229.2% | -224.7% | -283.6% | -2.0% | 109.6% | |||
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $11.26 | $-39.65 | $-31.80 | $-27.37 | $-23.61 | $-0.63 | $-44.16 | $-19.58 | $-19.17 | $0.10 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.0M | $2.0M | $2.0M | $2.8M | $4.0M | $4.6M | $5.4M | $6.4M | $7.8M | $8.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -60.32% |
| Rentabilidad sobre capital invertido | -89.99% |
| Rentabilidad sobre activos | -22.11% |
| Margen bruto | 82.58% |
| Margen operativo | -4462.77% |
| Margen neto | -1192.94% |
Salud financiera
| Deuda / Patrimonio | 1.64 |
| Ratio corriente | 2.11 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -10.99 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.30 | -4.59 | -1.86 | -2.78 | -21.93 | -11.65 | -2.42 | -1.58 | -0.88 | 23.25 |
| P/VC | 2.97 | 6.76 | -3.83 | -4.04 | 11.19 | 5.81 | 56.13 | -4.00 | 9.37 | 2.98 |
| P/V | 18.12 | 12.78 | 6.52 | 5.66 | 58.85 | 5.27 | 0.00 | 0.00 | 0.00 | 167.07 |
| Margen Bruto | -276.7% | -178.7% | -239.5% | 100.0% | -172.7% | 100.0% | 0.0% | 0.0% | 0.0% | -423.8% |
| Margen Operativo | -426.5% | -284.7% | -354.8% | -208.3% | -265.3% | -44.5% | 0.0% | 0.0% | 0.0% | -11910.1% |
| Margen Neto | -420.7% | -278.4% | -350.0% | -203.7% | -268.3% | -45.2% | 0.0% | 0.0% | 0.0% | 721.9% |
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