Detailed financial statements for Seres Therapeutics, Inc. (MCRB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Seres Therapeutics, Inc. is a pioneering microbiome therapeutics firm dedicated to engineering bacterial consortia that modulate host cells and tissues to combat various diseases. Their flagship therapeutic, SER-109, an oral microbiome treatment, has successfully concluded Phase III clinical trials for the management of Clostridioides difficile infection (CDI).
Analysis Summary
Seres Therapeutics, Inc. reported revenue of $789000 in the most recent fiscal year, growing at a 5-year CAGR of -52.7%.
Trailing-twelve-month margins: gross margin 82.6%, operating margin -44.6%, net margin -11.9%.
At the current price of $4.21, MCRB has negative trailing earnings (P/E not meaningful) and an ROE of -60.32%. Market capitalisation stands at $41M.
Balance sheet quality for MCRB: current ratio of 2.6, net debt of $37.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $865000 represents 15% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.8M | $32.1M | $28.3M | $34.5M | $33.2M | $144.9M | 0 | 0 | 0 | $789000 |
| Cost of Revenue | $82.0M | $89.5M | $96.0M | 0 | $90.6M | 0 | 0 | $19.3M | $3.5M | $4.1M |
| Gross Profit | -$60.2M | -$57.4M | -$67.7M | $34.5M | -$57.4M | $144.9M | 0 | -$19.3M | -$3.5M | -$3.3M |
| Research & Development | $82.0M | $89.5M | $96.0M | $80.1M | $90.6M | $141.9M | $109.7M | $117.6M | $64.6M | $49.1M |
| Selling, General & Admin | $32.6M | $34.0M | $32.6M | $24.7M | $30.8M | $69.3M | $70.3M | $77.5M | $53.2M | $39.2M |
| Operating Expenses | $114.6M | $123.5M | $128.6M | $106.4M | $30.8M | $209.4M | $179.9M | $175.8M | $117.8M | $90.6M |
| Operating Income | -$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 |
| Interest Expense | $969000 | $1.6M | $1.2M | $502000 | $2.9M | $2.9M | $6.0M | $13.2M | 0 | 0 |
| Pre-tax Income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$183.6M | -$190.1M | -$125.8M | $5.7M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | -$146.6M | $5.7M |
| EPS | $-46.00 | $-44.19 | $-48.57 | $-24.81 | $-22.34 | $-14.30 | $-46.29 | $-17.77 | $-18.86 | $0.64 |
| EPS (Diluted) | $-46.00 | $-44.19 | $-48.57 | $-24.81 | $-22.34 | $-14.30 | $-46.29 | $-17.77 | $-18.86 | $0.64 |
| Shares Outstanding (Diluted) | $2.0M | $2.0M | $2.0M | $2.8M | $4.0M | $4.6M | $5.4M | $6.4M | $7.8M | $8.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $351000 | $438000 | $358000 | $736000 |
| Gross Profit | -$13.0M | $14.2M | -$423000 | $736000 |
| Operating Income | -$22.5M | -$19.4M | -$20.9M | -$21.3M |
| EBITDA | $9.3M | -$13.2M | -$19.1M | -$21.3M |
| Net Income | $8.2M | -$15.3M | -$19.9M | $4.6M |
| EPS | $0.94 | $-1.77 | $-2.08 | $0.49 |
| EPS (Diluted) | $0.94 | $-1.76 | $-2.08 | $0.49 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54.5M | $36.1M | $85.8M | $65.1M | $116.0M | $180.0M | $163.0M | $128.0M | $30.8M | $45.8M |
| Short-term Investments | $138.7M | $113.9M | 0 | $29.7M | $137.6M | $110.7M | $18.3M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $1.8M | $9.4M | 0 | 0 | 0 | $4.8M | $360000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $29.6M | 0 | 0 |
| Total Current Assets | $198.4M | $155.1M | $92.7M | $100.2M | $268.8M | $303.6M | $194.8M | $175.4M | $38.7M | $49.4M |
| Property, Plant & Equipment | $36.1M | $32.9M | $26.3M | $30.9M | $22.9M | $36.1M | $134.0M | $108.0M | $92.4M | $80.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $272.6M | $189.5M | $120.5M | $132.4M | $342.9M | $354.9M | $348.8M | $358.6M | $139.8M | $138.2M |
| Accounts Payable | $7.6M | $7.0M | $6.4M | $4.9M | $4.0M | $13.7M | $17.4M | $3.6M | $4.1M | $1.7M |
| Short-term Debt | 0 | 0 | 0 | 0 | $454000 | 0 | $456000 | 0 | 0 | $10.4M |
| Total Current Liabilities | $30.5M | $31.6M | $42.0M | $46.0M | $46.4M | $82.3M | $85.6M | $98.7M | $41.2M | $19.3M |
| Long-term Debt | 0 | 0 | 0 | $24.6M | $24.6M | $24.6M | $50.6M | $101.5M | 0 | 0 |
| Total Liabilities | $140.0M | $128.8M | $168.5M | $180.8M | $168.2M | $223.4M | $338.0M | $403.5M | $126.0M | $94.0M |
| Retained Earnings | -$174.2M | -$263.6M | -$389.4M | -$459.6M | -$548.8M | -$614.4M | -$864.5M | -$978.2M | -$978.1M | -$972.4M |
| Total Equity | $132.6M | $60.7M | -$48.0M | -$48.3M | $174.8M | $131.5M | $10.8M | -$44.9M | $13.8M | $44.2M |
| Total Debt | $10.7M | $9.0M | $7.2M | $44.8M | $40.8M | $49.2M | $162.6M | $198.8M | $91.6M | $83.0M |
| Net Debt | -$182.5M | -$141.0M | -$78.6M | -$50.0M | -$212.8M | -$241.5M | -$18.8M | $70.8M | $60.8M | $37.2M |
| Working Capital | $167.9M | $123.5M | $50.6M | $54.2M | $222.4M | $221.4M | $109.2M | $76.8M | -$2.5M | $30.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $47.6M | $45.8M | $29.8M | $15.6M |
| Total Assets | $143.5M | $138.2M | $117.6M | $101.6M |
| Total Liabilities | $99.8M | $94.0M | $91.1M | $67.1M |
| Total Equity | $43.7M | $44.2M | $26.5M | $34.5M |
| Total Debt | $85.3M | $83.0M | $80.5M | $56.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$91.6M | -$89.4M | -$98.9M | -$70.3M | -$89.1M | -$65.6M | -$250.2M | -$113.7M | $136000 | $5.7M |
| Depreciation & Amortization | $4.2M | $7.3M | $7.9M | $7.6M | $6.6M | $5.9M | $6.6M | $6.2M | $5.5M | $4.1M |
| Stock-based Compensation | $16.9M | $17.4M | $16.6M | $8.3M | $8.8M | $20.2M | $25.5M | $34.1M | $21.0M | $10.8M |
| Change in Working Capital | $114.8M | -$10.6M | $11.8M | -$24.6M | -$23.2M | $41.5M | -$18.4M | -$59.0M | -$65.5M | -$27.8M |
| Operating Cash Flow | $43.9M | -$75.5M | -$62.9M | -$76.5M | -$93.6M | $6.7M | -$228.8M | -$117.4M | -$148.6M | $1.1M |
| Capital Expenditure | -$21.5M | -$4.7M | -$1.9M | -$1.0M | -$591000 | -$9.6M | -$9.8M | -$8.0M | -$380000 | -$252000 |
| Acquisitions | 0 | 0 | 0 | $29.5M | $19.9M | 0 | -$92.2M | 0 | 0 | $210000 |
| Stock Repurchased | 0 | -$33000 | -$197000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $22.4M | -$80.2M | -$64.8M | -$77.5M | -$94.2M | -$2.9M | -$238.6M | -$125.3M | -$149.0M | $865000 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.2M | -$14.7M | -$16.4M | -$22.4M |
| Capital Expenditure | -$8000 | -$29000 | 0 | 0 |
| Free Cash Flow | $2.2M | -$14.7M | -$16.4M | -$22.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.5M | $3.2M | $1.8M | $1.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +47.5% | -11.9% | +22.1% | -3.7% | +336.3% | -100.0% | ||||
| Net Income Growth (YoY) | +2.4% | -10.7% | +29.0% | -26.8% | +26.4% | -281.5% | +54.5% | -28.9% | +103.9% | |
| EPS Growth (YoY) | +3.9% | -9.9% | +48.9% | +10.0% | +36.0% | -223.7% | +61.6% | -6.1% | +103.4% | |
| Shares Change (YoY) | +1.5% | +0.7% | +39.0% | +40.8% | +14.9% | +17.9% | +18.4% | +21.4% | +14.2% | |
| FCF Growth (YoY) | -457.6% | +19.2% | -19.6% | -21.5% | +96.9% | -8191.8% | +47.5% | -18.9% | +100.6% | |
| Gross Margin | -276.7% | -178.7% | -239.5% | 100.0% | -172.7% | 100.0% | -423.8% | |||
| Operating Margin | -426.5% | -284.7% | -354.8% | -208.3% | -265.3% | -44.5% | -11910.1% | |||
| EBITDA Margin | -407.2% | -255.8% | -322.2% | -180.2% | -232.8% | -39.1% | 1245.8% | |||
| Net Margin | -420.7% | -278.4% | -350.0% | -203.7% | -268.3% | -45.2% | 721.9% | |||
| FCF Margin | 103.0% | -249.8% | -229.2% | -224.7% | -283.6% | -2.0% | 109.6% | |||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $11.26 | $-39.65 | $-31.80 | $-27.37 | $-23.61 | $-0.63 | $-44.16 | $-19.58 | $-19.17 | $0.10 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $2.0M | $2.0M | $2.8M | $4.0M | $4.6M | $5.4M | $6.4M | $7.8M | $8.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -60.32% |
| Return on Invested Capital | -89.99% |
| Return on Assets | -22.11% |
| Gross Margin | 82.58% |
| Operating Margin | -4462.77% |
| Net Margin | -1192.94% |
Financial Health
| Debt / Equity | 1.64 |
| Current Ratio | 2.11 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -10.99 |
Key Ratios (10y)
| Year | 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/B | 2.97 | 6.76 | -3.83 | -4.04 | 11.19 | 5.81 | 56.13 | -4.00 | 9.37 | 2.98 |
| P/S | 18.12 | 12.78 | 6.52 | 5.66 | 58.85 | 5.27 | 0.00 | 0.00 | 0.00 | 167.07 |
| Gross Margin | -276.7% | -178.7% | -239.5% | 100.0% | -172.7% | 100.0% | 0.0% | 0.0% | 0.0% | -423.8% |
| Operating Margin | -426.5% | -284.7% | -354.8% | -208.3% | -265.3% | -44.5% | 0.0% | 0.0% | 0.0% | -11910.1% |
| Net Margin | -420.7% | -278.4% | -350.0% | -203.7% | -268.3% | -45.2% | 0.0% | 0.0% | 0.0% | 721.9% |
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Explore sector: Healthcare · Biotechnology
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