Seres Therapeutics

What Seres Therapeutics does

Seres Therapeutics is a clinical-stage biotechnology company developing a novel class of medicines based on rationally selected consortia of commensal bacteria (live biotherapeutics). Founded in 2012 as a Flagship Pioneering company and headquartered in Cambridge, Massachusetts, the company is publicly traded on NASDAQ under ticker MCRB. Its proprietary Live Biotherapeutics Engine integrates microbiome biomarker discovery, consortia design using a proprietary strain library, pharmacological validation, and cGMP manufacturing to produce oral bacterial consortia targeting serious diseases including bacterial bloodstream infections, antimicrobial resistant infections, and inflammatory bowel diseases.

The company's product portfolio consists of SER-155 (Phase 2-ready for preventing bloodstream infections in allogeneic hematopoietic stem cell transplant patients, with FDA Breakthrough Therapy and Fast Track designations), SER-603 (targeting ulcerative colitis, Crohn's disease, and immune checkpoint-related enterocolitis), and SER-147 (for chronic liver disease). Seres previously developed and obtained FDA approval for VOWST (fecal microbiota spores, live-brpk) in April 2023, the first-ever oral live biotherapeutic approved for prevention of recurrent C. difficile infection, but sold global rights to Nestlé Health Science in September 2024. The company has since reverted to a clinical-stage model without direct commercial operations.

Seres generates revenue primarily through milestone payments, non-dilutive grants (e.g., CARB-X funding of up to $3.6M for SER-155 liquid formulation development), and partnership arrangements. The 2026 amended agreement with Nestlé Health Science provides $25 million in two installments to buy out future VOWST milestones. Customer concentration is effectively a function of pipeline dependence on SER-155 and Nestlé as the sole commercial partner. The company serves medically vulnerable patient populations in hospital and specialty clinic settings, with future commercialization expected to be executed through partnership or licensing arrangements rather than direct sales.

Name

Seres Therapeutics

Legal name

Seres Therapeutics, Inc.

Website

https://serestherapeutics.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Seres Therapeutics is a clinical-stage biotechnology company developing orally-delivered live biotherapeutic products based on rationally selected bacterial consortia to prevent serious infections in medically vulnerable patients, including stem cell transplant recipients and those with inflammatory diseases.

Ownership category

akta.pro rank

Product category

Microbiome Therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Microbiome Manufacturing, Formulation & Delivery Technologies (encapsulation, spores, oral delivery) (HLAAAFAJ)

akta.pro secondary industries

Microbiome Clinical Development & Translational Services (trial design, endpoints, sampling) (HLAAAFAK), Transplant & Immunosuppression Specialty Pharmaceuticals (HLAIACAJ)

Keywords

• Live biotherapeutics
• Microbiome therapeutics
• Bacterial consortia therapy
• Clinical-stage biotechnology
• Oral microbiome drugs

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Others

Revenue model

1. VOWST Product Sales (Discontinued): Seres commercialized VOWST (fecal microbiota spores, live-brpk), the first FDA-approved oral live biotherapeutic for prevention of recurrent C. difficile infection, achieving commercial launch in 2023. The product rights were sold to Nestlé Health Science in September 2024 for future financial considerations including $25M in 2026 milestone buyout payments.
2. Non-Dilutive Funding (CARB-X): Seres received up to $3.6 million in non-dilutive funding from CARB-X to support development of an oral liquid formulation of SER-155 for preventing bloodstream infections in vulnerable patient populations.
3. Partnership Payments: Nestlé Health Science provides $25 million in cash payments during 2026 under an amended agreement, buying out potential future VOWST net sales milestone payments, providing near-term capital certainty.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Seres Therapeutics develops oral live biotherapeutic products composed of rationally selected consortia of commensal bacteria, designed to prevent bacterial bloodstream and antimicrobial-resistant infections in medically vulnerable patients and to treat GI-related immune diseases. The company's lead clinical asset SER-155 targets allogeneic hematopoietic stem cell transplant patients, while pipeline candidates SER-603 and SER-147 address inflammatory bowel disease and chronic liver disease, respectively. All candidates are built on Seres' proprietary Live Biotherapeutics Engine, an integrated platform for microbiome biomarker discovery, consortia design, pharmacological validation, and cGMP manufacturing.

Product overview

Seres Therapeutics is a clinical-stage biotechnology company that has developed an entirely new class of potential medicines based on rationally selected live bacterial consortia. The company's portfolio consists of VOWST (fecal microbiota spores, live-brpk), the first-ever FDA-approved oral live biotherapeutic (commercial rights sold to Nestlé Health Science in September 2024), and a pipeline of investigational live biotherapeutics including SER-155 (Phase 2-ready for preventing bloodstream infections in allo-HSCT patients), SER-603 (for ulcerative colitis, Crohn's disease, and immune checkpoint related enterocolitis), and SER-147 (for chronic liver disease). All products are built on Seres' Live Biotherapeutics Engine platform, which combines microbiome biomarker discovery, consortia design, pharmacological validation, and advanced manufacturing to create multifunctional bacterial consortia delivered as oral formulations.

Differentiator

Problem solved

Functional benefit

Products and services

• VOWST (fecal microbiota spores, live-brpk) Oral live biotherapeutic for prevention of recurrent Clostridioides difficile infection in adults; originally commercialized by Seres, with rights sold to Nestlé Health Science in September 2024.
• SER-155 Investigational oral live biotherapeutic designed to decolonize gastrointestinal pathogens, improve epithelial barrier integrity, and induce immune tolerance to prevent bacterial bloodstream and antimicrobial-resistant infections in allogeneic hematopoietic stem cell transplant (allo-HSCT) patients; Phase 1b showed significant reduction in bloodstream infections and systemic antibiotic exposure through day 100 post allo-HSCT.
• SER-603 Investigational live biotherapeutic targeting inflammatory and immune diseases including ulcerative colitis, Crohn's disease, and immune checkpoint inhibitor-related enterocolitis.
• SER-147 Investigational live biotherapeutic in development for chronic liver disease, designed to modulate the gastrointestinal microbiome to address infection-related complications in this patient population.

Quantifiable outcome

• 88% response rate in preventing infection recurrence at up to eight weeks (VOWST clinical studies)
• +2 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Nestlé Health SciencecoreStrategic or Co-development Partner · 30 September 2024Nestlé Health Science acquired global rights to VOWST from Seres Therapeutics in September 2024. In 2026, Nestlé provided $25 million in two installments (July and October 2026) to buy out potential future VOWST net sales milestone payments. Nestlé joined the Microbiome Therapeutics Innovation Group (MTIG) and is collaborating with Seres to advance microbiome-based products.
• Memorial Sloan Kettering Cancer CentercoreStrategic or Co-development PartnerStrategic research collaboration aimed at defining microbiome signatures of disease in high-risk patient populations and enabling streamlined access to patients. Memorial Sloan Kettering is conducting an investigator-sponsored trial evaluating SER-155 in patients with immune checkpoint inhibitor-related enterocolitis.
• Crohn's & Colitis Foundation (CCF)minorStrategic or Co-development PartnerPartnership focused on inflammatory bowel disease (IBD) research. CCF is a non-profit organization dedicated to finding cures for Crohn's disease and ulcerative colitis and improving quality of life for those affected.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Vedanta Biosciences: Clinical-stage microbiome therapeutics company developing defined bacterial consortia for immune-mediated diseases. Directly comparable to Seres' rationally selected consortia platform approach, with overlapping indications in IBD and infectious disease.
• MaaT Pharma: European clinical-stage microbiome therapeutics company developing standardized, full-spectrum microbiome therapies. Direct comparable to SER-155 as MaaT Pharma's lead program targets improving survival in allo-HSCT patients with GvHD — the same patient population as SER-155.
• Rebiotix (Ferring Pharmaceuticals): Developer of Rebyota, the first FDA-approved microbiome-based therapy for prevention of recurrent C. difficile infection — the same indication Seres' VOWST originally addressed. Direct competitor in the microbiome therapeutics space, now part of Ferring's broader specialty GI portfolio.
• Evelo Biosciences: Clinical-stage microbiome therapeutics company developing single-strain microbial medicines for inflammatory diseases. Direct peer in the broader microbiome therapeutics category, though facing its own pipeline and capital challenges that make it a cautionary comparable.
• Enterome: Clinical-stage biopharmaceutical company developing microbiome-derived immunotherapies, particularly in immuno-oncology and inflammatory diseases. Comparable as a peer in using microbiome science to develop novel therapeutics with similar platform-based approaches.
• Finch Therapeutics: Was a clinical-stage microbiome therapeutics company developing Full-Spectrum Microbiota therapies, including for recurrent C. difficile. Direct historical peer in microbiome therapeutics, though restructured; provides cautionary comparison on capital-intensive clinical execution.

Emerging players

• Assembly Biosciences: Clinical-stage biotechnology company developing microbiome-targeted therapies for inflammatory diseases, including ulcerative colitis — directly overlapping with Seres' SER-603 program. Comparable as a small-cap microbiome player with GI/inflammatory disease focus.
• Second Genome: Clinical-stage biotechnology company using microbiome science for drug discovery and development, including in immuno-oncology and inflammatory diseases. Comparable as a peer in platform-based microbiome therapeutic development.

Broad incumbents

• Ferring Pharmaceuticals: Specialty pharmaceutical company with established microbiome franchise (Rebyota). Relevant as a broader incumbent that acquired Rebiotix to compete in the C. diff microbiome space and represents the type of strategic acquirer/partner relevant to Seres' pipeline.
• Takeda Pharmaceutical: Global pharmaceutical company with significant GI and specialty therapeutics franchise. Relevant as a broad incumbent with the commercial scale and indication overlap (transplant, IBD, GI) to potentially partner with or acquire Seres assets, and an indirect competitor for hospital-administered specialty therapeutics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SeresTX
• Facebookfacebook.com/SeresTherapeutics
• LinkedInlinkedin.com/company/seres-tx

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds11 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seres Therapeutics