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What were the key takeaways from Seres Therapeutics’s earnings call?

- **SER-155 Clinical Momentum**: Phase two alloHSCT trial design aligned with FDA, with interim analysis results anticipated within 12 months. Study could validate 77% risk reduction in bacterial BSIs, positioning for potential regulatory approval pathway.
- **Expanded Access Potential**: CARB-X funding for oral liquid SER-155 formulation targets critically ill patients (e.g., ICU, pediatric) unable to swallow capsules, broadening therapeutic reach and addressing unmet need in antimicrobial resistance.
- **Strategic Flexibility**: Management pursuing non-dilutive funding and partnerships to advance phase two without equity dilution, maintaining financial discipline amid capital raising efforts.
- **Market Expansion**: IREC study could unlock $30B+ ICI therapy market, addressing side effects that force treatment interruptions and hospitalizations.
- **Financial Resilience**: 25% workforce reduction extends cash runway to Q2 2026, supporting dual-track development of SER-155 and pipeline candidates.


**【CEO/CFO Opening Remarks】**
- **SER-155 Phase 2 Study Progress**: Received FDA alignment on protocol for phase two alloHSCT trial, with interim analysis results expected within 12 months of study initiation. The study aims to demonstrate a 77% relative risk reduction in bacterial BSIs observed in phase one B.
- **Cost Reduction Measures**: Implemented 25% workforce reduction, extending cash runway to Q2 2026. Focus remains on advancing SER-155 and core pipeline.
- **Financial Highlights**: Q3 2025 net income of $8.2M (vs. $51M loss in Q3 2024), driven by $27.2M gain from VAST sale. R&D expenses down 24% YoY to $12.6M, reflecting completion of phase one B study.

**【Chief Scientific Officer Commentary】**
- **CARB-X Award**: Secured $3.6M to develop oral liquid SER-155 formulation for expanded patient access, including ICU and pediatric populations. This funding underscores global recognition of SER-155’s potential to address antimicrobial resistance.
- **IREC Study Update**: Memorial Sloan Kettering trial enrolling patients with immune checkpoint inhibitor-related enterocolitis (IREC), targeting a condition affecting up to 50% of ICI therapy recipients. Early 2026 data expected on safety, pharmacokinetics, and diarrhea symptom response.

**【Q&A Highlights】**
- **Capital Needs & Partnership Strategy**: Management emphasizes phase two study is “funding-dependent,” with focus on securing non-dilutive funding and strategic partnerships to accelerate development without dilution.
- **Commercial Opportunity Validation**: IREC study could expand SER-155’s addressable market beyond alloHSCT, with potential to mitigate ICI therapy side effects and improve patient outcomes.
- **Cash Runway Confidence**: Current $47.6M cash balance supports operations through Q2 2026, with prioritization of SER-155 development and clinical trial preparation activities.


Seres Therapeutics, Inc. (MCRB) Q3 2025 Earnings Call Transcript

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