The company's capital structure appears increasingly vulnerable, evidenced by a debt-to-equity ratio of 3.04 and a total asset base that has contracted from $358.6 million in 2023Q4 to $117.6 million by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 31.84M | 49.38M | 38.67M | 175.41M | 194.76M | 303.63M | 268.78M | 100.19M | 92.67M | 155.08M | 198.37M | 207.61M | 114.24M | 1.71M | 6.25M |
| Cash & Short-Term Investments | 29.83M | 45.77M | 30.79M | 127.97M | 181.34M | 290.71M | 253.62M | 94.82M | 85.82M | 149.98M | 193.24M | 205.08M | 114.19M | 1.65M | 6.21M |
| Cash Only | 29.83M | 45.77M | 30.79M | 127.97M | 163.03M | 180M | 116.05M | 65.13M | 85.82M | 36.09M | 54.54M | 73.93M | 114.19M | 1.65M | 6.21M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 18.31M | 110.7M | 137.57M | 29.69M | 0 | 113.89M | 138.7M | 131.15M | 0 | 0 | 0 |
| Accounts Receivable | 233K | 360K | 4.75M | 0 | 0 | 0 | 9.39M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 179.16 | 166.54 | - | - | - | - | 103.15 | 18.88 | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 29.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.77M | 3.25M | 3.13M | 17.8M | 13.42M | 0 | 0 | 0 | 6.84M | 0 | 0 | 0 | 0 | 0 | 30K |
| Total Non-Current Assets | 85.78M | 88.82M | 101.14M | 183.19M | 154.02M | 51.23M | 74.16M | 32.25M | 27.81M | 34.44M | 74.28M | 9.29M | 3.1M | 420K | 266K |
| Property, Plant & Equipment | 77.08M | 80.12M | 92.44M | 108.03M | 133.97M | 36.15M | 22.94M | 30.85M | 26.29M | 32.93M | 36.13M | 7.75M | 1.26M | 352K | 266K |
| Fixed Asset Turnover | 0.01x | 0.01x | - | - | - | 4.01x | 1.45x | 1.12x | 1.08x | 0.97x | 0.60x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 26M | 8.67M | 0 | 0 | 9.59M | 495K | 49.83M | 0 | 1.4M | 1.51M | 36.75M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.7M | 31K | 8.7M | 75.16M | 10.46M | 14.59M | 1.4M | 1.4M | 113K | 0 | 1.4M | 1.54M | 1.84M | 68K | -266K |
| Total Assets | 117.62M | 138.19M | 139.81M | 358.6M | 348.78M | 354.86M | 342.94M | 132.44M | 120.47M | 189.52M | 272.65M | 216.9M | 117.34M | 2.13M | 6.54M |
| Asset Turnover | 0.01x | 0.01x | - | - | - | 0.41x | 0.10x | 0.26x | 0.23x | 0.17x | 0.08x | - | - | - | - |
| Asset Growth % | -104.55% | -1.16% | -61.01% | 2.81% | -1.71% | 3.48% | 158.94% | 9.93% | -36.43% | -30.49% | 25.7% | 84.84% | 5422.12% | -67.5% | - |
| Total Current Liabilities | 19.34M | 19.32M | 41.22M | 98.66M | 85.6M | 82.26M | 46.41M | 45.99M | 42.04M | 31.63M | 30.46M | 10.92M | 5.1M | 1.06M | 178K |
| Accounts Payable | 2.34M | 1.68M | 4.08M | 3.64M | 17.44M | 13.73M | 4.02M | 4.86M | 6.42M | 7.03M | 7.59M | 5.4M | 2.17M | 393K | 0 |
| Days Payables Outstanding | 1.19K | 148.54 | 421.53 | - | - | - | 16.19 | - | 24.4 | 28.7 | 33.78 | 2.71K | 73.76 | - | - |
| Short-Term Debt | 10.87M | 10.39M | 0 | 0 | 456K | 0 | 454K | 0 | 0 | 0 | 0 | 0 | 1.2M | 400K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 7.73M | 4.26M | 16.82M | 22.6M | 25.79M | 20.42M | 12.08M | 12.06M | 0 | 1.46M | 0 | 0 |
| Other Current Liabilities | 6.14M | 4.57M | 0 | 59.19M | 34.77M | 21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66K |
| Current Ratio | 1.65x | 2.56x | 0.94x | 1.78x | 2.28x | 3.69x | 5.79x | 2.18x | 2.20x | 4.90x | 6.51x | 19.01x | 22.39x | 1.61x | 35.08x |
| Quick Ratio | 1.65x | 2.56x | 0.94x | 1.48x | 2.28x | 3.69x | 5.79x | 2.18x | 2.20x | 4.90x | 6.51x | 19.01x | 22.39x | 1.61x | 35.08x |
| Cash Conversion Cycle | -1.01K | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 71.78M | 74.65M | 84.8M | 304.8M | 252.41M | 141.09M | 121.78M | 134.77M | 126.48M | 97.2M | 109.56M | 586K | 138.96M | 438K | 0 |
| Long-Term Debt | 69.63M | 0 | 0 | 101.54M | 50.59M | 24.64M | 24.64M | 24.65M | 0 | 0 | 0 | 0 | 1.3M | 438K | 0 |
| Capital Lease Obligations | 225.87M | 72.58M | 82.97M | 91.65M | 107.94M | 17.96M | 10.56M | 15.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.03M | -6.76M | -10.73M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.14M | 2.08M | 1.84M | 16.24M | 1.44M | 11.49M | 1M | 502K | 9.64M | 12.35M | 12.8M | 586K | 137.66M | 0 | 0 |
| Total Liabilities | 91.12M | 93.97M | 126.03M | 403.46M | 338M | 223.35M | 168.19M | 180.76M | 168.52M | 128.82M | 140.01M | 11.51M | 144.07M | 1.49M | 178K |
| Total Debt | 80.5M | 82.97M | 91.64M | 198.78M | 162.59M | 49.21M | 40.77M | 44.78M | 7.25M | 8.99M | 10.73M | 0 | 2.5M | 838K | 0 |
| Net Debt | 50.66M | 37.2M | 60.85M | 70.82M | -440K | -130.79M | -75.28M | -20.35M | -78.57M | -27.1M | -43.81M | -73.93M | -111.68M | -816K | -6.21M |
| Debt / Equity | 3.04x | 1.88x | 6.65x | - | 15.08x | 0.37x | 0.23x | - | - | 0.15x | 0.08x | - | - | 1.33x | - |
| Debt / EBITDA | -0.97x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.61x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -14.24x | -29.50x | -21.54x | -29.48x | -139.00x | -84.42x | -56.21x | -95.81x | -98.84x | - | -144.10x | - |
| Total Equity | 26.5M | 44.22M | 13.78M | -44.86M | 10.78M | 131.51M | 174.75M | -48.32M | -48.05M | 60.7M | 132.63M | 205.39M | -26.72M | 631K | 6.36M |
| Equity Growth % | 393.83% | 220.79% | 130.73% | -515.99% | -91.8% | -24.75% | 461.62% | -0.58% | -179.15% | -54.23% | -35.43% | 868.66% | -4334.71% | -90.08% | - |
| Book Value per Share | 2.77 | 4.99 | 1.77 | -7.01 | 2.00 | 28.68 | 43.80 | -17.06 | -23.58 | 30.01 | 66.57 | 174.56 | -13.72 | 0.32 | 3.27 |
| Total Shareholders' Equity | 26.5M | 44.22M | 13.78M | -44.86M | 10.78M | 131.51M | 174.75M | -48.32M | -48.05M | 60.7M | 132.63M | 205.39M | -26.72M | 631K | 6.36M |
| Common Stock | 10K | 10K | 173K | 135K | 125K | 92K | 91K | 70K | 41K | 40K | 40K | 39K | 7K | 7K | 7K |
| Retained Earnings | -992.32M | -972.4M | -978.1M | -978.24M | -864.51M | -614.35M | -548.78M | -459.65M | -389.37M | -263.57M | -174.19M | -82.61M | -27.83M | -11.12M | -4.36M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -12K | -60K | -47K | 0 | -20.3M | -146K | -149K | 30K | -137.66M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial statements, Seres Therapeutics has seen total assets decline from $358.6 million in 2023Q4 to $117.6 million by 2026Q1, reflecting a significant reduction in the firm's resource base as it pivots away from commercial operations toward a leaner, R&D-focused clinical entity.
The sharp reduction in total assets suggests that the company is rapidly consuming its capital base to fund ongoing clinical development. This trajectory indicates a narrowing margin for error, as the firm no longer possesses the asset scale required to absorb potential operational setbacks.
Based on reported figures, the company's debt-to-equity ratio has fluctuated significantly, reaching 3.04 in 2026Q1, which highlights the precarious nature of its capital structure as the firm relies on debt to bridge the gap between its current cash burn and future clinical milestones.
The high leverage relative to the shrinking equity base suggests that the company may face difficulty in securing additional non-dilutive financing. Investors should monitor whether the current debt load remains sustainable given the lack of recurring commercial revenue to service these obligations.
According to quarterly filings, the company's cash position has dwindled to $29.8 million as of 2026Q1, down from $128.0 million in 2023Q4, which indicates a rapidly tightening liquidity buffer that may necessitate further capital raises to sustain its specialized microbiome research operations.
The current ratio of 1.65 suggests that while the company maintains some short-term coverage, the absolute level of cash is insufficient to support long-term R&D requirements. This liquidity profile appears to leave the firm highly sensitive to any delays in clinical trial progress or unexpected cost overruns.
As indicated by the balance sheet data, net PPE remains a substantial portion of total assets at $77.1 million, which warrants further investigation into whether these specialized manufacturing assets retain their book value in the absence of the VOWST commercial program.
The concentration of value in specialized manufacturing infrastructure may represent a significant impairment risk if the company's pipeline fails to reach commercialization. This asset composition suggests that the firm's book value may be overstated if these facilities cannot be repurposed or utilized for future clinical programs.
Quick answers to the most common questions about buying MCRB stock.
As of 2025, Seres Therapeutics, Inc. (MCRB) had total assets of $138.2M including $49.4M in current assets.
Seres Therapeutics, Inc. (MCRB) carries total debt of $83.0M, offset by $45.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Seres Therapeutics, Inc. (MCRB) has total shareholders' equity (book value) of $44.2M ($4.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Seres Therapeutics, Inc. (MCRB) reported a current ratio of 2.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.