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Common Stock and Stock-Based Awards - Summary of Restricted Stock Unit Activity (Details) - RSU and PSU [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested restricted stock units, Beginning balance \| shares	24,150
Number of Shares, Granted \| shares	173,385
Number of Shares, Vested \| shares	(6,426)
Number of Shares, Forfeited \| shares	(5,989)
Number of Shares, Unvested restricted stock units, Ending balance \| shares	185,120
Weighted Average Grant Date Fair Value, Unvested restricted stock units, Beginning balance \| $ / shares	$ 57.31
Weighted Average Grant Date Fair Value, Granted \| $ / shares	8.74
Weighted Average Grant Date Fair Value, Vested \| $ / shares	69.71
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	11.35
Weighted Average Grant Date Fair Value, Unvested restricted stock units, Ending balance \| $ / shares	$ 12.87

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,913)	$ 32,682

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (19,913)	$ 32,682
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Stock-based compensation expense	1,766	2,819
Depreciation and amortization expense	781	1,076
Non-cash operating lease cost	2,255	2,045
Changes in operating assets and liabilities:
Accounts receivable due from SPN - related party	360	(693)
Accounts receivable	(76)	0
Prepaid expenses and other current and other non-current assets	1,323	1,345
Accounts payable	656	(1,966)
Accrued liabilities due to SPN - related party	0	(3,864)
Operating lease liabilities	(2,467)	(2,092)
Accrued expenses and other current and long-term liabilities	(1,045)	(4,442)
Net cash (used in) provided by operating activities	(16,360)	26,910
Cash flows from investing activities:
Purchases of property and equipment	0	(34)
Net cash (used in) investing activities	0	(34)
Cash flows from financing activities:
Proceeds from at the market equity offering, net of issuance costs	400	996
Issuance of common stock under ESPP	28	184
Net cash provided by financing activities	428	1,180
Net (decrease) increase in cash, cash equivalents, and restricted cash	(15,932)	28,056
Cash, cash equivalents and restricted cash at beginning of period	54,434	39,461
Cash, cash equivalents and restricted cash at end of period	38,502	67,517
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued expenses	$ 0	$ 55

Common Stock and Stock-Based Awards - Restricted Stock Units - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,766	$ 2,819
Service Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of stock options	$ 8.74
Stock-based compensation expense		$ 218
Number of shares granted	173,385	173,385	11,250
Stock option granted vesting period		4 years
Service Based Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted vesting period		1 year
Vesting rights percentage		25.00%
Service Based Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted vesting period		3 years
Vesting rights percentage		75.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Laboratory equipment	$	23,852		$	23,852
Computer equipment		4,058			4,058
Furniture and office equipment		4,523			4,523
Leasehold improvements		30,954			30,954
Construction in progress		861			861
		64,248			64,248
Less: Accumulated depreciation and amortization		(57,394	)		(56,613	)
	$	6,854		$	7,635

Depreciation and amortization expense was $781 and $1,076 for the three months ended March 31, 2026 and 2025 respectively. The Company did not dispose of any assets during the three months ended March 31, 2026 or 2025.

Discontinued Operations and TSA (Tables)

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Summary of Accrued Liabilities of Continuing Operations

These contingent liabilities are presented as Accrued Liabilities due to SPN - related party from continuing operations on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 and consist of the following (in thousands):


	March 31,		December 31,
	2026		2025
Profit Sharing Payments	$	1,701	$	1,701
Royalties associated with the MSK Agreement		1,309		1,309
VOWST post-marketing safety surveillance study costs		268		268
Total accrued liabilities due to SPN - related party	$	3,278	$	3,278

Net (Loss) Income per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders

Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Basic Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - basic	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221
Net (loss) income per share attributable to common stockholders - basic	$	(2.08	)	$	3.76

Diluted Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - diluted	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221

Dilutive impact from:
Stock options to purchase common stock		—			—
Unvested restricted stock units		—			10,364
Shares issuable under employee stock purchase plan		—			1,116
Weighted-average shares outstanding - diluted		9,582,533			8,714,701
Net (loss) income per share applicable to common stockholders - diluted	$	(2.08	)	$	3.75
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Stock options to purchase common stock		1,642,883			1,244,484
Unvested restricted stock units		185,120			76,477
Shares issuable under employee stock purchase plan		885			4,229
Warrants to purchase common stock		32,379			32,379

Leases - Schedule of Future Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remaining 9 months)	$ 15,000
2027	20,582
2028	20,863
2029	20,132
2030	11,545
2031 and thereafter	25,317
Total future minimum lease payments	113,439
Less: interest	(32,940)
Present value of operating lease liabilities	$ 80,499	$ 82,966

Discontinued Operations and TSA Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

Jan. 31, 2025

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other (expense) income, net

^[1]

$ 669

$ 7,119

Manufacturing Services

3,527

Installment payment

$ 50,000

Accounts receivable due from SPN - related party

$ 360

Transition Services Agreement [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other (expense) income, net

6,309

Manufacturing Services

3,527

Transition Services Agreement [Member] | Passthrough Expenses [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other (expense) income, net

2,248

Transition Services Agreement [Member] | NESA [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Billed Contracts Receivable

7,403

Related party partial payments

360

56,709

VOWST Business [Member] | Transition Services Agreement [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale, pre-tax

$ 0

$ 2,181

[1]	Includes $0 and $6,309 for the three months ended March 31, 2026 and 2025 related to reimbursement received from SPN (related party) for transition services provided by the Company.

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Leased Assets [Line Items]
Existence of option to extend	true
Option to extend, description	Certain leases include one or more options to renew, exercisable at the Company’s sole discretion, with renewal terms that can extend the lease from approximately one year to ten years.
Leases Payments	$ 4,982	$ 4,878
Weighted average remaining lease term	5 years 10 months 2 days	6 years 8 months 23 days
Weighted average incremental borrowing rate	13.00%	13.00%
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease, remaining term	7 years
Lease renewal term (in years)	10 years
Minimum [Member]
Operating Leased Assets [Line Items]
Operating lease, remaining term	3 years
Lease renewal term (in years)	1 year

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 64,248	$ 64,248
Less: Accumulated depreciation and amortization	(57,394)	(56,613)
Property and equipment, net	6,854	7,635
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,852	23,852
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,058	4,058
Furniture and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,523	4,523
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,954	30,954
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 861	$ 861

Discontinued Operations and TSA - Summary of Accrued Liabilities from Continuing Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
Profit Sharing Payments	$ 1,701	$ 1,701
Royalties associated with the MSK Agreement	1,309	1,309
VOWST post-marketing safety surveillance study costs	268	268
Total accrued liabilities due to SPN	$ 3,278	$ 3,278

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Feb. 12, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Nature Of Business And Basis Of Presentation [Line Items]
Entity incorporated month and year		2010-10
Restructuring and related cost, number of positions eliminated, period percent	30.00%
Restructuring costs		$ 914
Severance costs		$ 718
Entity incorporation, state or country code		DE
Net Income (Loss)		$ (19,913)	$ 32,682
Accumulated deficit		(992,316)		$ (972,403)
Cash and cash equivalents		$ 29,834		45,766
CARB-X [Member] \| Maximum [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Grant Received for Clinical Development				$ 3,583

Leases - Summary of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Operating lease assets	$ 70,228	$ 72,483
Liabilities:
Operating lease liabilities	10,865	10,390
Operating lease liabilities, net of current portion	69,634	72,576
Total operating lease liabilities	$ 80,499	$ 82,966

Common Stock and Stock-Based Awards - Stock Options - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of stock options granted	$ 8.78
Weighted average grant-date fair value of stock options	$ 7.79	$ 13.74
Number of stock options granted	586,605
Stock-based compensation expense	$ 1,766	$ 2,819
Employee Stock Option Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			127,500
Stock-based compensation expense	$ 166	$ 73
Employees Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of stock options granted			$ 22
Expiration period of stock options granted			10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock and Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2025:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding as of December 31, 2025		1,124,208		$	68.07		7.17	$	228
Granted		586,605		$	8.78
Exercised		—		$	—
Forfeited		(67,930	)	$	96.24
Outstanding as of March 31, 2026		1,642,883		$	45.73		7.94	$	144
Vested or expected to vest as of March 31, 2026		1,642,883		$	45.73		7.94	$	144
Options exercisable as of March 31, 2026		590,227		$	103.95		5.53	$	—

Summary of Restricted and Performance Stock Unit Activity

The following table summarizes the Company’s RSU and PSU activity since December 31, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock units as of December 31, 2025		24,150		$	57.31
Granted		173,385		$	8.74
Vested		(6,426	)	$	69.71
Forfeited		(5,989	)	$	11.35
Unvested restricted stock units as of March 31, 2026		185,120		$	12.87

Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive (loss) income (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	725	$	1,330
General and administrative expenses		1,041		1,489
	$	1,766	$	2,819

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash were comprised of the following (in thousands):


	March 31,		December 31,
	2026		2025
Cash and cash equivalents	$	29,834	$	45,766
Restricted cash, non-current		8,668		8,668
Total cash, cash equivalents and restricted cash	$	38,502	$	54,434

Recently Adopted Accounting Pronouncements

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers - Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which applies to all entities that enter into non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. The guidance in ASU 2025-07 expands the scope exceptions within ASC Topic 815, Derivatives and Hedging, to include certain nonexchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract, including research and development funding arrangements. The Company early adopted ASU 2025-07 effective January 1, 2026, and will account for the new ASU on a prospective basis to any new contracts entered into after the effective date. The adoption of ASU 2025-07 did not have a material impact on the Company's condensed consolidated financial statements or financial statement disclosures.

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Clinical and development costs	$ 332	$ 246
Manufacturing and quality costs	49	145
Payroll and employee-related costs	1,838	2,685
Facility and other	644	896
Total accrued expenses and other current liabilities	$ 2,863	$ 3,972

Net (Loss) Income per Share - Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net Income (Loss)	$ (19,913)	$ 32,682
Net (loss) income attributable to common stockholders - basic	$ (19,913)	$ 32,682
Denominator:
Weighted-average shares outstanding - basic	9,582,533	8,703,221
Net (loss) income per share attributable to common stockholders - basic	$ (2.08)	$ 3.76
Numerator:
Net (loss) income	$ (19,913)	$ 32,682
Net (loss) income attributable to common stockholders - diluted	$ (19,913)	$ 32,682
Denominator:
Weighted-average shares outstanding - basic	9,582,533	8,703,221
Dilutive impact from:
Stock options to purchase common stock	0	0
Unvested restricted stock units	0	10,364
Shares issuable under employee stock purchase plan	0	1,116
Weighted-average shares outstanding - diluted	9,582,533	8,714,701
Net (loss) income per share applicable to common stockholders - diluted	$ (2.08)	$ 3.75
Employees Stock Option [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net (loss) income per share
Anti-dilutive potential common stock equivalents excluded from the calculation of net loss per share:	1,642,883	1,244,484
Unvested Restricted Stock Units [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net (loss) income per share
Anti-dilutive potential common stock equivalents excluded from the calculation of net loss per share:	185,120	76,477
Shares Issuable under employee stock purchase plan [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net (loss) income per share
Anti-dilutive potential common stock equivalents excluded from the calculation of net loss per share:	885	4,229
Shares Issuable under employee stock purchase plan [Member] \| Warrants [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net (loss) income per share
Anti-dilutive potential common stock equivalents excluded from the calculation of net loss per share:	32,379	32,379

Common Stock and Stock-Based Awards

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock and Stock-Based Awards

7. Common Stock and Stock-Based Awards

On April 10, 2025, at the Company's 2025 annual meeting of stockholders (the “2025 Annual Meeting”), stockholders approved an amendment to the Company’s Restated Certificate of Incorporation in order to effect a reverse stock split of all outstanding shares of the Company's common stock. On April 21, 2025, the Company effected a 1-for-20 reverse stock split of its common stock. The reverse stock split had no impact on the number of authorized shares or the par value of preferred and common stock. As of the effective time of the reverse stock split, the number of shares of common stock issuable upon exercise, vesting or settlement of outstanding awards, the exercise price of all outstanding options and any stock price vesting goals with respect to any outstanding awards under the Company’s equity plans (including the 2025 Plan, as defined below) was proportionately adjusted (and rounded down to the nearest whole share in the case of shares and up to the nearest whole cent in the case of exercise prices, as applicable) based on the 1-for-20 ratio. In addition, the number of shares available for future issuance and any share‑based award limits under the Company’s equity plans were proportionately reduced based on the 1-for-20 ratio. Trading of the Company's common stock on The Nasdaq Global Select Market commenced on a split-adjusted basis on April 22, 2025.

Additionally, at the 2025 Annual Meeting, stockholders approved the Seres Therapeutics, Inc. 2025 Incentive Award Plan (the “2025 Plan”) as an amendment and restatement of the Seres Therapeutics, Inc. 2015 Incentive Award Plan (the “2015 Plan”). The amendment, among other things, authorized the issuance of 2,230,243 shares of the Company’s common stock for awards under the 2025 Plan, which includes 1,750,493 shares previously authorized for issuance under the 2015 Plan plus an increase of 479,750 shares (in each case, which amounts reflect the 1-for-20 reverse stock split), and extended the term of the 2025 Plan to March 3, 2035, the tenth anniversary of the approval of the 2025 Plan by the Company’s board of directors.

On May 21, 2021, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) to sell shares of the Company’s common stock, with aggregate gross sales proceeds of up to $150,000, from time to time, through an “at the market” equity offering program (“ATM”) under which Cowen acts as sales agent. During the three months ended March 31, 2026, the Company sold 25,796 shares of common stock under the Sales Agreement, at an average price of approximately $15.90 per share, raising aggregate net proceeds of approximately $400 after deducting an aggregate commission of approximately 3% and other issuance costs. During the three months ended March 31, 2025, the Company sold 54,806 shares of common stock under

the Sales Agreement, at an average price of approximately $18.60 per share, raising aggregate net proceeds of approximately $996 after deducting an aggregate commission of approximately 3% and other issuance costs.

Stock Options

The following table summarizes the Company’s stock option activity since December 31, 2025:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding as of December 31, 2025		1,124,208		$	68.07		7.17	$	228
Granted		586,605		$	8.78
Exercised		—		$	—
Forfeited		(67,930	)	$	96.24
Outstanding as of March 31, 2026		1,642,883		$	45.73		7.94	$	144
Vested or expected to vest as of March 31, 2026		1,642,883		$	45.73		7.94	$	144
Options exercisable as of March 31, 2026		590,227		$	103.95		5.53	$	—

The weighted average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $7.79 and $13.74 per share, respectively.

During 2024, the Company granted stock options to certain executives for the purchase of an aggregate of 127,500 shares of common stock. These awards will vest only to the extent that the 30-day trailing simple average public market closing price of the Company's common stock reaches certain price thresholds. These awards have an exercise price of $22.00 and vest and become exercisable when the market conditions are satisfied or, if later, on the first anniversary of the grant date. These awards expire 10 years from the date of grant. The fair value of these market-based stock options was estimated using a Monte Carlo valuation method. During the three months ended March 31, 2026 and 2025, the Company recognized $166 and $73, respectively, of compensation expense related to these awards.

Restricted Stock Units

The Company has granted restricted stock units with service-based vesting conditions (“RSUs”) and restricted stock units with performance-based vesting conditions (“PSUs”). RSUs and PSUs represent the right to receive shares of common stock upon meeting specified vesting requirements. Restricted stock units may not be sold or transferred by the holder and vest according to the vesting conditions of each award. RSUs generally vest over four years, with 25% vesting after one year, and the remaining 75% vesting quarterly over the next 3 years, subject to continued service to the Company through the applicable vesting date. PSUs vest according to the performance requirements of the awards, generally when the Company has determined that the specified performance targets have been achieved.

The following table summarizes the Company’s RSU and PSU activity since December 31, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock units as of December 31, 2025		24,150		$	57.31
Granted		173,385		$	8.74
Vested		(6,426	)	$	69.71
Forfeited		(5,989	)	$	11.35
Unvested restricted stock units as of March 31, 2026		185,120		$	12.87

During the three months ended March 31, 2026 and 2025, the Company granted 173,385 and 11,250 RSUs, respectively. During the three months ended March 31, 2026 and 2025, the Company did not grant any PSUs.

In February 2026, the Company issued retention awards to non-executive employees of the Company in the form of RSUs covering 173,385 shares of common stock with a grant date fair value of $8.74 per share. The retention RSUs will become fully vested on September 30, 2026 subject to the employee's continued employment with the Company through such date. The compensation

expense associated with these awards will be recognized ratably over the vesting period. For the three months ended March 31, 2026, the Company recognized $218 in compensation expense with respect to the retention RSUs.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive (loss) income (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	725	$	1,330
General and administrative expenses		1,041		1,489
	$	1,766	$	2,819

Common Stock and Stock-Based Awards - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 10, 2025 shares	May 21, 2021 USD ($)	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Stockholders equity note stock split, conversion ratio	20
2025 Incentive Award Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares authorized for issuance under Incentive Award Plan	2,230,243
Number of additional shares authorized for issuance under Incentive Award Plan	479,750
2015 Incentive Award Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares authorized for issuance under Incentive Award Plan	1,750,493
At The Market Equity Offering Program [Member] \| 2021 Sales Agreement [Member] \| Cowen And Company, LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from sale of common stock \| $		$ 150,000,000
Common stock, shares issued			25,796	54,806
Common stock, average share price \| $ / shares			$ 15.9	$ 18.6
Proceeds from issuance of common stock \| $			$ 400	$ 996
Percentage of commission on sale of common stock			3	3

Segment Reporting - Additional Information (Detail)	3 Months Ended
Segment Reporting - Additional Information (Detail)	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses the Company’s consolidated net (loss) income to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

6. Leases

The Company leases real estate, primarily laboratory, office and manufacturing space. The Company’s leases have remaining terms ranging from approximately three to seven years. Certain leases include one or more options to renew, exercisable at the Company’s sole discretion, with renewal terms that can extend the lease from approximately one year to ten years. The Company evaluated the renewal options in its leases to determine if it was reasonably certain that the renewal option would be exercised, given the Company’s current business structure, uncertainty of future growth, and the associated impact to real estate, the Company concluded that it is not reasonably certain that any renewal options would be exercised. Therefore, the operating lease assets and operating lease liabilities only contemplate the initial lease terms. All the Company’s leases qualify as operating leases.

The following table summarizes the presentation in the Company’s condensed consolidated balance sheets of its operating leases (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Operating lease assets	$	70,228	$	72,483

Liabilities:
Operating lease liabilities	$	10,865	$	10,390
Operating lease liabilities, net of current portion		69,634		72,576
Total operating lease liabilities	$	80,499	$	82,966

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive (loss) income (in thousands):


	Three Months Ended March 31,
	2026			2025
Operating lease costs	$	4,770		$	4,831
Variable lease costs		1,758			1,242
Sublease income		(670	)		(823	)
Total lease costs	$	5,858		$	5,250

During the three months ended March 31, 2026 and 2025, the Company made cash payments for operating leases of $4,982 and $4,878, respectively.

As of March 31, 2026, future payments of operating lease liabilities are as follows (in thousands):


	As of March 31, 2026
2026 (remaining 9 months)	$	15,000
2027		20,582
2028		20,863
2029		20,132
2030		11,545
2031 and thereafter		25,317
Total future minimum lease payments	$	113,439
Less: interest		(32,940	)
Present value of operating lease liabilities	$	80,499

As of March 31, 2026, the weighted average remaining lease term was 5.84 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 13%. As of March 31, 2025, the weighted average remaining lease term was 6.73 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 13%.

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	MCRB
Entity Registrant Name	Seres Therapeutics, Inc.
Entity Central Index Key	0001609809
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-37465
Entity Tax Identification Number	27-4326290
Entity Address, Address Line One	101 Cambridgepark Drive
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	945-9626
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ

Common Stock and Stock-Based Awards - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,766	$ 2,819
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	725	1,330
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,041	$ 1,489

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Leases

Refer to Note 6, Leases, for discussion of the commitments associated with the Company’s lease portfolio.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2026 or December 31, 2025.

Legal Contingencies

The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that the Company can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company’s accrued liabilities will be recorded in the period in which such determination is made.

In addition, in accordance with the relevant authoritative guidance, for any matters in which the likelihood of material loss is at least reasonably possible, the Company will provide disclosure of the possible loss or range of loss. If a reasonable estimate cannot be made, however, the Company will provide disclosure to that effect. The Company expenses legal costs as they are incurred.

The Company did not accrue any liabilities related to legal contingencies in its consolidated financial statements as of March 31, 2026 or December 31, 2025.

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Indemnification Agreement [Member]
Other Commitments [Line Items]
Obligations accrued	$ 0	$ 0
Legal Contingencies [Member]
Other Commitments [Line Items]
Obligations accrued	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amount of expenses during the reporting periods. In the unaudited condensed consolidated financial statements, the Company uses estimates and assumptions related to the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.

Restricted Cash

The Company held restricted cash of $8,668 as of March 31, 2026 and December 31, 2025, which represents cash held for the benefit of the landlords for the Company’s leases. The Company has classified the restricted cash as long-term on its condensed consolidated balance sheets as the terms of the underlying leases are greater than one year.

Cash, cash equivalents and restricted cash were comprised of the following (in thousands):


	March 31,		December 31,
	2026		2025
Cash and cash equivalents	$	29,834	$	45,766
Restricted cash, non-current		8,668		8,668
Total cash, cash equivalents and restricted cash	$	38,502	$	54,434

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires disclosure in the notes to financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which standardizes the accounting for government grants and distinguishes between a grant related to an asset and a grant related to income. The requirements of the ASU are effective for annual periods beginning after December 15, 2028, and for interim periods within those annual periods, with early adoption permitted. The requirements can be applied using a modified prospective or a modified retrospective approach. The Company does not expect the impact of ASU 2025-10 to be material to its financial statement disclosures as it is consistent with the Company's current accounting policy for government grants.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 4,770	$ 4,831
Variable lease costs	1,758	1,242
Sublease income	(670)	(823)
Total lease costs	$ 5,858	$ 5,250

Common Stock and Stock-Based Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Number of Shares, Beginning Balance	1,124,208
Number of Shares, Granted	586,605
Number of Shares, Exercised	0
Number of Shares, Forfeited	(67,930)
Number of Shares, Ending Balance	1,642,883	1,124,208
Number of Shares, Vested or expected to vest	1,642,883
Number of Shares, Options exercisable	590,227
Weighted Average Exercise Price, Beginning Balance	$ 68.07
Weighted Average Exercise Price, Granted	8.78
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Forfeited	96.24
Weighted Average Exercise Price, Ending Balance	45.73	$ 68.07
Weighted Average Exercise Price, Vested or expected to vest	45.73
Weighted Average Exercise Price, Options exercisable	$ 103.95
Weighted Average Remaining Contractual Term, Outstanding	7 years 11 months 8 days	7 years 2 months 1 day
Weighted Average Remaining Contractual Term, Vested or expected to vest	7 years 11 months 8 days
Weighted Average Remaining Contractual Term, Options exercisable	5 years 6 months 10 days
Aggregate Intrinsic Value, Outstanding	$ 144	$ 228
Aggregate Intrinsic Value, Vested or expected to vest	144
Aggregate Intrinsic Value, Options exercisable	$ 0

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

10. Income taxes

The Company did not provide for any income taxes in its condensed consolidated statement of operations and comprehensive (loss) income for the three months ended March 31, 2026 and 2025. Management considered the Company’s history of cumulative net losses incurred since inception, its early stage of development of its product candidates, and its projection of book and tax losses for the year ending December 31, 2026. Based on its evaluation of the positive and negative evidence bearing upon its ability to realize its deferred tax assets, the Company determined that it is more likely than not that it will not realize such benefits. Accordingly, the Company has recorded a full valuation allowance against its deferred tax assets as of March 31, 2026 and December 31, 2025, and has not recorded any income taxes for the three months ended March 31, 2026. Management reevaluates the positive and negative evidence at each reporting period.

- Definition

The entire disclosure for income tax.

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of reportable segment net (loss) income

The Company's reportable segment net (loss) income for the three months ended March 31, 2026 and 2025, consisted of the following (in thousands):


	Three Months Ended March 31,
	2026			2025
Grant revenue	$	358		$	—
Significant segment expenses:
Live biotherapeutics platform	$	6,533		$	5,123
SER-155		647			577
R&D personnel-related (including stock-based compensation)		5,920			6,118
G&A personnel-related (including stock-based compensation)		3,291			4,173
Professional fees		1,714			3,180
Facility-related and other		3,065			4,535
Gain on sale of VOWST Business (2)		—			(52,181	)
Other segment (income) expense (1)		(899	)		(4,207	)
Net (loss) income	$	(19,913	)	$	32,682

[1] Other segment (income) expense includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (income) expense, net.

[2] See Note 3, Discontinued Operations and TSA, for further details.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Annual Report. There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026.

Use of Estimates

Restricted Cash

Cash, cash equivalents and restricted cash were comprised of the following (in thousands):


	March 31,		December 31,
	2026		2025
Cash and cash equivalents	$	29,834	$	45,766
Restricted cash, non-current		8,668		8,668
Total cash, cash equivalents and restricted cash	$	38,502	$	54,434

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Related Party Transactions - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2025

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Upfront Payment

$ 139,788

Milestone Prepayment

60,000

Other Expense

^[1]

669

$ 7,119

Manufacturing services

3,527

First/Second installment payment

$ 50,000

Accounts receivable due from SPN - related party

$ 360

Proceeds from the sale of manufacturing and laboratory equipments

169

Transition Services Agreement [Member]

Other Expense

6,309

Manufacturing services

3,527

NESA [Member] | Transition Services Agreement [Member]

Related party partial payments

360

56,709

Accounts receivable

7,403

SPN [Member]

Upfront payment satisfaction fees

2,355

Payments to acquire business

15,000

Adjusted account settlement amount

$ 17,857

Share Price

$ 21

Accrued Liabilities Due to SPN - Related Party

$ 3,278

Payment of outstanding amount

$ 0

1,309

Stock issued during period, shares, new Issues

714,285

VOWST Business [Member]

Payment in cash for first sales milestone

$ 150,000

Payments to acquire business

100,000

Passthrough Expenses [Member] | Transition Services Agreement [Member]

Other Expense

$ 0

$ 2,248

[1]	Includes $0 and $6,309 for the three months ended March 31, 2026 and 2025 related to reimbursement received from SPN (related party) for transition services provided by the Company.

Segment Reporting - Schedule of reportable segment net (loss) income (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting Information [Line Items]

Grant revenue

$ 358

$ 0

Operating Expenses

21,265

27,236

Gain on sale of VOWST Business

52,181

Net (loss) income

(19,913)

32,682

Operating Segments [Member]

Segment Reporting Information [Line Items]

Grant revenue

358

R&D personnel-related (including stock-based compensation)

5,920

6,118

G&A personnel-related (including stock-based compensation)

3,291

4,173

Professional fees

1,714

3,180

Facility-related and other

3,065

4,535

Gain on sale of VOWST Business

^[1]

(52,181)

Other segment (income) expense

^[2]

(899)

(4,207)

Net (loss) income

(19,913)

32,682

Live Biotherapeutics Platform [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

Operating Expenses

6,533

5,123

SER-155 [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

Operating Expenses

$ 647

$ 577

[1]	See Note 3, Discontinued Operations and TSA, for further details.
[2]	[1] Other segment (income) expense includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (income) expense, net.

Segment Reporting - Schedule of reportable segment net income (loss) (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2026
Segment Reporting [Abstract]
Other segment, Description	Other segment (income) expense includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (income) expense, net.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 29,834	$ 45,766
Accounts receivable due from SPN - related party	0	360
Accounts receivable	233	157
Prepaid expenses and other current assets	1,770	3,093
Total current assets	31,837	49,376
Property and equipment, net	6,854	7,635
Operating lease assets	70,228	72,483
Restricted cash	8,668	8,668
Other non-current assets	31	31
Total assets	117,618	138,193
Current liabilities:
Accounts payable	2,338	1,682
Accrued expenses and other current liabilities	2,863	3,972
Accrued liabilities due to SPN - related party	3,278	3,278
Operating lease liabilities	10,865	10,390
Total current liabilities	19,344	19,322
Operating lease liabilities, net of current portion	69,634	72,576
Other long-term liabilities	2,141	2,077
Total liabilities	91,119	93,975
Commitments and contingencies (Note 9)
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 360,000,000 shares authorized at March 31, 2026 and December 31, 2025; 9,592,326 and 9,556,466 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	10	10
Additional paid-in capital	1,018,805	1,016,611
Accumulated deficit	(992,316)	(972,403)
Total stockholders' equity	26,499	44,218
Total liabilities and stockholders' equity	$ 117,618	$ 138,193

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue:

Grant revenue

$ 358

$ 0

Total revenue

$ 358

$ 0

Revenue from Contract with Customer, Product and Service [Extensible Enumeration]

us-gaap:GrantMember

Operating expenses:

Research and development expenses

$ 13,195

$ 11,821

General and administrative expenses

8,070

11,888

Manufacturing services

3,527

Total operating expenses

21,265

27,236

Loss from operations

(20,907)

(27,236)

Other income (expense):

Gain on sale of VOWST Business

52,181

Interest income

325

618

Other income (expense)

^[1]

669

7,119

Total other income (expense), net

994

59,918

Net (loss) income

$ (19,913)

$ 32,682

Net (loss) income per share attributable to common stockholders - basic

$ (2.08)

$ 3.76

Net (loss) income per share attributable to common stockholders - diluted

$ (2.08)

$ 3.75

Weighted average common shares outstanding - basic

9,582,533

8,703,221

Weighted average common shares outstanding - diluted

9,582,533

8,714,701

[1]	Includes $0 and $6,309 for the three months ended March 31, 2026 and 2025 related to reimbursement received from SPN (related party) for transition services provided by the Company.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Clinical and development costs	$	332	$	246
Manufacturing and quality costs		49		145
Payroll and employee-related costs		1,838		2,685
Facility and other		644		896
	$	2,863	$	3,972

Discontinued Operations and TSA

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and TSA

3. Discontinued Operations and TSA

On September 30, 2024, the Company completed the sale (the “Transaction”) of its VOWST microbiome therapeutic business (the “VOWST Business”), including inventory and equipment, certain patents and patent applications, know-how, trade secrets, trademarks, domain names, marketing authorizations and related rights, documents, materials, business records and data and contracts that are used or held for use primarily in the development, commercialization and manufacturing of the microbiome product sold under the brand name VOWST as provided for in accordance with the terms of the Purchase Agreement (the “Product”), to Société des Produits Nestlé S.A. (“SPN”), a wholly-owned subsidiary of Nestlé S.A., and its designated affiliates (collectively, “Nestlé Health Science”) pursuant to the Asset Purchase Agreement, dated as of August 5, 2024 (the “Purchase Agreement”), by and among the Company and SPN, and a wholly-owned subsidiary of Nestlé S.A.

The Company also entered into a Transition Services Agreement (“TSA”) with Nestlé Enterprises S.A., (“NESA”), an affiliate of SPN, in connection with the Transaction, through which the Company provided certain manufacturing services until December 31, 2025, and other transition services, for the duration specified in the schedule to the TSA for each service. The Company's obligations under the TSA are now complete. For the three months ended March 31, 2026 and 2025, the Company recognized $0 and $6,309 respectively, of TSA reimbursement income in other income in the Company’s condensed consolidated statements of operations and comprehensive (loss) income. For the three months ended March 31, 2026 and 2025, the Company incurred $0 and $3,527, respectively, of expenses related to manufacturing services and $0 and $2,248, respectively, of TSA labor and passthrough expenses to support the transition services, including finance and accounting, information technology, human resources, operations, and other services.

For the three months ended March 31, 2026 and 2025, $0 and $7,403, respectively, was billed to NESA related to transition services performed by the Company, and the Company received $360 and $56,709 from NESA during the periods, respectively. The payments received in the first quarter of 2025 included the installment payment of $50,000 received in January 2025 which was conditioned on the Company’s material compliance with obligations under the TSA. The installment payment was recognized in Gain on sale of VOWST Business within continuing operations in the Company’s condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2025 as the gain was realizable. As of March 31, 2026 and December 31, 2025, the Company had $0 and $360 in accounts receivable due from SPN - related party in the Company’s condensed consolidated balance sheets.

The Company has estimated costs associated with certain accrued liabilities due to SPN - related party as a loss contingency in accordance with ASC 450, Contingencies. These contingent liabilities are presented as Accrued Liabilities due to SPN - related party from continuing operations on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 and consist of the following (in thousands):


	March 31,		December 31,
	2026		2025
Profit Sharing Payments	$	1,701	$	1,701
Royalties associated with the MSK Agreement		1,309		1,309
VOWST post-marketing safety surveillance study costs		268		268
Total accrued liabilities due to SPN - related party	$	3,278	$	3,278

The contingent liabilities accrued on the Company's condensed consolidated balance sheet are remeasured at each reporting period based on i) cash payments made by the Company to reduce the accrued liabilities due to SPN - related party and ii) revised estimates of the total remaining liabilities due to SPN - related party. For the three months ended March 31, 2026 and 2025, the

Company recognized a gain on sale of VOWST Business of $0 and $2,181, respectively, as a result of the change in accrued liabilities due to SPN - related party.

The Company has excluded from its condensed consolidated balance sheets the effects of certain milestone payments which may be received by the Company after the Product has achieved net sales-based milestones. These contingent receivables will be recognized as a gain contingency, in accordance with ASC 450, Contingencies, in continuing operations in the period when the contingencies are resolved.

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company’s interim Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. The CODM uses the Company’s consolidated net (loss) income to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company's reportable segment net (loss) income for the three months ended March 31, 2026 and 2025, consisted of the following (in thousands):


	Three Months Ended March 31,
	2026			2025
Grant revenue	$	358		$	—
Significant segment expenses:
Live biotherapeutics platform	$	6,533		$	5,123
SER-155		647			577
R&D personnel-related (including stock-based compensation)		5,920			6,118
G&A personnel-related (including stock-based compensation)		3,291			4,173
Professional fees		1,714			3,180
Facility-related and other		3,065			4,535
Gain on sale of VOWST Business (2)		—			(52,181	)
Other segment (income) expense (1)		(899	)		(4,207	)
Net (loss) income	$	(19,913	)	$	32,682

[1] Other segment (income) expense includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (income) expense, net.

[2] See Note 3, Discontinued Operations and TSA, for further details.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 781	$ 1,076
Disposal of fully depreciated assets cost basis	$ 0	$ 0

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 29,834	$ 45,766
Restricted cash, non-current	8,668	8,668
Total cash, cash equivalents and restricted cash	$ 38,502	$ 54,434	$ 67,517	$ 39,461

Nature of the Business and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Seres Therapeutics, Inc. (the “Company”) was incorporated under the laws of the State of Delaware in October 2010 under the name Newco LS21, Inc. In October 2011, the Company changed its name to Seres Health, Inc., and in May 2015, the Company changed its name to Seres Therapeutics, Inc. The Company is a clinical-stage company focused on improving patient outcomes in medically vulnerable populations through discovery and development of novel live biotherapeutics. The Company led the successful development and approval of VOWST (previously referred to as SER-109), the first FDA-approved orally administered microbiome therapeutic and a Breakthrough Therapy designated drug, which was sold to Nestlé Health Science (as defined below) in September 2024. The Company's live biotherapeutic product (“LBP”) candidates, including SER-155, SER-603, SER-428, SER-147, and other potential candidates in earlier development, are consortia of bacteria designed to optimize specific, targeted pharmacological properties, and are formulated for oral delivery. The Company is designing LBP candidates to target the prevention and treatment of a broad swath of infections, and to treat inflammatory and immune (“I&I”) diseases by modulating host function to increase epithelium integrity and to induce immune homeostasis and tolerance, as well as to prevent the colonization and overgrowth of pathogens in the gastrointestinal (“GI”) tract.

SER-155, the Company's most advanced LBP candidate, is an investigational, oral, live biotherapeutic designed to decolonize GI pathogens, improve GI epithelial barrier integrity, and induce immune homeostasis to prevent bacterial bloodstream infections (“BSIs”), including those that can harbor antimicrobial resistance (“AMR”), as well as other pathogen-associated negative clinical outcomes in patients undergoing allogeneic hematopoietic stem cell transplantation (“allo-HSCT”). In the Company's placebo-controlled Phase 1b study of SER-155 in allo-HSCT, SER-155 was associated with a 77% relative risk reduction in bacterial BSIs and a significant reduction in systemic antibiotic exposure as well as a lower incidence of febrile neutropenia, as compared to placebo through day 100 post HSCT. SER-155 was generally well tolerated, with no observed treatment-related serious adverse events. Following advancement of key startup activities for the SER-155 Phase 2 study in allo-HSCT, including the submission of a final protocol to the FDA in January 2026, study site evaluation and qualification with its CRO, and manufacturing of drug substance, the Company has paused additional investment in that program while continuing to seek funding for the Phase 2 study.

The clinical data from the SER-155 Phase 1b study in allo-HSCT, along with the Company's extensive preclinical and translational clinical data compiled over the past decade support and inform the advancement of the Company's earlier stage programs targeting I&I diseases. The Company is evaluating SER-155 in immune checkpoint-related enterocolitis (“irEC”), through an investigator-sponsored trial (“IST”), with Memorial Sloan Kettering Cancer Center, with whom the Company has had a decade-long collaboration. irEC is among the most frequent and severe immune-related adverse events (“irAEs”), in recipients of immune checkpoint inhibitor, or ICI, therapy and can be observed in up to 50% of patients, with rates varying based on cancer drug and treatment regimen. The Company expects to report initial clinical results, including preliminary safety, efficacy, pharmacology, and exploratory biomarker data in the coming weeks. The Company is also developing SER-603, broadly in inflammatory bowel disease (“IBD”), including ulcerative colitis (“UC”), and Crohn's disease. SER-603 is a novel, LBP candidate optimized to address disruptions in the GI microbiome and to improve GI mucosal barrier integrity through the inhibition of inflammatory bacteria and associated metabolites, the promotion of epithelial barrier integrity to reduce the translocation of inflammatory molecules and barrier inflammation, and to induce immune homeostasis through non-immunosuppressive regulatory T cell, or T-reg, induction via T cell signaling. The Company is currently exploring potential collaborations related to I&I disease programs.

In 2025, the Company was awarded a grant from Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator (“CARB-X”) for up to $3,583, representing the Company’s second CARB-X award, to support the development of an oral liquid formulation based on SER-155 strains, now referred to as SER-428, for dosing in patients who cannot take oral capsules such as intubated patients in the medical ICU, and other medically vulnerable patients at high risk of AMR infections. The Company began recognizing revenue from this grant in the third quarter of 2025. The Company has advanced development and manufacturing of SER-428 and is designing a Phase 1b open label trial in collaboration with Columbia University to evaluate this LBP candidate in medical ICU patients at high risk of infection.

The Company has built and deploys a reverse translational platform and knowledge base for the discovery and development of LBPs, and maintains extensive proprietary know-how that may be used to support future research and development efforts. This platform incorporates high-resolution analysis of human clinical data to identify microbiome biomarkers associated with disease and non-disease states; preclinical screening using human cell-based assays and in vitro/ex vivo and in vivo disease models customized for live biotherapeutics; and a strain library and associated microbiological capabilities that spans broad biological and functional breadth. This platform and knowledge base are integrated through a proprietary knowledge graph and agentic artificial intelligence, enabling rapid identification of specific microbes, microbial genes, and microbial metabolites/peptides associated with disease and the design of therapeutic consortia of bacteria for specific pharmacological properties to restructure the gut microbiome and modulate functional

pathways associated with disease. In addition, the Company owns a valuable intellectual property estate related to the development and manufacture of live biotherapeutics.

On February 12, 2026, the Company announced that it implemented cost reduction actions, including reducing its workforce by approximately 30%. During the three months ended March 31, 2026, the Company incurred approximately $914 in restructuring costs, primarily related to severance costs, of which $718 has been paid as of March 31, 2026. The remainder of these costs are expected to be paid out in the second quarter of 2026.

Going Concern

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As of March 31, 2026, the Company had an accumulated deficit of $992,316 and cash and cash equivalents of $29,834.

The Company’s product candidates are in development, and will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to potential commercialization. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, or maintained, that any product candidate developed will obtain necessary government regulatory approval, or that any approved product will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales.

Primarily as a result of the costs associated with the discovery and development of novel live biotherapeutics, the Company incurred a net loss of $19,913 for the three months ended March 31, 2026. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future. Based on the Company’s currently available cash resources, current and forecasted level of operations, and forecasted cash flows for the 12-month period subsequent to the date of issuance of these condensed consolidated financial statements, the Company will require additional funding to support its ongoing operations and meet its obligations as they come due. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and to generate profitable operations in the future. Management plans to provide for the Company’s capital requirements through financing or other strategic transactions, including potential business development transactions, and selling shares under the Company’s at the market equity offering. There can be no assurance that the Company will be able to access additional capital to fund operations with terms acceptable to the Company, or at all. Because certain elements of management’s plans to mitigate the conditions that raised substantial doubt about the Company’s ability to continue as a going concern are outside of the Company’s control, including the ability to raise capital through an equity or other financing, those elements cannot be considered probable according to Accounting Standards Codification (“ASC”) 205-40, Going Concern (“ASC 205-40”), and therefore cannot be considered in the evaluation of mitigating factors. As a result, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for 12 months from the date these condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 12, 2026 (the “Annual Report”).

The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited consolidated financial statements. The condensed consolidated balance sheet at December 31, 2025 was derived from audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are

necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026.

The Company’s condensed consolidated financial statements include its accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in conformity with U.S. GAAP.

On April 21, 2025, the Company effected a 1-for-20 reverse stock split of the Company’s common stock. All share and per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split. The reverse stock split had no impact on the number of authorized shares or the par value of preferred and common stock. Therefore, the Company reclassified an amount equal to the reduction in the number of shares of common stock at par value to additional paid-in capital. No fractional shares were issued in connection with the reverse split, and stockholders who would otherwise be entitled to receive a fractional share instead received a cash payment equal to the fraction of a share of common stock in lieu of such fractional share. Proportionate adjustments were made to the number of shares authorized under the Company’s equity incentive plans, the number of shares subject to any award or purchase right under the Company’s equity incentive plans, and the exercise price or purchase price with respect to any stock option award or purchase right under the Company’s equity incentive plans. See Note 7, Stockholders' Equity, for further information.

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Market Equity Offering [Member]
Issuance costs	$ 10	$ 26

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2024	$ 13,784	$ 9	$ 991,874	$ (978,099)
Beginning balance, shares at Dec. 31, 2024		8,650,227
Issuance of common stock upon vesting of RSUs, net of tax withholdings, shares		12,966
Issuance of common stock under ESPP, value	184		184
Issuance of common stock under ESPP, shares		14,188
Issuance of common stock from at the market equity offering, value	996		996
Issuance of common stock from at the market equity offering, shares		54,806
Stock-based compensation expense	2,819		2,819
Net income (loss)	32,682			32,682
Ending balance at Mar. 31, 2025	50,465	$ 9	995,873	(945,417)
Ending balance, shares at Mar. 31, 2025		8,732,187
Beginning balance at Dec. 31, 2025	$ 44,218	$ 10	1,016,611	(972,403)
Beginning balance, shares at Dec. 31, 2025	9,556,466	9,556,466
Issuance of common stock upon vesting of RSUs, net of tax withholdings, shares		6,426
Issuance of common stock under ESPP, value	$ 28		28
Issuance of common stock under ESPP, shares		3,638
Issuance of common stock from at the market equity offering, value	400		400
Issuance of common stock from at the market equity offering, shares		25,796
Stock-based compensation expense	$ 1,766		1,766
Issuance of common stock upon exercise of stock options, shares	0
Net income (loss)	$ (19,913)			(19,913)
Ending balance at Mar. 31, 2026	$ 26,499	$ 10	$ 1,018,805	$ (992,316)
Ending balance, shares at Mar. 31, 2026	9,592,326	9,592,326

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	360,000,000	360,000,000
Common stock, shares issued	9,592,326	9,556,466
Common stock, shares outstanding	9,592,326	9,556,466

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Operating Lease Assets and Liabilities

The following table summarizes the presentation in the Company’s condensed consolidated balance sheets of its operating leases (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Operating lease assets	$	70,228	$	72,483

Liabilities:
Operating lease liabilities	$	10,865	$	10,390
Operating lease liabilities, net of current portion		69,634		72,576
Total operating lease liabilities	$	80,499	$	82,966

Summary of Lease Costs

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive (loss) income (in thousands):


	Three Months Ended March 31,
	2026			2025
Operating lease costs	$	4,770		$	4,831
Variable lease costs		1,758			1,242
Sublease income		(670	)		(823	)
Total lease costs	$	5,858		$	5,250

Schedule of Future Payments of Operating Lease Liabilities

As of March 31, 2026, future payments of operating lease liabilities are as follows (in thousands):


	As of March 31, 2026
2026 (remaining 9 months)	$	15,000
2027		20,582
2028		20,863
2029		20,132
2030		11,545
2031 and thereafter		25,317
Total future minimum lease payments	$	113,439
Less: interest		(32,940	)
Present value of operating lease liabilities	$	80,499

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Laboratory equipment	$	23,852		$	23,852
Computer equipment		4,058			4,058
Furniture and office equipment		4,523			4,523
Leasehold improvements		30,954			30,954
Construction in progress		861			861
		64,248			64,248
Less: Accumulated depreciation and amortization		(57,394	)		(56,613	)
	$	6,854		$	7,635

Net (Loss) Income per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net (Loss) Income per Share

8. Net (Loss) Income per Share

Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Basic Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - basic	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221
Net (loss) income per share attributable to common stockholders - basic	$	(2.08	)	$	3.76

Diluted Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - diluted	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221

Dilutive impact from:
Stock options to purchase common stock		—			—
Unvested restricted stock units		—			10,364
Shares issuable under employee stock purchase plan		—			1,116
Weighted-average shares outstanding - diluted		9,582,533			8,714,701
Net (loss) income per share applicable to common stockholders - diluted	$	(2.08	)	$	3.75
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Stock options to purchase common stock		1,642,883			1,244,484
Unvested restricted stock units		185,120			76,477
Shares issuable under employee stock purchase plan		885			4,229
Warrants to purchase common stock		32,379			32,379

The Company’s potential dilutive securities include stock options, unvested restricted common stock and shares issuable under the 2015 Employee Stock Purchase Plan. The effect of dilutive securities was calculated using the treasury stock method. The anti-dilutive potential common stock equivalents for the three months ended March 31, 2026 were excluded from the computation of diluted net loss per share attributable to common stockholders because those stock options to purchase common stock, restricted stock units, and shares issuable under employee stock purchase plan had an anti-dilutive impact as the Company reported a net loss from continuing operations attributable to common stockholders for those periods. The anti-dilutive potential common stock equivalents for the three months ended March 31, 2025 were excluded from the computation of diluted net income per share attributable to common

stockholders because those stock options to purchase common stock and restricted stock units had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. For that same period, the warrants to purchase common stock were excluded because the exercise price of the Tranche A Warrants is greater than the average fair value of the Company’s common shares.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Clinical and development costs	$	332	$	246
Manufacturing and quality costs		49		145
Payroll and employee-related costs		1,838		2,685
Facility and other		644		896
	$	2,863	$	3,972

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
SPN [Member]
Reimbursement received	$ 0	$ 6,309

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Restricted cash	$ 8,668	$ 8,668

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

11. Related Party Transactions

As described in Note 3, Discontinued Operations and TSA, in September 2024, the Company sold the VOWST Business, including inventory and equipment, certain patents and patent applications, know-how, trade secrets, trademarks, domain names, marketing authorizations and related rights, documents, materials, business records and data and contracts that are used or held for use primarily in the development, commercialization and manufacturing of VOWST, to SPN, and SPN assumed certain liabilities from the Company. As consideration for the Transaction, the Company received an upfront cash payment of $139,788, which consisted of $100,000, less $17,857 owed by the Company to an affiliate of SPN under the prior license agreement between the Company and the SPN affiliate, less approximately $2,355 in satisfaction of fees due under the Bacthera Manufacturing Agreement; plus a prepayment

of the $60,000 milestone payment tied to the achievement of worldwide annual net sales of VOWST of $150,000; plus an equity investment of $15,000 based on the Securities Purchase Agreement pursuant to which SPN purchased 714,285 shares of common stock at a purchase price of $21.00 per share.

As of March 31, 2026 and December 31, 2025, there was $3,278 included in Accrued Liabilities due to SPN - related party on the Company’s condensed consolidated balance sheet, which represents amounts due to SPN pursuant to the Purchase Agreement, which are further described in Note 3, Discontinued Operations and TSA. During the three months ended March 31, 2026 and 2025, the Company paid $0 and $1,309 to SPN related to the Purchase Agreement during the periods, respectively.

As described in Note 3, Discontinued Operations and TSA, the Company entered into the TSA with NESA, an affiliate of SPN, in connection with the Transaction, through which the Company will provide certain manufacturing services until December 31, 2025, and other transition services, for the duration specified in the schedule to the TSA for each service. For the three months ended March 31, 2026 and 2025, the Company recognized $0 and $6,309 respectively, of TSA reimbursement income in other income in the Company’s condensed consolidated statements of operations and comprehensive (loss) income. For the three months ended March 31, 2026 and 2025, the Company incurred $0 and $3,527, respectively, of expenses related to manufacturing services and $0 and $2,248, respectively, of TSA labor and passthrough expenses to support the transition services, including finance and accounting, information technology, human resources, operations, and other services.

During the three months ended March 31, 2026 and 2025, $0 and $7,403, respectively, was billed to NESA related to transition services performed by the Company, and the Company received payments of $360 and $56,709, respectively, related to transition services performed. The payments received in the first quarter of 2025 included the installment payment of $50,000 received in January 2025 which was conditioned on the Company’s material compliance with obligations under the TSA. As of March 31, 2026 and December 31, 2025, the Company had $0 and $360 in accounts receivable due from SPN - related party, respectively, and $0 and $169 included in prepaid expenses and other current assets, respectively, relating to the sale of certain manufacturing and laboratory equipment, in the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details