Seres Therapeutics has witnessed a dramatic revenue drop from $145 million in 2021 to under $1 million in 2025, reflecting significant disruption after divesting its flagship VOWST business. Despite this, the company reports modest net income in 2025, driven by cost controls and non-recurring items, even as operating losses remain substantial. Its clinical pipeline centers on SER-155, targeting bloodstream infections in allo-HSCT patients, with ongoing efforts to secure partnerships amid looming financial sustainability concerns beyond mid-2026. Manufacturing dependency on third parties and tight regulatory compliance add operational complexity alongside capital raising imperatives.