Seres Therapeutics, a clinical-stage biotech company focused on live biotherapeutic candidates, is advancing its key asset SER-155 with Phase 2 studies targeting bloodstream infections in immune-compromised patients. Following the sale of its only FDA-approved product VOWST, Seres currently depends on milestone payments and external funding to sustain operations. Its proprietary microbiome modulation platform remains strategically differentiated but execution risks and financial strain, including substantial doubt about its ability to continue as a going concern beyond early 2027, weigh heavily on its near-term outlook. The company’s reliance on third-party manufacturing and limited commercial footprint underscore critical vulnerabilities typical of early-stage biotech firms.