Seres Therapeutics made $593K in Q3 2026 (+69% Y/Y). Operating margin n/m, net loss $16.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$593K
Year over year+69%
Operating marginn/m
Net earnings−$16.3M
Operating cash flow−$10.5M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $593K in Q3 2026, up 69% year over year and down 19% from the previous quarter.
Operating costs exceeded revenue by $16.2M, an operating margin of -2723.8%. Total costs fell 27% while revenue rose 69%. The fastest-growing cost line was Other operating costs (+675%). The quarter ended with a net loss of $16.3M, after a profit of $4.6M the previous quarter.
Operating cash flow was −$10.5M. Non-cash charges added back $481K of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $3.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$593K
+69%
n/m
−$16.3M
−$10.5M
Q2 2026
10-Q
Aug 5, 2026
$736K
—
n/m
$4.6M
−$22.4M
Q1 2026
10-Q
May 5, 2026
$358K
—
n/m
−$19.9M
−$16.4M
Q4 2025
10-K
Mar 12, 2026
$438K
—
n/m
−$15.3M
−$14.7M
Q3 2025
10-Q
Nov 5, 2025
$351K
—
n/m
$8.2M
$2.2M
Charts
Latest (Q3 2026): Y/Y +69%, Q/Q -19%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$16.3M, Operating cash flow −$10.5M.-88.9% since FY2020: buybacks shrank the count.Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
Seres Therapeutics, Inc. (Nasdaq: MCRB) is a clinical-stage biotechnology company developing novel live biotherapeutics products (LBP), designed to address unmet needs in oncology that can lead to interruption to patients’ cancer care and/or mortality, and to treat inflammatory and immune (I&I) diseases, by modulating host function to protect and improve mucosal epithelial barrier integrity, induce immune homeostasis and tolerance, and prevent the colonization and overgrowth of pathogens in the gastrointestinal (GI) tract. The Company previously led the development and FDA approval of VOWST ™ , the first orally administered microbiome therapeutic, which was subsequently divested to Nestlé Health Science.
In its own words, from its 8-K, filed Aug 5, 2026.
Seres Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +69% against the peers' median +10%.