Seres Therapeutics, Inc. Segments Disclosure
14. Segment Reporting
The Company's interim , 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 income (loss) 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 income (loss) for the years ended December 31, 2025, 2024 and 2023, consisted of the following (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Grant revenue |
|
$ |
789 |
|
|
$ |
— |
|
|
$ |
— |
|
Significant segment expenses: |
|
|
|
|
|
|
|
|
|
|||
Live biotherapeutics platform |
|
$ |
23,573 |
|
|
$ |
29,006 |
|
|
$ |
43,342 |
|
SER-155 |
|
|
3,687 |
|
|
|
6,804 |
|
|
|
7,759 |
|
R&D personnel-related (including stock-based compensation) |
|
|
21,553 |
|
|
|
28,689 |
|
|
|
65,251 |
|
G&A personnel-related (including stock-based compensation) |
|
|
14,413 |
|
|
|
22,679 |
|
|
|
36,069 |
|
Professional fees |
|
|
8,991 |
|
|
|
9,805 |
|
|
|
18,784 |
|
Facility-related and other |
|
|
15,752 |
|
|
|
20,699 |
|
|
|
22,647 |
|
Gain on sale of VOWST Business |
|
|
(80,685 |
) |
|
|
(5,684 |
) |
|
|
- |
|
Other segment (income) expense (1) |
|
|
(12,191 |
) |
|
|
13,773 |
|
|
|
(3,722 |
) |
Net income (loss) from continuing operations |
|
|
5,696 |
|
|
|
(125,771 |
) |
|
|
(190,130 |
) |
Net income from discontinued operations, net of tax (2) |
|
|
— |
|
|
|
125,907 |
|
|
|
76,406 |
|
Net income (loss) |
|
$ |
5,696 |
|
|
$ |
136 |
|
|
$ |
(113,724 |
) |
[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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.