GettingBigNP
Oct 2, 11:45 AM
$MCRB $XBI $IBB is trading like the pipeline is worth literally nothing. Let’s actually look at what Seres owns:
🧬 SER-155 allo-HSCT: Phase 2 ready, Breakthrough Therapy + Fast Track, 77% relative reduction in bacterial BSIs in Ph1b. I’d argue
$150–300M+ today.
🎗️ SER-155 irEC: 80% immunosuppressive-free response at Day 15 in the MSK study. Potentially enormous oncology application with ICI companies already being approached as partners.
$150–300M+ today.
💧 SER-428: Liquid SER-155-based therapy targeting high-risk ICU/AMR patients. CARB-X funded, IND-enabling work underway.
$25–75M.
🔥 SER-603: Next-gen LBP for ulcerative colitis/Crohn’s, IND-enabling with partnership discussions. Massive IBD market.
$50–100M.
🧬 SER-147: Preclinical program targeting serious infections in chronic liver disease/cirrhosis.
$15–40M.
That’s roughly
$390M–
$815M of potential risk-adjusted pipeline value by my estimates — BEFORE assigning value to the broader platform/IP or future indications.
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