SER-109 is a biologic commercialized by Seres Therapeutics, with a leading Pre-Registration program in Clostridioides difficile Infections (Clostridium difficile Associated Disease). According to Globaldata, it is involved in 6 clinical trials, of which 4 were completed, 1 is ongoing, and 1 is planned. GlobalData uses proprietary data and analytics to provide a complete picture of SER-109’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for SER-109 is expected to reach an annual total of $549 mn by 2035 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

SER-109 Overview

SER-109 is under development for the prevention of recurrent Clostridium difficile infections. The therapeutic candidate is administered orally. It is a multifunctional consortia comprising of purified eubacterial spores, that are encapsulated. The therapeutic candidate is developed based on human microbiome therapeutics technology.

Seres Therapeutics Overview

Seres Therapeutics (Seres) is a microbiome therapeutics platform company that develops a novel class of biological drugs. The company creates a new class of medicines to treat diseases resulting from functional deficiencies in the microbiome, a condition known as dysbiosis. The company’s lead development candidate, SER-109 is an oral microbiome therapeutic and bacterial spore ecology. Seres’ SER-287 is an oral therapy for the treatment of ulcerative colitis, an inflammatory bowel disease. Its development programs also include SER-301 and SER-155, which are investigational, oral, rationally designed, fermented microbiome therapeutic. The company utilizes its microbiome therapeutics platform to identify key alterations in the microbiome that are associated with or lead to specific diseases. Seres is headquartered in Cambridge, Massachusetts, the US

The company reported revenues of (US Dollars) US$144.9 million for the fiscal year ended December 2021 (FY2021), compared to a revenue of US$33.2 million in FY2020. The operating loss of the company was US$64.5 million in FY2021, compared to an operating loss of US$88.1 million in FY2020. The net loss of the company was US$65.6 million in FY2021, compared to a net loss of US$89.1 million in FY2020. The company reported revenues of US$3.4 million for the third quarter ended September 2022, compared to a revenue of US$1.2 million the previous quarter.

For a complete picture of SER-109’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.