Finch Therapeutics is a microbiome IP licensing and litigation company. Finch originally operated as a clinical-stage drug developer, with its lead asset being CP101, an oral freeze-dried fecal microbiota capsule for recurrent C. difficile infection (CDI). After halting its Phase 3 trial in early 2023, Finch wound down nearly all operations and pivoted to monetizing its patent portfolio. Today, the company has a single full-time employee — the CEO. Finch's core asset is a portfolio of over 113 issued U.S. and foreign patents covering compositions, formulations, manufacturing methods, and therapeutic uses of donor-derived fecal microbiota, with priority dates Finch argues predate most competitors. Finch intends to generate value through two channels: licensing its patents to microbiome therapeutic developers in exchange for upfront fees, milestones, and royalties; and patent infringement litigation against companies whose commercialized products Finch believes infringe its IP. The most important ongoing activity is a lawsuit against Rebiotix, a subsidiary of Ferring Pharmaceuticals that markets a commercialized microbiome therapeutic for CDI. Finch also holds an exclusive license to patents from the University of Minnesota, which are central to its CDI-related claims against Rebiotix. The company's cost structure is minimal, but legal expenses from the Rebiotix litigation represent the dominant cash outflow.