SERA · Sera Prognostics, Inc.

Sera Prognostics announced Q1 2026 financial results showing revenue of $14 thousand, down from $38 thousand in the prior year, reflecting early-stage commercialization of the PreTRM test amid low initial adoption. Operating expenses rose slightly to $9.4 million from $9.3 million, driven by higher selling, general, and administrative costs of $6.3 million versus $5.9 million, tied to investments in targeted commercial activities, strategic headcount, and market awareness following PRIME study publication. R&D expenses decreased to $3.0 million from $3.3 million as the company shifts from clinical to commercial focus. Net loss widened marginally to $8.4 million or $(0.17) per share from $8.2 million or $(0.20) per share, with shares outstanding increasing to 50.3 million from 42.0 million. Balance sheet remains solid with $86.8 million in cash and securities as of March 31, 2026, extended through 2029 via cost restructuring and redirected investments from clinical to reimbursement-driven commercialization. Key highlights include the landmark PRIME trial publication demonstrating PreTRM's efficacy in reducing preterm births by 56% before 32 weeks and 32% before 35 weeks, plus 20% drops in NICU admissions and morbidity. Commercial momentum features a third partnership program targeting 350+ providers in three states, payer discussions with 13 across 15 states, and strong presence at ACOG and SMFM meetings. European progress includes peer-reviewed publications and CE marking preparations on track for mid-2026 submission. Management emphasizes clinician awareness building and adoption scaling, with upcoming investor conferences providing further updates. No forward guidance was provided, but expected revenue expansion is noted ahead.