SERA PROGNOSTICS REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

Rhea-AI Summary

Sera Prognostics (Nasdaq: SERA) reported fourth-quarter and full-year 2025 results and operational progress on March 18, 2026. Key points: landmark PRIME randomized trial showed large reductions in earliest preterm births and neonatal complications, Sera completed a $57.5M follow-on financing in Feb 2025, and year-end cash totaled ~$95.8M, which the company expects to fund operations into 2028.

Full-year revenue was $81,000; 2025 R&D expense declined to $13.2M as the company shifts from pivotal studies toward commercialization.

Positive

• PRIME randomized trial reported large reductions in early preterm births and neonatal complications
• Completed $57.5 million follow-on financing in February 2025
• Year-end cash and equivalents of $95.8 million, runway expected through 2028
• R&D expense down 10%+ to $13.2 million in 2025 after completion of pivotal PRIME study

Negative

• Full-year revenue only $81,000 in 2025, indicating limited commercial revenue
• Net loss of $31.9 million for full-year 2025

Key Figures

Q4 2025 revenue: $10,000 Q4 2024 revenue: $24,000 2025 revenue: $81,000 +5 more

8 metrics

Q4 2025 revenue $10,000 Fourth quarter 2025

Q4 2024 revenue $24,000 Fourth quarter 2024 comparison

2025 revenue $81,000 Full year 2025

2024 revenue $77,000 Full year 2024 comparison

2025 net loss $31.9 million Full year 2025

2024 net loss $32.9 million Full year 2024 comparison

Cash & securities $95.8 million As of December 31, 2025

Follow-on financing $57.5 million Gross proceeds February 2025 offering

Market Reality Check

Price: $1.91 Vol: Volume 18,950 is only 0.2...

low vol

$1.91 Last Close

Volume Volume 18,950 is only 0.26x the 20-day average, indicating subdued positioning into results. low

Technical Shares at $2.01 are trading below the 200-day MA of $2.83 and sit well under the $4.20 52-week high.

Peers on Argus

Peers showed mixed moves, with names like ICAD and PROF up while OWLT, RCEL and ...

Peers showed mixed moves, with names like ICAD and PROF up while OWLT, RCEL and RPID were down. With SERA off 2.43% pre-release and no peer momentum cluster, trading pointed to company-specific focus.

Previous Earnings Reports

5 past events · Latest: Nov 13 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Q3 2025 earnings	Negative	+0.3%	Lower revenue, continued net loss, but stable cash runway through 2028.
Aug 06	Q2 2025 earnings	Negative	-5.5%	Revenue decline and ongoing losses partially offset by reduced R&D spend.
May 07	Q1 2025 earnings	Neutral	-11.7%	First measurable revenue but similar net loss and higher operating costs.
Mar 19	Q4 2024 earnings	Positive	-5.1%	Improved annual net loss and major equity raise bolstering cash to 2028.
Nov 06	Q3 2024 earnings	Negative	-12.7%	Revenue decline and higher expenses during PRIME study work and marketing.

Pattern Detected

Earnings releases have often been followed by negative price reactions, despite a consistently extended cash runway message.

Recent Company History

Over the past five earnings cycles from Nov 2024 through Nov 2025, Sera has repeatedly reported modest revenue, sizable operating expenses around $8.9–9.4M per quarter, and net losses near $7.8–8.2M. Cash and securities have remained strong, from $114.2M down to $102.4M, with commentary that this funds operations through 2028. These updates coincided with progress on the PRIME study and commercialization groundwork, making the latest 2025 results a continuation of that trajectory.

Historical Comparison

-6.9% avg move · In the last 5 earnings releases, SERA’s average move was -6.91%, with several selloffs despite highl...

earnings

-6.9%

Average Historical Move earnings

In the last 5 earnings releases, SERA’s average move was -6.91%, with several selloffs despite highlighting a cash runway through 2028 and PRIME progress.

Earnings updates show a steady pattern: low but emerging revenue, quarterly net losses near $8M, and a strong cash position repeatedly cited as funding operations through 2028 while PRIME results transition the story from validation toward commercialization.

Market Pulse Summary

This announcement detailed Sera’s 2025 results, highlighting minimal revenue of $81,000, operating e...

Analysis

This announcement detailed Sera’s 2025 results, highlighting minimal revenue of $81,000, operating expenses of $36.6M, and a net loss of $31.9M, alongside year-end cash of $95.8M expected to fund milestones through 2028. It also underscored PRIME study outcomes and commercial groundwork in multiple states and Europe. Investors may watch future earnings for evidence of PreTRM adoption, payer coverage progress, and how expenses track against revenue growth.

Key Terms

randomized controlled trial, neonatal morbidity, NICU, Medicaid, +4 more

8 terms

randomized controlled trial medical

"the PRIME Study, a randomized controlled trial of 5,018 women, was published"

A randomized controlled trial is a research method that tests the effects of a new idea or treatment by randomly dividing participants into two groups: one that receives the treatment and one that does not. This approach helps ensure that the results are fair and unbiased, providing clear evidence about whether the treatment actually works. Investors value such trials because they offer reliable information that can influence decision-making and reduce uncertainty.

neonatal morbidity medical

"Fewer health complications for newborns (20% reduction in odds of neonatal morbidity)"

Neonatal morbidity means health problems or complications that affect newborn babies during the first few weeks of life, ranging from temporary conditions like breathing or feeding difficulties to longer-term issues that require ongoing care. Investors should care because higher rates can drive demand for medical products and services, raise treatment costs, trigger regulatory scrutiny or liability, and serve like an early warning light about public-health trends that affect company revenue and risk.

NICU medical

"20% fewer babies admitted to the NICU"

A NICU (neonatal intensive care unit) is a specialized hospital unit that provides around-the-clock medical care for newborns who are premature, ill, or need close monitoring. For investors, NICU capacity and outcomes signal demand for neonatal medical equipment, staffing, and services, and can affect hospital revenues, insurance costs, and the market for related products—think of it as the intensive-care wing that determines how well a hospital serves its smallest, most vulnerable patients.

Medicaid regulatory

"Advanced discussions underway with 10 commercial and Medicaid payers across 13 states"

Medicaid is a government-funded health insurance program that provides medical coverage to low-income individuals, families, elderly people and people with disabilities, administered jointly by the federal government and state governments in the United States. For investors, Medicaid matters because changes in eligibility, funding, or payment rules can alter patient volume and the prices hospitals, nursing homes, insurers and medical suppliers receive—similar to how a large customer or contract can shift a company’s revenue outlook.

CE marking regulatory

"Regulatory progress underway toward CE marking and growing clinical validation"

CE marking is a symbol placed on certain products showing they meet European Union safety, health and environmental rules required to sell them in the EU/EEA. For investors, it signals that a product has cleared a common regulatory hurdle—like a passport for market access—reducing legal and market-entry risk and often widening sales opportunities across European markets.

preterm birth medical

"current European preterm birth prevention strategies fail to identify most women"

Birth that occurs before 37 completed weeks of pregnancy, when a baby’s organs—especially the lungs and brain—may still be immature and require extra medical care. Investors should care because preterm birth drives demand for neonatal medicines, devices and hospital services, influences health-care spending and insurance costs, and shapes the size and timing of markets for treatments and technologies—like an unexpected early arrival that strains resources and changes spending patterns.

net loss financial

"Net loss for the quarter was $7.9 million, compared to $8.6 million"

Net loss is the amount by which a company’s total costs and expenses exceed its total income during a reporting period, after taking into account taxes and one‑time items. It matters to investors because repeated or large net losses can shrink a company’s cash and owner value, reducing its ability to pay dividends, invest for growth or borrow money — like a household spending more than it earns and dipping into savings to cover the shortfall.

operating expenses financial

"Total operating expenses were $9.0 million, compared to $9.4 million"

Operating expenses are the routine costs a company pays to keep its business running day to day — things like salaries, rent, utilities, office supplies, and marketing. Investors watch them because they reduce the profit available to shareholders and reveal how efficiently a company runs; lower or well-controlled operating expenses (relative to revenue) are like trimming household bills to improve savings.

AI-generated analysis. Not financial advice.

SALT LAKE CITY, March 18, 2026 /PRNewswire/ -- Sera Prognostics Inc., The Pregnancy Company® (Nasdaq: SERA), focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Key 2025 and Recent Highlights:

Data Generation

• Published Landmark PRIME Study Demonstrating PreTRM® Blood Test Reduces Earliest Preterm Births and Newborn Complications: In January 2026, the PRIME Study, a randomized controlled trial of 5,018 women, was published in PREGNANCY, the peer-reviewed journal of the Society for Maternal-Fetal Medicine. Key findings from the Study include:
  • 56% and 32% fewer babies were born before 32 and 35 weeks, respectively
  • 20% fewer babies admitted to the NICU
  • Fewer health complications for newborns (20% reduction in odds of neonatal morbidity)
  • A NICU day was saved for every 4.2 patients screened
    
    
• European Expert Commentary on the PRIME Trial Published in The Journal of Maternal-Fetal & Neonatal Medicine: In March, expert commentary highlighted that current European preterm birth prevention strategies fail to identify most women who deliver preterm and recognizing the PreTRM approach aligned well with European healthcare systems.

Commercial Progress

• Expanded Commercial Engagement Across Wave 1 and Wave 2 Target States, Representing Nearly Half of U.S. Pregnancies: Advanced discussions underway with 10 commercial and Medicaid payers across 13 states for PreTRM program adoption, including the addition of a new partner program, bringing the total to two active partner programs.
  
  
• Expanded U.S. Commercial Organization: Added six field sales staff and Head of Access in anticipation of PRIME publication building momentum.
  
  
• Advanced Commercialization Preparations for the PreTRM Global Test Across European Markets: Regulatory progress underway toward CE marking and growing clinical validation, including recent European expert commentary recognizing PreTRM as a scalable, cost‑effective approach well suited to publicly funded healthcare systems.

Equity financing

• Completed Successful Follow-On Financing Extending Cash Runway Through 2028: In February 2025, Sera completed an underwritten public offering of common stock and pre-funded warrants, including the full exercise of the underwriters' option, generating approximately $57.5 million in gross proceeds before fees and expenses. Net proceeds will support commercial expansion in the U.S., advance preparations for potential EU expansion of the PreTRM Test and fund activities to drive broader market adoption.

Executive Leadership Team and Board of Directors Appointments

• Strengthened the Leadership Team and Board of Directors:
  
  
  • In October 2025, Dr. Tiffany Inglis was appointed as Sera's Chief Medical Officer. Dr. Inglis brings extensive clinical and payer-side leadership experience, including at Elevance Health and Carelon Health, where she advanced women's and children's health programs that improved care access and reduced costs. Her background makes her uniquely suited to support Sera's next phase of growth.
    
    
  • In May 2025, Lee Anderson joined Sera as Chief Commercial Officer. He brings over three decades of leadership across sales, marketing, customer service, and strategic accounts, with a proven ability to accelerate growth in healthcare markets. As Sera moves into full commercialization following the PRIME study publication, he will help drive broader adoption of the PreTRM Test.
    
    
  • In March 2025, Sera appointed Jeff Elliott to its Board of Directors. He brings extensive experience in corporate strategy, business operations, analytics, public company finance and commercializing molecular diagnostics. Mr. Elliott's unique background in growing diagnostics businesses is key to Sera in this critical stage of development.

"2025 marked a pivotal year for Sera as we moved from clinical validation to commercial execution," said Zhenya Lindgardt, Sera's President and Chief Executive Officer. "The publication of the landmark PRIME Study delivered strong, peer-reviewed evidence that the PreTRM® Test improves outcomes and reduces costs, creating a compelling value proposition for payers. During the year we expanded engagement across our target states, advanced active discussions with both commercial and Medicaid payers, and invested deliberately in leadership, access and infrastructure to support us as we scale. With a strengthened balance sheet, extending our runway through 2028, we enter 2026 focused on converting this foundation into broader adoption, payer coverage, and measurable impact for the families we serve."

Fourth Quarter 2025 Financial Results

Fourth quarter 2025 revenue was $10,000 compared to $24,000 for the fourth quarter of 2024.

Total operating expenses were $9.0 million, compared to $9.4 million for the same period in 2024.

Research and development expenses for the fourth quarter of 2025 were $3.2 million, compared to $3.1 million for the fourth quarter of 2024.

Selling, general and administrative expenses for the fourth quarter of 2025 were $5.7 million, compared to $6.3 million for the prior-year period as Sera continued to carefully invest in targeted commercial activities and strategic headcount additions, while building market awareness in preparation for the publication of PRIME study data.

Net loss for the quarter was $7.9 million, compared to $8.6 million for the fourth quarter of 2024 as the Company continued its focus on managing our capital resources ahead of expected revenue expansion in the future.

Full Year 2025 Financial Results

Total full year 2025 revenue was $81,000 compared to $77,000 for full year 2024.

Total operating expenses were $36.6 million, compared to $36.7 million for the same period in 2024.

Research and development expenses for 2025 were $13.2 million, down from $14.7 million for the prior year primarily due to lower clinical study costs following the completion of the pivotal PRIME study and as the Company shifts toward commercialization.

Selling, general and administrative expenses for 2025 were $23.3 million, up from $21.9 million for the prior-year period as Sera continued to carefully invest in targeted commercial activities and strategic headcount additions, while building market awareness ahead of the publication of PRIME study data in January 2026.

Net loss for 2025 was $31.9 million and down from $32.9 million for 2024 as the Company continued its focus on managing our capital resources ahead of expected revenue expansion in the future.

As of December 31, 2025, the Company had cash, cash equivalents, and available-for-sale securities of approximately $95.8 million, which Sera expects to fund the company across significant adoption and commercial milestones through 2028.

Conference Call Information

Sera Prognostics will host a corresponding conference call and live webcast today to discuss fourth quarter and full year 2025 operational highlights, financial results and key topics at 5:00 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by dialing the following:

US domestic callers: (800) 836-8184

International callers: (646) 357-8785

Webcast Registration Link: https://app.webinar.net/rd0XDOVL85p

Live audio of the webcast will be available online from the Investors page of the Company's website at www.sera.com. The webcast will be archived on the Investors page and will be available for one year.

About Sera Prognostics, Inc.

Sera Prognostics is a leading health diagnostics company dedicated to improving the lives of women and babies through precision pregnancy care. Sera's mission is to provide early, pivotal pregnancy information to improve the health of mothers and newborns, resulting in reductions in the costs of healthcare delivery. Sera has a robust pipeline of innovative diagnostic tests focused on the early prediction of preterm birth risk and other complications of pregnancy. Sera's precision medicine PreTRM® Test reports to a physician the individualized risk of spontaneous premature delivery in a pregnancy, enabling earlier proactive interventions in women with higher risk. Sera Prognostics is headquartered in Salt Lake City, Utah.

About Preterm Birth

Preterm birth is defined as any birth before 37 weeks' gestation and is the leading cause of illness and death in newborns. The 2025 March of Dimes Report Card shows that, for the fourth consecutive year, the United States earned a D+ grade for preterm birth, making the longest stretch of the lowest grade in Report Card history. Prematurity is associated with a significantly increased risk of major long-term medical complications, including learning disabilities, cerebral palsy, chronic respiratory illness, intellectual disability, seizures, and vision and hearing loss, and can generate significant costs throughout the lives of affected children. The annual health care costs to manage short- and long-term complications of prematurity in the United States were estimated to be approximately $25 billion for 2016.

About the PreTRM® Test

The PreTRM® Test is the only broadly validated, commercially available blood-based biomarker test that provides an early, accurate and individualized risk prediction for spontaneous preterm birth in asymptomatic singleton pregnancies. The PreTRM® Test measures and analyzes proteins in the blood that are highly predictive of preterm birth. The PreTRM® Test permits physicians to identify, during the weeks 18 through 20 of pregnancy, which women are at increased risk for preterm birth and its complications, enabling more informed, personalized clinical decisions based on each woman's individual risk. The PreTRM® Test is ordered by a medical professional.

Sera, Sera Prognostics, the Sera Prognostics logo, The Pregnancy Company, and PreTRM are trademarks or registered trademarks of Sera Prognostics, Inc. in the United States and/or other countries.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the date and time and content of the Company's quarterly earnings release and conference call; availability of the live audio of the conference call on the Company's website; the PreTRM approach aligning well with European healthcare systems; advanced discussions with 10 commercial and Medicaid payers across 13 states for PreTRM program adoption; PRIME publication building momentum; CE marking and growing clinical validation in Europe, including recent European expert commentary recognizing PreTRM as a scalable, cost‑effective approach well suited to publicly funded healthcare systems; funding the Company across significant adoption and commercial milestones through 2028; use of proceeds from February 2025 follow-on financing; Mr. Anderson helping to drive broader adoption of the PreTRM Test; expected revenue expansion in the future; and the Company's strategic directives under the caption "About Sera Prognostics, Inc." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: net losses, cash generation, and the potential need to raise more capital; revenues from the PreTRM Test representing substantially all Company revenues to date; the need for broad scientific and market acceptance of the PreTRM Test; a concentrated number of material customers; our ability to introduce new products; potential competition; our proprietary biobank; critical suppliers; estimates of total addressable market opportunity and forecasts of market growth; potential third-party payer coverage and reimbursement; new reimbursement methodologies applicable to the PreTRM Test, including new CPT codes and payment rates for those codes; changes in FDA regulation of laboratory-developed tests; the intellectual property rights protecting our tests and market position; and other factors discussed under the heading "Risk Factors" contained in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our periodic and current reports filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

Contacts:
Investor Contact
Jennifer Zibuda, Head of Investor Relations
jzibuda@sera.com
+1 (801) 396-8043

Media Contact
Bridget Mahoney at Allison Worldwide
sera@allisonworldwide.com
+1 (716) 868-7505

 

SERA PROGNOSTICS, INC. Condensed Statements of Operations (unaudited) (in thousands, except share and per share data)
		Three Months Ended				Year Ended
		December 31,				December 31,
		2025		2024		2025		2024
Revenue		$                        10		$                        24		$                        81		$                        77
Operating expenses:
Cost of revenue		42		32		164		82
Research and development		3,216		3,139		13,171		14,730
Selling and marketing		1,665		2,264		6,548		5,771
General and administrative		4,041		4,012		16,702		16,129
Total operating expenses		8,964		9,447		36,585		36,712
Loss from operations		(8,954)		(9,423)		(36,504)		(36,635)
Interest expense		(1)		(6)		(9)		(28)
Other income, net		1,074		850		4,585		3,765
Net loss		$                 (7,881)		$                 (8,579)		$               (31,928)		$               (32,898)
Net loss per share, basic and diluted		$                   (0.16)		$                   (0.25)		$                   (0.67)		$                   (0.99)
Weighted-average shares outstanding, basic and diluted		49,980,210		33,939,458		47,662,078		33,156,936

 

SERA PROGNOSTICS, INC. Condensed Balance Sheets (unaudited) (in thousands)
		December 31,
		2025		2024
Assets
Current assets:
Cash and cash equivalents		$                   3,944		$                   4,043
Marketable securities		35,257		42,193
Accounts receivable		12		34
Prepaid expenses and other current assets		1,557		1,330
Total current assets		40,770		47,600
Property and equipment, net		1,149		1,239
Long-term marketable securities		56,579		21,973
Intangible assets, net		910		1,026
Other assets		2,525		737
Total assets		$              101,933		$                 72,575
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$                      862		$                   1,969
Accrued and other current liabilities		3,009		2,384
Finance lease obligation, current portion		2		194
Deferred revenue		20,315		20,223
Total current liabilities		24,188		24,770
Finance lease obligation, net of current portion		—		2
Operating lease obligation, net of current portion		2,337		–
Total liabilities		26,525		24,772
Commitments and contingencies
Stockholders' equity:
Common stock, Class A and Class B		4		3
Additional paid-in capital		386,864		327,534
Accumulated other comprehensive income		262		60
Accumulated deficit		(311,722)		(279,794)
Total stockholders' equity		75,408		47,803
Total liabilities and stockholders' equity		$              101,933		$                 72,575

 

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SOURCE Sera Prognostics, Inc.

FAQ

What were the key clinical results from Sera Prognostics' PRIME study published in January 2026 (SERA)?

The PRIME study reported large reductions in the earliest preterm births and neonatal complications. According to the company, results included 56% fewer births before 32 weeks and 32% fewer before 35 weeks, plus lower NICU admissions and neonatal morbidity odds.

How much cash did Sera Prognostics (SERA) report at December 31, 2025 and how far will it fund operations?

Sera reported approximately $95.8 million in cash, cash equivalents, and available-for-sale securities. According to the company, these resources are expected to fund operations and commercial milestones through 2028.

How much did Sera Prognostics raise in its February 2025 follow-on financing (SERA)?

Sera completed an underwritten public offering generating about $57.5 million in gross proceeds. According to the company, net proceeds will support U.S. commercial expansion and preparations for possible EU market entry.

What were Sera Prognostics' full-year 2025 revenue and net loss (SERA)?

Full-year 2025 revenue was $81,000 and net loss was $31.9 million. According to the company, results reflect transition from clinical validation toward commercialization and limited commercial revenue in 2025.

Why did Sera Prognostics' R&D expenses decline in 2025 and by how much (SERA)?

R&D expenses decreased to $13.2 million in 2025 from $14.7 million in 2024, a reduction just over 10%. According to the company, lower clinical study costs followed completion of the pivotal PRIME study.