SERA PROGNOSTICS REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

Test adoption and Medicaid coverage expanded, but a higher mix of low- or non-reimbursed tests reduced average selling prices.

Rhea-AI Summary

Sera Prognostics (Nasdaq: SERA) reported third-quarter 2026 revenue of $42,000 as PreTRM test adoption increased and Medicaid coverage expanded. Revenue rose 163% year over year, while test volume increased 54% sequentially and ordering providers increased 34%. Lower average selling prices, reflecting more low- or non-reimbursed tests, constrained revenue. Net loss widened to $8.053 million from $7.814 million a year earlier; loss per share remained $0.16.

Florida became the second state providing Medicaid coverage for PreTRM. Illinois established a $525 fee schedule rate without prior authorization. Operating expenses declined 11% sequentially following cost reductions. Quarter-end cash and investment securities totaled $72.8 million, with quarterly operating cash burn of $7.3 million. Sera began the CE Mark submission process for PreTRM Global and published a trial subgroup analysis showing 22% fewer neonatal intensive care admissions among first-time mothers receiving test-guided care.

12 points · 0 major

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0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointPreTRM test volume increased 54% sequentially and approximately five-fold from first-quarter 2026.
• Moderate pointOrdering healthcare providers increased 34% sequentially and approximately three-fold from first-quarter 2026.
• Moderate pointFlorida Medicaid coverage added a second state, bringing total covered Medicaid lives to approximately 7 million.
• Moderate pointIllinois Medicaid reimbursement is $525 without prior authorization; state Medicaid credentialing is complete.
• Minor pointThird-quarter revenue rose 163% year over year to $42,000, from $16,000.

7 minor points

• Minor pointA fourth payer partnership program launched, a state-based initiative with a national payer.
• Minor pointSales team expanded 25% in third-quarter 2026, with further expansion in early October supporting Florida commercialization.
• Minor pointPreTRM Global CE Mark submission process started with the notified body.
• Minor pointTest-guided care reduced neonatal intensive care admissions 22% among first-time mothers in a PRIME trial subgroup analysis.
• Minor pointThird-quarter research and development expense fell to $2.722 million from $3.284 million a year earlier.
• Minor pointThird-quarter general and administrative expense fell to $3.894 million from $4.079 million a year earlier.
• Minor pointNine-month revenue increased to $86,000 from $71,000 in the comparable 2025 period.

Negative

• Moderate pointLower average selling prices constrained quarterly revenue because of a higher mix of low- or non-reimbursed tests.
• Moderate pointThird-quarter operating cash burn was $7.3 million.
• Moderate pointCash and investment securities totaled $72.8 million at September 30, versus approximately $95.8 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.A proposed commercial-insurer pilot remains in discussions, with planned initiation in fiscal 2027 across multiple states and thousands of patients.
• Minor pointThird-quarter net loss widened to $8.053 million from $7.814 million; loss per share remained $0.16.

6 minor points

• Minor pointThird-quarter selling and marketing expense rose to $2.252 million from $1.592 million a year earlier.
• Minor pointThird-quarter cost of revenue rose to $61,000 from $41,000 a year earlier.
• Minor pointQuarterly restructuring severance expense was approximately $0.4 million.
• Minor pointIllinois Medicaid managed-care contracting remains underway.
• Minor pointNine-month net loss widened to $25.591 million from $24.047 million; loss per share remained $0.51.
• Minor pointNine-month operating cash use increased to $22.383 million from $19.503 million a year earlier.

News Explained

Illinois added PreTRM to its Medicaid fee schedule at $525, with no prior authorization, and Sera completed state Medicaid credentialing. Sera says it is still working on contracts with Medicaid managed-care plans, so the state fee schedule is set while plan contracting remains in progress.

Key Figures

Quarterly revenue: $42,000 Year-over-year revenue increase: 163% Test volume growth: 54% sequentially; approximately five-fold from 1Q26 +5 more

Quarterly revenue

$42,000

Third quarter 2026

Year-over-year revenue increase

163%

Third quarter 2026

Test volume growth

54% sequentially; approximately five-fold from 1Q26

PreTRM tests, third quarter 2026

Net loss

$8.053 million

Third quarter 2026

Cash, cash equivalents and marketable investment securities

$72.8 million

At quarter-end

Cash burn from operations

$7.3 million

Third quarter 2026

Covered Medicaid lives

Approximately 7 million patients

After Florida coverage was added

Reduction in NICU admissions

22%

PRIME trial subgroup analysis among first-time mothers

Previous Earnings Reports

1 past event · Latest: Aug 12

Same Type 1 event

1. Aug 12

   2Q26 earnings results

   24h Move

   -0.5%

   Q2 reported $30,000 revenue and a $9.1 million net loss, providing a quarterly baseline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

average selling prices (asps), ce mark, randomized controlled trial, nicu

4 terms

average selling prices (asps) financial

"lower test average selling prices (ASPs) due to a higher mix of low or non-reimbursed tests"

Average selling prices (ASPs) measure the mean price at which a company’s products or services sell over a period, calculated as total revenue divided by units sold (or weighted by product mix). Think of it like the average ticket price at a movie theater that summarizes how much customers pay on average. Investors watch ASPs to track pricing power, product mix shifts, discounting, and trends that affect revenue and profitability.

ce mark regulatory

"submit our CE Mark for our kit-based PreTRM® Global test"

A CE mark is a regulatory stamp placed on products to show they meet the European Union’s basic safety, health and environmental rules and can be sold in the European Economic Area. For investors it matters because the mark unlocks market access, affects how quickly a product can generate revenue, and signals regulatory risk and potential compliance costs—think of it as a passport that lets a product enter a large market.

randomized controlled trial medical

"Published a PRIME randomized controlled trial subgroup analysis"

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.

nicu medical

"resulted in a 22% reduction in NICU admissions among first-time mothers"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Company Drives Significant Increases in Test Volume and Ordering Providers with Florida Becoming Second Medicaid State Covering Test

• PreTRM^® test volume increases 54% sequentially and approximately five-fold from 1Q26
• Ordering healthcare providers increase 34% sequentially and approximately three-fold from 1Q26
• Florida provides Medicaid coverage for PreTRM^® with established fee schedule pricing
• PreTRM^® mentioned in European Association for Perinatal Medicine guidelines
• Started CE Mark submission for PreTRM^® Global in Europe
• Company scales commercial organization to support anticipated test volume ramp in fiscal year 2027

SALT LAKE CITY, Nov. 4, 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 third quarter ended September 30, 2026.

"The third quarter marked an important step forward as we continued our transition from evidence generation to commercial execution," said Zhenya Lindgardt, President and Chief Executive Officer of Sera Prognostics. "We delivered strong growth in physician adoption and test volume, saw expanded reimbursement through a second state Medicaid coverage win in Florida, advanced our commercial payer initiatives, and continued to strengthen our clinical and health economic evidence base. Furthermore, following strong supporting evidence, we are working with our notified body to submit our CE Mark for our kit-based PreTRM^® Global test. We believe these accomplishments further validate our strategy and position us well as we work toward establishing PreTRM as a foundational component of prenatal care."

Fiscal Third Quarter 2026 Financial Highlights:

• PreTRM test volumes increased 54% sequentially and almost five-fold from the 1Q26 following the PRIME study publication early this year and recent commercial leadership team hires.
  
  
• Total PreTRM test revenue in the quarter was $42,000 representing a 163% increase on a year-over-year basis. Revenue was negatively impacted in the quarter due to lower test average selling prices (ASPs) due to a higher mix of low or non-reimbursed tests.
  
  
• Operating expenses in the quarter declined 11% sequentially from the 2Q26 followed cost reduction initiatives that were implemented in June 2026. This was partially offset by increased commercial spending to support commercial launches in Illinois and Florida following the establishment of Medicaid coverage. Additionally, the company has approximately $0.4 million in the quarter in severance related expenses tied to the restructuring.
  
  
• Cash, cash equivalents and marketable investment securities ended the quarter at $72.8 million with total cash burn from operations in the fiscal third quarter of $7.3 million.

Fiscal Third Quarter 2026 Business Highlights:

• Following the passage of Florida's biomarker testing legislation (Chapter 2024-249) in 2024, the Florida Agency for Health Care Administration has added the PreTRM test's PLA code 0247U to its covered biomarker test list and to the Florida Medicaid laboratory fee schedule. This creates biomarker-testing coverage requirements within Medicaid managed care and establishes coverage for the test for Florida Medicaid patients. Florida has approximately 4 million Medicaid beneficiaries and approximately 90,000 Medicaid births per year. This brings total covered Medicaid lives to approximately 7 million patients.

• After the enactment of Illinois legislation establishing Medicaid coverage for the PreTRM test, the test's PLA code 0247U was added to the Illinois Medicaid fee schedule at $525, with no prior authorization required. We have completed Medicaid credentialing in the state of Illinois and are actively working on contracting with Medicaid managed care plans in the state.

• Launched our fourth payer partnership program, a state-based initiative with a national payer designed to expand implementation of PreTRM test-guided care and further demonstrate the clinical and economic value of the PreTRM test within real-world payer populations. We are currently in discussions with one of the largest commercial insurers regarding a large multi-state, multi-thousand-patient pilot with planned initiation in fiscal year 2027.

• Our sales team expanded by 25% in the third quarter of 2026 to support Illinois commercialization and further expanded the team in early October 2026 to support our Florida commercialization plan.

• As planned based upon European registration study results, we are now starting the submission process for CE Mark with our notified body.

• The European Association of Perinatal Medicine referenced the PreTRM test as a potential tool to support improved prediction of preterm birth risk in its recently released guidelines.

• Published a PRIME randomized controlled trial subgroup analysis in The Journal of Maternal-Fetal & Neonatal Medicine demonstrating that PreTRM test-guided care resulted in a 22% reduction in NICU admissions among first-time mothers, further strengthening the clinical evidence supporting the use of the PreTRM test to identify risk and inform proactive pregnancy management.

• Two analyses from the PRIME randomized controlled trial were presented at the 2026 Society for Maternal-Fetal Medicine Global Congress, including an oral presentation evaluating outcomes among first-time mothers and a health economic analysis recognized among the top five posters in its session.

Conference Call Information

Sera Prognostics will host a corresponding conference call and live webcast today to discuss third quarter 2026 operational highlights, financial results and recent business highlights 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) 517-4150

Webcast Registration Link:  https://app.webinar.net/wK8exGQrE0B 

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, marking 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 to 21 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 a recording of the conference call on the Company's website; the application for a CE Mark for the Company's kit-based PreTRM^® Global test in Europe; establishing PreTRM as a foundational component of prenatal care; contracting with Medicaid managed care plans in Illinois; discussions with one of the largest commercial insurers regarding a large multi-state, multi-thousand-patient pilot with planned initiation in fiscal year 2027; 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
Scott Gleason
sgleason@sera.com
+1 (801) 657-9803

Media Contact
Nicole Kaplan at Allison Worldwide
sera@allisonworldwide.com
+1 (847) 721-6033

SERA PROGNOSTICS, INC.
Condensed Statements of Operations
(unaudited)
(in thousands, except share and per share data)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenue		$	42			$	16			$	86			$	71
Operating expenses:
Cost of revenue			61				41				153				122
Research and development			2,722				3,284				9,245				9,955
Selling and marketing			2,252				1,592				6,507				4,883
General and administrative			3,894				4,079				12,432				12,661
Total operating expenses			8,929				8,996				28,337				27,621
Loss from operations			(8,887)				(8,980)				(28,251)				(27,550)
Interest expense			(2)				(2)				(5)				(8)
Other income, net			836				1,168				2,665				3,511
Net loss		$	(8,053)			$	(7,814)			$	(25,591)			$	(24,047)
Net loss per share, basic and diluted		$	(0.16)			$	(0.16)			$	(0.51)			$	(0.51)
Weighted-average shares outstanding, basic and diluted			50,790,038				49,525,108				50,510,533				46,880,876

 

SERA PROGNOSTICS, INC.
Condensed Balance Sheets
(unaudited)
(in thousands)
		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	3,986			$	3,944
Marketable securities			40,103				35,257
Accounts receivable			17				12
Prepaid expenses and other current assets			2,114				1,557
Total current assets			46,220				40,770
Property and equipment, net			1,723				1,149
Long-term marketable securities			28,741				56,579
Intangible assets, net			859				910
Other assets			2,437				2,525
Total assets		$	79,980			$	101,933
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	1,164			$	862
Accrued and other current liabilities			3,095				3,009
Finance lease obligation, current portion			—				2
Deferred revenue			20,268				20,315
Total current liabilities			24,527				24,188
Operating lease obligation, net of current portion			3,017				2,337
Total liabilities			27,544				26,525
Commitments and contingencies
Stockholders' equity:
Common stock, Class A and Class B			4				4
Additional paid-in capital			390,013				386,864
Accumulated other comprehensive (loss) income			(268)				262
Accumulated deficit			(337,313)				(311,722)
Total stockholders' equity			52,436				75,408
Total liabilities and stockholders' equity		$	79,980			$	101,933

 

SERA PROGNOSTICS, INC.
Condensed Statements of Cash Flows
(unaudited)
(in thousands)
		Nine Months Ended
		September 30,
		2026				2025
Cash flows from operating activities
Net loss		$	(25,591)			$	(24,047)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			576				696
Stock-based compensation			2,939				4,091
Non-cash lease expense			212				426
Non-cash investment income, net			53				72
Other			(18)				(5)
Changes in operating assets and liabilities:
Accounts receivable			(5)				20
Other receivables			—				19
Prepaid expenses and other assets			(607)				115
Accounts payable			277				(915)
Accrued and other current liabilities			(172)				(71)
Deferred revenue			(47)				96
Net cash used in operating activities			(22,383)				(19,503)
Cash flows from investing activities
Purchases of marketable securities			(13,699)				(79,832)
Proceeds from maturities and sales of marketable securities			36,110				45,836
Purchases of property and equipment			(158)				(396)
Purchase of intangible assets			(36)				—
Net cash provided by (used in) investing activities			22,217				(34,392)
Cash flows from financing activities
Proceeds from public offering of common stock, net of issuance costs			—				53,610
Proceeds from exercise of stock options			111				441
Proceeds from employee stock purchase plan			99				75
Finance lease principal payments			(2)				(193)
Net cash provided by financing activities			208				53,933
Net increase in cash and cash equivalents			42				38
Cash and cash equivalents at beginning of period			3,944				4,043
Cash and cash equivalents at end of period		$	3,986			$	4,081
Supplemental disclosure of cash flow information
Cash paid for interest		$	5			$	7
Supplemental disclosure of non-cash investing and financing information
Purchases of property and equipment in accounts payable and accrued and other current liabilities		$	42			$	6

 

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SOURCE Sera Prognostics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Sera Prognostics' third-quarter 2026 financial results?

Sera reported $42,000 in revenue and a $8.053 million net loss for the quarter ended September 30, 2026. Revenue increased 163% year over year, while net loss widened from $7.814 million. Basic and diluted loss per share remained $0.16.

How did Sera Prognostics' operating expenses change in third-quarter 2026?

Operating expenses declined 11% sequentially following cost reductions implemented in June 2026. Increased commercial spending supporting Illinois and Florida launches partially offset those reductions. Total operating expenses were $8.929 million, compared with $8.996 million in the year-earlier quarter.

How was PreTRM described in the European perinatal medicine guidelines?

The European Association of Perinatal Medicine referenced PreTRM as a potential tool to support improved prediction of preterm birth risk in its recently released guidelines.