Sera Prognostics (SERA) posts 2025 loss but holds $95.8M cash runway
Rhea-AI Filing Summary
Sera Prognostics, Inc. reported fourth quarter and full year 2025 results, highlighting a continued investment phase ahead of broader commercialization of its PreTRM pregnancy test. Fourth quarter 2025 revenue was $10,000, with a net loss of $7.9 million, while full year 2025 revenue was $81,000 and net loss was $31.9 million.
Total 2025 operating expenses were $36.6 million, with research and development of $13.2 million and selling, general and administrative expenses of $23.3 million. The company ended 2025 with $95.8 million in cash, cash equivalents and marketable securities, which it expects to fund operations through key commercial milestones into 2028.
Strategically, Sera emphasized the publication of the pivotal PRIME Study showing the PreTRM test reduced early preterm births and neonatal complications, expanding commercial discussions with payers across 13 U.S. states, progress toward European commercialization, and leadership additions to support its shift from clinical validation to commercial execution.
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Insights
Sera remains pre-revenue but is well capitalized and pivoting to commercialization.
Sera Prognostics continues to post modest revenue — only $81,000 in 2025 — against substantial operating expenses of $36.6 million, reflecting an early-stage diagnostics model still focused on building clinical and commercial infrastructure.
The PRIME Study publication, showing reduced early preterm births and neonatal morbidity with the PreTRM test, is central to payer adoption efforts. Management reports advanced discussions with commercial and Medicaid payers in 13 states and preparation for European CE marking, but timing of meaningful revenue remains unspecified in this disclosure.
A February 2025 follow-on offering generated about $57.5 million in gross proceeds, contributing to year-end cash, cash equivalents and marketable securities of $95.8 million. The company states this should fund it through commercial milestones into 2028, giving it runway to pursue coverage decisions and market uptake before needing additional capital.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 18, 2026, Sera Prognostics, Inc. issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2025 and providing business highlights. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation or as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
99.1 |
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Press release dated March 18, 2026. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SERA PROGNOSTICS, INC. |
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March 18, 2026 |
By: |
/s/ Austin Aerts |
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Austin Aerts |
Exhibit 99.1
SERA PROGNOSTICS REPORTS FOURTH QUARTER 2025 FINANCIAL RESULTS
Salt Lake City – March 18, 2026 – 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
Commercial Progress
Equity financing
Executive Leadership Team and Board of Directors Appointments
“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)
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
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$ |
10 |
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$ |
24 |
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$ |
81 |
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$ |
77 |
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Operating expenses: |
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Cost of revenue |
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42 |
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32 |
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164 |
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82 |
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Research and development |
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3,216 |
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3,139 |
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13,171 |
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14,730 |
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Selling and marketing |
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1,665 |
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2,264 |
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6,548 |
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5,771 |
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General and administrative |
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4,041 |
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4,012 |
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16,702 |
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16,129 |
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Total operating expenses |
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8,964 |
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9,447 |
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36,585 |
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36,712 |
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Loss from operations |
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(8,954 |
) |
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(9,423 |
) |
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(36,504 |
) |
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(36,635 |
) |
Interest expense |
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(1 |
) |
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(6 |
) |
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(9 |
) |
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(28 |
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Other income, net |
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1,074 |
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850 |
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4,585 |
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3,765 |
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Net loss |
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$ |
(7,881 |
) |
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$ |
(8,579 |
) |
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$ |
(31,928 |
) |
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$ |
(32,898 |
) |
Net loss per share, basic and diluted |
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$ |
(0.16 |
) |
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$ |
(0.25 |
) |
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$ |
(0.67 |
) |
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$ |
(0.99 |
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Weighted-average shares outstanding, basic and diluted |
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49,980,210 |
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33,939,458 |
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47,662,078 |
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33,156,936 |
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SERA PROGNOSTICS, INC.
Condensed Balance Sheets
(unaudited)
(in thousands)
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December 31, |
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2025 |
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2024 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,944 |
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$ |
4,043 |
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Marketable securities |
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35,257 |
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42,193 |
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Accounts receivable |
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12 |
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34 |
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Prepaid expenses and other current assets |
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1,557 |
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1,330 |
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Total current assets |
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40,770 |
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47,600 |
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Property and equipment, net |
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1,149 |
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1,239 |
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Long-term marketable securities |
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56,579 |
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21,973 |
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Intangible assets, net |
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910 |
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1,026 |
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Other assets |
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2,525 |
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737 |
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Total assets |
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$ |
101,933 |
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$ |
72,575 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
862 |
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$ |
1,969 |
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Accrued and other current liabilities |
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3,009 |
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2,384 |
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Finance lease obligation, current portion |
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2 |
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194 |
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Deferred revenue |
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20,315 |
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20,223 |
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Total current liabilities |
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24,188 |
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24,770 |
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Finance lease obligation, net of current portion |
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— |
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2 |
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Operating lease obligation, net of current portion |
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2,337 |
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|
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— |
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Total liabilities |
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26,525 |
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24,772 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, Class A and Class B |
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4 |
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3 |
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Additional paid-in capital |
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386,864 |
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327,534 |
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Accumulated other comprehensive income |
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262 |
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|
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60 |
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Accumulated deficit |
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(311,722 |
) |
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(279,794 |
) |
Total stockholders' equity |
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75,408 |
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|
|
47,803 |
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Total liabilities and stockholders' equity |
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$ |
101,933 |
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$ |
72,575 |
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FAQ
How did Sera Prognostics (SERA) perform financially in Q4 2025?
What were Sera Prognostics' full year 2025 results?
What is Sera Prognostics' cash position and runway after 2025?
What is the significance of the PRIME Study for Sera Prognostics (SERA)?
How is Sera Prognostics progressing commercially with the PreTRM test?
What equity financing did Sera Prognostics complete in 2025?
How is Sera Prognostics strengthening its leadership team?
Filing Exhibits & Attachments
2 documentsPress Releases
