Sera Prognostics (SERA) Q1 2026 earnings summary

Executive summary

• Focused on expanding commercial strategy and access to PreTRM, supported by strong provider engagement, awareness-building initiatives, and recent clinical evidence from the PRIME Study demonstrating efficacy and economic value.

• Launched a third partnership program, expanding reach to over 350 providers across three states and deepening payer engagement in 15 states, with active discussions ongoing.

• Announced operational changes in May 2026 to prioritize commercialization, including an 18% workforce reduction and resource realignment to reduce R&D and G&A spend.

• Progressed toward European commercialization, with a mid-year CE marking dossier submission and expanded evidence base through peer-reviewed publications and stakeholder alignment.

• Advocacy efforts included a letter-writing campaign for Medicaid reimbursement and ongoing engagement with policymakers and stakeholders.

Financial highlights

• Revenue for Q1 2026 was $14,000, down from $38,000 in Q1 2025, reflecting the timing of commercialization efforts.

• Operating expenses were $9.4 million, slightly up from $9.3 million year-over-year, with disciplined cost management.

• R&D expenses decreased to $3.0 million from $3.3 million, while SG&A increased to $6.3 million from $5.9 million.

• Net loss was $8.4 million, compared to $8.2 million in Q1 2025.

• Ended the quarter with $86.8 million in cash equivalents and available-for-sale securities.

Outlook and guidance

• Revenue in 2026 expected to remain modest and uneven as reimbursement and adoption efforts continue, with increasing pull-through anticipated later in the year and into 2027.

• Cost structure changes are expected to yield $9.6–$10 million in annual savings by 2027, with most savings realized in 2027 and beyond.

• Cash runway extended through 2029, supporting key commercialization milestones.

• Targeting launch of one new partner program per quarter, aiming for five to seven programs by year-end.

• Focus remains on scaling in high-value markets, driving adoption of PreTRM, and achieving revenue expansion.