Sera Prognostics (SERA) Q4 2025 earnings summary

Executive summary

• 2025 was pivotal with the PRIME study publication, validating PreTRM® Test efficacy in reducing preterm births and newborn complications, and setting the stage for commercial expansion in 2026.

• Leadership team was strengthened with key appointments in medical, commercial, and board roles to support commercialization and clinical depth.

• Focused on building evidence, payer access, and commercial infrastructure for PreTRM adoption, exceeding initial state engagement goals and expanding to 13 states.

• Laid groundwork for international expansion, particularly in Europe, with regulatory progress for CE marking and market entry preparation.

Financial highlights

• Q4 2025 revenue was $10,000, down from $24,000 in Q4 2024; full-year 2025 revenue was $81,000, up from $77,000 in 2024.

• Q4 net loss was $7.9 million, improved from $8.6 million in Q4 2024; full-year net loss was $31.9 million, improved from $32.9 million in 2024.

• Operating expenses for 2025 were $36.6 million, nearly flat year-over-year.

• Ended 2025 with $95.8 million in cash equivalents and securities, supporting operations through 2028.

• February 2025 underwritten public offering generated $57.5 million in gross proceeds, extending cash runway through 2028.

Outlook and guidance

• Expect gradual revenue growth as partner programs mature and real-world evidence is generated.

• Plan to expand active discussions to 15-17 states and double payer engagements in 2026.

• Targeting 5-7 active partner programs by year-end 2026, covering up to 60% of U.S. births.

• Commercial investments will be paced with adoption and reimbursement milestones.

• Cash runway extended through 2028 following successful $57.5 million equity financing.