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Sep 30, 2025
Sera Prognostics Q3 2025 Earnings Report
Sera Prognostics slightly reduced its net loss in Q3 2025 as it advanced Medicaid pilot initiatives and continued commercial groundwork.
Key Takeaways
Despite modest revenue, Sera Prognostics maintained its focus on building long-term value through Medicaid engagement and strategic expansion. Operating expenses remained flat, and net loss narrowed slightly year-over-year.
Revenue for Q3 2025 was $16,000, down from $29,000 in Q3 2024.
Net loss narrowed to $7.8 million compared to $7.9 million a year ago.
Total operating expenses remained steady at $9.0 million.
Cash and securities position remained strong at $102.4 million, funding operations through 2028.
Forward Guidance
Sera expects increasing adoption of its PreTRM test as it expands Medicaid pilot programs and strengthens payer engagement across the U.S.
Positive Outlook
- Launched first Medicaid pilot in Nevada with prepayment recognized as deferred revenue
- Engaging payers across 13 states covering 33% of U.S. births
- Upcoming publication of PRIME study results to support health economics case
- Strong cash and marketable securities position to support commercialization
- Expanded leadership team to drive clinical integration and payer strategy
Challenges Ahead
- Revenue remains immaterial at $16,000 for the quarter
- Company continues to operate at a net loss with limited topline traction
- Ongoing dependence on a single diagnostic product, PreTRM
- Market adoption still in early stages with no broad reimbursement
Historical Earnings Impact
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