Sera Prognostics (NASDAQ:SERA) executives emphasized progress in evidence generation and early commercialization efforts during the company’s fourth-quarter and full-year 2025 earnings call, held March 18, 2026. Management highlighted the publication of its pivotal PRIME study, a growing pipeline of payer and state-level engagements, continued work toward European regulatory clearance, and a cash position the company said is expected to fund operations through 2028 under its current plan.
PRIME publication highlighted as a key catalyst
President and CEO Zhenya Lindgardt described 2025 as a “critical year” focused on strengthening the evidence base and building infrastructure for a larger commercial push in 2026. The company’s PRIME study was accepted for publication in December 2025, with the full manuscript published in January 2026 in Pregnancy, the journal of the Society for Maternal-Fetal Medicine (SMFM), according to management.
Chief Medical Officer Dr. Tiffany Inglis said the company’s 2026 medical affairs focus is on encouraging consistent, evidence-based practice built around PRIME, emphasizing early second-trimester risk identification, a standardized “test and treat” pathway, and the potential to reduce avoidable neonatal hospital utilization.
Payer engagement and “partner programs” expansion
A central theme of the call was payer coverage and access. Lindgardt said the company has moved away from calling certain initiatives “Medicaid pilot programs,” opting instead for “partner programs” to reflect engagement with both Medicaid and commercial stakeholders.
In 2025, management said it exceeded its state engagement goal by expanding discussions to 13 states and achieved its goal of having two live partner programs. Looking ahead, Lindgardt said the company plans to expand to 15–17 states by year-end, representing 58%–60% of U.S. births, and to have 5–7 partner programs running by the end of 2026.
Chief Commercial Officer Lee Anderson said Sera is using a “region-first” approach that pairs payer engagement with provider education, health system outreach, and patient awareness efforts to build local market density. He said that following PRIME’s publication, the company saw renewed interest from payers, leading to a cohort of organizations re-engaging to begin or advance internal reviews.
Anderson added that in 2025, Sera was in active discussions with 10 payers across 13 states, and in 2026 expects to expand to 15–17 states while doubling the number of payers it is engaged with. He said the near-term commercial priorities include converting payer discussions and partner programs into contracted coverage pathways, scaling repeat ordering among early adopter providers by improving workflow reliability, and expanding provider awareness efforts.
Partner program economics and NICU utilization discussed in Q&A
During the question-and-answer session, management elaborated on how partner programs are intended to support coverage decisions. Anderson said partners assess both clinical outcomes and the economic impact to their member populations, with Sera emphasizing both clinical and health economic outcomes in discussions.
Inglis added that, based on PRIME, the company points to a “20% reduction in NICU admissions,” calling NICU utilization a significant driver of spend for government programs, employer groups, and payers. She said additional analyses and evidence generation post-PRIME are expected to deepen the company’s ability to discuss the health economic impact.
Management also described increased engagement following SMFM’s February 2026 meeting, noting discussions with clinicians and society leadership about next steps and potential guideline-related pathways. Lindgardt said engagement has improved across multiple audiences since publication, including providers, payers, state legislators, and key opinion leaders.
European regulatory progress and international groundwork
Lindgardt said Sera has continued to advance its regulatory pathway for the PreTRM Global Test in Europe and remains on track to submit European dossiers “in the coming months” as it works toward CE marking approval. She cited recent European expert commentary published in the Journal of Maternal-Fetal & Neonatal Medicine as supportive of PRIME’s approach and aligned with European healthcare systems, according to her remarks.
Management said it is engaging with regulators, clinical leaders, and patient advocacy groups while building a foundation for market entry following regulatory clearance.
Financial results, cash runway, and ATM facility
Chief Financial Officer Austin Aerts reported fourth-quarter revenue of $10,000, compared with $24,000 in the fourth quarter of 2024, noting revenue is modest and may fluctuate at this stage. Fourth-quarter operating expenses were $9.0 million, down from $9.4 million a year earlier. The company’s net loss for the quarter was $7.9 million, compared with $8.6 million in the prior-year period.
For full-year 2025, Sera reported revenue of $81,000, up from $77,000 in 2024. Total expenses were $36.6 million, compared with $36.7 million the prior year. Full-year R&D expense was $13.2 million, down from $14.7 million, which management attributed to lower clinical study costs following PRIME completion. SG&A was $23.3 million, up from $21.9 million, reflecting “targeted commercial readiness investments.” The company’s net loss for the year was $31.9 million, compared with $32.9 million in 2024.
Sera ended 2025 with $95.8 million in cash, cash equivalents, and available-for-sale securities. Aerts said the company believes this capital will fund operations “across significant adoption and commercial milestones through 2028” under the current operating plan and commercialization strategy.
On capital allocation, Aerts said the company plans to prioritize market access investments that accelerate coverage decisions, concentrate commercial scale-up in regions with adoption potential, fund additional evidence-generating efforts such as real-world evidence and collaborations, and maintain financial discipline by pacing spending with milestones. He also said Sera reestablished its at-the-market (ATM) facility concurrent with the 10-K filing, describing it as financial flexibility and “corporate hygiene,” and stated the company has no immediate plans to issue shares.
In closing remarks, Lindgardt said 2026 will focus on “disciplined execution,” advancing partner programs, expanding real-world data, and supporting clinicians as they integrate PreTRM into workflows. She characterized adoption as likely to be gradual, while pointing to PRIME’s publication and increased engagement as signs of momentum heading into the year.
About Sera Prognostics (NASDAQ:SERA)
Sera Prognostics, Inc is a precision medicine company focused on improving pregnancy outcomes through proteomic testing. The company’s flagship product, the PreTRM™ test, is a blood-based assay designed to assess a woman’s risk of delivering prematurely by measuring specific protein biomarkers in maternal serum. By identifying patients at elevated risk for spontaneous preterm birth, Sera Prognostics aims to enable earlier interventions and tailored care plans that can reduce the incidence of neonatal complications associated with early delivery.
Since its founding in 2014 and subsequent initial public offering in 2020, Sera Prognostics has worked closely with clinical research networks and obstetric care providers across the United States to validate the clinical performance of its PreTRM test.
