Sera Prognostics (SERA) Q1 2026 earnings summary

Executive summary

• Focused on expanding commercial strategy and access to PreTRM, supported by PRIME Study publication and significant clinician and stakeholder engagement.

• Launched a third partnership program, expanding provider reach to over 350 providers across three states and deepening payer engagement.

• Advanced advocacy, policy efforts, and grassroots campaigns, including Medicaid program engagement.

• Progressed toward European commercialization, with CE marking dossier submission on track and expanded evidence base.

• Announced operational changes in May 2026, including an 18% workforce reduction and cost realignment to prioritize commercialization.

Financial highlights

• Revenue for Q1 2026 was $14,000, down from $38,000 in Q1 2025, reflecting early commercialization.

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

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

• Net loss was $8.4 million, compared to $8.2 million in the prior year period.

• Cash, cash equivalents, and marketable securities totaled $86.8 million as of March 31, 2026.

Outlook and guidance

• Revenue in 2026 expected to remain modest and uneven as reimbursement and adoption efforts continue.

• Cost structure changes are expected to yield $9.6 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.

• Low single-digit thousand test volumes for 2026 considered a reasonable expectation.