Sera Prognostics (SERA) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in Q2 2026, including expanded commercial partnerships, a fourth partnership program launch, and a major Medicaid policy win in Illinois for PreTRM Test-guided care, now active in over 20 states.

• Transitioned to a commercial organization with cost reduction initiatives, including an 18% workforce reduction, and strengthened leadership and board with new commercial expertise.

• Published PRIME study results and subgroup analyses showing significant clinical and economic benefits, including reduced NICU admissions and severe neonatal morbidity, especially for first-time mothers.

• Advanced European regulatory and commercialization strategy, with CE marking submission activities and expert advisory board engagement.

• Continued to build awareness through digital education initiatives and provider/patient engagement.

Financial highlights

• Q2 2026 revenue was $30,000, up from $17,000 in Q2 2025, reflecting early commercialization and growing test volumes.

• Operating expenses were $10 million, up from $9.3 million year-over-year, driven by investments in commercialization, marketing, and severance costs.

• Net loss for Q2 2026 was $9.1 million, compared to $8.0 million in Q2 2025.

• Cash, cash equivalents, and marketable securities totaled $80.3 million at quarter-end, expected to fund operations through 2029.

• R&D expenses were $3.5 million, up from $3.3 million, with expectations for future declines as commercialization focus increases.

Outlook and guidance

• Focus for H2 2026 shifts to implementation, reimbursement readiness, and adoption in priority markets, with plans to expand commercial headcount as adoption grows.

• Cash reserves expected to fund operations through significant adoption and commercialization milestones into 2029.

• Anticipate gradual penetration in Illinois Medicaid, with 1–2% in year one, 2–4% in year two, and up to 5% by year three post-access.

• R&D and G&A spending expected to decline as commercialization efforts intensify, with anticipated cost savings of 35% in R&D and 25% in G&A in 2027.

• Remain on track for CE marking submission in Europe by year-end 2026.