Sera Prognostics Reports First Quarter 2025 Financial Results with Revenue Growth and Increased Net Loss

Sera Prognostics, Inc. reported its financial results for the first quarter of 2025, revealing a modest revenue of $38,000, a significant increase from zero revenue in the same period last year. The company incurred a net loss of $8.2 million, slightly higher than the $8.1 million loss reported in the first quarter of 2024. The loss per share improved to $(0.20) from $(0.25) year-over-year, reflecting a reduction in the weighted average shares outstanding due to recent equity financing activities.

Total operating expenses for the quarter were $9.3 million, up from $9.1 million in the prior year. The increase was primarily driven by higher selling and marketing expenses, which rose by $0.2 million as the company ramped up its marketing efforts in anticipation of the publication of results from its PRIME study. Research and development expenses decreased by $0.3 million, attributed to reduced costs associated with clinical studies, particularly following the cessation of enrollment in the PRIME study due to efficacy.

In terms of strategic developments, Sera Prognostics completed a public offering in February 2025, raising approximately $53.6 million in net proceeds. This offering included the sale of 3.1 million shares of Class A common stock and pre-funded warrants for an additional 11.25 million shares. The company’s cash and cash equivalents, along with marketable securities, totaled $114.2 million as of March 31, 2025, providing a solid financial foundation to support ongoing operations and product development.

Operationally, Sera Prognostics is focused on expanding the adoption of its PreTRM test, which predicts the risk of preterm birth. The company is actively engaging with healthcare providers and payers to secure contracts that will facilitate the test's integration into clinical practice. The results from recent clinical studies, including the AVERT PRETERM TRIAL and the PRIME study, are expected to bolster the test's market acceptance and drive future revenue growth. The company anticipates that its existing cash runway will support operations through 2028, although it acknowledges the need for additional funding to sustain its development and commercialization efforts.

Looking ahead, Sera Prognostics aims to leverage the positive outcomes from its clinical studies to enhance the PreTRM test's market position and explore additional product offerings. The company is also preparing for real-world evidence studies to further validate the test's effectiveness in clinical settings. However, it cautions that achieving significant revenue will depend on successful market adoption and payer contracts, and it may need to adjust its operational plans if these goals are not met.