Sera Prognostics, Inc. reported a net loss of $7.8 million for the third quarter of 2025, a slight improvement from the $7.9 million loss recorded in the same period of 2024. Revenue for the quarter was $16,000, a decrease from $29,000 year-over-year. For the nine months ending September 30, 2025, the company generated $71,000 in revenue, up from $53,000 in the prior year. Operating expenses for the third quarter totaled $9.0 million, compared to $8.9 million in the same quarter of 2024, reflecting a modest increase in costs associated with research and development, selling, and marketing efforts.
The company’s total assets increased significantly to $108.1 million as of September 30, 2025, compared to $72.6 million at the end of 2024. This growth was primarily driven by an increase in long-term marketable securities, which rose to $59.1 million from $22.0 million. Sera's cash and cash equivalents remained stable at $4.1 million, slightly up from $4.0 million at the end of the previous fiscal year. The accumulated deficit also widened to $303.8 million, up from $279.8 million at the end of 2024.
Strategically, Sera Prognostics has focused on expanding its commercial operations, particularly for its PreTRM test, which is designed to predict the risk of preterm birth. The company has recently begun hiring additional sales personnel and a Chief Medical Officer to enhance its market presence. The results from clinical studies, including the PRIME study, are expected to bolster the adoption of the PreTRM test among healthcare providers and payers. The company aims to leverage these results to secure contracts with private and governmental payers, which could lead to increased revenue in the future.
Operationally, Sera Prognostics has seen a decrease in clinical study costs, particularly related to the winding down of the PRIME study, which has contributed to a reduction in research and development expenses. However, selling and marketing expenses have increased as the company invests in its commercial strategy. The total employee headcount has also risen as part of the company's efforts to strengthen its commercial team.
Looking ahead, Sera Prognostics anticipates continued operating losses as it invests in the commercialization of the PreTRM test and the development of additional products. The company believes its current cash reserves will support operations through 2028, but it may need to seek additional funding to sustain its growth and development initiatives. The management remains optimistic about the potential for increased market adoption of its products, contingent on the successful publication of clinical data and the establishment of payer contracts.
About SERA PROGNOSTICS, INC.
Sera Prognostics specializes in women’s health by developing blood-based biomarker tests and predictive analytics to improve pregnancy outcomes. Its core product, the PreTRM test, accurately predicts preterm birth risk, enabling proactive interventions. The company leverages proprietary proteomics, bioinformatics, and extensive biobanks to address unmet needs in maternal-fetal medicine, targeting healthcare providers, payers, and pregnant women worldwide.
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