Sera Prognostics, Inc.

Revenue was $30,000 in Q2 2026 versus $17,000 in Q2 2025. Operating expenses were $10 million, compared with $9.3 million a year ago; R&D was $3.5 million versus $3.3 million, and SG&A was $6.5 million versus $6.0 million. Net loss was $9.1 million, versus $8.0 million in Q2 2025. Gross margin was not stated. The company did not provide numeric revenue or EPS guidance; instead, it said testing volumes have increased steadily month to month since PRIME publication, and that Illinois and other payer opportunities should move through implementation, reimbursement readiness and adoption over the coming quarters, with many opportunities potentially contributing meaningfully toward early 2027.

Zhenya Lindgardt framed the quarter as validation of Sera’s commercialization strategy, emphasizing that progress is coming from a mix of evidence generation, policy engagement, provider advocacy and awareness building. She highlighted Illinois as proof that access can be created outside of traditional payer contracting and said the company is now shifting from opening conversations to implementation and reimbursement readiness. Her tone was confident but still measured, repeatedly noting the business is early in commercialization even as she pointed to growing stakeholder alignment around PreTRM Test-guided care.

Austin Aerts said financial performance remained modest by design, with revenue of $30,000 reflecting the timing of Sera’s geographically targeted strategy and the company’s focus on advocacy after PRIME. He noted operating expenses of $10 million were up slightly from $9.3 million last year, with R&D at $3.5 million and SG&A at $6.5 million; R&D should decline in future periods as resources shift toward commercialization. He also said the company ended the quarter with $80.3 million in cash, cash equivalents and available-for-sale securities, and believes that balance is sufficient to fund the business through 2029.

Analysts pressed for detail on how Illinois would convert from coverage to actual reimbursement and volume, and management laid out a three-step process: provider registration/network participation, payer contracting, and provider activation. On timing, management said provider registration can take a couple of months to a year and payer contracting typically takes 6 to 9 months, so meaningful penetration in 2026 is not expected. Questions also focused on guidelines, and management said ACOG and SMFM want more publications, which is why Sera is prioritizing additional PRIME analyses. On CE marking, management said the extra ELISA testing was driven internally to de-risk sample stability and execution, not by the advisory board.