Key Highlights

  • Net loss per share was USD 0.16 against an estimate of USD -0.14, on a USD 8.1 million net loss.
  • Revenue was USD 42,000 against an estimate of USD 75,000, compared with USD 16,000 in the third quarter of 2025.
  • Florida Medicaid added the PreTRM test to its covered list, and Illinois set a Medicaid rate of USD 525.
  • Cash, cash equivalents and available-for-sale securities were USD 72.8 million, and the accumulated Deficit was USD 337.3 million.

Sera Prognostics (NASDAQ:SERA), a women's health company whose first commercial product is the PreTRM preterm birth risk test, spent the third quarter building payer and Medicaid access. Florida added the test to its Medicaid covered biomarker list, bringing covered Medicaid lives to approximately 7 million, and Illinois placed it on its Medicaid fee schedule at USD 525 with no prior authorization required. Revenue was USD 42,000 against an estimate of USD 75,000, and the net loss was USD 8.1 million, or USD 0.16 per share.

Commercial Build-Out and Evidence

Management said the company completed credentialing for Illinois Medicaid and is working on contracts with managed care plans there. It launched a fourth payer Partnership program, a state-based initiative with a national payer, and is in discussions with one of the largest commercial insurers about a multi-state pilot of several thousand patients with planned initiation in fiscal year 2027. The sales team grew by 25% in the third quarter to support Illinois, with a further expansion in early October for Florida.

The company is starting the CE Mark submission process with its notified body, based on European registration study results.

On evidence, the company cited the PRIME randomized controlled trial, published in January 2026, which reported a 20% reduction in babies admitted to the neonatal intensive care unit. A July 2026 subgroup analysis in first-time mothers reported a 22% reduction in NICU admissions.

In May 2026 the company adopted operational changes to concentrate resources on commercialization, reducing its workforce by 14 full-time employees, or approximately 18%, and recognizing approximately USD 1.3 million of severance costs in the second quarter.

Third Quarter Results

Revenue was USD 42,000 against USD 16,000, and cost of revenue was USD 61,000 against USD 41,000. Total operating expenses were USD 8.9 million against USD 9.0 million. Research and Development was USD 2.7 million against USD 3.3 million, while selling and Marketing expense was USD 2.3 million against USD 1.6 million. General and administrative expense was USD 3.9 million against USD 4.1 million.

Other income, net, was USD 0.8 million against USD 1.2 million. The net loss of USD 8.1 million compares with USD 7.8 million in the prior-year quarter. For nine months, the net loss was USD 25.6 million against USD 24.0 million.

Cash, Financing and Funding Needs

Aggregate cash, cash equivalents and available-for-sale securities were USD 72.8 million at September 30. The company said these resources fund its operating expenses and Capital Expenditure requirements for at least the next 12 months.

The company funded itself through a February 2025 offering with approximately USD 53.6 million of net proceeds. In March 2026 it entered into an at-the-market sales agreement for up to USD 40.0 million of Class A common stock, and it sold no shares under that agreement in the nine months.

Management cautioned that without payer contracts and broader adoption, it may need to delay or scale back programs, and that it may seek further equity, Debt or collaboration financing.

Dates and Milestones Named

Revenue of USD 42,000 sits alongside a net loss of USD 8.1 million, cash and securities of USD 72.8 million and an Illinois Medicaid fee of USD 525.

Management named a short list of dated items: planned initiation of the multi-state payer pilot in fiscal year 2027, the CE Mark submission now starting, Illinois managed care contracting underway, and the Florida commercialization plan supported by the October sales expansion.