SERA PROGNOSTICS, INC. Q2 FY2025 earnings call

• Data Generation: Working towards publication of full PRIME study results in peer-reviewed journal by year-end. Plan to follow with publications on health economic benefits, subpopulation analysis. Payers engaged on reimbursement strategy from SMFM meeting.
• Commercial Strategies: Focusing sales and marketing in geographies with synergistic momentum. Hired additional sales reps, strategic leaders like Lee Anderson (CCO) and Chuck Hyde (Head of Market Access). Investor Relations head appointed.
• Europe: Advanced commercial preparation for PreTRM Test in Europe over 18 months. Engaging partners, aim to submit to regulators in early 2026 and sign commercial partnerships by mid-2026.

Net revenue for the second quarter of 2025 was $17,000 compared to $24,000 in the second quarter of 2024. Total operating expenses were $9.3 million, flat with the prior year. Research and development expenses were $3.3 million, down 24% from $4.4 million due to lower clinical study costs post-PRIME study. Selling, general and administrative expenses were $6.0 million, up from $4.9 million. Net loss was $8.0 million, down from $8.3 million. As of June 30, 2025, cash, cash equivalents, and available-for-sale securities totaled approximately $108.5 million, expected to fund the company through significant milestones until 2028.

Cash position of ~$108.5M as of 6/30/2025 is expected to fund the company through significant adoption and commercial milestones until 2028. Will continue to invest in commercial opportunities with commercial merit to expand preterm awareness and test volumes.

Forward-looking statements may differ materially from actual results due to various reasons. Important risk factors are identified in company's SEC filings, including annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

Q: On commercial efforts, especially with Lee Anderson joining, how to think about milestones as commercial sales force is built and any shifts since his joining?

A: Lee brings decades of diagnostics commercialization experience. Emphasizes test's role in augmenting care protocols, expanded commercial team with senior and experienced reps, and upgraded team capabilities with market access hire Chuck Hyde.

Q: On EU plan, rationale, cost, reps hired, and ACOG 234 bulletin feedback?

A: EU plan due to European opinion leaders' push; not expecting significant cost increase as partnering with European firms. Hired ~10% of sales force, approach is to staff geographies with reimbursement traction. ACOG's move towards tailored care pathways is positive as it aligns with PreTRM Test's role in risk stratification.