Sera Prognostics, Inc. Q3 FY2025 earnings call

• Clinical Progress: Advancing geographically focused strategy, with progress in PRIME study, planning to publish PRIME results by year-end, and preparing data subsets on health economics, population analysis, etc. - Commercial Strategy: Focus on select regions, active in Medicaid pilot programs (Nevada enrolling patients), engaging with 13 states, two-pronged commercial approach (state engagement and payer-driven adoption), and recent leadership appointments (chief medical officer and head of commercial operations).

Net revenue for the third quarter was $16,000 compared to $29,000 in the same period last year. Total operating expenses for the quarter were $9,000,000 compared to $8,900,000 in 2024. Research and development expenses were $3,300,000, down from $3,500,000 in 2024. Selling, general, and administrative expenses were $5,700,000, up from $5,400,000 in the prior year period. Net loss for the quarter was $7,800,000, down from $7,900,000 in 2024. As of 09/30/2025, cash, cash equivalents, and available for sale securities were approximately $102,400,000.

• Medicaid pilot in Nevada is active, with engagement in 13 states. - Plan to expand sales force as traction in geographies is achieved. - Reallocating capital to commercialization from evidence-generating activities.

• Uncertainties in payer and state coverage decisions. - Variability in pilot program sizes and financial arrangements. - Potential delays in guideline adoption affecting commercialization timeline.

Q: Dan Brennan asked about Medicaid pilots, including details on Nevada pilot size, economics, and price realization.

A: Jennifer Zebuda responded that pilots vary in size, with focus on driving outcomes, and they are seeing positive price realization in early engagements.

Q: Andrew Brackmann inquired about plans post-PRIME publication and commercial team build-out.

A: Jennifer Zebuda and Austin Eretz discussed readiness for PRIME publication, plans for dissemination, and reallocation of capital to commercialization, including expanding the sales force and adjusting SG&A expenses.