Sera Prognostics, Inc. Q4 FY2025 earnings call

2025 was a critical year for SARA. It finalized the prime publication, set up for commercial push in 2026, built the organization, ensured capital for commercialization, and laid groundwork for international expansion. Strengthened the leadership team. The prime study was accepted for publication in December and published in January 2026, showing easing of preterm births. In 2025, engaged with 13 states and had 2 live partner programs, expecting 5 - 7 by end of 2026. In Europe, progressing regulatory pathway for preterm global test. Lee discussed commercial execution, refining region - first approach, expecting to be in active discussions with 15 - 17 states and double payer engagements in 2026. Tiffany discussed medical affairs focus on evidence - based practice, generating real - world evidence, partnering with clinicians and societies, and launching provider coverage request campaign

Fourth quarter revenue was $10,000 compared to $24,000 in the fourth quarter of 2024. Operating expenses for the quarter were $9 million, down from $9.4 million for the prior year period. Research and development expenses were $3.2 million compared to $3.1 million in 2024. Selling general and administrative expenses were $5.7 million versus $6.3 million in the prior year. Net loss for the quarter was $7.9 million compared to a net loss of $8.6 million in the fourth quarter of 2024. Total revenue for 2025 was $81,000, up slightly from $77,000 in 2024. Total expenses were $36.6 million compared to $36.7 million last year. Research and development expenses for the full year were $13.2 million, down from $14.7 million in 2024. Selling general and administrative expenses were $23.3 million, compared to $21.9 million last year. Net loss for the year was $31.9 million, compared to $32.9 million in 2024. Ended December 31, 2025, with $95.8 million in cash, cash equivalents, and available for sale securities

Expect revenue growth to build gradually as partner programs mature and real - world evidence results are generated. Plan to be in active discussions with 15 - 17 states and double payer engagements in 2026. Expect to have 5 - 7 active partner programs by end of 2026. Current cash will fund company through significant milestones to 2028. Prioritize market access, commercial scale - up, funding evidence - generating programs, and maintain financial discipline

Q: Expand on converting payer discussions and partner programs using outcomes and economic data.

A: Highlight clinical outcomes and health economic outcomes.

Q: Talk about feedback from SMFM conference and changes since Prime publication.

A: Great engagement with providers, leadership, continuing next steps.

Q: Balance investments in successful US states vs EU launch and SG&A spend.

A: Budgeted similar cash OPEX, reallocating from R&D to commercial including EU work.

Q: Elaborate on second active partnership program.

A: Multiple partners with different profiles, second is employer collaborative multi - state