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The call presented a mixed picture: strong strategic progress on commercialization, payer engagement, media awareness, scientific publications and a clear plan to reduce operating expense that together support a multi-year commercial opportunity. However, near-term financials remain weak — Q1 revenue fell to $14k (down ~63% YoY), a continuing net loss (~$8.4M) and management expects 2026 revenue to be modest and uneven while payer coverage and broader adoption timelines play out. Given meaningful operational and evidence milestones but limited near-term revenue visibility, the tone is cautiously constructive but balanced by financial and timing risks.
On the call Sera provided granular financial and operational guidance: Q1 revenue was $14,000 (vs. $38,000 YoY), operating expenses $9.4M (vs. $9.3M), R&D $3.0M (vs. $3.3M), SG&A $6.3M (vs. $5.9M), net loss $8.4M (vs. $8.2M), and cash and equivalents were $86.8M as of March 31, 2026. Management expects 2026 revenue to remain modest and uneven (a “low single‑digit thousand” test volume for the year is not unreasonable), will shift spend from R&D toward commercialization/medical activities, and expects to reduce annual operating expenses by nearly $10M (with most savings realized in 2027+). Commercial progress includes 3 live partner programs (the Q1 launch expands reach to >350 providers across 3 states), a goal of 5–7 partner programs with roughly one launch per quarter, active contracting with additional partners, and engagement with 13 payers across 15 states (up from 10 payers/13 states). They reiterated a pilot Medicaid program timeline of ~9–12 months to recruit, ~4–5 months for deliveries, several months to collect outcomes, and roughly ~2 years to a state coverage decision (potentially beginning in early 2027), and affirmed that current resources should fund operations and capex through 2029.
Cash, cash equivalents and available-for-sale securities of $86.8 million at March 31, 2026; company expects to reduce base operating expenses by nearly $10 million annually, extending runway and management believes cash is sufficient to fund operations through 2029.
Launched a third partnership program in Q1 (now 2 live programs plus the new one) with plans to stand up ~one program per quarter; engaged in active discussions with 13 payers across 15 states (up from 10 payers in 13 states prior quarter), pursuing a focused market approach to drive implementation and pull-through.
Broad media and outreach efforts including a SHE MD podcast episode featuring Hailey Bieber that surpassed 0.5 million views; additional targeted podcast and media appearances planned to drive patient and provider awareness and advocacy.
Full PRIME study published; European expert commentary published in the Journal of Maternal Fetal and Neonatal Medicine (March); PREPARE survey accepted for publication; multiple PRIME sub-analyses planned in 2026 including a health economic study and Medicaid outcomes to strengthen clinical and economic case for adoption.
On track for a midyear CE Marking dossier submission and constructive engagement with European regulators and clinical stakeholders, advancing commercialization readiness in Europe.
Company realigned resources from R&D/clinical operations toward commercialization, payer engagement and market access; R&D expense declined to $3.0 million in Q1 2026 (from $3.3 million in Q1 2025, ~9.1% decrease), reflecting transition toward revenue-driving activities.
Ladies and gentlemen, welcome to Sera Prognostics' First Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please be advised that this call is being recorded today, Wednesday, May 6, 2026. I will now turn the call over to our first speaker today, Jennifer Zibuda, Investor Relations. Please go ahead.
Thank you, operator. Welcome to Sera Prognostics' First Quarter Fiscal Year 2026 Earnings Conference Call. At the close of market today, Sera Prognostics released its financial results for the quarter ended March 31, 2026. Presenting for the company today will be Zhenya Lindgardt, President and CEO; and Austin Aerts, our CFO. During the call, we will review the financial results we released today, after which we will host a question-and-answer session. If you've not had a chance to review our quarterly earnings release, it can be found on our website at sera.com. This call can be heard live via webcast at sera.com, and a recording will be archived in the Investors section of our website. Please note that some of the information presented today may contain projections or other forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, future financial results and market trends and opportunities.
These statements are based on management's current expectations, and the actual events or results may differ materially and adversely from those expectations for a variety of reasons. We refer you to the documents the company files from time to time with the Securities and Exchange Commissio...