Sera Prognostics (NASDAQ: SERA) is a women's health diagnostics company that develops and commercializes prognostic tests for pregnancy-related risks. Revenue comes from sales of its PreTRM test, a blood-based biomarker test designed to predict preterm birth risk in expectant mothers. The company generated $81 thousand in revenue for FY2025, up from $77 thousand in FY2024, against total operating expenses of $36.6 million in FY2025, reflecting a pre-commercial stage of operations. Cost of revenue was $164 thousand in FY2025. Research and development spending was $13.2 million in FY2025, down from $14.7 million in FY2024. Selling and marketing expenses were $6.5 million in FY2025. The company targets expectant mothers, institutional health systems, and self-insured employer markets. President and CEO is Zhenya Lindgardt, with Austin Aerts serving as CFO, as of the 10-K filed 2026-03-18. The company is exploring strategic partnerships and collaborations to expand commercialization within and outside the United States.

Revenue model

Transactional revenue from sales of the PreTRM diagnostic test. Revenue was $81 thousand in FY2025 and $77 thousand in FY2024 per the 10-K filed 2026-03-18. The company is in early commercial stage and relies on equity and debt financing to fund operations.

Products and services

PreTRM test: a blood-based prognostic test for predicting preterm birth risk in pregnant women. The company also references a broader product portfolio in development targeting pregnancy outcomes.

Customers and end markets

Expectant mothers, institutional health systems, and self-insured employer markets. The company is building direct relationships with pregnant patients through digital channels.

Value-chain role

Diagnostic test developer and commercial laboratory. The company sources test components from third-party contract suppliers, including some sole-source suppliers, and performs laboratory testing. Subject to HIPAA, HITECH, and state health data privacy regulations.

Geographic exposure

Primary operations in the United States. The company references potential expansion outside the United States through strategic partnerships, but no international revenue is disclosed in the 10-K filed 2026-03-18.

Source: SEC 10-K, filed 2026-03-18

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