Revenue remained modest at $30,000 in Q2, up from $17,000 a year earlier, while the net loss widened to $9.1 million. Sera ended the quarter with $80.3 million in cash and said its capital should fund operations through major milestones into 2029. Illinois Medicaid implementation is underway following legislation requiring coverage of prescribed proteomic tests and related care management.
However, registration and contracting may take months, with substantial penetration of the estimated 50,000 eligible pregnancies not expected until after 2026. Sera expanded its payer pipeline to more than 20 opportunities across over 20 states and continued advancing clinical and regulatory plans. The company reported favorable PRIME subgroup results, including reduced NICU admissions, and expects to submit its European CE-marking package in Q4 2026.
Sera Prognostics (NASDAQ:SERA) reported modest second-quarter revenue while outlining progress in payer engagement, Illinois Medicaid policy, clinical evidence and European regulatory preparations for its PreTRM Test-guided care platform. Revenue for the quarter ended June 30 was $30,000, compared with $17,000 in the second quarter of 2025. Chief Financial Officer Austin Aerts said the revenue level reflected the timing of the company's geographically focused commercialization strategy and its ongoing efforts to build awareness following publication of the PRIME study.
He added that testing volumes have increased month to month since the study's publication earlier this year. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be The company reported a net loss of $9.1 million, compared with a net loss of $8 million a year earlier. Operating expenses rose to $10 million from $9.3 million. Research and development expense was $3.5 million, compared with $3.3 million in the prior-year period, while selling, general and administrative expense increased to $6.5 million from $6 million.
Sera ended the quarter with $80.3 million in cash equivalents and available-for-sale securities. Aerts said the company believes its capital position will fund operations through significant adoption and commercial milestones through 2029. He also said R&D spending is expected to decline in future periods as Sera directs resources toward commercialization. → Nebius' Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand President and Chief Executive Officer Zhenya Lindgardt highlighted Illinois legislation requiring the state Medicaid program to provide coverage and reimbursement for prescribed proteomic blood tests used to identify and manage spontaneous preterm birth risk, along with associated care-management services and interventions that have demonstrated improved outcomes.
Lindgardt said Sera has begun working with the Illinois Department of Healthcare and Family Services, managed Medicaid organizations and providers. The company is pursuing contracting, credentialing, provider education, workflow integration and implementation readiness across eligible Medicaid and commercially insured populations. → Apple's Next iPhone Could Test How Much Pricing Power Is Left During the question-and-answer session, Lindgardt described three primary steps from coverage to utilization: Registering as a provider in the state and obtaining in-network status with payers. Contracting with the state's payers, including five Medicaid plans in Illinois.
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