SERA PROGNOSTICS, INC. Q1 FY2025 earnings call

• Continued progress from clinical evidence development phase towards commercial growth, with plans to publish prime study results in a peer-reviewed journal.
• Commercial roadmap includes a geographically focused ecosystem playbook with three primary components: reimbursement (balanced approach to commercial insurance, employers, Medicaid), ramping up Medicaid plan pilots in high preterm birth states, and engagement with commercial payers and employers.
• Prime study results show cost savings, with PreTRM test saving NICU days more efficiently than transvaginal ultrasound. Data on post-birth savings supports health economics case, especially with Medicaid covering first 12 months of newborn healthcare.
• ACOG updated prenatal care guidelines to include risk stratification, with PreTRM test supporting comprehensive risk assessment in prenatal care. Sera plans to have a strong presence at ACOG's annual meeting to cultivate interest in evidence generation for PreTRM test and treat strategy.

Net revenue for the first quarter of 2025 was $38,000 compared to nil for the first quarter of 2024. Total operating expenses for the first quarter were $9.3 million, up slightly from $9.1 million in the same period the prior year. Research and development expenses were $3.3 million, down approximately 9% year-over-year due to lower clinical study costs. Selling general and administrative expenses were $5.9 million, up from $5.4 million in Q1 2024. Net loss for the quarter was $8.2 million, relatively flat with $8.1 million in the prior year period. As of March 31, 2025, the company had cash, cash equivalents, and available for sale securities of approximately $114.2 million.

• Planning to expand commercial presence by 5 to 10 full-time equivalent (FCE) sales roles, monitoring progress in targeted states.
• Prime study publication is progressing, having passed the next milestone with the target journal, awaiting the next milestone for potential publication.

• Forward-looking statements may differ materially from actual results due to various reasons; refer to the company's SEC filings for important risk factors that could cause actual results to differ.

Q: Talk about the strategic headcount investments.

A: Planning to expand our commercial presence by 5 to 10 FCEs, monitoring progress in targeted states and potentially extending to more states if progress is strong.

Q: Update on the prime study publication.

A: Passed the next milestone with the target journal, but no precise publication date is available yet, awaiting the next milestone.

Q: Elaborate on the ACOG Bulletin update.

A: ACOG updated prenatal care guidelines to tailor care based on risk stratification, and PreTRM test supports comprehensive risk assessment, with potential to influence guideline recommendations for PreTRM test use.

Q: Status of Medicaid pilot programs.

A: Still expecting 2 to 4 Medicaid plan pilots over the next 12 months in states most impacted by preterm births.