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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40606

SERA PROGNOSTICS, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware		26-1911522
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
2749 East Parleys Way, Suite 200 Salt Lake City, Utah		84109
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (801) 990-0520

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share	SERA	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of November 7, 2025, the registrant had 37,627,034 and 967,759 shares of Class A and Class B common stock, $0.0001 par value per share, outstanding, respectively.

Table of Contents

TABLE OF CONTENTS


		Page
	Special Note Regarding Forward-Looking Statements	3

PART I — FINANCIAL INFORMATION		4
Item 1.	Financial Statements (Unaudited)	4
	Condensed Balance Sheets	4
	Condensed Statements of Operations and Comprehensive Loss	5
	Condensed Statements of Stockholders’ Equity	6
	Condensed Statements of Cash Flows	8
	Notes to Condensed Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	30
Item 4.	Controls and Procedures	30

PART II – OTHER INFORMATION		32
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 5.	Other Information	72
Item 6.	Exhibits	73

	Signatures	74

“Sera,” “PreTRM,” “The Pregnancy Company” and our logo are our trademarks. All other service marks, trademarks, and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. We do not intend our use or display of other companies’ trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies. Solely for convenience, trademarks and tradenames referred to in this Quarterly Report on Form 10-Q may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks and tradenames. Unless the context otherwise requires, we use the terms “Sera,” “Company,” “we,” “us” and “our” in this Quarterly Report on Form 10-Q to refer to Sera Prognostics, Inc.

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. In some cases, you can identify forward-looking statements by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

•

estimates of our addressable market, market growth, future revenue, key performance indicators, expenses, capital requirements, and our needs for additional financing;

•

our expectations regarding the rate and degree of market acceptance of our products and services, including our PreTRM test;

•

the impact of our PreTRM test, including the results of any studies of the test, on the field of bioinformatics and proteomics and the size and growth of the addressable bioinformatics and proteomics market;

•

our expectations regarding the future use of our PreTRM test based on the PRIME study results and that the PreTRM test has the potential to address a significant unmet need;

•

our ability to obtain funding for our operations;

•

our ability to manage and grow our business and commercialize our PreTRM test;

•

our ability to develop and commercialize new products and services;

•

our ability to retain the continued service of our key professionals and to identify, hire, and retain additional qualified professionals;

•

the pricing and reimbursement of our products and services, including new Current Procedural Terminology codes and their payment rates;

•

the implementation of our business model, strategic plans for our business, products, services, and technology;

•

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

•

regulatory developments in the United States and foreign countries, including changes in U.S. Food and Drug Administration regulation of laboratory-developed tests;

•

developments relating to our competitors and our industry;

•

the accuracy of our estimates regarding expenses, capital requirements, and needs for additional financing;

•

the expected impact of global business, political, and macroeconomic conditions, including inflation, fluctuations in interest rates, volatile market conditions, potential for local and/or global economic slowdown or recession, uncertainty with respect to the federal budget and debt ceiling and government shutdowns related thereto, potential changes in trade laws, regulations, and policies in the United States and abroad, including the imposition or expansion of tariffs, trade restrictions, or export controls, and the impact of such changes on the availability and cost of key inputs, including reagents, biological materials, and lab equipment, as well as raw material and shipping costs, global supply chains, and the pace of product and service development, cybersecurity events, instability in the global banking system, and global events, including regional conflicts around the world, on our business, clinical trials, financial condition, liquidity, and results of operations; and

•

our financial performance.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the “Risk Factors” section and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to new information, actual results or to changes in our expectations, except as required by law.

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

SERA PROGNOSTICS, INC.

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share data)


	September 30,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	4,081		$	4,043
Marketable securities		39,223			42,193
Accounts receivable		14			34
Prepaid expenses and other current assets		1,173			1,330
Total current assets		44,491			47,600
Property and equipment, net		1,032			1,239
Long-term marketable securities		59,080			21,973
Intangible assets, net		939			1,026
Other assets		2,583			737
Total assets	$	108,125		$	72,575
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,037		$	1,969
Accrued and other current liabilities		2,141			2,384
Finance lease obligation, current portion		3			194
Deferred revenue		20,319			20,223
Total current liabilities		23,500			24,770
Finance lease obligation, net of current portion		—			2
Operating lease obligation, net of current portion		2,443			—
Total liabilities		25,943			24,772
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.0001 par value; 150,000,000 Class A shares authorized; 37,601,447 and 33,206,909 Class A shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; 1,500,000 Class B shares authorized; 967,759 Class B shares issued and outstanding as of September 30, 2025 and December 31, 2024.		4			3
Additional paid-in capital		385,751			327,534
Accumulated other comprehensive income		268			60
Accumulated deficit		(303,841	)		(279,794	)
Total stockholders' equity		82,182			47,803
Total liabilities and stockholders' equity	$	108,125		$	72,575

The accompanying notes are an integral part of the condensed financial statements.

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SERA PROGNOSTICS, INC.

Condensed Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share and per share data)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenue	$	16		$	29		$	71		$	53
Operating expenses:
Cost of revenue		41			13			122			50
Research and development		3,284			3,502			9,955			11,591
Selling and marketing		1,592			1,181			4,883			3,507
General and administrative		4,079			4,195			12,661			12,117
Total operating expenses		8,996			8,891			27,621			27,265
Loss from operations		(8,980	)		(8,862	)		(27,550	)		(27,212	)
Interest expense		(2	)		(5	)		(8	)		(22	)
Other income, net		1,168			948			3,511			2,915
Net loss	$	(7,814	)	$	(7,919	)	$	(24,047	)	$	(24,319	)
Net loss per share, basic and diluted	$	(0.16	)	$	(0.24	)	$	(0.51	)	$	(0.74	)
Weighted-average shares outstanding, basic and diluted		49,525,108			33,522,726			46,880,876			32,894,191
Other comprehensive income:
Unrealized gain on available-for-sale debt securities, net of tax	$	123		$	503		$	208		$	307
Total other comprehensive income		123			503			208			307
Comprehensive loss	$	(7,691	)	$	(7,416	)	$	(23,839	)	$	(24,012	)

The accompanying notes are an integral part of the condensed financial statements.

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SERA PROGNOSTICS, INC.

Condensed Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share data)


							Accumulated
	Common Stock				Additional		Other					Total
	(Class A and B)				Paid-In		Comprehensive		Accumulated			Stockholders'
	Shares		Amount		Capital		Income		Deficit			Equity
Balance as of December 31, 2024		34,174,668	$	3	$	327,534	$	60	$	(279,794	)	$	47,803
Issuance of common stock upon exercise of stock options		45,949		—		47		—		—			47
Issuance of restricted stock units		318,154		—		—		—		—			—
Issuance of common stock and pre-funded warrants, net of issuance costs of $3.9 million		3,125,000		1		53,610		—		—			53,611
Stock-based compensation expense		—		—		1,493		—		—			1,493
Other comprehensive income		—		—		—		16		—			16
Net loss		—		—		—		—		(8,187	)		(8,187	)
Balance as of March 31, 2025		37,663,771		4		382,684		76		(287,981	)		94,783
Issuance of common stock upon exercise of stock options		519		—		1		—		—			1
Issuance of restricted stock units		305,220		—		—		—		—			—
Issuance of common stock under employee stock purchase plan		56,644		—		75		—		—			75
Stock-based compensation expense		—		—		1,344		—		—			1,344
Other comprehensive income		—		—		—		69		—			69
Net loss		—		—		—		—		(8,046	)		(8,046	)
Balance as of June 30, 2025		38,026,154		4		384,104		145		(296,027	)		88,226
Issuance of common stock upon exercise of stock options		222,312		—		393		—		—			393
Issuance of restricted stock units		320,740		—		—		—		—			—
Stock-based compensation expense		—		—		1,254		—		—			1,254
Other comprehensive income		—		—		—		123		—			123
Net loss		—		—		—		—		(7,814	)		(7,814	)
Balance as of September 30, 2025		38,569,206	$	4	$	385,751	$	268	$	(303,841	)	$	82,182

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							Accumulated
	Common Stock				Additional		Other						Total
	(Class A and B)				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		(Loss) Income			Deficit			Equity
Balance as of December 31, 2023		31,704,272	$	3	$	317,066	$	(15	)	$	(246,896	)	$	70,158
Issuance of common stock upon exercise of stock options		425,749		—		1,162		—			—			1,162
Issuance of restricted stock units		431,152		—		—		—			—			—
Common stock warrant exercises		6,168		—		—		—			—			—
Stock-based compensation expense		—		—		1,693		—			—			1,693
Other comprehensive loss		—		—		—		(166	)		—			(166	)
Net loss		—		—		—		—			(8,097	)		(8,097	)
Balance as of March 31, 2024		32,567,341		3		319,921		(181	)		(254,993	)		64,750
Issuance of common stock upon exercise of stock options		464,305		—		1,258		—			—			1,258
Issuance of restricted stock units		287,729		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		32,669		—		55		—			—			55
Common stock warrant exercises		1,803		—		—		—			—			—
Stock-based compensation expense		—		—		2,023		—			—			2,023
Other comprehensive loss		—		—		—		(30	)		—			(30	)
Net loss		—		—		—		—			(8,303	)		(8,303	)
Balance as of June 30, 2024		33,353,847		3		323,257		(211	)		(263,296	)		59,753
Issuance of common stock upon exercise of stock options		63,303		—		228		—			—			228
Issuance of restricted stock units		271,732		—		—		—			—			—
Other issuance of common stock		53,827		—		406		—			—			406
Stock-based compensation expense		—		—		1,680		—			—			1,680
Other comprehensive income		—		—		—		503			—			503
Net loss		—		—		—		—			(7,919	)		(7,919	)
Balance as of September 30, 2024		33,742,709	$	3	$	325,571	$	292		$	(271,215	)	$	54,651

The accompanying notes are an integral part of the condensed financial statements.

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SERA PROGNOSTICS, INC.

Condensed Statements of Cash Flows

(unaudited)

(in thousands)


	Nine Months Ended
	September 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(24,047	)	$	(24,319	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		696			622
Stock-based compensation		4,091			5,396
Non-cash lease expense		426			421
Non-cash investment income, net		72			(726	)
Other		(5	)		16
Changes in operating assets and liabilities:
Accounts receivable		20			81
Other receivables		19			11,310
Prepaid expenses and other assets		115			(272	)
Accounts payable		(915	)		73
Accrued and other current liabilities		(71	)		(522	)
Deferred revenue		96			(9	)
Net cash used in operating activities		(19,503	)		(7,929	)
Cash flows from investing activities
Purchases of marketable securities		(79,832	)		(30,336	)
Proceeds from maturities and sales of marketable securities		45,836			35,734
Purchases of property and equipment		(396	)		(48	)
Purchase of intangible assets		—			(992	)
Net cash (used in) provided by investing activities		(34,392	)		4,358
Cash flows from financing activities
Proceeds from public offering of common stock, net of issuance costs		53,610			—
Proceeds from exercise of stock options		441			2,648
Proceeds from employee stock purchase plan		75			55
Finance lease principal payments		(193	)		(328	)
Net cash provided by financing activities		53,933			2,375
Net increase (decrease) in cash and cash equivalents		38			(1,196	)
Cash and cash equivalents at beginning of period		4,043			3,880
Cash and cash equivalents at end of period	$	4,081		$	2,684
Supplemental disclosure of cash flow information
Cash paid for interest	$	7		$	22
Supplemental disclosure of non-cash investing and financing information
Issuance of stock to settle accrued and other current liabilities	$	—		$	406
Purchases of property and equipment in accounts payable and accrued and other current liabilities	$	6		$	3

The accompanying notes are an integral part of the condensed financial statements.

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SERA PROGNOSTICS, INC.

Notes to Condensed Financial Statements

(Unaudited)

1. Description of the Business

Sera Prognostics, Inc. (the “Company”) is a women’s health company utilizing its proprietary proteomics and bioinformatics platform and significant data resources to improve maternal and neonatal health by discovering, developing, and commercializing blood-based biomarker tests and predictive analytic products and services. The Company was incorporated in the State of Delaware on January 17, 2008, and its operations are located in Salt Lake City, Utah, including a Clinical Laboratory Improvement Amendments (“CLIA”)-certified laboratory.

Since its inception, the Company’s activities have consisted of performing research and development and conducting clinical studies for its pipeline products and services, acquiring product rights, raising capital, establishing facilities, and organizing commercial operations to market its testing and analytics products, primarily the PreTRM test.

2. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The unaudited interim condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2024, and, in the opinion of the Company’s management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial results. The balance sheet as of December 31, 2024, has been derived from the audited financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. The results of the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year ending December 31, 2025, or any other period.

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of the condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ materially from those estimates.

The Company’s financial statements as of and for the three and nine months ended September 30, 2025, reflect the Company’s estimates of the impact of the current macroeconomic environment, including the impact of fluctuations in inflation and interest rates. The extent to which these conditions will directly or indirectly impact the Company’s business, results of operations, and financial condition is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of this filing.

Pre-Funded Warrants

The Company issued pre-funded warrants in connection with an underwritten public offering in February 2025 (see Note 10—Capital Structure for additional details). In accordance with ASC 480-10, Distinguishing Liabilities from Equity, and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, the Company determined that the pre-funded warrants should be equity classified because they are freestanding financial instruments, are immediately exercisable, do not include an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of Class A common stock upon exercise, are indexed to the Company’s Class A common stock and meet the equity classification criteria.

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Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its financial statements.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (ASC Subtopic 220-40)—Disaggregation of Income Statement Expenses, which enhances the transparency and comparability of financial statements by requiring companies to disclose more granular information about expense components. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Clarifying the Effective Date to clarify the effective date of ASU 2024-03. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its financial statements and related disclosures.

3. Cash, Cash Equivalents and Marketable Securities

The Company has classified its marketable securities as available-for-sale. The Company’s cash, cash equivalents and marketable securities by major security type as of September 30, 2025 and December 31, 2024, were as follows (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	1,975	$	—	$	—		$	1,975
Money market funds		2,106		—		—			2,106
Total cash and cash equivalents		4,081		—		—			4,081
Current marketable securities:
Commercial paper		2,988		1		(1	)		2,988
Corporate debt securities		30,589		65		(1	)		30,653
U.S. federal agency securities		2,546		—		—			2,546
Municipal debt securities		3,028		8		—			3,036
Total current marketable securities		39,151		74		(2	)		39,223
Long-term marketable securities:
Corporate debt securities		47,364		184		(7	)		47,541
Municipal debt securities		5,628		23		—			5,651
U.S. federal agency securities		5,892		4		(8	)		5,888
Total long-term marketable securities		58,884		211		(15	)		59,080
Total cash, cash equivalents and marketable securities	$	102,116	$	285	$	(17	)	$	102,384

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	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	1,983	$	—	$	—		$	1,983
Money market funds		2,060		—		—			2,060
Total cash and cash equivalents		4,043		—		—			4,043
Current marketable securities:
Commercial paper		1,449		—		(3	)		1,446
Corporate debt securities		26,701		84		—			26,785
U.S. federal agency securities		9,453		8		(2	)		9,459
U.S. government securities		4,502		1		—			4,503
Total current marketable securities		42,105		93		(5	)		42,193
Long-term marketable securities:
Corporate debt securities		16,066		36		(5	)		16,097
Municipal debt securities		3,072		—		—			3,072
U.S. federal agency securities		2,863		—		(59	)		2,804
Total long-term marketable securities		22,001		36		(64	)		21,973
Total cash, cash equivalents and marketable securities	$	68,149	$	129	$	(69	)	$	68,209

The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of September 30, 2025 and December 31, 2024, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):


	September 30, 2025
	Less than 12 months					12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Commercial paper	$	1,496	$	(1	)	$	—	$	—		$	1,496	$	(1	)
Corporate debt securities		13,657		(8	)		—		—			13,657		(8	)
U.S. federal agency securities		—		—			2,913		(8	)		2,913		(8	)
Total	$	15,153	$	(9	)	$	2,913	$	(8	)	$	18,066	$	(17	)


	December 31, 2024
	Less than 12 months					12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Commercial paper	$	1,446	$	(3	)	$	—	$	—		$	1,446	$	(3	)
Corporate debt securities		4,059		(5	)		—		—			4,059		(5	)
U.S. federal agency securities		2,804		(59	)		3,021		(2	)		5,825		(61	)
Total	$	8,309	$	(67	)	$	3,021	$	(2	)	$	11,330	$	(69	)

As of September 30, 2025 and December 31, 2024, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than three years.

During the nine months ended September 30, 2025 and 2024, the Company received approximately $2.5 million and $5.0 million in proceeds, respectively, from the sale of available-for-sale securities prior to maturity. There was an immaterial amount of gain realized on the sales for the nine months ended September 30, 2025 and an immaterial amount of loss realized on the sales for the nine months ended September 30, 2024.

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The Company’s marketable securities classified by contractual maturities as of September 30, 2025, were as follows (in thousands):


	Amortized Cost		Fair Value
Due within one year	$	39,151	$	39,223
Due after one year through five years		58,884		59,080
Total	$	98,035	$	98,303

4. Property and Equipment

The following table presents the components of property and equipment, net, as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
Laboratory equipment	$	5,734		$	5,663
Computer equipment		1,369			1,099
Leasehold improvements		772			772
Software		1,141			1,141
Furniture and fixtures		320			320
Total property and equipment		9,336			8,995
Less accumulated depreciation and amortization		(8,304	)		(7,756	)
Property and equipment, net	$	1,032		$	1,239

Depreciation and amortization expense was $0.2 million for each of the three months ended September 30, 2025 and 2024. Depreciation and amortization expense was $0.6 million for each of the nine months ended September 30, 2025 and 2024.

5. Intangible Assets, Net

The following table summarizes intangible assets, net as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Domain names	$	697	$	—		$	697	$	697	$	—		$	697
Definite-lived intangible assets:
Software developed for sale		348		(106	)		242		348		(19	)		329
Total intangible assets	$	1,045	$	(106	)	$	939	$	1,045	$	(19	)	$	1,026

The Company’s software developed for sale was placed in service in November 2024 and is being amortized on a straight-line basis over a three-year useful life. Amortization expense was $29 thousand and $87 thousand for the three and nine months ended September 30, 2025, respectively, and is recorded in cost of revenue. No amortization expense was recorded for each of the three and nine months ended September 30, 2024.

6. Accrued and Other Current Liabilities

The following table presents the components of accrued and other current liabilities as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Accrued compensation	$	1,379	$	1,041
Accrued vacation		599		403
Operating lease liability, current portion		—		644
Other current liabilities		163		296
Total accrued and other current liabilities	$	2,141	$	2,384

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7. Other Income, Net

The following table presents the components of other income, net, for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest income	$	1,102	$	733	$	3,217	$	2,074
Investment income, net		66		215		294		841
Other income, net	$	1,168	$	948	$	3,511	$	2,915

8. Fair Value Measurements

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s receivables, prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate their fair values, principally due to the short-term nature of the assets and liabilities. The recorded values of the finance leases approximate fair value as the interest rates approximate market interest rates.

Money market funds are highly liquid investments and are actively traded. The pricing information on money market funds is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

U.S. government agency bonds, U.S. government bonds, commercial paper, corporate debt securities, and municipal debt securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date.

The Company follows a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are as follows:

Level 1 inputs are observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly or quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 inputs are unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions.

The following table shows the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of September 30, 2025:


	Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	2,106	$	—	$	—
Marketable securities:
Commercial paper		—		2,988		—
Corporate debt securities		—		78,194		—
Municipal debt securities		—		8,687		—
U.S. federal agency securities		—		8,434		—
Total assets	$	2,106	$	98,303	$	—

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The following table shows the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of December 31, 2024:


	Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	2,060	$	—	$	—
Marketable securities:
Commercial paper		—		1,446		—
Corporate debt securities		—		42,882		—
Municipal debt securities		—		3,072		—
U.S. federal agency securities		—		12,263		—
U.S. government securities		—		4,503		—
Total assets	$	2,060	$	64,166	$	—

9. Related Party Transactions

Commercial Collaboration Agreement

In June 2019, the Company entered into a master services agreement with Carelon Research, a subsidiary of Elevance Health, Inc. (“Elevance Health”). This agreement covers a range of research projects, including Carelon Research’s role as a contract research organization for the Prematurity Risk Assessment Combined With Clinical Interventions for Improving Neonatal outcoMEs (“PRIME”) study. The Company paid fees related to this agreement of $0.2 million and $0.9 million for the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $2.3 million for the three and nine months ended September 30, 2025 and 2024, respectively, which were recorded in research and development expenses in the Company’s condensed statements of operations and comprehensive loss. In November 2020, the Company entered into a Laboratory Services Agreement with Elevance Health related to the PRIME study. This agreement provides a contracted rate for certain tests performed pursuant to the study. In December 2023, enrollment in the PRIME study was stopped due to efficacy, and as such, there was no revenue recognized related to this agreement for the three and nine months ended September 30, 2025. There was an immaterial amount of revenue recognized related to this agreement for the three and nine months ended September 30, 2024.

In February 2021, the Company entered into a commercial collaboration agreement with Elevance Health and its affiliates (the “Commercial Collaboration Agreement”). The Commercial Collaboration Agreement provides defined payment within a defined period for use of the PreTRM test within Elevance Health’s network of covered members. Pursuant to the Commercial Collaboration Agreement, Elevance Health agreed to purchase a certain minimum number of tests for each of the first three years of the term of the agreement. Additionally, Elevance Health agreed to pay a certain minimum amount per year for the first three years of the term of the Commercial Collaboration Agreement. The Company received $11.2 million under the Commercial Collaboration Agreement during the nine months ended September 30, 2024, which amount was related to the minimum payments for the year ended December 31, 2023. Such minimum payments were initially recorded as deferred revenue and are recognized as revenue when the Company delivers PreTRM test results to Elevance Health patients pursuant to the Commercial Collaboration Agreement. The Company also agreed to develop a sales, marketing, and customer service program, and to provide training and marketing to duly licensed physicians specializing in obstetrics and gynecology or family medicine, or licensed nurse midwives, at the reasonable request of Elevance Health. Unless earlier terminated due to breach, the Commercial Collaboration Agreement will remain in effect until the later of (a) the third anniversary of the effective date or (b) the date on which Elevance Health has purchased a fixed number of PreTRM tests as agreed by the parties.

The Commercial Collaboration Agreement with Elevance Health is considered to be within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”), as the parties are active participants and exposed to the risks and rewards of the collaborative activity. The Company determined the PreTRM tests to be a performance obligation for which Elevance Health is a customer and a unit of account within the scope of ASC 606. The associated transaction price is based on the contractual minimum number of tests and the agreed upon defined payment amount per test. The transaction price was allocated to this single performance obligation, which will be recognized upon delivery of test results expected to occur over the term of the agreement. All other items promised to Elevance Health are immaterial in the context of the Commercial Collaboration Agreement. There were no material revenues related to the Commercial Collaboration Agreement for the three and nine months ended September 30, 2025 and 2024.

SERA PROGNOSTICS, INC. 10-Q