Free cash flow remains deeply negative, with the company burning through its remaining $4.2 million cash position to sustain quarterly operating losses of $9.4 million.
| Cash from Operations | -26.84M | -25.62M | -14.19M | -27.19M | -34.61M | -31.64M | -16.87M | -19.32M |
| Operating CF Margin % | - | -31633.33% | -18427.27% | -8884.97% | -12914.18% | -38580.49% | -67472% | -53677.78% |
| Operating CF Growth % | 1.15% | -80.58% | 47.81% | 21.44% | -9.4% | -87.55% | 12.71% | - |
| Net Income | -32.14M | -31.93M | -32.9M | -36.24M | -44.19M | -35.01M | -19.85M | -16.52M |
| Depreciation & Amortization | 917K | 940K | 833K | 900K | 756K | 659K | 895K | 946K |
| Stock-Based Compensation | 3.62M | 5.11M | 7.01M | 5.27M | 5.05M | 3.13M | 726K | 438K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.53M | 801K | -412K | -638K | 213K | -372K | 1.67M | -541K |
| Working Capital Changes | -772K | -546K | 11.28M | 3.52M | 3.55M | -44K | -311K | -3.65M |
| Change in Receivables | 14K | 22K | 11.42M | -5.36M | -2.97M | -3.14M | -2K | 6K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -83K | -1.01M | 455K | -442K | 352K | 603K | -307K | -534K |
| Cash from Investing | 25.29M | -28.5M | 11.74M | 438K | 5.55M | -82.56M | -149K | -6K |
| Capital Expenditures | -731K | -726K | -56K | -128K | -791K | -1.3M | -149K | -109K |
| CapEx % of Revenue | 1282.46% | 896.3% | 72.73% | 41.83% | 295.15% | 1590.24% | 596% | 302.78% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1 | 0 | -1.04M | 311K | 16K | 0 | 0 | 103K |
| Cash from Financing | 504K | 54.03M | 2.61M | 752K | 5K | 159.59M | 9.16M | 33.05M |
| Debt Issued (Net) | -81K | -194K | -440K | -466K | -303K | -7.66M | -1.7M | 2.98M |
| Equity Issued (Net) | 116K | 54.22M | 0 | 0 | 0 | 165.59M | 10.69M | 30.05M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 469K | 0 | 3.05M | 1.22M | 308K | 1.66M | 176K | 15K |
| Net Change in Cash | -1.05M | -99K | 163K | -26M | -29.05M | 45.4M | -7.86M | 13.72M |
| Free Cash Flow | -27.57M | -26.35M | -15.29M | -27.32M | -35.4M | -32.94M | -17.02M | -19.43M |
| FCF Margin % | -48377.19% | -32529.63% | -19857.14% | -8926.8% | -13209.33% | -40170.73% | -68068% | -53980.56% |
| FCF Growth % | -1.65% | -72.33% | 44.03% | 22.84% | -7.47% | -93.57% | 12.43% | - |
| FCF per Share | -0.55 | -0.55 | -0.46 | -0.88 | -1.14 | -1.07 | -0.94 | -1.07 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.80x | 0.43x | 0.75x | 0.78x | 0.90x | 0.85x | 1.17x |
| Interest Paid | 3K | 0 | 28K | 55K | 48K | 1.19M | 250K | 463K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency risk
As reported in recent financial statements, Sera's operating cash flow consistently mirrors its net losses, with an OCF/NI ratio frequently hovering near 0.80, suggesting that the company lacks the non-cash accrual cushion necessary to mask its underlying cash-burning operational model during this early commercial phase.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. This suggests that the firm is consuming actual liquidity to fund its ongoing laboratory and clinical validation activities, leaving little room for operational error.
Based on quarterly filings, Sera's free cash flow remains deeply negative, with the company consistently burning millions per quarter to sustain operations, a trend that underscores the lack of a self-sustaining commercial engine despite the firm's long-standing focus on clinical validation and market development.
The persistent negative free cash flow trajectory highlights the company's inability to generate sufficient revenue to cover its high fixed-cost base. Investors should monitor the widening gap between cash outflows and the negligible revenue inflows, which suggests that the current business model is not yet viable.
According to historical cash flow data, working capital changes have been highly erratic, including a significant $11.3 million inflow in 2024Q1 followed by subsequent outflows, indicating that the company's cash position is heavily influenced by timing differences rather than stable, recurring operational cash generation.
The volatility in working capital suggests that the company's cash flow is susceptible to the timing of institutional payments and potential shifts in accounts payable management. This instability complicates cash flow forecasting and highlights the firm's reliance on external financing to bridge gaps in operational liquidity.
As disclosed in recent SEC filings, Sera consistently utilizes stock-based compensation, with quarterly figures often exceeding $1 million, which serves to preserve cash but simultaneously dilutes existing shareholders while failing to address the fundamental lack of operational cash flow generation from the core diagnostic business.
The reliance on stock-based compensation as a non-cash expense suggests that management is attempting to conserve limited cash reserves by compensating talent with equity. While this preserves liquidity in the short term, it does not solve the underlying issue of negative operating cash flow and may lead to significant dilution for investors.
Quick answers to the most common questions about buying SERA stock.
Sera Prognostics, Inc. (SERA) generated $-25.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sera Prognostics, Inc. (SERA) reported negative free cash flow of $26.3M in 2025, indicating capital requirements exceeded cash from operations.
Sera Prognostics, Inc. (SERA) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.