Revenue has collapsed to $14,000 in 2026Q1, driving gross margins into negative territory at -2.0% as operating costs remain disconnected from commercial output.
| Sales/Revenue | 57K | 81K | 77K | 306K | 268K | 82K | 25K | 36K |
| Revenue Growth % | -50.43% | 5.19% | -74.84% | 14.18% | 226.83% | 228% | -30.56% | - |
| Cost of Goods Sold | 166K | 164K | 82K | 210K | 193K | 37K | 11K | 18K |
| COGS % of Revenue | - | 202.47% | 106.49% | 68.63% | 72.01% | 45.12% | 44% | 50% |
| Gross Profit | -109K | -83K | -5K | 96K | 75K | 45K | 14K | 18K |
| Gross Margin % | -191.23% | -102.47% | -6.49% | 31.37% | 27.99% | 54.88% | 56% | 50% |
| Gross Profit Growth % | - | -1560% | -105.21% | 28% | 66.67% | 221.43% | -22.22% | - |
| Operating Expenses | 36.51M | 36.42M | 36.63M | 39.92M | 45.73M | 35.44M | 17.98M | 16.59M |
| OpEx % of Revenue | - | 44964.2% | 47571.43% | 13044.77% | 17062.31% | 43219.51% | 71940% | 46094.44% |
| Selling, General & Admin | 23.64M | 23.25M | 21.9M | 24.69M | 31.48M | 24.42M | 10.2M | 7.24M |
| SG&A % of Revenue | - | 28703.7% | 28441.56% | 8069.28% | 11747.39% | 29781.71% | 40812% | 20113.89% |
| Research & Development | 12.87M | 13.17M | 14.73M | 15.22M | 14.24M | 11.02M | 7.78M | 9.35M |
| R&D % of Revenue | - | 16260.49% | 19129.87% | 4975.49% | 5314.93% | 13437.8% | 31128% | 25980.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -36.61M | -36.5M | -36.63M | -39.82M | -45.65M | -35.4M | -17.97M | -16.58M |
| Operating Margin % | -64235.09% | -45066.67% | -47577.92% | -13013.4% | -17034.33% | -43164.63% | -71884% | -46044.44% |
| Operating Income Growth % | - | 0.36% | 8% | 12.77% | -28.98% | -96.96% | -8.42% | - |
| EBITDA | -35.89M | -35.56M | -35.8M | -38.92M | -44.9M | -34.74M | -17.08M | -15.63M |
| EBITDA Margin % | -62964.91% | -43906.17% | -46496.1% | -12719.28% | -16752.24% | -42360.98% | -68304% | -43416.67% |
| EBITDA Growth % | 0.17% | 0.66% | 8.01% | 13.31% | -29.25% | -103.42% | -9.25% | - |
| D&A (Non-Cash Add-back) | 724K | 940K | 833K | 900K | 756K | 659K | 895K | 946K |
| EBIT | -33.1M | -36.5M | -32.87M | -36.19M | -44.13M | -34.26M | -18.01M | -14.55M |
| Net Interest Income | 2.31M | 4.58M | 2.72M | 1.58M | 395K | -601K | -1.8M | -1.91M |
| Interest Income | 2.31M | 4.58M | 2.75M | 1.64M | 456K | 145K | 42K | 64K |
| Interest Expense | 3K | 9K | 28K | 55K | 61K | 746K | 1.84M | 1.97M |
| Other Income/Expense | 4.47M | 4.58M | 3.74M | 3.58M | 1.47M | 386K | -1.88M | 55K |
| Pretax Income | -32.14M | -31.93M | -32.9M | -36.24M | -44.19M | -35.01M | -19.85M | -16.52M |
| Pretax Margin % | -56385.96% | -39417.28% | -42724.68% | -11843.79% | -16487.31% | -42693.9% | -79392% | -45891.67% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -32.14M | -31.93M | -32.9M | -36.24M | -44.19M | -35.01M | -19.85M | -16.52M |
| Net Margin % | -56385.96% | -39417.28% | -42724.68% | -11843.79% | -16487.31% | -42693.9% | -79392% | -45891.67% |
| Net Income Growth % | 2.57% | 2.95% | 9.23% | 17.98% | -26.21% | -76.39% | -20.14% | - |
| Net Income (Continuing) | -32.14M | -31.93M | -32.9M | -36.24M | -44.19M | -35.01M | -19.85M | -16.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.64 | -0.67 | -0.99 | -1.16 | -1.43 | -1.18 | -1.19 | -1.13 |
| EPS Growth % | 30.85% | 32.32% | 14.66% | 18.88% | -21.19% | 0.84% | -5.31% | - |
| EPS (Basic) | - | -0.67 | -0.99 | -1.16 | -1.43 | -1.18 | -1.19 | -1.13 |
| Diluted Shares Outstanding | 50.26M | 47.66M | 33.16M | 31.2M | 30.94M | 30.77M | 18.11M | 18.11M |
| Basic Shares Outstanding | 50.26M | 47.66M | 33.16M | 31.2M | 30.94M | 30.77M | 18.11M | 18.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency risk
As evidenced by the most recent quarterly filings, Sera's revenue has plummeted to a mere $14,000, representing a significant contraction from prior periods and highlighting the company's inability to achieve meaningful commercial traction for its PreTRM diagnostic test within the competitive US obstetric market.
The consistent decline in quarterly revenue suggests that the company's transactional business model has failed to gain clinical adoption. Investors should interpret this lack of growth as a failure to secure the necessary payer coverage required to transition from pilot-phase testing to a sustainable clinical workflow.
According to the reported income statement data, Sera's gross margin has deteriorated into deeply negative territory, reaching -2.0% in 2026Q1, which indicates that the direct costs of laboratory operations and reagents currently exceed the revenue generated from test volumes by a substantial margin.
This negative margin profile implies that the company lacks the economies of scale required to make its diagnostic offering economically viable. The inability to cover basic variable costs suggests that the current pricing strategy or reimbursement levels are fundamentally misaligned with the underlying cost structure of the business.
Based on financial statements, the company continues to report massive operating losses, with 2026Q1 operating income at -$9.4 million, demonstrating that SG&A and R&D expenses are not scaling efficiently against the negligible revenue base, thereby exacerbating the firm's reliance on external capital for survival.
The persistent operating loss, which consistently hovers around $9 million per quarter, indicates a high fixed-cost burden that the current revenue stream cannot support. This structure suggests that the company is effectively an R&D project rather than a commercial enterprise, with no clear path to operational leverage under the current model.
As reported in recent filings, Sera maintains a heavy expense structure with R&D and SG&A costs consistently exceeding $8 million per quarter, a level of spending that appears disconnected from the company's inability to generate meaningful revenue or demonstrate a viable path to profitability.
The company's expense discipline appears weak, as management continues to fund significant overhead despite the lack of commercial progress. This suggests that the current cost structure is unsustainable and may require drastic reductions or a strategic pivot to preserve the remaining cash balance.
While management emphasizes the value of its proprietary proteomic database, the income statement suggests a distressed entity, as the TTM revenue of $81,000 against a $3.9 million cash balance indicates that the company is rapidly approaching a critical liquidity event that may necessitate a fire-sale.
Short-sellers would likely focus on the widening gap between the company's clinical aspirations and its actual financial performance. The lack of revenue growth and the persistent cash burn suggest that the market may be overvaluing the intellectual property while ignoring the immediate risk of insolvency.
Quick answers to the most common questions about buying SERA stock.
For fiscal year 2025, Sera Prognostics, Inc. (SERA) reported total revenue of $0.1M. This represents a 125.0% increase compared to $0.0M in 2019.
Sera Prognostics, Inc. (SERA) reported a net loss of $31.9M for the fiscal year ending 2025.
Sera Prognostics, Inc. (SERA) reported an operating income of $-36.5M, resulting in an operating profit margin of -45066.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sera Prognostics, Inc. (SERA) generated $-0.1M in gross profit for the year, representing a gross profit margin of -102.5%. This demonstrates the company's core pricing power and production efficiency.