SERA PROGNOSTICS, INC. Annual Report Summary (Fiscal Year Ended December 31, 2024)

For investors evaluating SERA PROGNOSTICS, INC., this summary offers a clear overview of the company's performance and strategic direction for the fiscal year ended December 31, 2024.

Business Overview: SERA PROGNOSTICS, INC. improves maternal and neonatal health outcomes through its diagnostics. The company develops and commercializes innovative blood tests designed to predict the risk of spontaneous preterm birth. Its flagship product, PreTRM, is a unique test that gives healthcare providers actionable insights, enabling them to intervene proactively. The company also holds trademarks such as "PreTRM Global," "The Pregnancy Company," and "LikeMine," highlighting its focus on global maternal health and personalized diagnostics.

As a "Smaller reporting company" and an "Emerging growth company," SERA PROGNOSTICS benefits from reduced disclosure requirements and extended compliance timelines under federal securities laws. This means investors might find less detailed information compared to larger, more established corporations.

Financial Performance (Fiscal Year Ended December 31, 2024):

• Revenue: The company generated $5.2 million in revenue, primarily from the commercialization and adoption of its PreTRM test. This marks a 35% increase over the prior fiscal year, indicating early market penetration.
• Net Loss: SERA PROGNOSTICS reported a net loss of $32.5 million for the fiscal year. This loss reflects substantial ongoing investments in research and development, clinical studies, and commercial expansion efforts.
• Market Capitalization: The company's Class A common stock had a market value of approximately $82.9 million as of June 30, 2025.

Financial Health (Cash, Liquidity):

• Cash and Cash Equivalents: As of December 31, 2024, the company held $41.8 million in cash and cash equivalents. This provides immediate funds to support operations and strategic initiatives in the near term.
• Overall Liquidity: Given its continued net losses, the company's ability to fund future operations and growth relies heavily on its current cash position and its capacity to raise additional capital through equity or debt financing.

Risk Factors: Investors face several significant risks, including:

• Regulatory Approval & Market Acceptance: The success of PreTRM and future products depends on continued regulatory acceptance (e.g., CLIA certification, potential FDA approval pathways) and widespread adoption by healthcare providers and payers.
• Competition: The diagnostics market is highly competitive, with established players and new entrants.
• Funding & Liquidity: As an emerging growth company with ongoing net losses, SERA PROGNOSTICS will require additional capital to fund future operations and growth initiatives.
• Intellectual Property: Protecting and enforcing their proprietary technology is crucial.
• Clinical Trial Outcomes: Successful clinical trials and studies are essential for future product development.

Management Discussion (MD&A Highlights): During the fiscal year, SERA PROGNOSTICS expanded the commercial reach of its PreTRM test, secured more payer coverage, and strengthened its clinical evidence. Key achievements included:

• Increased Clinical Adoption: More healthcare providers began using the PreTRM test, supported by positive clinical outcomes data.
• Research & Development: The company continued to invest in R&D, conducting ongoing studies to explore new indications for its diagnostic platform and enhance PreTRM's predictive capabilities.
• Strategic Partnerships: SERA PROGNOSTICS initiated discussions for potential collaborations to broaden market access and accelerate product development. The company aims to make its proprietary technology the standard of care for preterm birth risk assessment, improving patient outcomes globally.

Competitive Position: SERA PROGNOSTICS competes in a fast-changing and highly competitive diagnostics market, especially within maternal health. Key competitive factors include:

• Proprietary Technology and Clinical Evidence: Effective and clinically validated diagnostic tests like PreTRM are crucial differentiators.
• Payer Coverage and Reimbursement: Broad insurance coverage and favorable reimbursement rates are essential for market adoption.
• Sales and Marketing Capabilities: The ability to effectively reach and educate healthcare providers is vital.
• Intellectual Property Protection: Patents and other intellectual property (IP) rights are critical for maintaining a competitive edge.
• Regulatory Status: Navigating regulatory pathways (e.g., CLIA, potential FDA approval) and maintaining compliance. Competitors include established diagnostic companies, other emerging biotech firms focused on maternal health, and academic institutions developing similar technologies. SERA PROGNOSTICS differentiates itself with its unique PreTRM test, growing clinical evidence, and its goal to become the standard for preterm birth risk assessment.

Future Outlook: For the upcoming fiscal year, SERA PROGNOSTICS plans to accelerate PreTRM's commercialization. They will focus on expanding payer coverage and raising physician awareness. The company will also continue investing in R&D to improve its product pipeline and explore international expansion. This aims to strengthen its leadership in maternal health diagnostics.