Here are a few brief analogies for Sera Prognostics (SERA):

• Exact Sciences for pregnancy diagnostics.
• Natera for predicting pregnancy risks.
• Guardant Health for pregnancy biomarkers.

• PreTRM test: A blood-based biomarker test to predict the risk of spontaneous preterm birth in asymptomatic singleton pregnancies.
• Product Candidates Pipeline: A portfolio of developing biomarker tests for various pregnancy-related conditions, including preeclampsia, gestational diabetes mellitus, and stillbirth.

Sera Prognostics (SERA) sells primarily to other companies within the healthcare sector.

The company's major customers are the **healthcare providers** (primarily obstetricians and gynecologists) and the **medical practices, clinics, or hospitals** where they operate. These providers order Sera Prognostics' PreTRM test for their patients, and Sera Prognostics performs the testing services in its own CLIA-certified laboratory.

Due to the direct-to-provider sales model and the fragmented nature of the healthcare provider market, Sera Prognostics does not publicly disclose specific named major customer companies, nor are there any public companies identified as major customers of SERA.

Zhenya Lindgardt, President and CEO

Zhenya Lindgardt was appointed President and CEO of Sera Prognostics in May 2023. She previously served as the Chief Executive Officer of The Commons Project Foundation, a non-profit public trust. From August 2020 to October 2021, she was a Managing Director of her family office. Prior to that, from April 2019 to August 2020, Ms. Lindgardt held the position of Vice President of Platform and Customer Engagement at Uber Technologies Inc. She also spent 19 years at The Boston Consulting Group, where she served as a Senior Partner and Managing Director from October 2000 to April 2019.

Austin Aerts, Chief Financial Officer

Austin Aerts has over a decade of finance and accounting experience, with eight years specifically in the medical diagnostics industry. He joined Sera Prognostics in July 2017, and prior to his appointment as CFO, he served as the company's Vice President of Finance and Corporate Controller. Mr. Aerts played a key role in Sera Prognostics' initial public offering in 2021. Before joining Sera, he worked in the finance department at Myriad Genetics and as an assurance professional at Ernst & Young LLP, where he served various public and private clients, including Sera.

Lee Anderson, Chief Commercial Officer

Lee Anderson brings over three decades of leadership experience in the healthcare sector, specifically in sales, marketing, customer service, strategic accounts, and training. His career includes significant roles at Genomic Health and Exact Sciences, where he was instrumental in driving revenue growth and launching new products. At Genomic Health, which was acquired by Exact Sciences, he rose to Vice President, leading US Oncology Sales and Global Customer Service. Post-acquisition, he served as General Manager of Precision Oncology at Exact Sciences, contributing to nationwide sales growth. Mr. Anderson also held the role of Chief Commercial Officer at Biofidelity Inc.

Dr. Tiffany Inglis, Chief Medical Officer

Dr. Tiffany Inglis is a board-certified Obstetrician Gynecologist with over 25 years of experience in direct patient care and the healthcare payer industry. She joined Sera Prognostics as Chief Medical Officer in October 2025. Prior to Sera, Dr. Inglis served as Chief Medical Officer at Carelon Health, where she expanded evidence-based intervention programs. She also held roles at Elevance Health, beginning in 2017, where she contributed to redesigning the Women and Children's Health portfolio and leading external partnerships. Dr. Inglis received her medical degree from the Medical College of Ohio in 2002 and practiced as an OB/GYN for over a decade.

Jay Boniface, PhD, Chief Scientific Officer

Dr. Jay Boniface has served as Chief Scientific Officer of Sera Prognostics since November 2011, having previously been the Vice President of Research from September 2011. In his role, Dr. Boniface is involved with product development. He has prior experience as a scientist and program director for several biotechnology companies focused on protein discovery and drug development, including Myrexis, Myriad Genetics, Prolexys Pharmaceuticals, and Eos Biotechnology. Dr. Boniface earned his Ph.D. in biochemistry at Albany Medical College and was a postdoctoral scholar in molecular immunology at Stanford University.

The key risks to Sera Prognostics' business include:

1. Reimbursement and Market Adoption: A primary risk for Sera Prognostics is the challenge of securing broad coverage and adequate reimbursement for its PreTRM test from third-party payers, including commercial insurers, Medicaid, and Medicare. Without widespread reimbursement and market acceptance by healthcare providers, the company's ability to generate significant revenue and achieve profitability for its diagnostic tests is substantially hindered. Sera Prognostics is actively engaging with payers and health systems to establish payment contracts and facilitate broad commercial coverage.
2. Limited Revenue and Need for Additional Capital: Sera Prognostics has historically reported significant net losses and low revenues, with the PreTRM test currently representing substantially all of the company's revenue. While the company has raised capital through public offerings to extend its financial runway, there is an ongoing risk that it may need to secure additional financing if revenue generation does not accelerate as anticipated, which is directly tied to the successful reimbursement and market adoption of its tests.
3. Competition and Scientific/Market Acceptance: Despite the PreTRM test being described as the only broadly validated, commercially available blood-based biomarker test for spontaneous preterm birth prediction, Sera Prognostics operates in a competitive and rapidly evolving diagnostic market. The continued success of the PreTRM test and future pipeline products depends on broad scientific and market acceptance among physicians and patients, as well as maintaining its competitive edge against existing and potential new diagnostic solutions. Factors like the integration into clinical guidelines and ongoing physician awareness are crucial for driving adoption.

The addressable markets for Sera Prognostics' main products and services are significant, primarily focusing on preterm birth diagnostics and a portfolio of product candidates for various pregnancy-related conditions, including preeclampsia.

Preterm Birth Diagnostics (PreTRM Test)

• The global preterm birth and PROM (Premature Rupture of Membranes) testing market size was estimated at USD 1.56 billion in 2024 and is projected to reach USD 3.26 billion by 2033. Another estimate places the global market at USD 2.25 billion in 2024, with a projected growth to USD 8.76 billion by 2033.
• The U.S. preterm birth and PROM testing market generated revenue of USD 528.3 million in 2024 and is expected to reach USD 1,095.4 million by 2033.

Preeclampsia Diagnostics

• The global preeclampsia diagnostics market was valued at USD 1.12 billion in 2024 and is projected to reach USD 1.46 billion by 2034. Another source reported the global preeclampsia diagnostics market size as USD 1.29 billion in 2025, with an increase predicted to approximately USD 1.70 billion by 2034.
• The U.S. preeclampsia laboratory testing market is valued at USD 1.1 billion in 2026 and is projected to reach USD 1.8 billion by 2033. North America held approximately 43% of the global preeclampsia diagnostics market in 2024.

Expected Drivers of Future Revenue Growth for Sera Prognostics (SERA)

• Expanded Payer Coverage and Commercial Adoption of the PreTRM Test in the U.S.: Sera Prognostics anticipates significant revenue growth from securing broader reimbursement and driving increased adoption of its PreTRM test across the United States. This includes active engagement with both commercial insurers and Medicaid programs in multiple states, leveraging the positive clinical and health economic outcomes demonstrated by the pivotal PRIME study. The company's strategy involves expanding its sales team and focusing on targeted geographies to accelerate market penetration.
• Geographic Expansion into European Markets: The company plans to expand its commercial efforts into Europe. Sera Prognostics aims to submit for a CE mark and begin implementing its PreTRM test in key European countries, specifically the UK, France, and Germany, by mid-2026. This expansion into new international markets represents a new avenue for revenue generation.
• Integration of PreTRM into Clinical Guidelines and Enhanced Physician Awareness: Publication of the full PRIME study results, along with additional health economic data, is expected to drive increased awareness and acceptance of the PreTRM test within the medical community. Efforts to engage with professional societies and guideline groups are crucial for establishing the PreTRM test as a standard of care, which would significantly boost its widespread adoption and associated revenue.
• Strategic Partnerships and Pilot Programs: Sera Prognostics is actively pursuing and initiating pilot programs, particularly with Medicaid plans, to demonstrate the real-world value and cost-saving benefits of the PreTRM test. The company is also in discussions with organizations that have regional and national reach across various lines of business, indicating a strategy to form strategic alliances that can accelerate market access and test adoption.

Share Issuance

• On February 12, 2025, Sera Prognostics completed a public follow-on offering, issuing 1,250,000 shares of Class A Common Stock and pre-funded warrants for up to an additional 11,250,000 shares. This offering generated approximately $50.0 million in gross proceeds before deductions and is expected to fund the company through 2028.
• The company issued 53,827 shares of Class A common stock to Blue Ox Healthcare Partners, LLC on September 10, 2024. These shares, valued at $7.55 per share, were issued to meet contractual obligations related to developing strategies for insurance coverage of the PreTRM test.

Capital Expenditures

• Sera Prognostics reported capital expenditures of approximately $0.1 million for the years ended December 31, 2024, and 2023.
• The company's capital expenditures were $0.8 million in 2022 and $1.3 million in 2021.