Sera Prognostics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on women's health through blood-based biomarker tests, experienced a notable decline in revenue, generating $29,000 for the three months ended September 30, 2024, compared to $42,000 in the same period of 2023. For the nine months, revenue fell to $53,000 from $265,000 year-over-year. This decline is attributed primarily to the limited sales of its PreTRM test, which remains the company's main revenue source.
Operating expenses increased slightly to $8.9 million for the third quarter of 2024, up from $8.2 million in 2023. However, total operating expenses for the nine months decreased to $27.3 million from $31.2 million in the previous year, reflecting a strategic reduction in costs. The net loss for the third quarter was $7.9 million, compared to $7.2 million in 2023, while the nine-month net loss improved to $24.3 million from $28.3 million in the prior year.
The company’s total assets decreased to $79.0 million as of September 30, 2024, down from $95.4 million at the end of 2023. Cash and cash equivalents also fell to $2.7 million from $3.9 million during the same period. Despite these declines, Sera Prognostics reported an increase in additional paid-in capital, which rose to $325.6 million from $317.1 million.
Strategically, Sera Prognostics filed a universal shelf registration in August 2024 for up to $100 million in securities, including a sales agreement to offer $50 million in Class A common stock, although no shares had been sold as of the reporting date. The company anticipates continued operating losses as it focuses on the commercialization of the PreTRM test and other pipeline products.
The company has also made operational adjustments, including a reduction in selling and marketing expenses, which decreased significantly due to a refocus on institutional sales. Research and development expenses are expected to rise slightly in 2024 due to increased product development activities, despite a decrease in clinical study costs.
Sera Prognostics continues to face challenges, including reliance on third-party payers for reimbursement of the PreTRM test, which is critical for revenue generation. The company is actively working to establish reimbursement agreements and enhance market penetration through improved specimen collection methods and patient engagement initiatives.
About SERA PROGNOSTICS, INC.
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