Business
SERA PROGNOSTICS REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS
SALT LAKE CITY, Aug. 9, 2023 /PRNewswire/ -- Sera Prognostics Inc., The Pregnancy Company® (Nasdaq: SERA), focused on improving maternal and neonatal health
About this update from Sera Prognostics, Inc.
[{"type":"text","content":"SALT LAKE CITY, Aug. 9, 2023 /PRNewswire/ -- Sera Prognostics Inc., The Pregnancy Company® (Nasdaq: SERA), focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients, today announced financial results for the second quarter of 2023 ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nRecent Highlights:\nAnnounced leadership changes and commercial actions in May 2023 to optimize business for market success toward accelerating test adoption and revenue including aligning management team for new refined commercial focus on institutions.Appointed board member Zhenya Lindgardt as interim President and CEO, and Austin Aerts as interim CFO.Engaged leading strategy house to rigorously evaluate best pathways toward enhanced revenue at significant reduced cost to more broadly commercialize Sera's PreTRM® Test and pipeline of technology.Executed select headcount reductions in commercial organization to better map current commercial costs in line with refined focus.Over the last few weeks Sera has submitted new compelling data for scientific review anticipating several publications in the coming months.\"While we still have work to do, we are putting together the necessary structure and strategy to succeed commercially,\" said Zhenya Lindgardt, interim President and CEO of Sera Prognostics. \"Consistent with our vision to be The Pregnancy Company®, we are pursuing a disciplined commercial approach to broaden adoption of our PreTRM® Test and at the same time evaluating ways to leverage our large and growing pregnancy datasets to boost shareholder value through new products and partnerships. We believe this long-term vision will solidify our role as a leader in health diagnostics to improve the lives of women and babies through prenatal care.\"\nSecond Quarter 2023 Financial Results\nSecond quarter 2023 revenue of $123,000 compared to $78,000 for the same period of 2022.\nTotal operating expenses were $11.6 million, down from $11.8 million for the second quarter of 2022.\nResearch and development expenses for the second quarter of 2023 were $3.7 million compared to $3.3 million for the second quarter of 2022 due primarily to increased clinical study costs.\nSelling, general and administrative expenses for the second quarter of 2023 were $7.8 million, down significantly from $8.5...