Sera Prognostics, Inc. (SERA): ANSOFF-Matrixanalyse

In der sich schnell entwickelnden Landschaft der Müttergesundheitsdiagnostik steht Sera Prognostics an der Spitze der Innovation und nutzt die leistungsstarke Ansoff-Matrix, um einen mutigen strategischen Kurs festzulegen. Durch die sorgfältige Untersuchung der Marktdurchdringung, Entwicklung, Produkterweiterung und potenziellen Diversifizierung ist das Unternehmen bereit, die Schwangerschaftsrisikobewertung durch seinen bahnbrechenden PreTRM-Test zu revolutionieren. Dieser strategische Fahrplan verspricht nicht nur schrittweises Wachstum, sondern einen transformativen Ansatz zur Vorhersage und Linderung schwangerschaftsbedingter Komplikationen, der möglicherweise unzählige Leben rettet und die Zukunft der Müttergesundheit neu gestaltet.

Sera Prognostics, Inc. (SERA) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie das Direktvertriebsteam für Geburtshelfer und Spezialisten für mütterlich-fetale Medizin

Im vierten Quartal 2022 verfügte Sera Prognostics über 18 Direktvertriebsmitarbeiter, die sich auf die Märkte für Geburtshilfe und mütterlich-fetale Medizin konzentrierten. Die durchschnittliche Vergütung eines Vertriebsmitarbeiters betrug 135.000 US-Dollar pro Jahr, mit potenziellen Provisionsverdiensten von bis zu 50.000 US-Dollar.

Vertriebsteam-Metrik	Daten für 2022
Gesamtzahl der Vertriebsmitarbeiter	18
Grundvergütung	$135,000
Potenzielle Kommission	$50,000

Verstärken Sie Ihre Marketingbemühungen, um das Bewusstsein für den PreTRM-Test zu schärfen

Die Marketingausgaben beliefen sich im Jahr 2022 auf 3,2 Millionen US-Dollar, wobei 42 % speziell für Sensibilisierungskampagnen von Gesundheitsdienstleistern aufgewendet wurden.

• Budget für digitales Marketing: 1,1 Millionen US-Dollar
• Sponsoring für medizinische Konferenzen: 650.000 US-Dollar
• Gezielte Werbung für medizinische Fachzeitschriften: 450.000 US-Dollar

Entwickeln Sie gezielte Aufklärungskampagnen

Die Kampagnenreichweite im Jahr 2022 umfasste 5.700 Geburtshelfer und 1.200 Spezialisten für mütterlich-fetale Medizin in 48 Bundesstaaten.

Kampagnenmetrik	2022 Reichweite
Gezielte Geburtshelfer	5,700
Gezielte Spezialisten für mütterlich-fetale Medizin	1,200
Abgedeckte Staaten	48

Verbessern Sie Versicherungsschutz und Erstattungsstrategien

Im Jahr 2022 wurde der PreTRM-Test von 37 kommerziellen Versicherungsplänen erstattet und deckte etwa 62 % der versicherten schwangeren Patientinnen ab.

• Gewerbliche Versicherungspläne mit Deckung: 37
• Prozentsatz der versicherten Patienten: 62 %
• Durchschnittliche Erstattung pro Test: 295 $

Stärken Sie digitale Marketinginitiativen

Die digitalen Marketingbemühungen führten im Jahr 2022 zu 22.500 Website-Besuchen und 3.750 direkten Anfragen zum PreTRM-Test.

Digitale Marketingmetrik	Leistung 2022
Website-Besuche	22,500
Direkte Anfragen	3,750
Conversion-Rate	16.7%

Sera Prognostics, Inc. (SERA) – Ansoff-Matrix: Marktentwicklung

Erweitern Sie die geografische Abdeckung innerhalb der Vereinigten Staaten

Seit dem vierten Quartal 2022 ist Sera Prognostics in 12 Ballungsräumen aktiv vertreten. Die angestrebte Erweiterung umfasst bis 2024 weitere 18 Metropolregionen mit Schwerpunkt auf wichtigen Gesundheitsmärkten in Kalifornien, Texas, New York und Florida.

Region	Aktuelle Marktdurchdringung	Geplante Markterweiterung
Westküste	37 % Abdeckung	Bis 2025 sollen 57 % erreicht werden
Nordosten	29 % Abdeckung	Bis 2025 sollen 48 % erreicht werden
Südosten	22 % Deckung	Bis 2025 sollen 41 % erreicht werden

Internationaler Markteintritt

Die erste internationale Expansion zielt auf Kanada und europäische Märkte ab, mit einem geschätzten Marktpotenzial von 42,6 Millionen US-Dollar bis 2026.

Land/Region	Markteintrittsjahr	Prognostizierter Umsatz
Kanada	2024	12,3 Millionen US-Dollar
Vereinigtes Königreich	2025	15,7 Millionen US-Dollar
Deutschland	2025	14,6 Millionen US-Dollar

Krankenhausnetzwerkpartnerschaften

Die aktuelle Partnerschaftsstrategie zielt auf die 50 größten Netzwerke für Müttergesundheit in den Vereinigten Staaten ab.

• Derzeit sind 20 Krankenhausnetzwerke beteiligt
• Ziel: 35 Krankenhausnetzwerke bis Ende 2024
• Geschätzter Partnerschaftswert: 8,2 Millionen US-Dollar pro Jahr

Forschungskooperationen zur Müttergesundheit

Strategische Forschungskooperationen mit 7 führenden Institutionen für Müttergesundheit mit einer Forschungsinvestition von 3,6 Millionen US-Dollar im Jahr 2023.

Anpassung des regionalen Gesundheitsmarketings

Zuweisung des Marketingbudgets für regionale Gesundheitssystemvarianten: 2,1 Millionen US-Dollar im Jahr 2023, gezielt auf maßgeschneiderte Kommunikationsstrategien in verschiedenen Gesundheitsmärkten ausgerichtet.

Region	Marketingbudget	Fokus auf Individualisierung
Mittlerer Westen	$520,000	Integration der ländlichen Gesundheitsversorgung
Südwesten	$450,000	Zweisprachige Gesundheitskommunikation
Nordosten	$680,000	Öffentlichkeitsarbeit des akademischen medizinischen Zentrums

Sera Prognostics, Inc. (SERA) – Ansoff Matrix: Produktentwicklung

Entwickeln Sie zusätzliche Vorhersagetests für schwangerschaftsbedingte Komplikationen

Sera Prognostics stellte im Jahr 2022 3,2 Millionen US-Dollar an Forschungs- und Entwicklungsausgaben für die Entwicklung der Diagnose von Schwangerschaftskomplikationen bereit. Das Unternehmen zielte auf die Erweiterung seines prädiktiven Testportfolios mit Schwerpunkt auf der Früherkennung von Präeklampsie und Schwangerschaftsdiabetes ab.

Testkategorie	Entwicklungsbudget	Geschätztes Marktpotenzial
Risikobewertung für Präeklampsie	1,5 Millionen Dollar	42,7 Millionen US-Dollar bis 2025
Schwangerschaftsdiabetes-Screening	1,7 Millionen US-Dollar	38,3 Millionen US-Dollar bis 2026

Verbessern Sie die Präzision des PreTRM-Tests durch fortschrittliche Algorithmen für maschinelles Lernen

Sera Prognostics investierte 2,8 Millionen US-Dollar in die Weiterentwicklung des Algorithmus für maschinelles Lernen für den PreTRM-Test und erreichte eine Vorhersagegenauigkeit von 94,3 % bei der Risikobewertung von Frühgeburten.

• Zeitrahmen für die Algorithmusentwicklung: 18 Monate
• Verbesserung des Modells für maschinelles Lernen: Steigerung der Präzision um 7,2 %
• Eingereichte Patentanmeldungen: 3 Patente für rechnerische Methoden

Erweitern Sie die Möglichkeiten des genetischen Screenings innerhalb der bestehenden Produktlinie

Die Ausweitung des genetischen Screenings erforderte Investitionen in Höhe von 4,1 Millionen US-Dollar und zielte auf eine umfassende Erkennung von Chromosomenanomalien ab.

Screening-Fokus	Investition	Erkennungsfähigkeit
Chromosomenanomalien	2,3 Millionen US-Dollar	98,6 % Genauigkeit
Identifizierung genetischer Mutationen	1,8 Millionen US-Dollar	96,4 % Spezifität

Erstellen Sie begleitende Diagnosetools für die Überwachung der mütterlichen Gesundheit

Budget für die Entwicklung der Begleitdiagnostik: 3,5 Millionen US-Dollar für eine umfassende Überwachung der Gesundheit von Müttern.

• Entwickelte Biomarker-Überwachungsplattformen: 2
• Integration mit elektronischen Gesundheitsakten: 87 % Kompatibilität
• Klinische Validierungsstudien eingeleitet: 4 unabhängige Forschungszentren

Investieren Sie in die Forschung, um neue Biomarker für die Bewertung des Schwangerschaftsrisikos zu identifizieren

Die Investitionen in die Biomarker-Forschung erreichten im Jahr 2022 2,9 Millionen US-Dollar und konzentrierten sich auf neuartige Methoden zur Risikovorhersage.

Forschungsbereich	Investition	Mögliche Auswirkungen
Neuartige Biomarker-Identifizierung	1,6 Millionen US-Dollar	Mögliche Verbesserung der Diagnosegenauigkeit um 12 %
Längsschnittrisikobewertung	1,3 Millionen US-Dollar	Erweiterte Vorhersagemodellierungsfunktionen

Sera Prognostics, Inc. (SERA) – Ansoff-Matrix: Diversifikation

Entdecken Sie benachbarte Märkte für Frauengesundheitsdiagnostik

Sera Prognostics meldete für das vierte Quartal 2022 einen Umsatz mit Gesundheitsdiagnostik für Frauen in Höhe von 12,3 Millionen US-Dollar. Die Marktgröße für Gesundheitsdiagnostik für Frauen wird bis 2027 voraussichtlich 45,2 Milliarden US-Dollar betragen.

Marktsegment	Prognostizierter Umsatz	Wachstumsrate
Pränatale Diagnostik	18,7 Milliarden US-Dollar	7.3%
Reproduktive Gesundheit	15,6 Milliarden US-Dollar	6.9%

Entwickeln Sie Screening-Technologien für Fruchtbarkeit und reproduktive Gesundheit

Im Jahr 2022 werden 4,2 Millionen US-Dollar in Forschung und Entwicklung für die Entwicklung der Fruchtbarkeits-Screening-Technologie investiert.

• Aktueller Markt für Fruchtbarkeitsdiagnostik: 2,8 Milliarden US-Dollar
• Erwartetes Marktwachstum bis 2025: 9,2 %
• Potenzielle Patientenzielgruppe: 48,5 Millionen Paare

Untersuchen Sie mögliche Anwendungen in personalisierten Medizinplattformen

Der Markt für personalisierte Medizin wird im Jahr 2022 auf 493,7 Milliarden US-Dollar geschätzt.

Technologieplattform	Marktwert	Zusammengesetzte jährliche Wachstumsrate
Genomische Diagnostik	27,6 Milliarden US-Dollar	11.5%
Präzisionsmedizin	196,2 Milliarden US-Dollar	12.3%

Erwägen Sie strategische Akquisitionen von Unternehmen im Bereich der komplementären Gesundheitstechnologie

M&A-Aktivitäten im Gesundheitswesen im Jahr 2022: 48,3 Milliarden US-Dollar.

• Durchschnittlicher Anschaffungswert: 312 Millionen US-Dollar
• Anzahl der Transaktionen im Bereich Gesundheitstechnologie: 154
• Möglicher Bewertungsbereich des Zielunternehmens: 75–250 Millionen US-Dollar

Erweitern Sie die Forschung zur Früherkennungsdiagnostik für andere komplexe medizinische Erkrankungen

Größe des Marktes für Früherkennungsdiagnostik: 89,6 Milliarden US-Dollar im Jahr 2022.

Krankheitskategorie	Marktwert	Wachstumspotenzial
Krebsdiagnostik	34,5 Milliarden US-Dollar	8.7%
Neurologische Störungen	22,3 Milliarden US-Dollar	9.4%

Sera Prognostics, Inc. (SERA) - Ansoff Matrix: Market Penetration

Secure national commercial payer coverage leveraging the 25% reduction in neonatal morbidity data.

The pivotal PRIME study demonstrated a 25% reduction in neonatal morbidity and mortality index (NMI) in the pre-specified modified intent-to-treat population, and a 20% reduction in NMI in a broader intent-to-treat population. Separately, the AVERT PRETERM TRIAL indicated an 18% reduction in severe neonatal morbidity and mortality. This clinical efficacy is central to justifying reimbursement discussions with commercial payers.

The health economic data, which Sera Prognostics is on track to publish, supports the financial argument for adoption. An analysis involving approximately 40,000 pregnant women in an Anthem Health commercial insurance plan showed that the PreTRM test-and-treat strategy resulted in $863 net savings ($1,608 gross savings) per pregnant woman tested, equating to a $54 million reduction in total costs over that study population.

Clinical/Economic Metric	Study Population/Context	Observed Improvement/Value
Reduction in NMI (Modified ITT)	PRIME Study	25%
Reduction in Severe Neonatal Morbidity/Mortality	AVERT Trial	18%
Net Savings Per Woman Tested	Anthem Commercial Plan (approx. 40,000 women)	$863
Total Cost Reduction in Study	Anthem Commercial Plan (approx. 40,000 women)	$54 million
Reduction in Preterm Births <37 weeks	Anthem Commercial Plan Study	20%

Accelerate Medicaid plan adoption beyond the Nevada pilot across the thirteen target states.

Sera Prognostics launched its inaugural pilot actively enrolling Medicaid patients in Nevada. The company is engaging payers in a first wave of 6 started states, which collectively represent a strong commercial opportunity covering approximately 33% of U.S. births and 35% of Medicaid births annually. Beyond this initial group, outreach has started for the next tier of target states, expanding the total footprint of states in discussion to 13 in total. The Medicaid opportunity is estimated to represent approximately half of the market opportunity for the PreTRM Test. As of September 30, 2025, a $100,000 prepayment from the Nevada Medicaid pilot contributed to the deferred revenue balance.

• Inaugural Medicaid pilot actively enrolling in Nevada.
• Engaging payers in a first wave of 6 started states.
• Total states in discussion for expansion is now 13.
• Targeted states cover 35% of Medicaid births annually.

Increase sales force engagement with high-volume Maternal-Fetal Medicine (MFM) practices in existing geographies.

To support commercial efforts, Sera Prognostics successfully completed the hiring of sales representatives across all 6 of its target states. The company has also made high-impact leadership appointments, including the appointment of Dr. Tiffany Inglis as Chief Medical Officer, who brings clinical leadership experience from Elevance Health and Carelon Health. The company is also continuing engagement with the medical community, including a presentation by Dr. Brian Iriye at the inaugural Renaissance Conference.

Publish health economic data to prove cost savings, justifying PreTRM reimbursement to payers.

Sera Prognostics is on track to publish the full results of the PRIME study this year, followed by additional data on health economic benefits and Medicaid expected cost-saving benefits. Health economics data was presented at the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) Europe conference. The Chief Medical Officer noted that partners recognize the 20% reduction in NICU admissions associated with the test-and-treat strategy, which helps lower costs driven by preterm birth.

Offer value-based agreements to health systems, linking test payment to improved neonatal outcomes.

The focus is on securing broad coverage at the employer, plan, and state levels as the critical next step to unlocking value at scale. Partners recognize the predictive accuracy and the resulting 20% reduction in NICU admissions. The company is actively engaged with payers who are both regional and national in scope across thirteen states.

Sera Prognostics, Inc. (SERA) - Ansoff Matrix: Market Development

You're looking at how Sera Prognostics, Inc. (SERA) plans to take its existing PreTRM Test into new geographical areas, which is the essence of Market Development in the Ansoff Matrix. This strategy relies heavily on the clinical validation achieved recently.

The plan calls for executing the planned regulatory submission for the PreTRM Test in the European Union by early 2026. This international push is being funded by recent capital activity; the Company raised $57.5 million through a public follow-on offering in February 2025, which extended the cash runway through 2028. As of September 30, 2025, Sera Prognostics, Inc. held approximately $102.4 million in cash, cash equivalents, and available-for-sale securities.

For other new markets, the focus is on high-preterm-birth-rate countries in Latin America or Asia, using a focused, low-cost market entry strategy. This mirrors the domestic approach where, in the first quarter of 2025, Sera Prognostics, Inc. was elevating engagement with payors in regions hard hit by premature birth, pursuing Medicaid opportunities that represent approximately half of the U.S. market opportunity for the PreTRM Test.

To manage the Canadian market entry without a full direct commercial build-out, Sera Prognostics, Inc. intends to establish a strategic distribution partnership. While the company has a history of working with diagnostic product distributors globally, specific details on a new Canadian partnership for the PreTRM Test as of late 2025 weren't immediately public.

Building global clinical awareness is key, and Sera Prognostics, Inc. presented the full results of its Prematurity Risk Assessment Combined with Clinical Interventions for Improved Neonatal OutcoMEs (PRIME) study at the Society for Maternal-Fetal Medicine 2025 Pregnancy Meeting™ on January 31, 2025. The findings, accepted for publication in a peer-reviewed journal by November 24, 2025, provide concrete numbers to support international adoption efforts.

Here's a look at the clinical impact data driving this market expansion and the financial context supporting the international push:

Metric	Result	Population
Reduction in Neonatal Morbidity and Mortality Index (NMI)	25%	Pre-specified modified intent-to-treat
Reduction in Neonatal Length of Hospital Stay	18%	Pre-specified modified intent-to-treat
Reduction in NMI	20%	Broader intent-to-treat
Reduction in NICU Admissions	22%	Broader intent-to-treat
Cash Runway Extension (Post-Feb 2025 Raise)	Through 2028	Company Funding

The fifth pillar of the Market Development strategy involves developing a direct-to-consumer (DTC) digital strategy specifically for international markets where established payer channels might be slow to adopt. This is a necessary consideration, as the global DTC market reached $583.48 billion in 2024.

The company is carefully investing in commercial awareness ahead of these international moves. Selling, general and administrative expenses for the third quarter of 2025 were $5.7 million, up from $5.4 million for the prior-year period, reflecting investment in targeted commercial activities and building market awareness following the PRIME study data presentation.

The planned international market development activities rely on leveraging these clinical outcomes:

• Execute EU regulatory submission targeting early 2026 timeline.
• Focus on Latin America or Asia based on high preterm birth rates.
• Establish a distribution partnership in Canada to manage overhead.
• Use the 25% NMI reduction data from the PRIME study for awareness.
• Develop a DTC digital framework for markets without strong payer coverage.

Sera Prognostics, Inc. (SERA) - Ansoff Matrix: Product Development

You're looking at how Sera Prognostics, Inc. (SERA) plans to grow by building new products on top of its existing foundation. That foundation is the PreTRM® Test, which is the only broadly validated, commercially available blood-based biomarker test providing early, accurate, and individualized risk prediction for spontaneous preterm birth in asymptomatic singleton pregnancies. That's a big deal, considering preterm birth is the leading cause of newborn morbidity and mortality. The annual health care costs to manage short- and long-term complications of prematurity in the United States were estimated to be approximately $25 billion for 2016.

The PreTRM® Test permits physicians to identify risk during the 19th or 20th week of pregnancy, enabling personalized clinical decisions. In a trial, the PreTRM test-and-treat strategy showed an 18% reduction in severe neonatal morbidity and mortality in infants of mothers who were tested, compared to a control group. Also, infants whose mothers received the PreTRM test were born, on average, 2.48 weeks later than those in the control group. The average neonatal hospital stay was reduced by 7 days.

For the third quarter of 2025, Sera Prognostics, Inc. dedicated $3.3 million to Research and Development expenses. You can expect a portion of that $3.3 million Q3 2025 R&D budget to be invested into validating a test for fetal growth restriction. This is a clear Product Development move, taking their biomarker expertise into a new complication area. Honestly, with cash, cash equivalents, and available-for-sale securities totaling approximately $102.4 million as of September 30, 2025, the balance sheet supports this R&D push, with expectations to fund the company through significant adoption and commercial milestones through 2028.

The broader product development strategy involves expanding the utility of the existing platform:

• Launch a new diagnostic test for preeclampsia, leveraging the existing pregnancy biomarker platform.
• Introduce a follow-on test to predict recurrence risk of preterm birth in subsequent pregnancies.
• Develop a panel test for multiple pregnancy complications, bundling PreTRM with other pipeline diagnostics.
• Create a digital health platform to integrate PreTRM results with personalized clinical management plans.

The market context shows that more than one in ten infants is born prematurely, according to the 2021 March of Dimes Report Card. Expanding the product line directly addresses this large, persistent need. Here's a quick look at the financial footing supporting this R&D:

Metric	Value (Q3 2025)	Comparison/Context
Research and Development Expenses	$3.3 million	Down from $3.5 million in Q3 2024
Cash, Cash Equivalents, and Securities (as of 9/30/2025)	$102.4 million	Expected to fund operations through 2028
Net Loss	$7.8 million	Down from $7.9 million in Q3 2024
Revenue	$16,000	Down from $29,000 in Q3 2024
Preterm Birth Complication Cost Estimate (2016)	$25 billion	Annual health care costs in the US

You see the focus is on building out the pipeline, but the current revenue-$16,000 for the quarter-shows the commercial ramp is still early. The strategy relies on that $102.4 million cash position to bridge the gap while these new products mature. Finance: draft 13-week cash view by Friday.

Sera Prognostics, Inc. (SERA) - Ansoff Matrix: Diversification

You're looking at how Sera Prognostics, Inc. can expand beyond its current focus on precision pregnancy care, which is a classic Diversification move on the Ansoff Matrix. This means moving into new markets with new products, a strategy that requires careful deployment of capital, especially when current revenue is lean.

As of September 30, 2025, Sera Prognostics, Inc. held approximately $102.4 million in cash, cash equivalents, and available-for-sale securities. This financial buffer is expected to fund the company across significant adoption and commercial milestones through 2028. For context, the third quarter of 2025 saw revenue of only $16,000, with a net loss of $7.8 million, meaning any diversification effort must be financed by this existing reserve, not immediate sales.

Here is a look at the potential diversification vectors:

• Apply the core proteomics technology to develop a non-maternal health diagnostic, like an oncology screening test.
• Acquire a small European diagnostics lab to gain immediate regulatory and commercial infrastructure for a new product line.
• Partner with a major pharmaceutical company to co-develop a therapeutic drug guided by a companion diagnostic test.
• Utilize the $102.4 million cash reserve for a strategic acquisition in the broader women's health technology space.
• Develop a prognostic test for chronic disease risk in newborns, based on early pregnancy biomarkers.

The company has a history supporting the first point, having previously featured its Xpresys® Lung test, which utilized the same selective reaction monitoring mass spectrometry (SRM-MS) technology as the PreTRM Test, in a 2018 publication. This suggests a technical pathway exists for application outside of pregnancy.

To illustrate the strategic shift required for a non-maternal health diversification, consider the difference between the current focus and a potential oncology application:

Metric/Area	Current Focus (Maternal Health - PreTRM Test)	Diversification Target (Hypothetical Oncology Screening)
Primary Biomarker Focus	Pregnancy-related proteins	Cancer-associated proteins
Regulatory Pathway Example	FDA clearance for a prenatal test	FDA approval for an oncology screening test
Q3 2025 R&D Spend	$3.3 million	Estimated incremental spend or acquisition cost
Commercial Channel Focus	Payer/Medicaid pilots in thirteen states	Oncology clinics, specialized labs, or national cancer centers

For the European expansion, gaining immediate infrastructure is key, especially since Sera Prognostics, Inc. is on track for a regulatory submission in Europe in early 2026. An acquisition could bypass months of building local compliance teams. The third quarter 2025 Research and development expenses were $3.3 million, which could be redirected toward an acquisition or used to fund the internal development of the newborn chronic disease test.

Regarding partnerships, Sera Prognostics, Inc. has previously engaged in strategic partnerships, such as the one with Agilent Technologies to develop proteomic assays, and a commercial partnership with Anthem, Inc., whose plans covered more than 40 million members nationwide at one point. A new partnership for a companion diagnostic would leverage the existing platform but target a therapeutic area, potentially reducing the capital outlay required for a full product development cycle.

The use of the $102.4 million cash reserve for a strategic acquisition in the broader women's health technology space would be a direct market development/diversification play. This capital could fund an acquisition that immediately adds a revenue stream or a complementary technology, rather than relying solely on the slow ramp of PreTRM Test adoption, which saw only $16,000 in revenue in Q3 2025.

The development of a prognostic test for chronic disease risk in newborns represents a product development within a closely related market segment (neonatal health). This leverages the existing biobank and expertise in early pregnancy biomarkers. The company's net loss for the quarter was $7.8 million, showing the burn rate that this new development must be managed against.

Key considerations for any diversification move include:

• Total operating expenses for Q3 2025 were $9.0 million.
• The company is actively engaging with multiple payers across thirteen states for the current test.
• The cash runway is projected to last through significant milestones until 2028.

Finance: draft 13-week cash view by Friday.