Seer Reports Third Quarter 2024 Financial Results

REDWOOD CITY, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the third quarter ended September 30, 2024.

Recent Highlights

• Achieved revenue of $4.0 million for the third quarter of 2024
• Entered into a co-marketing and sales agreement with Thermo Fisher Scientific to further enhance access and expand global reach to deep, unbiased proteomics at scale
• Presented multiple posters and featured in several presentations at the HUPO World Congress showcasing the use of the Proteograph Product Suite in Alzheimer’s, population health, xenotransplantation, and other model organisms
• Invested $10.0 million in PrognomiQ’s Series D preferred stock financing during the third quarter alongside other existing investors and a new strategic investor
• Repurchased approximately 3.7 million shares of Seer Class A common stock at an average cost of $1.78 per share during the third quarter, bringing the total share repurchase to 5.7 million shares as of the end of the third quarter 2024
• Ended the quarter with approximately $312 million of cash, cash equivalents and investments

“We are continuing to drive adoption of the Proteograph Product Suite and to enhance access to large scale, deep, unbiased proteomics” said Omid Farokhzad, Chair and CEO of Seer. “We are excited to establish a partnership with Thermo Fisher Scientific to co-market and sell the Proteograph Product Suite alongside their leading Orbitrap Astral mass spectrometers. We believe the powerful combination of these technologies will enable researchers to generate unprecedented and meaningful results that will impact human health and disease. I am incredibly bullish on the long-term value of our differentiated technology and its potential to transform our understanding of the proteome and biology.”

Third Quarter 2024 Financial Results

Revenue was $4.0 million for the third quarter of 2024, a 3% decrease from $4.2 million for the corresponding prior year period, primarily due to a decrease in related party and grant revenue. Product revenue for the third quarter of 2024 was $3.1 million, including $180 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $847 thousand for the third quarter of 2024, including $186 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $90 thousand for the third quarter of 2024.

Gross profit was $1.9 million and gross margin was 48% for the third quarter of 2024.

Operating expenses were $26.3 million for the third quarter of 2024, including $6.1 million of stock-based compensation, a decrease of 6% compared to $28.0 million for the corresponding prior year period, including $7.9 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee and stock-based compensation expenses.

Net loss was $21.3 million for the third quarter of 2024, compared to $21.1 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $312 million as of September 30, 2024.

2024 Guidance

Seer continues to expect full year 2024 revenue to be in the range of $13 to $15 million.

Webcast Information

Seer will host a conference call to discuss the third quarter 2024 financial results on Wednesday, November 6, 2024 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.

About Seer

Seer is a life sciences company developing transformative products that open a new gateway to the proteome. Seer’s Proteograph Product Suite is an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform deep, unbiased proteomic analysis at scale in a matter of hours. Seer designed the Proteograph workflow to be efficient and easy to use, leveraging widely adopted laboratory instrumentation to provide a decentralized solution that can be incorporated by nearly any lab. Seer’s Proteograph Product Suite is for research use only and is not intended for diagnostic procedures. For more information, please visit www.seer.bio.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s expectations for future results of operations and its financial position, business strategy, partnerships, adoption of our products and outlook for fiscal year 2024. ​These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (SEC) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact:
Carrie Mendivil
investor@seer.bio

Media Contact:
Patrick Schmidt
pr@seer.bio

SEER, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Revenue:
Product	$	2,915			$	1,849			$	6,344			$	5,837
Service		661				536				1,751				1,072
Related party		366				1,429				1,903				4,093
Grant and other		90				348				172				1,221
Total revenue		4,032				4,162				10,170				12,223
Cost of revenue:
Product		1,510				1,181				3,202				3,735
Service		268				95				899				295
Related party		183				396				651				1,226
Grant and other		133				334				388				462
Total cost of revenue		2,094				2,006				5,140				5,718
Gross profit		1,938				2,156				5,030				6,505
Operating expenses:
Research and development		12,967				13,232				37,966				41,854
Selling, general and administrative		13,296				14,769				43,677				45,882
Total operating expenses		26,263				28,001				81,643				87,736
Loss from operations		(24,325	)			(25,845	)			(76,613	)			(81,231	)
Other income (expense):
Interest income		4,082				4,767				13,101				13,044
Loss on equity method investment		(861	)			—				(861	)			—
Other expense		(224	)			(10	)			(484	)			(291	)
Total other income		2,997				4,757				11,756				12,753
Net loss	$	(21,328	)		$	(21,088	)		$	(64,857	)		$	(68,478	)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities		1,415				236				981				(45	)
Comprehensive loss	$	(19,913	)		$	(20,852	)		$	(63,876	)		$	(68,523	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.35	)		$	(0.33	)		$	(1.02	)		$	(1.07	)
Weighted-average common shares outstanding, basic and diluted		61,186,324				63,929,743				63,441,333				63,747,155

SEER, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)
		September 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	37,622			$	32,499
Short-term investments			209,978				283,725
Accounts receivable, net			4,446				4,831
Related party receivables			554				559
Other receivables			1,450				1,326
Inventory			6,935				4,491
Prepaid expenses and other current assets			3,117				3,082
Total current assets			264,102				330,513
Long-term investments			64,894				56,858
Operating lease right-of-use assets			23,345				25,177
Property and equipment, net			20,677				22,193
Restricted cash			524				524
Other assets			9,882				1,004
Total assets		$	383,424			$	436,269
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	736			$	1,370
Accrued expenses			10,899				9,212
Deferred revenue			354				206
Operating lease liabilities, current			2,249				2,295
Other current liabilities			145				139
Total current liabilities			14,383				13,222
Operating lease liabilities, net of current portion			24,250				25,964
Other noncurrent liabilities			64				179
Total liabilities			38,697				39,365
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023			—				—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 55,539,884 and 60,253,707 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			1				1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 4,044,969 shares issued and outstanding as of September 30, 2024 and December 31, 2023			—				—
Additional paid-in capital			714,567				702,868
Accumulated other comprehensive gain (loss)			789				(192	)
Accumulated deficit			(370,630	)			(305,773	)
Total stockholders’ equity			344,727				396,904
Total liabilities and stockholders’ equity		$	383,424			$	436,269