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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 
 

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