Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Seer Reports Second Quarter 2024 Financial Results By: Seer, Inc. via GlobeNewswire August 08, 2024 at 16:05 PM EDT REDWOOD CITY, Calif., Aug. 08, 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 second quarter ended June 30, 2024. Recent Highlights Achieved revenue of $3.1 million for the second quarter of 2024Launched the Seer Technology Access Center (STAC) in Europe, providing researchers with end-to-end services from sample to dataDemonstrated how the Proteograph Product Suite can uncover differentiated insights into plasma proteomic changes that occur during spaceflight through customer publications in Nature and Nature CommunicationsEnded the quarter with $344.6 million of cash, cash equivalents and investments “We remain focused on reducing barriers to access for our differentiated technology in the face of ongoing macroeconomic headwinds. During the second quarter, we significantly expanded our commercial team and are excited about the talented individuals that have come on board to capture the opportunity ahead in proteomics,” said Omid Farokhzad, Chair and CEO of Seer. “Our customers are generating novel data that we believe is only possible with the Proteograph Product Suite, and we saw multiple manuscripts get submitted to and published in high-impact journals during the quarter. Looking ahead, we will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the Proteograph, innovating with our products, and expanding our applications.” Second Quarter 2024 Financial Results Revenue was $3.1 million for the second quarter of 2024, a 23% decrease from $4.0 million for the corresponding prior year period, primarily due to a decrease in related party and grant revenue. Product revenue for the second quarter of 2024 was $2.2 million, including $420 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $845 thousand for the second quarter of 2024, including $163 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $46 thousand for the second quarter of 2024. Gross profit, inclusive of grant and other revenue, was $1.7 million and gross margin was 56% for the second quarter of 2024. Operating expenses were $28.8 million for the second quarter of 2024, including $7.7 million of stock-based compensation, a decrease of 5% compared to $30.2 million for the corresponding prior year period, including $9.8 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee and stock-based compensation expenses and a decrease in laboratory expenses. Net loss was $22.9 million for the second quarter of 2024, as compared to $23.4 million for the corresponding prior year period. Cash, cash equivalents and investments were $344.6 million as of June 30, 2024. 2024 Guidance Seer now expects full year 2024 revenue to be in the range of $13 million to $15 million, compared to the prior range of $16 million to $18 million. Webcast Information Seer will host a conference call to discuss the second quarter 2024 financial results on Thursday, August 8, 2024. 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, customer publications and adoption 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 Mendivilinvestor@seer.bio Media Contact:Patrick Schmidtpr@seer.bio SEER, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Product$1,761 $1,645 $3,429 $3,988 Service 682 467 1,090 536 Related party 583 1,358 1,537 2,664 Grant and other 46 538 82 873 Total revenue 3,072 4,008 6,138 8,061 Cost of revenue: Product 701 1,118 1,692 2,554 Service 362 193 631 200 Related party 156 352 468 830 Grant and other 122 64 255 128 Total cost of revenue 1,341 1,727 3,046 3,712 Gross profit 1,731 2,281 3,092 4,349 Operating expenses: Research and development 12,734 14,148 24,999 28,622 Selling, general and administrative 16,093 16,074 30,381 31,113 Total operating expenses 28,827 30,222 55,380 59,735 Loss from operations (27,096) (27,941) (52,288) (55,386)Other income (expense): Interest income 4,433 4,560 9,019 8,277 Other expense (187) (50) (260) (281)Total other income 4,246 4,510 8,759 7,996 Net loss$(22,850) $(23,431) $(43,529) $(47,390)Other comprehensive loss: Unrealized loss on available-for-sale securities (105) (1,439) (434) (281)Comprehensive loss$(22,955) $(24,870) $(43,963) $(47,671)Net loss per share attributable to common stockholders, basic and diluted$(0.35) $(0.37) $(0.67) $(0.74)Weighted-average common shares outstanding, basic and diluted 64,576,399 63,762,625 64,581,228 63,654,348 SEER, INC.Condensed Consolidated Balance Sheets(in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $31,947 $32,499 Short-term investments 251,506 283,725 Accounts receivable, net 3,145 4,831 Related party receivables 594 559 Other receivables 1,962 1,326 Inventory 7,581 4,491 Prepaid expenses and other current assets 2,954 3,082 Total current assets 299,689 330,513 Long-term investments 61,188 56,858 Operating lease right-of-use assets 23,956 25,177 Property and equipment, net 20,436 22,193 Restricted cash 524 524 Other assets 818 1,004 Total assets $406,611 $436,269 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $4,628 $1,370 Accrued expenses 9,815 9,212 Deferred revenue 189 206 Operating lease liabilities, current 2,265 2,295 Other current liabilities 140 139 Total current liabilities 17,037 13,222 Operating lease liabilities, net of current portion 24,831 25,964 Other noncurrent liabilities 44 179 Total liabilities 41,912 39,365 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 59,180,625 and 60,253,707 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 4,044,969 shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Additional paid-in capital 714,626 702,868 Accumulated other comprehensive loss (626) (192)Accumulated deficit (349,302) (305,773)Total stockholders’ equity 364,699 396,904 Total liabilities and stockholders’ equity $406,611 $436,269 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Seer Reports Second Quarter 2024 Financial Results By: Seer, Inc. via GlobeNewswire August 08, 2024 at 16:05 PM EDT REDWOOD CITY, Calif., Aug. 08, 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 second quarter ended June 30, 2024. Recent Highlights Achieved revenue of $3.1 million for the second quarter of 2024Launched the Seer Technology Access Center (STAC) in Europe, providing researchers with end-to-end services from sample to dataDemonstrated how the Proteograph Product Suite can uncover differentiated insights into plasma proteomic changes that occur during spaceflight through customer publications in Nature and Nature CommunicationsEnded the quarter with $344.6 million of cash, cash equivalents and investments “We remain focused on reducing barriers to access for our differentiated technology in the face of ongoing macroeconomic headwinds. During the second quarter, we significantly expanded our commercial team and are excited about the talented individuals that have come on board to capture the opportunity ahead in proteomics,” said Omid Farokhzad, Chair and CEO of Seer. “Our customers are generating novel data that we believe is only possible with the Proteograph Product Suite, and we saw multiple manuscripts get submitted to and published in high-impact journals during the quarter. Looking ahead, we will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the Proteograph, innovating with our products, and expanding our applications.” Second Quarter 2024 Financial Results Revenue was $3.1 million for the second quarter of 2024, a 23% decrease from $4.0 million for the corresponding prior year period, primarily due to a decrease in related party and grant revenue. Product revenue for the second quarter of 2024 was $2.2 million, including $420 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $845 thousand for the second quarter of 2024, including $163 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $46 thousand for the second quarter of 2024. Gross profit, inclusive of grant and other revenue, was $1.7 million and gross margin was 56% for the second quarter of 2024. Operating expenses were $28.8 million for the second quarter of 2024, including $7.7 million of stock-based compensation, a decrease of 5% compared to $30.2 million for the corresponding prior year period, including $9.8 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee and stock-based compensation expenses and a decrease in laboratory expenses. Net loss was $22.9 million for the second quarter of 2024, as compared to $23.4 million for the corresponding prior year period. Cash, cash equivalents and investments were $344.6 million as of June 30, 2024. 2024 Guidance Seer now expects full year 2024 revenue to be in the range of $13 million to $15 million, compared to the prior range of $16 million to $18 million. Webcast Information Seer will host a conference call to discuss the second quarter 2024 financial results on Thursday, August 8, 2024. 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, customer publications and adoption 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 Mendivilinvestor@seer.bio Media Contact:Patrick Schmidtpr@seer.bio SEER, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Product$1,761 $1,645 $3,429 $3,988 Service 682 467 1,090 536 Related party 583 1,358 1,537 2,664 Grant and other 46 538 82 873 Total revenue 3,072 4,008 6,138 8,061 Cost of revenue: Product 701 1,118 1,692 2,554 Service 362 193 631 200 Related party 156 352 468 830 Grant and other 122 64 255 128 Total cost of revenue 1,341 1,727 3,046 3,712 Gross profit 1,731 2,281 3,092 4,349 Operating expenses: Research and development 12,734 14,148 24,999 28,622 Selling, general and administrative 16,093 16,074 30,381 31,113 Total operating expenses 28,827 30,222 55,380 59,735 Loss from operations (27,096) (27,941) (52,288) (55,386)Other income (expense): Interest income 4,433 4,560 9,019 8,277 Other expense (187) (50) (260) (281)Total other income 4,246 4,510 8,759 7,996 Net loss$(22,850) $(23,431) $(43,529) $(47,390)Other comprehensive loss: Unrealized loss on available-for-sale securities (105) (1,439) (434) (281)Comprehensive loss$(22,955) $(24,870) $(43,963) $(47,671)Net loss per share attributable to common stockholders, basic and diluted$(0.35) $(0.37) $(0.67) $(0.74)Weighted-average common shares outstanding, basic and diluted 64,576,399 63,762,625 64,581,228 63,654,348 SEER, INC.Condensed Consolidated Balance Sheets(in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $31,947 $32,499 Short-term investments 251,506 283,725 Accounts receivable, net 3,145 4,831 Related party receivables 594 559 Other receivables 1,962 1,326 Inventory 7,581 4,491 Prepaid expenses and other current assets 2,954 3,082 Total current assets 299,689 330,513 Long-term investments 61,188 56,858 Operating lease right-of-use assets 23,956 25,177 Property and equipment, net 20,436 22,193 Restricted cash 524 524 Other assets 818 1,004 Total assets $406,611 $436,269 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $4,628 $1,370 Accrued expenses 9,815 9,212 Deferred revenue 189 206 Operating lease liabilities, current 2,265 2,295 Other current liabilities 140 139 Total current liabilities 17,037 13,222 Operating lease liabilities, net of current portion 24,831 25,964 Other noncurrent liabilities 44 179 Total liabilities 41,912 39,365 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 59,180,625 and 60,253,707 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 4,044,969 shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Additional paid-in capital 714,626 702,868 Accumulated other comprehensive loss (626) (192)Accumulated deficit (349,302) (305,773)Total stockholders’ equity 364,699 396,904 Total liabilities and stockholders’ equity $406,611 $436,269
REDWOOD CITY, Calif., Aug. 08, 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 second quarter ended June 30, 2024. Recent Highlights Achieved revenue of $3.1 million for the second quarter of 2024Launched the Seer Technology Access Center (STAC) in Europe, providing researchers with end-to-end services from sample to dataDemonstrated how the Proteograph Product Suite can uncover differentiated insights into plasma proteomic changes that occur during spaceflight through customer publications in Nature and Nature CommunicationsEnded the quarter with $344.6 million of cash, cash equivalents and investments “We remain focused on reducing barriers to access for our differentiated technology in the face of ongoing macroeconomic headwinds. During the second quarter, we significantly expanded our commercial team and are excited about the talented individuals that have come on board to capture the opportunity ahead in proteomics,” said Omid Farokhzad, Chair and CEO of Seer. “Our customers are generating novel data that we believe is only possible with the Proteograph Product Suite, and we saw multiple manuscripts get submitted to and published in high-impact journals during the quarter. Looking ahead, we will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the Proteograph, innovating with our products, and expanding our applications.” Second Quarter 2024 Financial Results Revenue was $3.1 million for the second quarter of 2024, a 23% decrease from $4.0 million for the corresponding prior year period, primarily due to a decrease in related party and grant revenue. Product revenue for the second quarter of 2024 was $2.2 million, including $420 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $845 thousand for the second quarter of 2024, including $163 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $46 thousand for the second quarter of 2024. Gross profit, inclusive of grant and other revenue, was $1.7 million and gross margin was 56% for the second quarter of 2024. Operating expenses were $28.8 million for the second quarter of 2024, including $7.7 million of stock-based compensation, a decrease of 5% compared to $30.2 million for the corresponding prior year period, including $9.8 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee and stock-based compensation expenses and a decrease in laboratory expenses. Net loss was $22.9 million for the second quarter of 2024, as compared to $23.4 million for the corresponding prior year period. Cash, cash equivalents and investments were $344.6 million as of June 30, 2024. 2024 Guidance Seer now expects full year 2024 revenue to be in the range of $13 million to $15 million, compared to the prior range of $16 million to $18 million. Webcast Information Seer will host a conference call to discuss the second quarter 2024 financial results on Thursday, August 8, 2024. 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, customer publications and adoption 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 Mendivilinvestor@seer.bio Media Contact:Patrick Schmidtpr@seer.bio SEER, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Product$1,761 $1,645 $3,429 $3,988 Service 682 467 1,090 536 Related party 583 1,358 1,537 2,664 Grant and other 46 538 82 873 Total revenue 3,072 4,008 6,138 8,061 Cost of revenue: Product 701 1,118 1,692 2,554 Service 362 193 631 200 Related party 156 352 468 830 Grant and other 122 64 255 128 Total cost of revenue 1,341 1,727 3,046 3,712 Gross profit 1,731 2,281 3,092 4,349 Operating expenses: Research and development 12,734 14,148 24,999 28,622 Selling, general and administrative 16,093 16,074 30,381 31,113 Total operating expenses 28,827 30,222 55,380 59,735 Loss from operations (27,096) (27,941) (52,288) (55,386)Other income (expense): Interest income 4,433 4,560 9,019 8,277 Other expense (187) (50) (260) (281)Total other income 4,246 4,510 8,759 7,996 Net loss$(22,850) $(23,431) $(43,529) $(47,390)Other comprehensive loss: Unrealized loss on available-for-sale securities (105) (1,439) (434) (281)Comprehensive loss$(22,955) $(24,870) $(43,963) $(47,671)Net loss per share attributable to common stockholders, basic and diluted$(0.35) $(0.37) $(0.67) $(0.74)Weighted-average common shares outstanding, basic and diluted 64,576,399 63,762,625 64,581,228 63,654,348 SEER, INC.Condensed Consolidated Balance Sheets(in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $31,947 $32,499 Short-term investments 251,506 283,725 Accounts receivable, net 3,145 4,831 Related party receivables 594 559 Other receivables 1,962 1,326 Inventory 7,581 4,491 Prepaid expenses and other current assets 2,954 3,082 Total current assets 299,689 330,513 Long-term investments 61,188 56,858 Operating lease right-of-use assets 23,956 25,177 Property and equipment, net 20,436 22,193 Restricted cash 524 524 Other assets 818 1,004 Total assets $406,611 $436,269 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $4,628 $1,370 Accrued expenses 9,815 9,212 Deferred revenue 189 206 Operating lease liabilities, current 2,265 2,295 Other current liabilities 140 139 Total current liabilities 17,037 13,222 Operating lease liabilities, net of current portion 24,831 25,964 Other noncurrent liabilities 44 179 Total liabilities 41,912 39,365 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 59,180,625 and 60,253,707 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 4,044,969 shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Additional paid-in capital 714,626 702,868 Accumulated other comprehensive loss (626) (192)Accumulated deficit (349,302) (305,773)Total stockholders’ equity 364,699 396,904 Total liabilities and stockholders’ equity $406,611 $436,269
