Seer Reports Second Quarter 2024 Financial Results

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 2024
Launched the Seer Technology Access Center (STAC) in Europe, providing researchers with end-to-end services from sample to data
Demonstrated how the Proteograph Product Suite can uncover differentiated insights into plasma proteomic changes that occur during spaceflight through customer publications in Nature and Nature Communications
Ended 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 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 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

RESOURCES

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Seer Reports Second Quarter 2024 Financial Results