EX-99.1 2 ck0001726445-ex99_1.htm EX-99.1 EX-99.1

 

Seer Reports First Quarter 2025 Financial Results and Reiterates Full Year 2025 Outlook

Revenue grew 37%, driven by increased product sales and service revenue

REDWOOD CITY, Calif. May 13, 2025 – Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the first quarter ended March 31, 2025.

 

Recent Highlights

•
Achieved revenue of $4.2 million for the first quarter of 2025
•
Secured a significant contract with a new customer to run a 10,000-sample study in collaboration with Discovery Life Sciences
•
Accelerated third-party validation of platform through increasing number of customer publications, webinars, preprints and reviews
•
Ended the quarter with approximately $285 million of cash, cash equivalents and investments

 

“We are proud of our strong first quarter performance, especially in light of the persistent macroeconomic headwinds impacting the life sciences industry,” said Omid Farokhzad, Chair and CEO of Seer. “Momentum around the Proteograph Product Suite continues to build, and we shipped as many instruments in the first quarter of 2025 as we did in all of 2024. Our mission has always been to enable deep, unbiased proteomics at population scale, driven by our belief that the biological insights unlocked would have a meaningful impact on human health. While we expect near-term volatility to persist until the broader macro environment stabilizes, our long-term vision remains unchanged.”

 

First Quarter 2025 Financial Results

Revenue was $4.2 million for the first quarter of 2025, a 37% increase from $3.1 million for the corresponding prior year period, primarily due to higher product sales and service revenue in the quarter. Product revenue for the first quarter of 2025 was $2.9 million, including $5 thousand of related party revenue, and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million for the first quarter of 2025, including $47 thousand of related party revenue, and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $60 thousand for the first quarter of 2025.

 

Gross profit was $2.1 million and gross margin was 49% for the first quarter of 2025.

 

Operating expenses were $22.8 million for the first quarter of 2025, including $4.5 million of stock-based compensation, a decrease of 14% compared to $26.6 million for the corresponding prior year period, including $7.2 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in stock-based compensation and laboratory expenses.

 

Net loss was $19.9 million for the first quarter of 2025, compared to $20.7 million for the corresponding prior year period.

 

Cash, cash equivalents and investments were approximately $285 million as of March 31, 2025.

 

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2025 Guidance

Seer continues to expect full year 2025 revenue to be in the range of $17 million to $18 million, representing growth of 24% at the midpoint over full year 2024.

Webcast Information

Seer will host a conference call to discuss the first quarter 2025 financial results on Tuesday, May 13, 2025 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 2025. ​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

[email protected]

 

Media Contact:

Patrick Schmidt

[email protected]

 

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SEER, INC.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

Product

$

2,890

 

 

$

1,668

 

Service

 

1,203

 

 

 

408

 

Related party

 

52

 

 

 

954

 

Other

 

60

 

 

 

36

 

Total revenue

 

4,205

 

 

 

3,066

 

Cost of revenue:

 

 

 

 

 

Product

 

1,374

 

 

 

991

 

Service

 

531

 

 

 

269

 

Related party

 

70

 

 

 

312

 

Other

 

169

 

 

 

133

 

Total cost of revenue

 

2,144

 

 

 

1,705

 

Gross profit

 

2,061

 

 

 

1,361

 

Operating expenses:

 

 

 

 

 

Research and development

 

11,350

 

 

 

12,265

 

Selling, general and administrative

 

11,442

 

 

 

14,288

 

Total operating expenses

 

22,792

 

 

 

26,553

 

Loss from operations

 

(20,731

)

 

 

(25,192

)

Other income (expense):

 

 

 

 

 

Interest income

 

3,217

 

 

 

4,586

 

Loss on equity method investment

 

(1,575

)

 

 

—

 

Other expense

 

(758

)

 

 

(73

)

Total other income

 

884

 

 

 

4,513

 

Loss before provision for income taxes

 

(19,847

)

 

 

(20,679

)

Provision for income taxes

 

101

 

 

 

—

 

Net loss

$

(19,948

)

 

$

(20,679

)

Other comprehensive loss:

 

 

 

 

 

Unrealized gain (loss) on available-for-sale securities

 

169

 

 

 

(329

)

Comprehensive loss

$

(19,779

)

 

$

(21,008

)

Net loss per share attributable to Class A and Class B common stockholders,
  basic and diluted

$

(0.34

)

 

$

(0.32

)

Weighted-average shares used in computing net loss per share attributable to
  Class A and Class B common stockholders, basic and diluted

 

59,408,711

 

 

 

64,586,056

 

 

 

 

 

 

 

 

 

 

 

 

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SEER, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

 

March 31,
2025

 

 

December 31,
2024

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

52,445

 

 

$

40,753

 

Short-term investments

 

 

187,280

 

 

 

195,657

 

Accounts receivable, net

 

 

4,090

 

 

 

3,997

 

Related party receivables

 

 

52

 

 

 

379

 

Other receivables

 

 

1,212

 

 

 

1,853

 

Inventory

 

 

7,070

 

 

 

7,436

 

Prepaid expenses and other current assets

 

 

3,118

 

 

 

3,248

 

Total current assets

 

 

255,267

 

 

 

253,323

 

Long-term investments

 

 

45,579

 

 

 

63,103

 

Operating lease right-of-use assets

 

 

22,228

 

 

 

22,791

 

Property and equipment, net

 

 

17,039

 

 

 

18,575

 

Restricted cash

 

 

524

 

 

 

524

 

Other assets

 

 

6,624

 

 

 

8,281

 

Total assets

 

$

347,261

 

 

$

366,597

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,450

 

 

$

4,621

 

Accrued expenses

 

 

5,916

 

 

 

7,937

 

Deferred revenue

 

 

413

 

 

 

408

 

Operating lease liabilities, current

 

 

2,376

 

 

 

2,312

 

Other current liabilities

 

 

41

 

 

 

50

 

Total current liabilities

 

 

13,196

 

 

 

15,328

 

Operating lease liabilities, net of current portion

 

 

23,028

 

 

 

23,652

 

Other noncurrent liabilities

 

 

31

 

 

 

48

 

Total liabilities

 

 

36,255

 

 

 

39,028

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of
    March 31, 2025 and December 31, 2024; zero shares issued and
    outstanding as of March 31, 2025 and December 31, 2024

 

 

—

 

 

 

—

 

Class A common stock, $0.00001 par value; 94,000,000 shares authorized
    as of March 31, 2025 and December 31, 2024; 55,385,066 and
    55,083,123 shares issued and outstanding as of March 31, 2025 and
   December 31, 2024, respectively

 

 

1

 

 

 

1

 

Class B common stock, $0.00001 par value; 6,000,000 shares authorized
   as of March 31, 2025 and December 31, 2024; 4,044,969 shares
   issued and outstanding as of March 31, 2025 and December 31, 2024

 

 

—

 

 

 

—

 

Additional paid-in capital

 

 

723,020

 

 

 

719,804

 

Accumulated other comprehensive gain

 

 

305

 

 

 

136

 

Accumulated deficit

 

 

(412,320

)

 

 

(392,372

)

Total stockholders’ equity

 

 

311,006

 

 

 

327,569

 

Total liabilities and stockholders’ equity

 

$

347,261

 

 

$

366,597

 

 

 

 

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