Seer Reports First Quarter 2022 Financial Results

Demonstrated solid commercial traction with continued robust interest in the Proteograph Product Suite

REDWOOD CITY, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the first quarter ended March 31, 2022.

“We had a strong start to the year as we further ramped our commercial efforts, expanded our installed base, and made tangible progress against our strategic plan. I am thrilled to see the growing impact of our unique technology in enabling researchers to interrogate the proteome deeply, at scale and without limitations to prescribed targets,” said Omid Farokhzad, Chief Executive Officer and Chair, “As our customers deepen their experience with the Proteograph Product Suite, the data they produce will be key to accelerating adoption and establishing a rich pipeline of potential customers. We look forward to updating you on their progress throughout the year.”

Recent Highlights

  • Revenue of $3.3 million for the first quarter 2022
  • Delivered the first Proteograph Product Suite orders as part of Broad Commercial release across multiple geographies, including North America, Europe and Asia
  • Announced the publication of a seminal study in the Proceedings of the National Academy of Sciences (PNAS) demonstrating performance of the Proteograph Product Suite for deep, unbiased, precise, scalable proteomics
  • Hired Scott Thomas as Chief Commercial Officer

First Quarter 2022 Financial Results

Revenue was $3.3 million for the three months ended March 31, 2022, as compared to $62 thousand for the three months ended March 31, 2021. The increase was primarily due to an increase in sales of products related to the Proteograph Product Suite. Product-related revenue for the first quarter of 2022 was $3.2 million, including $1.1 million of related party revenue, and consisted of sales of SP100 instruments, consumable kits and platform evaluations.

Gross profit, inclusive of grant and other revenue, was $1.2 million and gross margin was 38% for the first quarter of 2022.

Operating expenses were $25.0 million for the first quarter of 2022, including $8.1 million of stock based compensation, as compared to $16.6 million, including $6.0 million of stock based compensation, for the corresponding prior year period. The increase in expenses was driven by increased employee compensation and other related expenses, including stock-based compensation, and increased expenses related to the expansion of our facilities and other costs related to being a publicly traded company.

Net loss was $23.6 million for the first quarter of 2022, as compared to $16.4 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $472 million as of March 31, 2022.

2022 Guidance

Seer continues to expect full year 2022 revenue to be in the range of $14.0 million to $16.0 million, and, as previously disclosed, Seer also expects to continue to increase investments in its commercial, operations, research and development activities to drive long-term growth and value creation.

Webcast Information

Seer will host a conference call to discuss the first quarter financial results on Wednesday, May 4, 2022 at 2:00 pm Pacific Time / 5:00 pm Eastern Time. A webcast of the conference call can be accessed at http://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, that reflect the Company’s current views with respect to certain current and future events and financial performance. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements. Such forward-looking statements are based on the Company’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 the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to statements regarding the Company’s outlook for fiscal year 2022. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q, to be filed with the SEC, and other documents the Company subsequently files with the SEC from time to time. Except to the extent required by law, the Company 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:
Karen Possemato
pr@seer.bio


Seer, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)

 Three Months Ended March 31,
  2022   2021 
    
Revenue:   
Product$2,149  $ 
Service 79    
Related party 1,070    
Grant and other 14   62 
Total revenue 3,312   62 
Cost of revenue:   
Product 1,660    
Service 14    
Related party 394    
Total cost of revenue 2,068    
Gross profit 1,244   62 
Operating expenses:   
Research and development 10,732   6,227 
Selling, general and administrative 14,298   10,333 
Total operating expenses 25,030   16,560 
Loss from operations (23,786)  (16,498)
Other income (expense):   
Interest income 144   69 
Other expense (4)   
Total other income 140   69 
Net loss$(23,646) $(16,429)
Other comprehensive loss:   
Unrealized loss on available-for-sale securities (1,691)  (26)
Comprehensive loss$(25,337) $(16,455)
Net loss per share attributable to common stockholders, basic and diluted$(0.38) $(0.27)
Weighted-average common shares outstanding, basic and diluted 62,003,504   59,887,842 


Seer, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)

 March 31, December 31,
  2022   2021 
ASSETS   
Current assets:   
Cash and cash equivalents$225,334  $232,813 
Short-term investments 219,892   167,261 
Accounts receivable, net 2,793   2,495 
Related party receivables 1,126   1,283 
Other receivables 540   366 
Inventory 3,550   4,145 
Prepaid expenses and other current assets 4,221   3,336 
Total current assets 457,456   411,699 
Long-term investments 26,550   93,186 
Operating lease right-of-use assets 28,411   20,142 
Property and equipment, net 13,654   13,087 
Restricted cash 524   524 
Other assets 490   501 
Total assets$527,085  $539,139 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable$3,291  $3,789 
Accrued expenses 6,377   8,394 
Deferred revenue 394   376 
Operating lease liabilities, current 1,090   864 
Total current liabilities 11,152   13,423 
Operating lease liabilities, net of current portion 29,134   22,459 
Other noncurrent liabilities 341   341 
Total liabilities 40,627   36,223 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of March
   31, 2022 and December 31, 2021; zero shares issued and outstanding as of
   March 31, 2022 and December 31, 2021
     
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as
   of March 31, 2022 and December 31, 2021; 58,237,703 and 57,493,005 shares
   issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
 1   1 
   Class B common stock, $0.00001 par value; 6,000,000 shares authorized as
   of March 31, 2022 and December 31, 2021; 4,055,190 and 4,522,478 shares
   issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
     
Additional paid-in capital 638,860   629,981 
Accumulated other comprehensive loss (2,227)  (536)
Accumulated deficit (150,176)  (126,530)
Total stockholders’ equity 486,458   502,916 
Total liabilities and stockholders’ equity$527,085  $539,139 

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