Seer Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Full Year 2022 Outlook

Demonstrated tangible market progress and shipped 17 instruments through year end 2021

REDWOOD CITY, Calif., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the fourth quarter and full year ended December 31, 2021.

“This has been a momentous year for Seer, one that paved the way for our technology in the hands of lighthouse collaborators and customers, demonstrated the unique benefits of our technology, and positioned Seer to open up new possibilities for researchers with an unbiased, scalable approach to proteomics,” said Omid Farokhzad, Chief Executive Officer and Chair, “As we enter 2022, we are excited about our market opportunity, confident in what the Proteograph Product Suite can deliver and ready to serve an expanding customer base as we move forward with broad commercial release of the Proteograph.”

Recent Highlights

  • Revenue of $6.6 million for the full year 2021, inclusive of $3.1 million for the fourth quarter
  • Commenced broad commercial release of the Proteograph Product Suite, with multiple orders pre-booked
  • Created the Proteogenomics Consortium with Discovery Life Sciences and SCIEX in January 2022, a first-of-its-kind, multi-year collaboration for large-scale studies, to offer deep, unbiased proteomics with capacity ramping to over 100,000 samples per year
  • Launched the Centers of Excellence program with providers in North America, Europe, and Asia Pacific
  • Added Meeta Gulyani, Head of Strategy, Business Development and Transformation for the Life Science business of Merck KGaA, Darmstadt, Germany and Rachel Haurwitz, Ph.D, CEO of Caribou Biosciences, to the Board of Directors

Fourth Quarter 2021 Financial Results

Revenue was $3.1 million for the three months ended December 31, 2021, as compared to $336 thousand for the three months ended December 31, 2020. The increase was the result of increased sales of the Proteograph Product Suite, including SP100 instruments, consumable kits and product evaluations in the fourth of quarter of 2021. Product-related revenue was $3.0 million, including $1.2 million of related party revenue, and grant revenue was $34 thousand.

Gross profit, inclusive of grant revenue, was $1.4 million and gross margin was 47% for the fourth quarter of 2021.

Operating expenses were $21.3 million for the fourth quarter of 2021, as compared to $13.4 million 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 costs related to being a publicly traded company.

Net loss was $19.7 million for the fourth quarter of 2021, as compared to $12.9 million for the corresponding prior year period.

Full Year 2021 Financial Results

Revenue was $6.6 million for the year ended December 31, 2021, as compared to $656 thousand for the year ended December 31, 2020. Product-related revenue was $5.9 million, including $2.3 million of related party revenue, service revenue was $500 thousand and grant and other revenue was $223 thousand.

Gross profit, inclusive of grant revenue, was $3.4 million and gross margin was 52% for the full year 2021.

Operating expenses were $74.9 million for the full year 2021, as compared to $34.3 million for the corresponding prior year period.

Net loss was $71.2 million for the full year 2021, as compared to $32.8 million for the corresponding prior year period.

Cash, cash equivalents and investments were $493.3 million as of December 31, 2021.

2022 Guidance

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

Webcast Information

Seer will host a conference call to discuss the fourth quarter and full year 2021 financial results on Monday, February 28, 2022 at 1:30 pm Pacific Time / 4:30 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 and its ability to imagine and pioneer new ways to decode the secrets of the proteome to improve human health. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K, to be filed with the SEC on March 1, 2022, 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 December 31, Year Ended December 31, 
  2021   2020   2021   2020  
         
Revenue:        
Product        $1,882  $  $3,577  $  
Service               500     
Related party         1,150      2,317     
Grant and other         34   336   223   656  
Total revenue         3,066   336   6,617   656  
Cost of revenue:        
Product 1,222      2,300     
Service               42     
Related party         411      863     
Total cost of revenue         1,633      3,205     
Gross profit         1,433   336   3,412   656  
Operating expenses:        
Research and development         8,215   5,422   29,121   18,942  
Selling, general and administrative         13,092   7,955   45,764   15,363  
Total operating expenses         21,307   13,377   74,885   34,305  
Loss from operations                 (19,874)          (13,041)          (71,473)          (33,649) 
Other income (expense):        
Interest income         157   105   326   883  
Interest expense (22)     (22)    
Other expense                  (9) 
Total other income         135   105   304   874  
Net loss        $(19,739) $(12,936) $(71,169) $(32,775) 
         
Net loss per share attributable to common stockholders, basic and diluted        $            (0.32) $            (0.54) $           (1.17) $        (2.48) 
Weighted-average common shares outstanding, basic and diluted         61,562,065   23,893,201   60,863,950   13,216,657  


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

 December 31, 
  2021   2020  
     
ASSETS    
Current assets:    
Cash and cash equivalents        $232,813  $333,585  
Short-term investments         167,261   98,278  
Accounts receivable, net         2,495     
Related party receivables         1,283   99  
Other receivables         366   163  
Inventory         4,145   551  
Prepaid expenses and other current assets         3,336   452  
Total current assets         411,699   433,128  
Long-term investments         93,186     
Operating lease right-of-use assets         20,142     
Property and equipment, net         13,087   8,441  
Restricted cash         524   343  
Other assets         501   407  
Total assets        $539,139  $442,319  
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable        $3,789  $2,115  
Accrued expenses         7,371   5,147  
Accrued research and development         1,023   396  
Deferred revenue         376   250  
Deferred rent, current            186  
Operating lease liabilities, current         864     
Total current liabilities         13,423   8,094  
Deferred rent, net of current portion            1,899  
Operating lease liabilities, net of current portion         22,459     
Other noncurrent liabilities         341   717  
Total liabilities         36,223   10,710  
Stockholders’ equity:    
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of December 31, 2021 and 2020; zero shares issued and outstanding as of December 31, 2021 and 2020              
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of December 31, 2021 and 2020; 57,493,005 and 53,395,319 shares issued and outstanding as of December 31, 2021 and 2020, respectively;          1   1  
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of December 31, 2021 and 2020; 4,522,478 and 5,865,732 shares issued and outstanding as of December 31, 2021 and 2020, respectively;               
Additional paid-in capital         629,981   486,915  
Accumulated other comprehensive income (loss)         (536)  54  
Accumulated deficit         (126,530)  (55,361) 
Total stockholders’ equity         502,916   431,609  
Total liabilities and stockholders’ equity        $539,139  $442,319  

 


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