Seer Reports Second Quarter 2021 Financial Results

Expanded installed base and booked initial revenue for Proteograph Product Suite

REDWOOD CITY, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the second quarter ended June 30, 2021.

“I am incredibly proud of our team and the strides we are making to transform proteomics and empower the scientific community,” said Omid Farokhzad, Chair and Chief Executive Officer. “The performance of the Proteograph Product Suite in customers’ hands has exceeded our expectations, and I am excited about the early data they are generating. This strong progress further substantiates our belief that Seer’s technology will open up a new gateway to the proteome and advance our understanding of biology.”

Recent Highlights

  • Shipped and installed the Proteograph Product Suite to additional sites, including the first international customer
  • Booked initial revenue for the Proteograph Product Suite
  • Made strong progress in the Limited Release phase of commercialization; on track to achieve a high single digit number of Limited Release customers in 2021
  • Continued to see momentum in the market with early customers excited by their data, submitting abstracts, preparing for peer-reviewed publications, and securing funding for larger studies
  • Accelerated entry into the Chinese market through a new distribution partnership with Enlight Medical

Second Quarter 2021 Financial Results

Revenue was $1.3 million for the three months ended June 30, 2021, as compared to $71,000 for the three months ended June 30, 2020. The increase was the result of commencement of sales of our Proteograph Product Suite and services performed for PrognomIQ. Product revenue was $837,000, related party revenue was $380,000, and grant revenue was $117,000.

Gross profit, inclusive of grant revenue, was $748,000 and gross margin was 56% for the second quarter of 2021.

Operating expenses were $17.4 million for the second quarter of 2021, as compared to $6.4 million for the corresponding prior year period. The increase in expenses was driven by increased compensation, benefit and stock-based compensation expense associated with an increase in personnel, and an increase in costs associated with becoming a publicly traded company.

Net loss was $16.6 million for the second quarter of 2021, as compared to $6.1 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $518 million as of June 30, 2021.

Webcast Information

Seer will host a conference call to discuss the second quarter 2021 financial results on Thursday, August 12, 2021 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 up a new gateway to the proteome. Seer is commercializing its Proteograph Product Suite, 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 adopted 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 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 our timing and ability to enable unbiased, deep and rapid proteomics available at scale, the number of Limited Release customers achieved in 2021, and plans to enter the China market. 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 on August 12, 2021, 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 June 30, Six Months Ended June 30,
 2021 2020 2021 2020
        
Revenue:       
Product$837  $  $837  $ 
Related party380    380   
Grant117  71  179  248 
Total revenue1,334  71  1,396  248 
Cost of revenue:       
Product504    504   
Related party82    82   
Total cost of revenue586    586   
Gross profit748  71 810  248 
Operating expenses:       
Research and development6,935  4,536  13,162  8,758 
Selling, general and administrative10,484  1,902  20,816  3,682 
Total operating expenses17,419  6,438  33,978  12,440 
Loss from operations(16,671) (6,367) (33,168) (12,192)
Other income (expense):       
Interest income55  250  123  582 
Total other income (expense)55  250  123  582 
Net loss$(16,616) $(6,117) $(33,045) $(11,610)
Other comprehensive loss:       
Unrealized gain (loss) on available-for-sale securities(62) (255) (88) 278 
Comprehensive loss$(16,678) $(6,372) $(33,133) $(11,332)
Net loss per share attributable to common stockholders, basic and diluted$(0.27) $(0.63) $(0.55) $(1.25)
Weighted-average common shares outstanding, basic and diluted60,841,657  9,718,393  60,367,433  9,320,520 



Seer, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

 June 30, December 31,
 2021 2020
    
ASSETS   
Current assets:   
Cash and cash equivalents$370,675  $333,585 
Investments147,098  98,278 
Accounts receivable, net896   
Related party receivables439   99 
Other receivables340   163 
Inventory2,670  551 
Prepaid expenses and other current assets3,208  452 
Total current assets525,326  433,128 
Property and equipment, net10,776  8,441 
Restricted cash524  343 
Other assets423  407 
Total assets$537,049  $442,319 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable$1,602  $2,115 
Accrued expenses5,590  5,147 
Accrued research and development490  396 
Deferred revenue445  250 
Deferred rent, current228  186 
Total current liabilities8,355  8,094 
Deferred rent, net of current portion2,248  1,899 
Other noncurrent liabilities402  717 
Total liabilities11,005  10,710 
Commitments   
Stockholders’ equity:   
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2021 and December 31, 2020; zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;   
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 56,722,925 and 53,395,319 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;1  1 
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 4,700,338 and 5,865,732 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;   
Additional paid-in capital614,483  486,915 
Accumulated other comprehensive income (loss)(34) 54 
Accumulated deficit(88,406) (55,361)
Total stockholders’ equity526,044  431,609 
Total liabilities and stockholders’ equity$537,049  $442,319 

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