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Press Release

Seer Reports Second Quarter 2022 Financial Results

August 9, 2022

Company launches novel proteogenomics workflow with the Proteograph™ Analysis Suite 2.0, further demonstrates the power of its technology with new customer data, and advances key partnerships

REDWOOD CITY, Calif., Aug. 09, 2022 (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, 2022.

“We are building on a strong start to the year and I am pleased with the positive trajectory of our business as we continued to execute against our core strategies. We are making progress across all areas of our business as we continue to ramp our commercial efforts and expand the installed base of the Proteograph™ Product Suite,” said Omid Farokhzad, Chief Executive Officer and Chair. “It is inspiring to support our customers as they generate data that is enabling novel biological insight. We are excited about our opportunity, focused on our goals, and engaged with our customers to enable their success.”

Recent Highlights

  • Revenue of $3.6 million for the second quarter 2022.
  • Launched the Proteograph Analysis Suite 2.0, a first-of-its-kind integrated tool for scalable proteogenomic analysis at the peptide level, and an integral component of the Proteograph Product Suite.
  • Further exemplified power of technology through 28 posters across nine scientific conferences and industry events in the second quarter, including four customer posters and nine Seer presentations at the American Society for Mass Spectrometry (ASMS) conference in early June.
  • Demonstrated progress with Centers of Excellence up and running in multiple regions as well as progress operationalizing the Proteogenomics Consortium in partnership with Discovery Life Sciences and Sciex.

Second Quarter 2022 Financial Results

Revenue was $3.6 million for the three months ended June 30, 2022, as compared to $1.3 million for the three months ended June 30, 2021. The increase was primarily due to increased sales of the Proteograph Product Suite and its related products. Product-related revenue for the second quarter of 2022 was $3.5 million, including $1.1 million of related party revenue, and consisted of sales of SP100 instruments and consumable kits.

Gross profit, inclusive of grant and other revenue, was $1.6 million and gross margin was 44% for the second quarter of 2022.

Operating expenses were $25.0 million for the second quarter of 2022, including $8.4 million of stock-based compensation, as compared to $17.4 million, including $6.4 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 the company’s facilities and other costs related to being a publicly traded company.

Net loss was $22.8 million for the second quarter of 2022, as compared to $16.6 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $456.1 million as of June 30, 2022.

2022 Guidance

Seer continues to expect full year 2022 revenue to be in the range of $14.0 million to $16.0 million.

Webcast Information

Seer will host a conference call to discuss the second quarter financial results on Tuesday, August 9, 2022 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at 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

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

Media Contact:
Karen Possemato

Seer, Inc.
(In thousands, except share and per share amounts)

 Three Months Ended June 30, Six Months Ended June 30,
  2022   2021   2022   2021 
Product$2,406  $837  $4,555  $837 
Service 57      137    
Related party 1,108   380   2,178   380 
Grant and other 50   117   64   179 
Total revenue 3,621   1,334   6,934   1,396 
Cost of revenue:       
Product 1,643   504   3,303   504 
Service 15      29    
Related party 354   82   748   82 
Total cost of revenue 2,012   586   4,080   586 
Gross profit 1,609   748   2,854   810 
Operating expenses:       
Research and development 10,871   6,935   21,607   13,162 
Selling, general and administrative 14,172   10,484   28,466   20,816 
Total operating expenses 25,043   17,419   50,073   33,978 
Loss from operations (23,434)  (16,671)  (47,219)  (33,168)
Other income (expense):       
Interest income 676   55   819   123 
Other expense (57)     (61)   
Total other income 619   55   758   123 
Net loss$(22,815) $(16,616) $(46,461) $(33,045)
Other comprehensive loss:       
Unrealized loss on available-for-sale securities (886)  (62)  (2,577)  (88)
Comprehensive loss$(23,701) $(16,678) $(49,038) $(33,133)
Net loss per share attributable to common stockholders, basic and diluted$(0.37) $(0.27) $(0.75) $(0.55)
Weighted-average common shares outstanding, basic and diluted 62,376,571   60,841,657   62,191,068   60,367,433 

Seer, Inc.

(in thousands, except share and per share amounts)

 June 30, December 31,
  2022   2021 
Current assets:   
Cash and cash equivalents$79,023  $232,813 
Short-term investments 372,167   167,261 
Accounts receivable, net 3,341   2,495 
Related party receivables 843   1,283 
Other receivables 998   366 
Inventory 6,838   4,145 
Prepaid expenses and other current assets 3,547   3,336 
Total current assets 466,757   411,699 
Long-term investments 4,915   93,186 
Operating lease right-of-use assets 27,958   20,142 
Property and equipment, net 15,350   13,087 
Restricted cash 524   524 
Other assets 796   501 
Total assets$516,300  $539,139 
Current liabilities:   
Accounts payable$4,141  $3,789 
Accrued expenses 9,142   8,394 
Deferred revenue 429   376 
Operating lease liabilities, current 1,115   864 
Other current liabilities 197    
Total current liabilities 15,024   13,423 
Operating lease liabilities, net of current portion 28,910   22,459 
Other noncurrent liabilities 323   341 
Total liabilities 44,257   36,223 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2022 and December 31, 2021; zero shares issued and outstanding as of June 30, 2022 and December 31, 2021     
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 58,565,210 and 57,493,005 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 1   1 
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 4,044,969 and 4,522,478 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively     
Additional paid-in capital 648,146   629,981 
Accumulated other comprehensive loss (3,113)  (536)
Accumulated deficit (172,991)  (126,530)
Total stockholders’ equity 472,043   502,916 
Total liabilities and stockholders’ equity$516,300  $539,139