0001628280-23-016850 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 48,386	$ 53,208
Short-term investments	303,708	368,031
Accounts receivable, net	4,735	4,315
Related party receivables	1,383	1,804
Other receivables	1,065	899
Inventory	3,718	4,627
Prepaid expenses and other current assets	4,380	2,098
Total current assets	367,375	434,982
Long-term investments	58,416	5,157
Operating lease right-of-use assets	26,944	27,003
Property and equipment, net	18,675	19,408
Restricted cash	524	524
Other assets	853	855
Total assets	472,787	487,929
Current liabilities:
Accounts payable	1,956	2,104
Accrued expenses	7,175	8,298
Deferred revenue	263	133
Operating lease liabilities, current	2,188	1,842
Other current liabilities	172	207
Total current liabilities	11,754	12,584
Operating lease liabilities, net of current portion	27,684	28,032
Other noncurrent liabilities	360	320
Total liabilities	39,798	40,936
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of March 31, 2023 and December 31, 2022; zero shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Additional paid-in capital	676,536	667,739
Accumulated other comprehensive loss	(93)	(1,251)
Accumulated deficit	(243,455)	(219,496)
Total stockholders’ equity	432,989	446,993
Total liabilities and stockholders’ equity	472,787	487,929
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Summary of Significant Accounting Policies and Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 48,386	$ 53,208
Restricted cash	524	524
Total cash and cash equivalents and restricted cash	$ 48,910	$ 53,732	$ 225,858	$ 233,337

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2019
Deferred Revenue Arrangement [Line Items]
Revenue	$ 4,053	$ 3,312
Deferred revenue	306	133	$ 133	$ 376
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Deferred Revenue Arrangement [Line Items]
Revenue recognized from the remaining performance obligations	$ 3,100
Revenue, remaining performance obligation, percentage	77.00%
Expected remaining performance obligations	12 months
Product
Deferred Revenue Arrangement [Line Items]
Revenue	$ 2,343	2,149
Deferred revenue	100		34
Service
Deferred Revenue Arrangement [Line Items]
Revenue	69	79
Deferred revenue	200		$ 100
Grant \| National Institutes of Health
Deferred Revenue Arrangement [Line Items]
Deferred revenue					$ 1,100
Revenue recognized	$ 300	$ 14

Equity Incentive Plans - Stock-Based Compensation Allocation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 900	$ 8,724	$ 8,062
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		328	208
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		2,549	2,001
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		$ 5,847	$ 5,853

Equity Incentive Plans - RSU Activity for the Period (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Beginning balance (in shares) \| shares	1,650,976
Granted (in shares) \| shares	2,110,570
Vested (in shares) \| shares	(314,678)
Cancelled (in shares) \| shares	(17,718)
Ending balance (in shares) \| shares	3,429,150
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in usd per share) \| $ / shares	$ 18.23
Granted (in usd per share) \| $ / shares	4.59
Vested (in usd per share) \| $ / shares	22.08
Cancelled (in usd per share) \| $ / shares	10.97
Ending balance (in usd per share) \| $ / shares	$ 9.52

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39747
Entity Registrant Name	SEER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	SEER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001726445
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,696,350
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,044,969

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 4,053	$ 3,312
Total cost of revenue	1,985	2,068
Gross profit	2,068	1,244
Operating expenses:
Research and development	14,474	10,732
Selling, general and administrative	15,039	14,298
Total operating expenses	29,513	25,030
Loss from operations	(27,445)	(23,786)
Other income (expense):
Interest income	3,717	144
Other expense	(231)	(4)
Total other income	3,486	140
Net loss	(23,959)	(23,646)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	1,158	(1,691)
Comprehensive loss	$ (22,801)	$ (25,337)
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.38)	$ (0.38)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.38)	$ (0.38)
Weighted-average common shares outstanding, basic (in shares)	63,543,094	62,003,504
Weighted-average common shares outstanding, diluted (in shares)	63,543,094	62,003,504
Product
Revenue:
Total revenue	$ 2,343	$ 2,149
Total cost of revenue	1,436	1,660
Service
Revenue:
Total revenue	69	79
Total cost of revenue	7	14
Related party
Revenue:
Total revenue	1,306	1,070
Total cost of revenue	478	394
Grant and other
Revenue:
Total revenue	335	14
Total cost of revenue	$ 64	$ 0

Summary of Significant Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss	$ (24)		$ (30)
Silicon Valley Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash	$ 800
Revenue Benchmark \| Geographic Concentration Risk \| Asia and Europe
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	22.00%	25.00%
Major Customer 1 \| Revenue Benchmark \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	32.00%	32.00%
Major Customer 1 \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	23.00%		25.00%
Major Customer 2 \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			10.00%
Major Customer 3 \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			12.00%

Capital Stock and Stockholders' Equity - Schedule of Common Stock by Class (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock issued (in shares)	63,739,319	63,411,046
Total common stock outstanding (in shares)	63,739,319	63,411,046
Class A common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	59,694,350	59,366,077
Total common stock outstanding (in shares)	59,694,350	59,366,077
Class B common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	4,044,969	4,044,969
Total common stock outstanding (in shares)	4,044,969	4,044,969

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Purchase Commitments and Obligations The Company has certain purchase commitments related to its inventory management with certain manufacturing suppliers wherein the Company is required to purchase the amounts forecasted in a blanket purchase order within a certain time period. The contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude orders for goods and services entered into in the normal course of business that are not enforceable or subject to change. These outstanding commitments amounted to $4.3 million and $5.7 million as of March 31, 2023 and December 31, 2022, respectively. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. The Company has entered into indemnification agreements with certain directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of the status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2023 and December 31, 2022, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Contingencies From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings.

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2023 is as follows:


	Options Outstanding	Weighted Average Exercise Price
Balance at December 31, 2022	10,214,430	$	13.90
Options granted	2,247,900	4.60
Options exercised	(13,595)	2.20
Options forfeited	(101,825)	12.77
Balance at March 31, 2023	12,346,910	$	12.23
Vested and exercisable, March 31, 2023	5,241,662	$	8.76

Schedule of Restricted Stock Unit Activity

RSU activity for the three months ended March 31, 2023 is as follows:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value
Balance at December 31, 2022	1,650,976	$	18.23
Granted	2,110,570	4.59
Vested	(314,678)	22.08
Forfeited	(17,718)	10.97
Balance at March 31, 2023	3,429,150	$	9.52

Schedule of Components of Stock-based Compensation Expensed

The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2023		2022
Cost of revenue	$	328	$	208
Research and development	2,549		2,001
Selling, general and administrative	5,847		5,853
Total stock-based compensation	$	8,724	$	8,062

Capital Stock and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Stock by Class

Common stock issued and outstanding is as follows:


	March 31,	December 31,
	2023	2022

Class A common stock	59,694,350	59,366,077
Class B common stock	4,044,969	4,044,969
Total common stock issued and outstanding	63,739,319	63,411,046

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Equity Incentive Plans - Activity of Stock Options (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Options Outstanding
Beginning balance (in shares) \| shares	10,214,430
Options granted (in shares) \| shares	2,247,900
Options exercised (in shares) \| shares	(13,595)
Options cancelled and forfeited (in shares) \| shares	(101,825)
Ending balance (in shares) \| shares	12,346,910
Vested and exercisable (in shares) \| shares	5,241,662
Weighted Average Exercise Price
Beginning balance (in usd per share) \| $ / shares	$ 13.90
Options granted (in usd per share) \| $ / shares	4.60
Options exercised (in usd per share) \| $ / shares	2.20
Options cancelled and forfeited (in usd per share) \| $ / shares	12.77
Ending balance (in usd per share) \| $ / shares	12.23
Vested and exercisable (in usd per share) \| $ / shares	$ 8.76

Net Loss Per Share Attributable To Common Stockholders

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss attributable to common stockholders	$	(23,959)	$	(23,646)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted	63,543,094		62,003,504
Net loss per share attributable to common stockholders, basic and diluted	$	(0.38)	$	(0.38)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):


	March 31,
	2023	2022
Class A common stock options issued and outstanding	12,346,910	11,560,004
Restricted common stock subject to future vesting	65,251	125,231
Restricted stock units	3,429,150	1,959,042
Total	15,841,311	13,644,277

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ. The Company has concluded that PrognomiQ is a VIE due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomiQ and does not have control over the PrognomiQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomiQ and therefore has accounted for its investment in PrognomiQ using the equity method. During the year ended December 31, 2022, the carrying value of the Company’s investment in PrognomiQ was reduced to nil after recognizing net losses based on its percentage of ownership in PrognomiQ. PrognomiQ constitutes a related party and, as of March 31, 2023 and December 31, 2022, the Company held $1.4 million and $1.5 million in related party receivables, respectively, on the condensed consolidated balance sheets representing amounts due from product sales and services and for general transition services and support provided. For the three months ended March 31, 2023 and 2022, the Company recognized revenue of $1.3 million and $1.1 million, respectively, from PrognomiQ, which is presented as related party revenue on the condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables, and services performed. During 2022, a member of the Company’s Board of Directors served as a board member and an executive officer at a company that is a customer of the Company. As of March 31, 2023 and December 31, 2022, the Company recorded nil and $0.3 million in related party receivables, respectively, on the condensed consolidated balance sheets, representing revenue from products sales. There was no revenue recognized for the three months ended March 31, 2023 and 2022. The Company has a contract for equipment leased to this customer that has been classified as a sales-type lease. As of March 31, 2023 and December 31, 2022, the lease receivables related to the sales-type lease is $0.2 million. The lease receivables are presented as prepaid expenses and other current assets on the condensed consolidated balance sheets.

Organization and Description of the Business	3 Months Ended
Organization and Description of the Business	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	ORGANIZATION AND DESCRIPTION OF THE BUSINESS Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California, with wholly-owned subsidiaries in Massachusetts and the United Kingdom. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease. Since inception, the Company has devoted substantially all of its resources to research and development activities, including with respect to the Proteograph Product Suite, building its commercial infrastructure including manufacturing, operations, sales and marketing and service and support functions, establishing and maintaining our intellectual property portfolio, hiring personnel, raising capital, becoming a publicly-traded company, and providing general and administrative support for these activities. The Company is subject to a number of risks, similar to other early-stage life science companies, including, but not limited to, development and commercialization of its products, market acceptance of its products, development by its competitors of new technological innovations, protection of its intellectual property, and raising additional capital. Liquidity As of March 31, 2023, the Company has incurred significant losses and has had negative cash flows from operations. As of March 31, 2023, the Company had cash and cash equivalents and short-term investments of $352.1 million and an accumulated deficit of $243.5 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents and investments as of March 31, 2023 provide sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying unaudited condensed consolidated financial statements.

Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured at Fair Value On a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 48,386	$ 53,208
Total investments	362,124	373,188
Total assets measured at fair value	410,510	426,396
Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,906	53,208
U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	6,480
Total investments	223,594	227,692
U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	16,841	10,702
Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	58,300	55,433
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	63,389	79,361
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,906	53,208
Total investments	0	0
Total assets measured at fair value	41,906	53,208
Level 1 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,906	53,208
Level 1 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0
Total investments	0	0
Level 1 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	6,480	0
Total investments	362,124	373,188
Total assets measured at fair value	368,604	373,188
Level 2 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 2 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	6,480
Total investments	223,594	227,692
Level 2 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	16,841	10,702
Level 2 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	58,300	55,433
Level 2 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	63,389	79,361
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Total assets measured at fair value	0	0
Level 3 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 3 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0
Total investments	0	0
Level 3 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 0	$ 0

Other Financial Statement Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 1,592	$ 2,129
Work-in-progress	205	271
Finished goods	1,921	2,227
Total inventory	$ 3,718	$ 4,627

Other Financial Statement Information - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 3,806	$ 6,139
Accrued professional services	458	322
Accrued property and equipment	198	300
Accrued research and development	259	235
Accrued taxes	790	335
Other	1,664	967
Total accrued expenses	$ 7,175	$ 8,298

Other Financial Statement Information

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Other Financial Statement Information

OTHER FINANCIAL STATEMENT INFORMATION

Inventory

Inventory consists of the following (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	1,592	$	2,129
Work-in-progress	205		271
Finished goods	1,921		2,227
Total inventory	$	3,718	$	4,627

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	March 31,		December 31,
	2023		2022
Laboratory equipment	$	22,092	$	21,122
Computer equipment and software	909		876
Furniture and fixtures	575		575
Leasehold improvements	3,375		3,375
Construction-in-progress	106		1,281
Property and equipment	27,057		27,229
Less: accumulated depreciation and amortization	(8,382)		(7,821)
Total property and equipment, net	$	18,675	$	19,408

Depreciation and amortization expense related to property and equipment was $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued compensation	$	3,806	$	6,139
Accrued professional services	458		322
Accrued property and equipment	198		300
Accrued research and development	259		235
Accrued taxes	790		335
Other	1,664		967
Total accrued expenses	$	7,175	$	8,298

Net Loss Per Share Attributable to Common Stockholders - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (23,959)	$ (23,646)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares)	63,543,094	62,003,504
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	63,543,094	62,003,504
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.38)	$ (0.38)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.38)	$ (0.38)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Leases - Future Minimum Commitments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remaining nine months)	$ 2,961
2024	3,969
2025	3,846
2026	3,957
2027	4,072
Thereafter	21,065
Total undiscounted future minimum lease payments	39,870
Present value adjustment for minimum lease commitments	(9,998)
Total operating lease liabilities	$ 29,872

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		62,015,483
Beginning balance at Dec. 31, 2021	$ 502,916	$ 1	$ 629,981	$ (126,530)	$ (536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		283,251
Issuance of Class A common stock from exercise of options and release of restricted stock units	773		773
Repurchase of Class A common stock (in shares)		(5,841)
Repurchase of Class A common stock	0
Vesting of early exercised stock options and restricted common stock	44		44
Stock-based compensation	8,062		8,062
Other comprehensive gain (loss)	(1,691)				(1,691)
Net loss	(23,646)			(23,646)
Ending balance (in shares) at Mar. 31, 2022		62,292,893
Ending balance at Mar. 31, 2022	$ 486,458	$ 1	638,860	(150,176)	(2,227)
Beginning balance (in shares) at Dec. 31, 2022	63,411,046	63,411,046
Beginning balance at Dec. 31, 2022	$ 446,993	$ 1	667,739	(219,496)	(1,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)	13,595	328,273
Issuance of Class A common stock from exercise of options and release of restricted stock units	$ 30		30
Vesting of early exercised stock options and restricted common stock	43		43
Stock-based compensation	8,724		8,724
Other comprehensive gain (loss)	1,158				1,158
Net loss	$ (23,959)
Ending balance (in shares) at Mar. 31, 2023	63,739,319	63,739,319
Ending balance at Mar. 31, 2023	$ 432,989	$ 1	$ 676,536	$ (243,455)	$ (93)

Other Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	1,592	$	2,129
Work-in-progress	205		271
Finished goods	1,921		2,227
Total inventory	$	3,718	$	4,627

Schedule of Property and Equipment

Property and equipment, net consists of the following (in thousands):


	March 31,		December 31,
	2023		2022
Laboratory equipment	$	22,092	$	21,122
Computer equipment and software	909		876
Furniture and fixtures	575		575
Leasehold improvements	3,375		3,375
Construction-in-progress	106		1,281
Property and equipment	27,057		27,229
Less: accumulated depreciation and amortization	(8,382)		(7,821)
Total property and equipment, net	$	18,675	$	19,408

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued compensation	$	3,806	$	6,139
Accrued professional services	458		322
Accrued property and equipment	198		300
Accrued research and development	259		235
Accrued taxes	790		335
Other	1,664		967
Total accrued expenses	$	7,175	$	8,298

Equity Incentive Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

EQUITY INCENTIVE PLANS

As of March 31, 2023, there are 14,570,948 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, 4,581,459 of which shares are available for issuance in connection with grants of future awards.

Stock Options

Stock option activity for the three months ended March 31, 2023 is as follows:


	Options Outstanding	Weighted Average Exercise Price
Balance at December 31, 2022	10,214,430	$	13.90
Options granted	2,247,900	4.60
Options exercised	(13,595)	2.20
Options forfeited	(101,825)	12.77
Balance at March 31, 2023	12,346,910	$	12.23
Vested and exercisable, March 31, 2023	5,241,662	$	8.76

Market Condition Options

During the three months ended March 31, 2023, the Company granted options to purchase an aggregate of 1,794,000 shares of the Company’s Class A common stock to certain Company executives, with vesting subject to market conditions (Market Condition Options). The Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $6.885 per share (the Market Price Milestone). If the Market Price Milestone is achieved, 25% of each Market Condition Option will vest upon certification of such achievement, subject to the recipient’s continued service through the Market Price Milestone achievement date, and an additional 25% of each Market Condition Option will then vest on each of the one-, two- or three-year anniversaries of the Market Price Milestone achievement date, respectively, subject to the recipient’s continued service through the applicable anniversary date. In the event of the Company’s change in control during the seven-year performance period, the performance period will be shortened, achievement of the Market Price Milestone will be assessed based on the per share value of consideration that stockholders receive in the transaction (the CIC Price), and if the Market Price Milestone is achieved on that basis, each Market Condition Option will vest in full as of immediately prior to the change in control, subject to the recipient’s continued service as of immediately prior to the change in control.

The Market Condition Option has a grant date fair value of approximately $5.2 million determined using a lattice-binomial option-pricing model based on a Monte Carlo simulation. The following assumptions were used to determine the grant date fair value of $2.80 - $3.02: (i) risk-free interest rate: 3.94%; (ii) expected volatility: 83.1%; and (iii) expected dividend yield: 0.0%. Compensation expense is recognized using an accelerated attribution method based on the derived service periods for each of the tranches. Failure to meet the market condition for an award does not result in reversal of previously recognized expense, so long as the service is provided for the duration of the respective derived service period.

The Company recognized compensation expense of $0.5 million related to the Market Condition Options for the three months ended March 31, 2023. As of March 31, 2023, there was $4.8 million in unrecognized compensation related to unvested Market Condition Options, which the Company expects to recognize over a remaining weighted-average period of 2.08 years.

Restricted Stock Awards

Certain stock options granted provide stock option holders the right to exercise unvested stock options in exchange for restricted shares of Class A common stock. The Company has also issued restricted shares of Class A common stock to employees and directors. There were 65,251 shares and 60,787 shares of restricted stock that were unvested and subject to repurchase as of March 31, 2023 and December 31, 2022, respectively.

Restricted Stock Units

RSU activity for the three months ended March 31, 2023 is as follows:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value
Balance at December 31, 2022	1,650,976	$	18.23
Granted	2,110,570	4.59
Vested	(314,678)	22.08
Forfeited	(17,718)	10.97
Balance at March 31, 2023	3,429,150	$	9.52

Employee Stock Purchase Plan

A total of 1,829,437 shares of Class A common stock are reserved for issuance under the 2020 Employee Stock Purchase Plan (ESPP) as of March 31, 2023. During the three months ended March 31, 2023 and 2022, no shares of Class A common stock were issued under the ESPP.

Stock-Based Compensation

The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2023		2022
Cost of revenue	$	328	$	208
Research and development	2,549		2,001
Selling, general and administrative	5,847		5,853
Total stock-based compensation	$	8,724	$	8,062

In February 2022, in connection with a leave of absence taken by one of our executives, a total of 1,330,892 share-based awards were modified to extend the overall term and change the timing of the vesting of the awards. The total incremental stock-based compensation associated with the modification is $0.9 million, which will be recognized over the next eight years. Effective on September 30, 2022, the executive resigned from his position as President of the Company and the Company’s Board of Directors.

On June 21, 2022, the Board of Directors approved an option repricing to reduce the exercise price of certain vested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share that were held by employees who were not members of the Board or Director or officers for purposes of Section 16 of the Securities

Exchange Act of 1934, as amended (“Non-Section 16 employees”) to $19.00 per share, which was the Company’s initial public offering price. The Board of Directors also approved the repricing of certain unvested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share that were held by Non-Section 16 employees to $7.40 per share, which was the closing price of the Company’s Class A common stock on the Nasdaq Global Select Market on the date of the approval of the repricing. Except for the exercise price, the amended stock options have the same terms and conditions (including vesting schedule, number of shares, and expiration date) and will continue to be governed by the terms of the 2020 Equity Incentive Plan. As a result of the option repricing, the Company recorded $2.0 million of stock-based compensation expense for the three months ended March 31, 2023. The total unrecognized stock-based compensation associated with the option repricing is $1.6 million, which will be recognized over the next three years.

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

The components of lease costs related to the Company’s operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease costs	$	1,038	$	813
Variable lease costs	161		194
Short-term lease costs	10		69
Total lease costs	$	1,209	$	1,076

Schedule of Future Minimum Commitments Under Facility Operating Lease

As of March 31, 2023, future minimum commitments under the Company’s non-cancelable facility operating lease are as follows:


Years ending December 31,	(in thousands)
2023 (remaining nine months)	$	2,961
2024	3,969
2025	3,846
2026	3,957
2027	4,072
Thereafter	21,065
Total undiscounted future minimum lease payments	39,870
Present value adjustment for minimum lease commitments	(9,998)

Total operating lease liabilities	$	29,872

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations outstanding	$ 4.3	$ 5.7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net loss	$ (23,959)	$ (23,646)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,724	8,062
Depreciation and amortization	1,249	875
Loss on disposal of property and equipment	226	0
Net amortization of premium on available-for-sale securities	(2,378)	314
Provision for inventory excess and obsolescence	178	0
Non-cash operating lease expense	57	597
Changes in operating assets and liabilities:
Accounts receivable, net	(420)	(298)
Related party receivables	421	157
Other receivables	(166)	(174)
Prepaid expenses and other current assets	(2,282)	(2,850)
Inventory	(40)	300
Other assets	2	11
Accounts payable	(100)	(479)
Deferred revenue	130	18
Accrued expenses	(985)	(2,038)
Other current liabilities	(35)
Other noncurrent liabilities	47	0
Net cash used in operating activities	(19,331)	(19,151)
INVESTING ACTIVITIES
Purchases of property and equipment	(121)	(1,080)
Purchase of available-for-sale securities	(134,520)	0
Proceeds from sale of available-for-sale securities	2,990	0
Proceeds from maturities of available-for-sale securities	146,130	12,000
Net cash provided by investing activities	14,479	10,920
FINANCING ACTIVITIES
Repurchase of Class A common stock	0	(21)
Proceeds from exercise of Class A common stock options	30	773
Net cash provided by financing activities	30	752
Net decrease in cash, cash equivalents and restricted cash	(4,822)	(7,479)
Cash, cash equivalents and restricted cash, beginning of period	53,732	233,337
Cash, cash equivalents and restricted cash, end of period	48,910	225,858
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Inventory transferred to property and equipment	771	635
Lease liability obtained in exchange for right-of-use assets	514	6,855
Accounts Payable
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Property and equipment purchases included in accounts payable and in accrued expenses	6	204
Accrued Liabilities
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Property and equipment purchases included in accounts payable and in accrued expenses	$ 198	$ 183

Related Party Transactions - - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Sales-type lease, lease receivable	$ 0.2		$ 0.2
Affiliated Entity
Related Party Transaction [Line Items]
Related party receivables	1.4		1.5
Revenue recognized from related parties	1.3	$ 1.1
Executive Officer
Related Party Transaction [Line Items]
Related party receivables	$ 0.0		$ 0.3

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Summary of Significant Accounting Policies and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Basis of Presentation

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company has issued shares of Class A common stock herein referred to as “Class A common stock” or “Class A” and Class B common stock herein referred to as “Class B common stock” or “Class B,” and collectively as “common stock.” The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances.

Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured

financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 27, 2023, First-Citizens Bank & Trust Company assumed all of SVB's deposits and loans. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. As of March 31, 2023, the Company held $0.8 million in SVB and has not experienced any losses on its deposits of cash, cash equivalents and investments.

For the three months ended March 31, 2023 and 2022, the Company recognized revenue from a related party that represented 32% of the Company’s total revenue.

For the three months ended March 31, 2023, 22% of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. For the three months ended March 31, 2022, 25% of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe.

As of March 31, 2023 and December 31, 2022, there was one related party customer which represented 23% and 25%, respectively, of the total accounts receivable balance. As of December 31, 2022, there were two additional customers which represented 10% and 12% of the total accounts receivable balance.

Impact of the COVID-19 Pandemic

As a result of the COVID-19 pandemic (COVID-19), the Company’s operations experienced disruptions and restrictions on employees’ ability to work and on the hiring of additional personnel. The Company’s personnel has experienced delays in accessing customers in certain countries with strict COVID-19 policies to provide installation and training services. Continued disruptions from COVID-19 could harm the Company’s operations and the Company cannot anticipate all the ways in which it could be adversely impacted by health epidemics such as COVID-19. The Company continues to monitor and assess the effects of the COVID-19 pandemic on its business, financial condition, results of operations and cash flows.

Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2023 and December 31, 2022, all amounts recorded as cash and cash equivalents consist of cash and money market funds and are stated at fair value.

Restricted cash as of March 31, 2023 and December 31, 2022 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):


	March 31,		December 31,
	2023		2022

Cash and cash equivalents	$	48,386	$	53,208
Restricted cash	524		524
Total cash and cash equivalents and restricted cash	$	48,910	$	53,732

Accounts Receivable, Net

Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current

aging status and financial condition of its customers. Balances are written off when they are ultimately determined to be uncollectible. There were $24,000 and $30,000 allowance for credit losses related to accounts receivable as of March 31, 2023 and December 31, 2022, respectively.

Revenue Recognition

The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports.

The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service.

Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return.

At times, the Company may enter into arrangements with payment terms which exceed one year from the transfer of control of the product or service. In such cases, the Company assesses whether the arrangement contains a significant financing component. If a significant financing component exists, the transaction price is adjusted for the financing portion of the arrangement, which is recorded as interest income over the payment term using the effective interest method. The Company does not assess whether a significant financing component exists when, at contract inception, the period between the transfer of control to a customer and final payment is one year or less.

The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer.

The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.

Grant and Other Revenue

Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant-

funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed.

The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional.

A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of ASC 606 and are therefore accounted for in accordance with ASC 842. Each of these contracts is evaluated as a lease arrangement, either as an operating lease or a sales-type lease using the lease classification guidance.

The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative stand-alone selling prices. The stand-alone selling price is based on the price the Company would sell that promised good or service separately to a customer. If a stand-alone price is not available for a component, it is estimated using the best information available.

Income Taxes

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the period incurred and requires amortization over five years or fifteen years pursuant to Internal Revenue Code Section 174. The Company has reflected this change in legislation in its annual tax provision included in the Annual Report on Form 10-K filed with the SEC on March 6, 2023 and it does not result in any material impact on its financial position, results of operations or cash flows.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASES

As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end on September 30, 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of March 31, 2023 and December 31, 2022, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. In addition, the Company leases approximately 6,000 square feet of office space in San Diego, California pursuant to a lease that runs through September 2024.

As of March 31, 2023, the remaining weighted-average lease term was 9.4 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 6.2%.

The components of lease costs related to the Company’s operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease costs	$	1,038	$	813
Variable lease costs	161		194
Short-term lease costs	10		69
Total lease costs	$	1,209	$	1,076

Variable lease costs are primarily comprised of common area maintenance.

As of March 31, 2023, future minimum commitments under the Company’s non-cancelable facility operating lease are as follows:


Years ending December 31,	(in thousands)
2023 (remaining nine months)	$	2,961
2024	3,969
2025	3,846
2026	3,957
2027	4,072
Thereafter	21,065
Total undiscounted future minimum lease payments	39,870
Present value adjustment for minimum lease commitments	(9,998)

Total operating lease liabilities	$	29,872

As a lessor, the Company has contracts for equipment leased to customers. The Company accounts for the non-lease component under the revenue recognition ASC 606 guidance and the lease component under ASC 842 guidance. For

an arrangement that has been classified as a sales-type lease, revenue is recognized when the transfer of control of the underlying leased asset has occurred and the net investment lease recorded, which is calculated at the present value of the remaining lease payments due from the lessee.

Revenue related to lease components from operating leases is presented as grant and other revenue and was $40,000 and nil for the three months ended March 31, 2023 and 2022, respectively.

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company has issued shares of Class A common stock herein referred to as “Class A common stock” or “Class A” and Class B common stock herein referred to as “Class B common stock” or “Class B,” and collectively as “common stock.” The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 27, 2023, First-Citizens Bank & Trust Company assumed all of SVB's deposits and loans. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. As of March 31, 2023, the Company held $0.8 million in SVB and has not experienced any losses on its deposits of cash, cash equivalents and investments. For the three months ended March 31, 2023 and 2022, the Company recognized revenue from a related party that represented 32% of the Company’s total revenue. For the three months ended March 31, 2023, 22% of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. For the three months ended March 31, 2022, 25% of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. As of March 31, 2023 and December 31, 2022, there was one related party customer which represented 23% and 25%, respectively, of the total accounts receivable balance. As of December 31, 2022, there were two additional customers which represented 10% and 12% of the total accounts receivable balance.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2023 and December 31, 2022, all amounts recorded as cash and cash equivalents consist of cash and money market funds and are stated at fair value. Restricted cash as of March 31, 2023 and December 31, 2022 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Balances are written off when they are ultimately determined to be uncollectible.
Revenue Recognition	Revenue Recognition The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return. At times, the Company may enter into arrangements with payment terms which exceed one year from the transfer of control of the product or service. In such cases, the Company assesses whether the arrangement contains a significant financing component. If a significant financing component exists, the transaction price is adjusted for the financing portion of the arrangement, which is recorded as interest income over the payment term using the effective interest method. The Company does not assess whether a significant financing component exists when, at contract inception, the period between the transfer of control to a customer and final payment is one year or less. The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer. The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Grant and Other Revenue Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant- funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed. The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional. A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of ASC 606 and are therefore accounted for in accordance with ASC 842. Each of these contracts is evaluated as a lease arrangement, either as an operating lease or a sales-type lease using the lease classification guidance. The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative stand-alone selling prices. The stand-alone selling price is based on the price the Company would sell that promised good or service separately to a customer. If a stand-alone price is not available for a component, it is estimated using the best information available.
Income Taxes	Income Taxes Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the period incurred and requires amortization over five years or fifteen years pursuant to Internal Revenue Code Section 174. The Company has reflected this change in legislation in its annual tax provision included in the Annual Report on Form 10-K filed with the SEC on March 6, 2023 and it does not result in any material impact on its financial position, results of operations or cash flows.
Fair Value Measurements	The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate fair value due to their short maturities.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 20
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 20
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	105,000,000
Common stock, issued (in shares)	63,739,319	63,411,046
Common stock, outstanding (in shares)	63,739,319	63,411,046
Class A common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, issued (in shares)	59,694,350	59,366,077
Common stock, outstanding (in shares)	59,694,350	59,366,077
Class B common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, issued (in shares)	4,044,969	4,044,969
Common stock, outstanding (in shares)	4,044,969	4,044,969

Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in a continuous unrealized loss position, 12 Months or longer	$ (100)	$ (100)
Available-for-sale investments with remaining maturities between one and two years	$ 58,416	5,157
Available-for-sale investments with remaining maturities	1 year
Accrued Liabilities, Fair Value Disclosure	$ 700	$ 600
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	1 year
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	2 years

Equity Incentive Plans - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Thousands	Feb. 28, 2022 USD ($) planParticipant shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 shares	Jun. 21, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares					$ 7.40
Total stock-based compensation \| $	$ 900	$ 8,724	$ 8,062
Recognition period (in years)	8 years	3 years
Number of grantees affected by modification \| planParticipant	1
Modifications to extend term and timing of vesting, of shares (in shares)	1,330,892
Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,794,000
Market condition option, percent		25.00%
Grant date fair value \| $		$ 5,200
Total stock-based compensation \| $		500
Unrecognized incremental stock-based compensation \| $		$ 4,800
Recognition period (in years)		2 years 29 days
Market Condition Options \| Measurement Input, Risk Free Interest Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market Risk Benefit, Measurement Input		0.0394
Market Condition Options \| Measurement Input, Option Volatility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market Risk Benefit, Measurement Input		0.831
Market Condition Options \| Measurement Input, Share Price \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market Risk Benefit, Measurement Input \| $ / shares		2.80
Market Condition Options \| Measurement Input, Share Price \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market Risk Benefit, Measurement Input \| $ / shares		3.02
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock (in shares)		65,251		60,787
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized incremental stock-based compensation \| $		$ 1,600
Unexercised stock options (in usd per share) \| $ / shares					$ 19.00
Employee benefits and share-based compensation \| $		$ 2,000
2020 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		1,829,437
Class A common stock \| Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares		$ 6.885
Class A common stock \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		14,570,948
Class A common stock \| 2020 Equity Incentive Plan \| Share-based Payments Future Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		4,581,459
Class A common stock \| 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued, under ESSP, shares (in shares)			0

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Weighted average remaining lease term	9 years 4 months 24 days
Incremental borrowing rate	6.20%
Sales-type lease, revenue \| $	$ 40	$ 0
Redwood City, CA \| Building
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Number of Square Feet \| ft²	51
San Diego, CA \| Building
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Number of Square Feet \| ft²	6
Facility Lease Agreement Letter of Credit \| Letter of Credit
Lessee, Lease, Description [Line Items]
Letter of credit issued \| $	$ 500		$ 500

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss attributable to common stockholders	$	(23,959)	$	(23,646)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted	63,543,094		62,003,504
Net loss per share attributable to common stockholders, basic and diluted	$	(0.38)	$	(0.38)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31,
	2023	2022
Class A common stock options issued and outstanding	12,346,910	11,560,004
Restricted common stock subject to future vesting	65,251	125,231
Restricted stock units	3,429,150	1,959,042
Total	15,841,311	13,644,277

Summary of Significant Accounting Policies and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31,		December 31,
	2023		2022

Cash and cash equivalents	$	48,386	$	53,208
Restricted cash	524		524
Total cash and cash equivalents and restricted cash	$	48,910	$	53,732

Schedule of Restrictions on Cash and Cash Equivalents


	March 31,		December 31,
	2023		2022

Cash and cash equivalents	$	48,386	$	53,208
Restricted cash	524		524
Total cash and cash equivalents and restricted cash	$	48,910	$	53,732

Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

REVENUE AND DEFERRED REVENUEProduct revenue consists of an instrument with embedded software essential to the instrument’s functionality, consumables and platform evaluation agreements. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 10. Grant revenues consist of services performed specifically for the reimbursement of research-related expenses.

Product Revenue

For the three months ended March 31, 2023 and 2022, the Company recognized $2.3 million and $2.1 million of product revenue to non-related customers, respectively. As of March 31, 2023 and December 31, 2022, the Company recorded $0.1 million and $34,000 of deferred revenue related to product sales, respectively.

Service Revenue

For the three months ended March 31, 2023 and 2022, the Company recognized $69,000 and $79,000 of service revenue to non-related customers, respectively. As of March 31, 2023 and December 31, 2022, the Company recorded $0.2 million and $0.1 million of deferred service revenue, respectively.

Deferred revenue activity for the period ended March 31, 2023 and December 31, 2022 are as follows (in thousands):


	March 31,		December 31,
	2023		2022
Balance, beginning of period	$	133	$	376
Additions	614		233
Revenue recognized	(441)		(476)
Balance, end of period	$	306	$	133

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. As of March 31, 2023, $3.1 million of revenue is expected to be recognized from the remaining performance obligations, of which 77% is expected to be recognized within 12 months and the remainder thereafter.

Grant and Other Revenue

In August 2019, the Company received a notice of a Small Business Innovation Research (SBIR) grant award from the National Institutes of Health, which will provide funding of approximately $1.1 million to the Company for its development of research applications. For the three months ended March 31, 2023 and 2022, the Company recognized $0.3 million and approximately $14,000 of grant revenue, respectively, with respect to the award.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Deferred Revenue Activity

Deferred revenue activity for the period ended March 31, 2023 and December 31, 2022 are as follows (in thousands):


	March 31,		December 31,
	2023		2022
Balance, beginning of period	$	133	$	376
Additions	614		233
Revenue recognized	(441)		(476)
Balance, end of period	$	306	$	133

Fair Value Measurements and Fair Value of Financial Instruments - Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 410,605	$ 427,647
Unrealized Gains	292	40
Unrealized Losses	(387)	(1,291)
Fair Value	410,510	426,396
Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	48,385	53,208
Unrealized Gains	1	0
Unrealized Losses	0	0
Fair Value	48,386	53,208
Total cash equivalents \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	41,906	53,208
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	41,906	53,208
Total cash equivalents \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	6,479
Unrealized Gains	1
Unrealized Losses	0
Fair Value	6,480
Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	362,220	374,439
Unrealized Gains	291	40
Unrealized Losses	(387)	(1,291)
Fair Value	362,124	373,188
Total investments \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	223,488	228,563
Unrealized Gains	258	25
Unrealized Losses	(152)	(896)
Fair Value	223,594	227,692
Total investments \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	16,818	10,699
Unrealized Gains	24	6
Unrealized Losses	(1)	(3)
Fair Value	16,841	10,702
Total investments \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	58,372	55,561
Unrealized Gains	2	3
Unrealized Losses	(74)	(131)
Fair Value	58,300	55,433
Total investments \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	63,542	79,616
Unrealized Gains	7	6
Unrealized Losses	(160)	(261)
Fair Value	$ 63,389	$ 79,361

Other Financial Statement Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 27,057		$ 27,229
Less: accumulated depreciation and amortization	(8,382)		(7,821)
Property and equipment, net	18,675		19,408
Depreciation and amortization expense	1,200	$ 900
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	22,092		21,122
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	909		876
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	575		575
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	3,375		3,375
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 106		$ 1,281

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,841,311	13,644,277
Class A common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,346,910	11,560,004
Restricted common stock subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	65,251	125,231
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,429,150	1,959,042

Revenue and Deferred Revenue - Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract with Customer Liability [Roll Forward]
Balance, beginning of period	$ 133	$ 376
Additions	614	233
Revenue recognized	(441)	(476)
Balance, end of period	$ 306	$ 133

Capital Stock and Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Capital Stock and Stockholders' Equity

CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

As of March 31, 2023, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Common Stock

Common stock issued and outstanding is as follows:


	March 31,	December 31,
	2023	2022

Class A common stock	59,694,350	59,366,077
Class B common stock	4,044,969	4,044,969
Total common stock issued and outstanding	63,739,319	63,411,046

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one

basis. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

Common stock issued and outstanding on the condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders' equity includes shares related to early exercised options and restricted stock that are subject to repurchase.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Capital Stock and Stockholders' Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	105,000,000
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Dividends declared (in dollars per share) \| $ / shares	$ 0
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.00001	$ 0.00001
Voting rights \| vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.00001	$ 0.00001
Voting rights \| vote	10

Fair Value Measurements and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTSThe following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	—		6,480		—		6,480
Total cash equivalents	41,906		6,480		—		48,386
Investments:
U.S. Treasury securities	—		223,594		—		223,594
U.S. Non-Treasury securities	—		16,841		—		16,841
Commercial paper	—		58,300		—		58,300
Corporate debt securities	—		63,389		—		63,389
Total investments	—		362,124		—		362,124
Total assets measured at fair value	$	41,906	$	368,604	$	—	$	410,510


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	—		227,692		—		227,692
U.S. Non-Treasury securities	—		10,702		—		10,702
Commercial paper	—		55,433		—		55,433
Corporate debt securities	—		79,361		—		79,361
Total investments	—		373,188		—		373,188
Total assets measured at fair value	$	53,208	$	373,188	$	—	$	426,396

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds) as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	March 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	6,479		1		—		6,480
Total cash equivalents	48,385		1		—		48,386
Investments:
U.S. Treasury securities	223,488		258		(152)		223,594
U.S. Non-Treasury securities	16,818		24		(1)		16,841
Commercial paper	58,372		2		(74)		58,300
Corporate debt securities	63,542		7		(160)		63,389
Total investments	362,220		291		(387)		362,124
Total assets measured at fair value	$	410,605	$	292	$	(387)	$	410,510


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	228,563		25		(896)		227,692
U.S. Non-Treasury securities	10,699		6		(3)		10,702
Commercial paper	55,561		3		(131)		55,433
Corporate debt securities	79,616		6		(261)		79,361
Total investments	374,439		40		(1,291)		373,188
Total assets measured at fair value	$	427,647	$	40	$	(1,291)	$	426,396

As of March 31, 2023 and December 31, 2022, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. Approximately $0.1 million of the Company’s investments have been in a continuous unrealized loss position for 12 months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of March 31, 2023, $58.4 million of available-for-sale investments had remaining maturities between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of March 31, 2023 and December 31, 2022, the Company recorded $0.7 million and $0.6 million of accrued interest, respectively, related to its available-for-sale investments as a component of other receivables on the condensed consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Organization and Description of the Business (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, and investments	$ 352,100
Accumulated deficit	$ (243,455)	$ (219,496)

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease costs	$ 1,038	$ 813
Variable lease costs	161	194
Short-term lease costs	10	69
Total lease costs	$ 1,209	$ 1,076

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	—		6,480		—		6,480
Total cash equivalents	41,906		6,480		—		48,386
Investments:
U.S. Treasury securities	—		223,594		—		223,594
U.S. Non-Treasury securities	—		16,841		—		16,841
Commercial paper	—		58,300		—		58,300
Corporate debt securities	—		63,389		—		63,389
Total investments	—		362,124		—		362,124
Total assets measured at fair value	$	41,906	$	368,604	$	—	$	410,510


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	—		227,692		—		227,692
U.S. Non-Treasury securities	—		10,702		—		10,702
Commercial paper	—		55,433		—		55,433
Corporate debt securities	—		79,361		—		79,361
Total investments	—		373,188		—		373,188
Total assets measured at fair value	$	53,208	$	373,188	$	—	$	426,396

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	March 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	6,479		1		—		6,480
Total cash equivalents	48,385		1		—		48,386
Investments:
U.S. Treasury securities	223,488		258		(152)		223,594
U.S. Non-Treasury securities	16,818		24		(1)		16,841
Commercial paper	58,372		2		(74)		58,300
Corporate debt securities	63,542		7		(160)		63,389
Total investments	362,220		291		(387)		362,124
Total assets measured at fair value	$	410,605	$	292	$	(387)	$	410,510


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	228,563		25		(896)		227,692
U.S. Non-Treasury securities	10,699		6		(3)		10,702
Commercial paper	55,561		3		(131)		55,433
Corporate debt securities	79,616		6		(261)		79,361
Total investments	374,439		40		(1,291)		373,188
Total assets measured at fair value	$	427,647	$	40	$	(1,291)	$	426,396