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Seer Reports Third Quarter 2024 Financial Results
Source: Nasdaq GlobeNewswire / 06 Nov 2024 16:05:00 America/New_York
REDWOOD CITY, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the third quarter ended September 30, 2024.
Recent Highlights
- Achieved revenue of $4.0 million for the third quarter of 2024
- Entered into a co-marketing and sales agreement with Thermo Fisher Scientific to further enhance access and expand global reach to deep, unbiased proteomics at scale
- Presented multiple posters and featured in several presentations at the HUPO World Congress showcasing the use of the Proteograph Product Suite in Alzheimer’s, population health, xenotransplantation, and other model organisms
- Invested $10.0 million in PrognomiQ’s Series D preferred stock financing during the third quarter alongside other existing investors and a new strategic investor
- Repurchased approximately 3.7 million shares of Seer Class A common stock at an average cost of $1.78 per share during the third quarter, bringing the total share repurchase to 5.7 million shares as of the end of the third quarter 2024
- Ended the quarter with approximately $312 million of cash, cash equivalents and investments
“We are continuing to drive adoption of the Proteograph Product Suite and to enhance access to large scale, deep, unbiased proteomics” said Omid Farokhzad, Chair and CEO of Seer. “We are excited to establish a partnership with Thermo Fisher Scientific to co-market and sell the Proteograph Product Suite alongside their leading Orbitrap Astral mass spectrometers. We believe the powerful combination of these technologies will enable researchers to generate unprecedented and meaningful results that will impact human health and disease. I am incredibly bullish on the long-term value of our differentiated technology and its potential to transform our understanding of the proteome and biology.”
Third Quarter 2024 Financial Results
Revenue was $4.0 million for the third quarter of 2024, a 3% decrease from $4.2 million for the corresponding prior year period, primarily due to a decrease in related party and grant revenue. Product revenue for the third quarter of 2024 was $3.1 million, including $180 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $847 thousand for the third quarter of 2024, including $186 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $90 thousand for the third quarter of 2024.
Gross profit was $1.9 million and gross margin was 48% for the third quarter of 2024.
Operating expenses were $26.3 million for the third quarter of 2024, including $6.1 million of stock-based compensation, a decrease of 6% compared to $28.0 million for the corresponding prior year period, including $7.9 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee and stock-based compensation expenses.
Net loss was $21.3 million for the third quarter of 2024, compared to $21.1 million for the corresponding prior year period.
Cash, cash equivalents and investments were approximately $312 million as of September 30, 2024.
2024 Guidance
Seer continues to expect full year 2024 revenue to be in the range of $13 to $15 million.
Webcast Information
Seer will host a conference call to discuss the third quarter 2024 financial results on Wednesday, November 6, 2024 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.
About Seer
Seer is a life sciences company developing transformative products that open a new gateway to the proteome. Seer’s Proteograph Product Suite is an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform deep, unbiased proteomic analysis at scale in a matter of hours. Seer designed the Proteograph workflow to be efficient and easy to use, leveraging widely adopted laboratory instrumentation to provide a decentralized solution that can be incorporated by nearly any lab. Seer’s Proteograph Product Suite is for research use only and is not intended for diagnostic procedures. For more information, please visit www.seer.bio.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s expectations for future results of operations and its financial position, business strategy, partnerships, adoption of our products and outlook for fiscal year 2024. These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (SEC) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact:
Carrie Mendivil
investor@seer.bioMedia Contact:
Patrick Schmidt
pr@seer.bioSEER, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Product $ 2,915 $ 1,849 $ 6,344 $ 5,837 Service 661 536 1,751 1,072 Related party 366 1,429 1,903 4,093 Grant and other 90 348 172 1,221 Total revenue 4,032 4,162 10,170 12,223 Cost of revenue: Product 1,510 1,181 3,202 3,735 Service 268 95 899 295 Related party 183 396 651 1,226 Grant and other 133 334 388 462 Total cost of revenue 2,094 2,006 5,140 5,718 Gross profit 1,938 2,156 5,030 6,505 Operating expenses: Research and development 12,967 13,232 37,966 41,854 Selling, general and administrative 13,296 14,769 43,677 45,882 Total operating expenses 26,263 28,001 81,643 87,736 Loss from operations (24,325 ) (25,845 ) (76,613 ) (81,231 ) Other income (expense): Interest income 4,082 4,767 13,101 13,044 Loss on equity method investment (861 ) — (861 ) — Other expense (224 ) (10 ) (484 ) (291 ) Total other income 2,997 4,757 11,756 12,753 Net loss $ (21,328 ) $ (21,088 ) $ (64,857 ) $ (68,478 ) Other comprehensive loss: Unrealized gain (loss) on available-for-sale securities 1,415 236 981 (45 ) Comprehensive loss $ (19,913 ) $ (20,852 ) $ (63,876 ) $ (68,523 ) Net loss per share attributable to common stockholders,
basic and diluted$ (0.35 ) $ (0.33 ) $ (1.02 ) $ (1.07 ) Weighted-average common shares outstanding,
basic and diluted61,186,324 63,929,743 63,441,333 63,747,155 SEER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)September 30,
2024December 31,
2023ASSETS Current assets: Cash and cash equivalents $ 37,622 $ 32,499 Short-term investments 209,978 283,725 Accounts receivable, net 4,446 4,831 Related party receivables 554 559 Other receivables 1,450 1,326 Inventory 6,935 4,491 Prepaid expenses and other current assets 3,117 3,082 Total current assets 264,102 330,513 Long-term investments 64,894 56,858 Operating lease right-of-use assets 23,345 25,177 Property and equipment, net 20,677 22,193 Restricted cash 524 524 Other assets 9,882 1,004 Total assets $ 383,424 $ 436,269 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 736 $ 1,370 Accrued expenses 10,899 9,212 Deferred revenue 354 206 Operating lease liabilities, current 2,249 2,295 Other current liabilities 145 139 Total current liabilities 14,383 13,222 Operating lease liabilities, net of current portion 24,250 25,964 Other noncurrent liabilities 64 179 Total liabilities 38,697 39,365 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of
September 30, 2024 and December 31, 2023; zero shares issued and
outstanding as of September 30, 2024 and December 31, 2023— — Class A common stock, $0.00001 par value; 94,000,000 shares authorized
as of September 30, 2024 and December 31, 2023; 55,539,884 and
60,253,707 shares issued and outstanding as of September 30, 2024 and
December 31, 2023, respectively1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized
as of September 30, 2024 and December 31, 2023; 4,044,969 shares
issued and outstanding as of September 30, 2024 and December 31, 2023— — Additional paid-in capital 714,567 702,868 Accumulated other comprehensive gain (loss) 789 (192 ) Accumulated deficit (370,630 ) (305,773 ) Total stockholders’ equity 344,727 396,904 Total liabilities and stockholders’ equity $ 383,424 $ 436,269