Seer Reports Third Quarter 2024 Financial Results
November 06 2024 - 3:05PM
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
Mendivilinvestor@seer.bio
Media Contact:Patrick Schmidtpr@seer.bio
|
SEER, 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 diluted |
|
61,186,324 |
|
|
|
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 30,2024 |
|
|
December 31,2023 |
|
ASSETS |
|
|
|
|
|
|
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,
respectively |
|
|
1 |
|
|
|
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 |
|
|
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