REDWOOD CITY, Calif., July 22, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that it will report financial results for the second quarter 2025 on Wednesday, August 6, 2025. Company management will be webcasting a conference call beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Live audio of the webcast will be available on the Investor section of Seer’s website at investor.seer.bio. An archived replay w ...

Company Overview - Seer, Inc. (SEER) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook for investors [3] Performance Metrics - SEER shares have increased by 18.75% over the past week, outperforming the Zacks Medical - Biomedical and Genetics industry, which rose by 5.43% during the same period [5] - Over the past month, SEER's shares have risen by 16.4%, compared to the industry's performance of 6.65% [5] - In the last quarter, SEER shares increased by 13.4%, and over the past year, they gained 21.55%, while the S&P 500 only moved 4.46% and 13.71%, respectively [6] Trading Volume - SEER's average 20-day trading volume is 473,017 shares, which serves as a baseline for price-to-volume analysis [7] Earnings Outlook - In the past two months, two earnings estimates for SEER have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from -$1.45 to -$1.18 [9] - For the next fiscal year, two estimates have also moved upwards with no downward revisions [9] Conclusion - Considering the strong performance metrics and positive earnings outlook, SEER is positioned as a promising investment opportunity with a Momentum Score of A [11]

Core Insights - Seer, Inc. and Korea University are launching a population-level study to identify blood-based cancer biomarkers for young adults in their 20s and 30s using Seer's Proteograph ONE Assay and advanced mass spectrometry technology [1][2][4] Study Overview - The study will analyze 20,000 plasma samples, including 15,000 from cancer patients and 5,000 from healthy controls, sourced from leading cancer institutions in Korea [2] - Funded by the K-Health MIRAE initiative, the three-year study aims to enhance early cancer detection and improve patient outcomes [2] Technological Advancements - Seer's Proteograph ONE workflow significantly increases the scale and efficiency of proteomic analysis, enabling faster and more cost-effective studies [4][6] - The study utilizes the Thermo Scientific Orbitrap Astral mass spectrometer, which is recognized as a leading instrument for proteomic research [4][5] Research Impact - The collaboration aims to drive earlier interventions and improve survival outcomes for young adult cancer patients through sensitive and personalized diagnostics [3][6] - The Proteograph ONE workflow allows for processing over 1,000 samples per week, with the ability to identify up to 10 times more proteins than conventional methods [5]

Core Insights - Seer, Inc. has launched the Proteograph Product Suite, which includes the Proteograph ONE Assay and SP200 Automation Instrument, aimed at enhancing mass spectrometry-based proteomics for large-scale studies [1][2][3] Product Launch and Features - The new Proteograph workflow significantly improves scalability, reproducibility, and affordability of deep proteomic analysis, addressing historical limitations in the industry [2][4] - The streamlined workflow can process over 1,000 samples per week on a single SP200 instrument, doubling throughput without compromising performance [7] - The per-sample cost of proteomic analysis has been reduced by approximately 60% compared to the initial release in 2021, making population-scale mass spectrometry proteomics more accessible [3][7] Impact on Research - The Proteograph ONE workflow enables large-scale biomarker discovery, longitudinal disease studies, and comprehensive multi-center research, facilitating advances in personalized medicine [4][8] - The product suite is expected to drive significant advancements in understanding complex diseases such as Alzheimer's and cancer, as showcased at the ASMS 2025 conference [6][10] Scientific Collaboration and Data Presentation - Seer and its collaborators will present new scientific data at the ASMS 2025, highlighting the transformative impact of the Proteograph Product Suite in various research areas [6][10] - Notable presentations will include studies on dementia classification and cancer biomarker discovery, demonstrating the practical applications of the new technology [10][12] Availability - The Proteograph Product Suite will be commercially available starting June 1, with options for instrument and kit purchases as well as services through the Seer Technology Access Center [13]

Group 1 - Seer, Inc. reported a quarterly loss of $0.34 per share, which was better than the Zacks Consensus Estimate of a loss of $0.37, representing an earnings surprise of 8.11% [1] - The company posted revenues of $4.21 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 26.28%, and showing an increase from $3.07 million in the same quarter last year [2] - Seer has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] Group 2 - The stock has underperformed the market, losing about 18.2% since the beginning of the year, compared to a decline of 0.6% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $3.75 million, and for the current fiscal year, it is -$1.45 on revenues of $17.48 million [7] - The Medical - Biomedical and Genetics industry, to which Seer belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $4.2 million, a 37% increase from $3.1 million in Q1 2024, primarily driven by higher instrument consumable and service revenue [23] - Gross profit for Q1 2025 was $2.1 million, representing a gross margin of 49%, compared to $1.4 million and 44% in Q1 2024 [26] - Net loss for Q1 2025 was $19.9 million, compared to $20.7 million in Q1 2024 [28] - Free cash flow loss was approximately $12.1 million for Q1 2025, with expectations of a full-year loss in the range of $40 million to $45 million [28][29] Business Line Data and Key Metrics Changes - Product revenue for Q1 2025 was $2.9 million, including $5,000 from related party revenue, consisting of sales of proteograph instruments and consumable kits [23] - Service revenue for Q1 2025 was $1.2 million, including $47,000 from related party revenue, primarily from STACK service projects [25] - Other revenue was $60,000 for Q1 2025, consisting of lease and shipping revenue [26] Market Data and Key Metrics Changes - Approximately 30% of total revenue comes from academic and government entities, with expectations of weakening in these segments for 2025 [31][44] - The company has seen a stabilization in revenue and instrument placement between academic, government, and biopharma sectors in Q1 2025 [44] Company Strategy and Development Direction - The company aims to focus on four key growth drivers in 2025: expanding the user base, driving larger cohort studies, continuing product innovation, and enabling customers to generate actionable biological insights [35] - The company is making concentrated investments in R&D to execute its product roadmap while continuing its share repurchase program [9][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision despite near-term macroeconomic volatility, including tariffs and government funding challenges [6][8] - The company reiterated its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint [8][30] - Management acknowledged potential impacts from tariffs and government funding uncertainties but remains optimistic about the demand for proteomics technology [31][32] Other Important Information - The company ended Q1 2025 with approximately $285 million in cash, cash equivalents, and investments, which is seen as a key differentiator in the current environment [9][29] - The company has initiated a Strategic Instrument Placement Program (SIPP) to help customers with capital constraints, allowing them to access instruments through upfront purchases of consumable kits [18] Q&A Session Summary Question: Can you walk us through the magnitude of the Discovery Life Sciences project? - Management confirmed it is a significant 10,000 sample study aimed at understanding potential biomarker signatures, expected to take 12 to 18 months [37][38] Question: What are the updated expectations for U.S. academic and government customers? - Management indicated that academic and government revenue is expected to decline, but Q1 showed stabilization in revenue and instrument placements [44][46]

Seer (SEER) Q1 2025 Earnings Call May 13, 2025 04:30 PM ET Speaker0 Good day, and thank you for standing by. Welcome to the SEER First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you'll need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please pr ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Seer, Inc.'s unaudited condensed consolidated financial statements for Q1 2025 report a **net loss of $19.9 million** and **$285.3 million in cash and investments** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$347,261** | **$366,597** | | Cash and cash equivalents | $52,445 | $40,753 | | Total investments | $232,859 | $258,760 | | **Total Liabilities** | **$36,255** | **$39,028** | | **Total Stockholders' Equity** | **$311,006** | **$327,569** Condensed Consolidated Statements of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenue** | **$4,205** | **$3,066** | | Gross Profit | $2,061 | $1,361 | | Total Operating Expenses | $22,792 | $26,553 | | Loss from Operations | $(20,731) | $(25,192) | | **Net Loss** | **$(19,948)** | **$(20,679)** | | Net Loss Per Share | $(0.34) | $(0.32) | Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(11,417) | $(10,456) | | Net cash provided by investing activities | $24,611 | $32,355 | | Net cash used in financing activities | $(1,502) | $0 | | **Net increase in cash, cash equivalents and restricted cash** | **$11,692** | **$21,899** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes clarify liquidity, significant customer concentration, related-party revenue from PrognomiQ, and **$25.4 million in operating lease liabilities** - Management believes that its cash, cash equivalents, and investments of **$285.3 million** as of March 31, 2025, are sufficient to fund operations for at least the next twelve months, despite an accumulated deficit of **$412.3 million**[31](index=31&type=chunk) - In Q1 2025, two customers accounted for **12%** and **10%** of total revenue. In Q1 2024, one related-party customer accounted for **31%** of total revenue. Revenue generated outside the U.S. increased from **13%** in Q1 2024 to **37%** in Q1 2025[35](index=35&type=chunk) - The company holds an investment in PrognomiQ, which is accounted for as an equity method investment. The carrying value was **$5.8 million** as of March 31, 2025. Seer recognized **$51.9 thousand** in related party revenue from PrognomiQ in Q1 2025, down from **$1.0 million** in Q1 2024[78](index=78&type=chunk)[80](index=80&type=chunk) - As of March 31, 2025, the company has total operating lease liabilities of **$25.4 million**, primarily for its office and laboratory space in Redwood City, CA, with a lease term ending in September 2032[69](index=69&type=chunk)[73](index=73&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, noting a **37% revenue increase to $4.2 million**, a **14% decrease in operating expenses**, and a **net loss of $19.9 million** [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q1 2025 saw **total revenue increase by 37% to $4.2 million**, driven by product and service sales, while **operating expenses decreased by 14%**, narrowing the **loss from operations by 18%** Comparison of Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$4,205** | **$3,066** | **$1,139** | **37%** | | Product Revenue | $2,890 | $1,668 | $1,222 | 73% | | Service Revenue | $1,203 | $408 | $795 | 195% | | Related Party Revenue | $52 | $954 | $(902) | (95)% | | **Gross Profit** | **$2,061** | **$1,361** | **$700** | **51%** | | R&D Expenses | $11,350 | $12,265 | $(915) | (7)% | | SG&A Expenses | $11,442 | $14,288 | $(2,846) | (20)% | | **Loss from Operations** | **$(20,731)** | **$(25,192)** | **$4,461** | **(18)%** | - The decrease in R&D expenses was primarily due to a **$0.4 million** decrease in laboratory expenses and a **$0.3 million** decrease in stock-based compensation[104](index=104&type=chunk) - The decrease in SG&A expenses was primarily due to a **$2.3 million** decrease in stock-based compensation[105](index=105&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Seer held **$285.3 million in cash and investments**, with **$11.4 million used in Q1 2025 operating activities**, and sufficient capital for the next twelve months - Net cash used in operating activities was **$11.4 million** in Q1 2025, primarily due to a net loss of **$19.9 million**, partially offset by non-cash charges like stock-based compensation (**$4.7 million**) and depreciation (**$1.6 million**)[113](index=113&type=chunk) - Net cash provided by investing activities was **$24.6 million**, resulting from **$87.6 million** in proceeds from maturities of securities, offset by **$62.7 million** in purchases of securities[115](index=115&type=chunk) - Net cash used in financing activities was **$1.5 million**, attributable to share repurchases (**$0.7 million**) and taxes paid for RSU settlements (**$0.8 million**)[117](index=117&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk occurred during Q1 2025 compared to the 2024 Annual Report on Form 10-K disclosures - There were no material changes in market risk during Q1 2025[122](index=122&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[123](index=123&type=chunk) - No changes occurred in the company's internal control over financial reporting during Q1 2025 that have materially affected, or are reasonably likely to materially affect, these controls[125](index=125&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, though it may be involved in ordinary course legal matters - Seer, Inc. is not currently a party to any material legal proceedings[128](index=128&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) This section outlines various risks, including historical net losses, market acceptance of products, supply chain dependencies, regulatory hurdles, intellectual property challenges, and stock price volatility [Risks Related to Business and Industry](index=31&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) Key business risks include a history of net losses, dependence on Proteograph Product Suite market acceptance, reliance on a single contract manufacturer, and competition from larger companies - The company is an early-stage life sciences company with a history of net losses, incurring **$19.9 million in net loss** for Q1 2025, and an accumulated deficit of **$412.3 million** as of March 31, 2025[131](index=131&type=chunk) - Commercial success depends on broad scientific and market acceptance of the Proteograph Product Suite, which is subject to adoption curves and influenced by key opinion leaders and peer-reviewed publications[143](index=143&type=chunk)[145](index=145&type=chunk) - The company relies on a single contract manufacturer, Hamilton Company, for its SP100 automation instruments, posing a supply chain risk if Hamilton fails to perform[169](index=169&type=chunk) [Risks Related to Regulatory Compliance](index=53&type=section&id=Risks%20Related%20to%20Regulatory%20Compliance) Regulatory risks include the need for FDA clearance if products shift from Research Use Only to clinical diagnostics, potential FDA reclassification, and uncertainty from evolving regulations like the LDT final rule - Products are currently labeled for Research Use Only (RUO), but if the company seeks to market them for clinical diagnostics, it would require FDA 510(k) clearance or Premarket Approval (PMA)[219](index=219&type=chunk) - The FDA could deem the company's products to be medical devices even without a change in marketing, particularly if customers use them for clinical purposes, which would subject Seer to significant regulatory requirements[225](index=225&type=chunk)[226](index=226&type=chunk) - Recent legislative and regulatory proposals, such as the VALID Act and the FDA's final rule to regulate LDTs, create significant uncertainty regarding the future regulatory framework for products like the Proteograph[227](index=227&type=chunk) [Risks Related to our Intellectual Property](index=56&type=section&id=Risks%20Related%20to%20our%20Intellectual%20Property) Intellectual property risks include challenges in obtaining and enforcing patents, ongoing legal challenges to licensed patents, reliance on a key license from Brigham and Women's Hospital, and potential U.S. government march-in rights - The company's ability to commercialize its products may be impaired if it cannot obtain and maintain sufficient intellectual property protection, as competitors could develop similar products[231](index=231&type=chunk) - The company's licensed patents are currently being challenged. PreOmics GmbH and Biognosys AG filed a petition for Inter Partes Review against a key U.S. patent, and an anonymous third party initiated nullity actions against the corresponding European patent in Germany[251](index=251&type=chunk) - The company relies on an exclusive license from Brigham and Women's Hospital (BWH) for key technology. Termination of this license or failure by BWH to enforce the patents could harm Seer's ability to commercialize its products[277](index=277&type=chunk)[278](index=278&type=chunk) [Risks Related to Ownership of Class A Common Stock](index=73&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Class%20A%20Common%20Stock) Risks related to Class A common stock include price volatility, concentrated voting power due to a dual-class structure, and the absence of anticipated future dividends - The market price of the Class A common stock has been and may continue to be volatile due to factors like operating results, competitor announcements, and market conditions[295](index=295&type=chunk) - The dual-class stock structure concentrates **42.5% of voting power** with Class B stockholders as of May 6, 2025, allowing them to control matters submitted for stockholder approval. All Class B stock will automatically convert to Class A on December 9, 2025[298](index=298&type=chunk)[299](index=299&type=chunk) - The company does not anticipate paying dividends in the foreseeable future, and any return on investment will be limited to potential stock value appreciation[308](index=308&type=chunk) [Unregistered Sales of Equity Securities and Issuer Purchases of Equity Securities](index=86&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities) The company reported no unregistered equity sales and repurchased **352,000 Class A common shares** for **$0.7 million** in Q1 2025, with **$12.6 million** remaining for future repurchases - There were no unregistered sales of equity securities during the period[337](index=337&type=chunk) Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Value Remaining for Purchase ($ thousands) | | :--- | :--- | :--- | :--- | | January 2025 | 0 | $— | $13,249 | | February 2025 | 0 | $— | $13,249 | | March 2025 | 352,000 | $1.91 | $12,577 | | **Total** | **352,000** | **$1.91** | | [Other Information](index=86&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the last fiscal quarter - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[341](index=341&type=chunk) [Exhibits](index=87&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and the amended Outside Director Compensation Policy - Exhibits filed include CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and Inline XBRL data files[343](index=343&type=chunk)

[Financial & Operational Highlights](index=1&type=section&id=Recent%20Highlights) Seer reported strong Q1 2025 results with 37% revenue growth to $4.2 million, driven by accelerated Proteograph Product Suite adoption - CEO Omid Farokhzad highlighted strong Q1 performance despite macroeconomic headwinds, noting continued momentum for the Proteograph Product Suite[2](index=2&type=chunk) - The company shipped as many instruments in Q1 2025 as in all of 2024, indicating **accelerating adoption**[2](index=2&type=chunk) - A significant contract was secured with a new customer for a **10,000-sample study**, in collaboration with Discovery Life Sciences[6](index=6&type=chunk) Key Q1 2025 Metrics | Metric | Value | | :--- | :--- | | Q1 2025 Revenue | $4.2 million | | Cash, cash equivalents and investments | ~$285 million | [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Seer's Q1 2025 revenue grew 37% to $4.2 million, with improved gross margin and reduced operating expenses, narrowing the net loss Q1 2025 vs Q1 2024 Financial Performance | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | $4.2 million | $3.1 million | +37% | | Gross Profit | $2.1 million | $1.4 million | +51% | | Gross Margin | 49% | 44.4% | +4.6 p.p. | | Operating Expenses | $22.8 million | $26.6 million | -14% | | Net Loss | ($19.9 million) | ($20.7 million) | +3.9% | Q1 2025 Revenue Breakdown | Revenue Source | Amount | | :--- | :--- | | Product Revenue | $2.9 million | | Service Revenue | $1.2 million | | Other Revenue | $60 thousand | - The **14% decrease in operating expenses** was primarily driven by reduced stock-based compensation (from **$7.2 million to $4.5 million**) and lower laboratory expenses[4](index=4&type=chunk) [Full Year 2025 Guidance](index=2&type=section&id=2025%20Guidance) Seer reiterated its full-year 2025 financial outlook, signaling confidence in its continued growth trajectory - The company expects full-year 2025 revenue to be in the range of **$17 million to $18 million**[7](index=7&type=chunk) - This guidance represents a **24% growth** at the midpoint over full-year 2024 revenue[7](index=7&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents unaudited Consolidated Statements of Operations and Balance Sheets for Q1 2025, detailing financial performance and position [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues reached $4.2 million (up 37%), gross profit rose to $2.1 million, and reduced operating expenses led to a $19.9 million net loss Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total revenue** | **$4,205** | **$3,066** | | Total cost of revenue | 2,144 | 1,705 | | **Gross profit** | **2,061** | **1,361** | | Research and development | 11,350 | 12,265 | | Selling, general and administrative | 11,442 | 14,288 | | **Total operating expenses** | **22,792** | **26,553** | | **Loss from operations** | **(20,731)** | **(25,192)** | | Total other income | 884 | 4,513 | | **Net loss** | **$(19,948)** | **$(20,679)** | | **Net loss per share, basic and diluted** | **$(0.34)** | **$(0.32)** | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, Seer reported total assets of $347.3 million, with $285 million in cash and investments, and total stockholders' equity of $311.0 million Consolidated Balance Sheet Highlights (Unaudited, in thousands) | | **March 31, 2025** | **December 31, 2024** | | :--- | :--- | :--- | | Cash and cash equivalents | $52,445 | $40,753 | | Total investments | $232,859 | $258,760 | | **Total assets** | **$347,261** | **$366,597** | | Total current liabilities | $13,196 | $15,328 | | **Total liabilities** | **$36,255** | **$39,028** | | **Total stockholders' equity** | **$311,006** | **$327,569** | - The company's total cash, cash equivalents, and investments stood at approximately **$285.3 million** as of March 31, 2025[5](index=5&type=chunk)[15](index=15&type=chunk)

Core Insights - Seer, Inc. reported a revenue growth of 37% in Q1 2025, reaching $4.2 million compared to $3.1 million in the same period last year, driven by increased product sales and service revenue [4][6] - The company shipped as many Proteograph instruments in Q1 2025 as it did in all of 2024, indicating strong momentum in product demand [3][9] - Seer expects full-year 2025 revenue to be between $17 million and $18 million, representing a 24% growth at the midpoint compared to 2024 [7] Financial Performance - Product revenue for Q1 2025 was $2.9 million, while service revenue was $1.2 million, contributing to the overall revenue increase [4][13] - Gross profit for the quarter was $2.1 million, with a gross margin of 49% [5][13] - Operating expenses decreased by 14% to $22.8 million, primarily due to lower stock-based compensation and laboratory expenses [5][13] Net Loss and Cash Position - The net loss for Q1 2025 was $19.9 million, slightly improved from a net loss of $20.7 million in the same period last year [6][14] - As of March 31, 2025, the company had approximately $285 million in cash, cash equivalents, and investments [6][9] Strategic Developments - Seer secured a significant contract with a new customer for a 10,000-sample study in collaboration with Discovery Life Sciences [9] - The company is accelerating third-party validation of its platform through an increasing number of customer publications and webinars [9] Market Context - The CEO highlighted the ongoing macroeconomic headwinds affecting the life sciences industry but maintained a long-term vision for the company [3]