Core Insights - Seer, Inc. announced a significant genome-wide association study (GWAS) published in Nature Genetics, demonstrating the importance of mass spectrometry in validating protein changes and establishing reliable drug targets and clinical biomarkers [1][10] Group 1: Study Overview - The GWAS involved approximately 1,600 blood samples from diverse ethnic backgrounds, with a discovery cohort of 1,260 and a replication cohort of 325, leading to the detection of 5,753 proteins and quantification of 1,980 proteins in at least 80% of participants [2] - Researchers identified 364 protein quantitative trait loci (pQTLs) associated with protein abundance, with 102 of these replicated in the independent cohort, including 35 previously unreported signals [3] Group 2: Methodology and Findings - Traditional affinity-based proteomics can produce erroneous signals due to epitope effects, where genetic variants alter binding sites, leading to false associations between protein expression and genetic variants [4] - The Proteograph's mass spectrometry approach allows for direct measurement of proteins at the peptide level, effectively mitigating confounding effects and confirming true biological changes [5][6] Group 3: Implications for Research and Development - The study emphasizes that mass spectrometry validation is crucial for ensuring the reliability of protein measurements, which can enhance drug discovery and biomarker development by reducing technical noise and increasing the likelihood of clinical success [9][10] - The findings suggest that datasets relying solely on affinity reagents may contain a significant number of false associations, underscoring the need for mass spectrometry validation in genetic association studies [6][7] Group 4: Future Directions - As proteomics integrates with genomics and clinical data, the accuracy of these datasets will be vital for supporting drug targets and translational medicine, positioning Seer to lead in population-scale proteomics [11]

REDWOOD CITY, Calif., Dec. 01, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced the publication in Nature Genetics of a large genome-wide association study (GWAS) that used the company’s Proteograph® Product Suite to measure proteins at peptide-level resolution and map their genetic determinants. The study, led by Karsten Suhre, PhD, of Weill Cornell Medicine–Qatar, with collaborators from Harvard Medical School/Brigha ...

Summary of Seer Conference Call (November 20, 2025) Company Overview - **Company**: Seer (NasdaqGS:SEER) - **Industry**: MedTech Diagnostics and Proteomics - **Product**: Proteograph Product Suite, including Proteograph One and SP200 Key Points and Arguments Product Development and Performance - Seer launched the Proteograph Product Suite to enable deep, unbiased proteomic analysis at scale, significantly improving throughput and reducing costs compared to earlier iterations [3][4] - The latest product, Proteograph One, was launched in June 2025, allowing customers to conduct larger studies with reduced assay time and increased sample throughput [4][5] - Notable studies include a 20,000-sample study by Korea University and a $50 million NIH-funded multi-center grant for a 50,000-sample study, where Seer was selected as the sole proteomic platform [5][6][7] Customer Validation and Publication Velocity - Since the launch of the first product in 2021, 66 customer papers have been published, with 13 published in Q3 2023 alone, indicating increasing customer validation and biological insights [7][8] - The establishment of Prognomic, a spin-out focused on liquid biopsy, has led to the development of a best-in-class lung cancer test, showcasing the effectiveness of Seer's platform [8][9] Market Adoption and Customer Feedback - Customer feedback on the Proteograph One has been positive, with a significant increase in instrument placements from 11 in the previous year to nearly 30 in the first nine months of 2025 [10][11] - The platform is being adopted for various applications, including neurodegenerative diseases and biomanufacturing, demonstrating its versatility [11][12] Strategic Partnerships - Seer has formed a partnership with Thermo, enhancing their market presence through co-sales, which allows Thermo sales representatives to offer Seer's Proteograph alongside their mass spectrometry instruments [25][26] - The combination of Seer's technology with Thermo's instruments provides a significant increase in the depth of proteomic analysis, achieving 8-10 times more protein identification compared to Thermo's instruments alone [26][27] Commercial Strategy and Customer Engagement - Seer's stack and Strategic Instrument Placement (SIP) programs have been effective in driving platform adoption, with a significant portion of instrument placements coming from former stack customers [30][33] - The SIP program allows customers to borrow instruments, facilitating adoption in budget-constrained academic and government settings [32][33] Financial Outlook and Capital Allocation - Seer ended Q3 2025 with approximately $251 million in cash and reaffirmed a break-even runway, focusing on diligent capital management while investing in innovation [35][37] - The company aims to reach a revenue scale of around $100 million, leveraging its strong balance sheet to potentially acquire less capital-intensive technologies [39][40] Future Developments - Seer anticipates an increase in population-scale studies, predicting that 2026 will see the first 100,000-sample study conducted using mass spectrometry [41][42] - The company is focused on generating biological insights from these studies to drive revenue growth [42] Additional Important Insights - The scientific community's skepticism towards new platforms is acknowledged, emphasizing the importance of evidence and robust performance in gaining institutional confidence [13][14] - The complexity of proteomics is highlighted, with a call for deeper analysis at the peptide level to uncover significant biological variations that could inform health and disease understanding [19][20][24]

Core Insights - Seer, Inc. is showcasing new data at the HUPO World Congress 2025, highlighting the transformative impact of deep, scalable proteomics on human disease research [1][2] - The company's Proteograph Product Suite is facilitating research in cardiovascular, oncology, and aging biology, enabling scientists to translate complex biological signatures into actionable insights [1][3] Company Highlights - Seer's participation at HUPO 2025 includes over a dozen scientific presentations, with significant contributions such as two invited talks and sixteen posters, demonstrating the growing adoption of the Proteograph platform [2] - The CEO of Seer emphasized that proteomics has evolved to a new level of scalability and relevance, bridging molecular insights to clinical applications [3] Research Focus - The Seer Breakfast Symposium will feature discussions on cardiac dysfunction and aging-related decline, showcasing the use of deep proteomics to identify clinically relevant biomarkers [4] - Presentations will cover various studies, including deep plasma proteomics revealing disease mechanisms and biomarkers for cardiovascular failure and aging [4][5] Scientific Contributions - Multiple scientific presentations will highlight the capabilities of Seer's technology, including high-throughput plasma proteome profiling and insights into biomarkers predictive of readmission risk in heart failure [5][6][7] - The studies presented will also explore glycoproteomics, cancer cohort biomarker discovery, and extracellular vesicle biology, showcasing the breadth of Seer's impact across different research areas [6][8][9] Technological Advancements - Seer's Proteograph platform integrates engineered nanoparticles, automation, and advanced analytical software, addressing challenges faced by traditional proteomic methods [13] - The platform is noted for its ability to deliver insights with unprecedented scale, speed, precision, and reproducibility, setting a new standard in the field of proteomics [13]

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Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $4.1 million, representing a 2% increase compared to $4 million in Q3 2024, primarily due to higher product and service revenue [22][24] - Gross profit for Q3 2025 was $2.1 million, with a gross margin of 51%, compared to $1.9 million and 48% in Q3 2024 [24] - Net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in Q3 2024 [25] - The company ended the quarter with approximately $251 million in cash, cash equivalents, and investments, sufficient to reach cash flow breakeven [27] Business Line Data and Key Metrics Changes - Product revenue for Q3 2025 was $2.8 million, consisting of sales of Proteograph instruments and consumable kits [23] - Service revenue was $1.2 million for Q3 2025, including $300,000 of related party revenue, primarily from STACC service projects [23] - More than two-thirds of instrument shipments in Q3 were acquired by customers who had previously accessed STACC, indicating strong customer interest [24][19] Market Data and Key Metrics Changes - The company shipped just under three times as many instruments in the first nine months of 2025 compared to all of 2024, reflecting strong demand for the Proteograph [5][18] - The company continues to face headwinds from budget constraints and uncertainty around government funding, particularly related to NIH [28][39] Company Strategy and Development Direction - The company is focused on advancing the reach and impact of the Proteograph platform, with a strong emphasis on product innovation and enabling large cohort studies [4][6] - The Proteograph One assay represents a significant advancement, allowing for over 1,000 samples per week and improving precision [8] - The company is actively pursuing partnerships, such as with Thermo Fisher Scientific, to enhance market presence and drive adoption of the Proteograph [20][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value proposition of the Proteograph despite challenges from government shutdowns and funding uncertainties [5][14] - The company anticipates full-year revenue to be in the range of $17-$18 million for 2025, representing growth of 24% at the midpoint over 2024 [28] - Management highlighted the increasing momentum in customer publications and large-scale studies, indicating a positive trend for future growth [29][38] Other Important Information - The company has repurchased approximately $22 million of Class A common shares, reducing net total shares outstanding by approximately 14% [5][26] - The 2025 Seer Insights Grant Program received 88 applications, more than double from the previous year, indicating strong interest in proteomics research [21] Q&A Session Summary Question: Update on the partnership with Thermo Fisher Scientific - The partnership is progressing well, with two joint opportunities closed in the quarter and a pipeline of opportunities being pursued [31][32] Question: Potential for more large-scale studies in the future - The introduction of the Proteograph Product Suite has enabled large-scale studies that were previously not feasible, with ongoing discussions for even larger studies [34][35] Question: Trends among academic customers and spending outlook - Despite challenges from government shutdowns, there is increasing interest from academic customers, with 40% of revenue year-to-date coming from academic and government customers [39][40]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $4.121 million, a 2% increase from $4.032 million in the same period of 2024[103] - Total revenue for the nine months ended September 30, 2025, increased by $2.2 million, or 22%, to $12.4 million compared to the same period in 2024[111] Product and Service Revenue - Product revenue decreased by 5% to $2.756 million, while service revenue increased by 38% to $913,000 compared to the prior year[103] Profitability - Gross profit for the three months ended September 30, 2025, was $2.110 million, representing a 9% increase from $1.938 million in 2024[103] - Gross profit for the nine months ended September 30, 2025, increased by $1.3 million, or 25%, to $6.3 million compared to the same period in 2024[110] Expenses - Research and development expenses decreased by 17% to $10.797 million, primarily due to reductions in stock-based compensation and laboratory expenses[107] - Selling, general and administrative expenses decreased by 20% to $10.659 million, mainly due to a reduction in stock-based compensation[108] - Research and development expenses decreased by $3.8 million, or 10%, to $34.1 million for the nine months ended September 30, 2025, compared to the same period in 2024[113] - Selling, general and administrative expenses decreased by $10.9 million, or 25%, to $32.8 million for the nine months ended September 30, 2025, compared to the same period in 2024[114] Net Loss - The net loss for the three months ended September 30, 2025, was $18.234 million, a 15% improvement from a net loss of $21.328 million in 2024[103] - The company incurred a net loss of $57.6 million for the nine months ended September 30, 2025, compared to a net loss of $64.9 million for the same period in 2024[95] Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2025, was $33.6 million, compared to $34.7 million for the same period in 2024[123] - Cash provided by investing activities for the nine months ended September 30, 2025, was $48.6 million, compared to $50.0 million for the same period in 2024[125] - Cash used in financing activities for the nine months ended September 30, 2025, was $10.7 million, compared to $10.2 million for the same period in 2024[127] - As of September 30, 2025, the company had an accumulated deficit of $450.0 million and cash, cash equivalents, and investments totaling $251.2 million[95] - The company anticipates continued net losses and does not expect positive cash flows from operations for the foreseeable future[116] Product Development - The Proteograph Product Suite was launched in May 2025, featuring significant improvements in scalability, reproducibility, and affordability of deep proteomic analysis[90] Commercialization Efforts - The company is focused on expanding its commercialization efforts in the United States and internationally, including building sales and distribution capabilities[92]

Financial Performance - Q3 2025 revenue reached $4.1 million[6,21] - The company holds approximately $251 million in cash, cash equivalents, and investments[6,21] - Gross margin for Q3 2025 was 51%, compared to 48% in Q3 2024[21] - Net loss for Q3 2025 was $18.2 million, an improvement from the $21.3 million net loss in Q3 2024[21] - The company repurchased approximately 1 million shares in Q3, bringing the total to approximately 11.7 million shares, reducing net total shares outstanding by approximately 14%[22] - The company reiterates full year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint[23] Product and Platform Adoption - The company delivered the third consecutive quarter of strong instrument shipments[7] - The Proteograph ONE workflow doubles throughput to 80 samples per run, with an approximate 30% reduction in run time to approximately 4.5 hours compared to Proteograph XT[11] - The Proteograph ONE workflow can analyze over 1,000 samples per week[11] - The company shipped nearly three times as many instruments in the first nine months of 2025 as in all of 2024[20]

Revenue Performance - Revenue for Q3 2025 was $4.1 million, a 2% increase from $4.0 million in Q3 2024, driven by higher product sales and service revenue[4] - Product revenue for Q3 2025 was $2.8 million, while service revenue was $1.2 million, including $300 thousand from related party revenue[4] - Seer expects full year 2025 revenue to be in the range of $17 million to $18 million, representing a growth of 24% at the midpoint compared to full year 2024[7] Profitability and Expenses - Gross profit was $2.1 million with a gross margin of 51% for Q3 2025[5] - Operating expenses decreased by 18% to $21.5 million in Q3 2025 from $26.3 million in Q3 2024, primarily due to reduced stock-based compensation and business expenses[5] - Net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in Q3 2024[6] Cash and Assets - Cash, cash equivalents, and investments totaled approximately $251.2 million as of September 30, 2025[6] - Total assets as of September 30, 2025, were $308.6 million, down from $366.6 million as of December 31, 2024[16] Market Demand and Validation - The company shipped nearly three times as many instruments in the first nine months of 2025 compared to all of 2024, indicating strong demand for the Proteograph ONE workflow[3] - Seer achieved a record number of third-party publications, with more than 60 total to date, validating the performance of the Proteograph technology[3]

Core Insights - Seer, Inc. reported a 2% increase in revenue for Q3 2025, reaching $4.1 million compared to $4.0 million in Q3 2024, driven by higher product sales and service revenue [3][5] - The company achieved nearly three times the instrument shipments in the first nine months of 2025 compared to all of 2024, indicating strong demand for its Proteograph ONE workflow [2] - Seer expects full-year 2025 revenue to be between $17 million and $18 million, representing a 24% growth at the midpoint over 2024 [6] Recent Highlights - The Proteograph ONE workflow has seen robust demand, leading to a record number of third-party publications validating its performance [2] - The company ended Q3 2025 with approximately $251.2 million in cash, cash equivalents, and investments [5][9] Financial Performance - Product revenue for Q3 2025 was $2.8 million, while service revenue was $1.2 million, including $300 thousand from related party revenue [3] - Gross profit for the quarter was $2.1 million, with a gross margin of 51% [4] - Operating expenses decreased by 18% to $21.5 million compared to $26.3 million in Q3 2024, primarily due to reduced stock-based compensation and business expenses [4] Loss and Cash Position - The net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in the same period last year [5] - As of September 30, 2025, the company had approximately $251.2 million in cash, cash equivalents, and investments [5][9]