PresentationYuko OkuEquity Analyst Hi. My name is Yuko Oku and I'm part of the life science tools and diagnostics team at Morgan Stanley. Before we begin, I'd like to remind our listeners that important disclosure information can be found at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales rep. With that, it's my pleasure to host Seer, and speaking on behalf of the company, CEO, Omid Farokhzad. Thank you for joining us today. ...

PresentationYuko OkuEquity Analyst Hi. My name is Yuko Oku and I'm part of the life science tools and diagnostics team at Morgan Stanley. Before we begin, I'd like to remind our listeners that important disclosure information can be found at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales rep. With that, it's my pleasure to host Seer, and speaking on behalf of the company, CEO, Omid Farokhzad. Thank you for joining us today. ...

Summary of Seer Conference Call Company Overview - **Company**: Seer - **Industry**: Life Sciences Tools and Diagnostics Key Points and Arguments Product Development and Market Position - Seer has made significant progress in increasing awareness of the Proteograph Product Suite, with over 52 preprints and publications from the scientific community [3] - The latest product, Proteograph One, was released in June 2025, enabling large-scale proteomics [3] - Seer has secured corporate customers for large-scale studies, including a 10,000-sample study and a 20,000-sample study with Korea University [4] - The shift in customer discussions indicates a move from proof-of-principle studies to larger sample sizes, reflecting increased confidence in Seer's technology [5] Competitive Landscape - Emerging competitors in the proteomics space include OLINK, SomaLogic, Alamar, Quanterix, BGI, and PreOmics [6] - Seer differentiates itself by offering untargeted proteomics at scale, which was previously only available through targeted approaches [7] - The conversation has shifted from comparing Seer with multiple competitors to a more direct comparison with OLINK, indicating Seer's growing market presence [8] Customer Insights and Adoption - Customers are increasingly adopting Seer's technology for discovery purposes, moving away from initial skepticism [5] - The value of Seer's technology is highlighted by the high cost of biological samples, making the choice of proteomics platform critical for customers [11] - Comparative studies published by customers demonstrate Seer's superior performance in terms of depth of coverage and reproducibility [12] Product Innovations - The Proteograph XT and Proteograph One have improved throughput and reduced runtime, with Proteograph One capable of processing 1,000 samples per week [25] - The introduction of the Proteograph Direct Assay allows for analysis of cell and tissue samples without the need for proprietary nanoparticles, broadening the instrument's utility [21] - Seer's technology allows for the capture of post-translational modifications (PTMs), which is a unique selling point [24] Financial Health and Capital Allocation - Seer ended Q2 with $263 million in cash and a disciplined approach to capital allocation, focusing on share buybacks and internal investments [44] - A $25 million share buyback program has been authorized, with $20 million already executed [46] Market Trends and Future Outlook - The macro environment for life science tools remains challenging, with volatility affecting customer decision-making [41] - Seer anticipates continued growth in large-scale studies, predicting the initiation of 100,000-sample studies by 2026 [40] - The company is positioned to lead in both discovery and clinical applications of proteomics, with a focus on untargeted approaches for content discovery [48] Conclusion - Seer is well-positioned in the proteomics market with innovative products, a strong financial position, and a growing customer base. The company is focused on expanding its offerings and maintaining its competitive edge in a challenging macro environment.

REDWOOD CITY, Calif., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced it has appointed Isaac Ro to serve on its Board of Directors. “We are excited to welcome Isaac to our board,” said Omid Farokhzad, Chair and CEO of Seer. “Isaac brings a rare combination of financial leadership and deep sector experience across life science tools, diagnostics, and the broader healthcare ecosystem. His proven track record o ...

REDWOOD CITY, Calif., Aug. 26, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that the company will be participating in the upcoming Morgan Stanley 23rd Annual Global Healthcare Conference in New York, NY. Seer’s management is scheduled to participate in a fireside chat on Tuesday, September 9th at 12:20 p.m. Eastern Time / 9:20 a.m. Pacific Time. A live webcast of the session will be available on the Investor sectio ...

Summary of SEER (SEER) FY Conference Call - August 13, 2025 Company Overview - SEER has been public since December 2020 and focuses on enabling access to proteomic content at unprecedented scale, speed, and cost [2][3] - The company offers the Proteograph product suite, which includes an instrument, consumable kits, and software for analysis [5] Core Product Developments - The initial version of the Proteograph could process 16 samples in eight hours, while the Protograph XT increased capacity to 40 samples in the same timeframe, reducing mass spectrometry time by 150% [6] - The latest product, Protograph One, launched in June 2025, allows for large population-scale proteomics, with a 10,000-sample study announced in Q1 and a 20,000-sample study in Q2 [7][8] Market Potential and Predictions - The CEO predicts that 2025 will be a pivotal year for population-scale proteomics, with expectations for a 100,000-sample study by 2026 [8] - The proteomic market is expected to expand significantly as access to the proteome becomes more feasible, similar to the genomic market's evolution [10][11] Challenges and Innovations - Historical bottlenecks in proteomics included the scalability of mass spectrometry and the complexity of the proteome, which SEER aims to address with its technology [13][14] - SEER has invested heavily in data analysis capabilities to overcome data bottlenecks created by increased sample sizes [16] Competitive Landscape - SEER's unique approach allows for unbiased proteomic analysis, which is expected to create new markets and expand existing ones [11][20] - The company holds over 250 patents, indicating a strong position in the proteomics field despite emerging competitors [31] Revenue Model and Financial Outlook - SEER's revenue is currently derived from consumables (65%), the SEER Technology Access Center (25%), and instruments (10-15%) [40] - The company has approximately $260 million in cash with no debt, projecting a burn rate that allows for 6-7 years of operation without needing additional capital [52][53] - A stock buyback program has been initiated, reflecting confidence in the company's value proposition [53] Customer Engagement and Market Strategy - SEER aims to be a tools provider rather than a service business, focusing on partnerships with customers and CROs [33][41] - The SEER Technology Access Center and Strategic Instrument Placement programs have been crucial in driving customer engagement and facilitating data generation [37][39] Future Expectations - The academic and government sectors are expected to remain significant revenue sources, with biopharma showing potential for growth as customers recognize the value of SEER's offerings [46][48] - The company anticipates continued innovation and investment in its product line to maintain a competitive edge in the proteomics market [54][55]

Group 1: Earnings Performance - Seer, Inc. reported a quarterly loss of $0.33 per share, better than the Zacks Consensus Estimate of a loss of $0.39, and compared to a loss of $0.35 per share a year ago, representing an earnings surprise of +15.38% [1] - The company posted revenues of $4.05 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.90%, and up from $3.07 million in the same quarter last year [2] - Over the last four quarters, Seer has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Seer shares have declined approximately 8.2% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $4.32 million, and for the current fiscal year, it is -$1.05 on revenues of $17.54 million [7] - The estimate revisions trend for Seer was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Group 3: Industry Context - The Medical - Biomedical and Genetics industry, to which Seer belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - SEER reported revenue of $4.1 million for Q2 2025, representing a 32% year-over-year growth from $3.1 million in Q2 2024 [8][27] - The company ended the quarter with approximately $263 million in cash, cash equivalents, and investments, indicating a strong balance sheet [8][32] - The net loss for Q2 2025 was $19.4 million, an improvement from a net loss of $22.9 million in Q2 2024 [31] Business Line Data and Key Metrics Changes - Product revenue for Q2 2025 was $2.7 million, primarily from sales of Proteograph instruments and consumable kits [27] - Service revenue was $1.2 million, including $409,000 from related party revenue, mainly from STACK service projects [28] - Gross profit for Q2 2025 was $2.1 million, with a gross margin of 52%, down from 56% in Q2 2024 [29] Market Data and Key Metrics Changes - SEER's revenue guidance for the full year 2025 is projected to be between $17 million and $18 million, reflecting a 24% year-over-year growth at the midpoint [33] - The company noted that approximately 30% of its revenue exposure comes from academic and government entities, which may be impacted by funding changes [34] Company Strategy and Development Direction - SEER is focused on advancing four core growth catalysts for 2025, including validating its platform, enhancing access, driving innovation, and enabling larger cohort studies [10][37] - The launch of the Proteograph One workflow and SP200 automation instrument is seen as a transformative step for the field of proteomics, enabling larger studies and increasing throughput [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term macro pressures, including evolving tariffs and uncertainty around government funding, which may affect market visibility [9][35] - Despite these challenges, management remains confident in the company's strong performance and reaffirmed its revenue guidance for 2025 [10][35] Other Important Information - SEER has repurchased approximately 10.7 million Class A common shares, reducing total shares outstanding by about 13% [32] - The company continues to see strong demand for its STACK program, which lowers barriers to adoption of the Proteograph product suite [22] Q&A Session Summary Question: Early feedback on the new Proteograph One assay - Management reported fantastic feedback on the Proteograph One assay, highlighting its ability to enable large-scale studies and improve throughput [41][44] Question: Pipeline of potential customers using the STACK program - Management indicated that a majority of instrument shipments in the first half of the year were to former STACK customers, and they expect this trend to continue [45][48] Question: Revenue from the co-marketing partnership with Thermo - Management noted that revenue from the Thermo partnership is still modest but expected to pick up in the second half of the year as the sales force has been fully trained [51][52] Question: Competitive landscape in proteomics - Management discussed the competitive landscape, emphasizing SEER's unique position in unbiased proteomics and the ability to conduct large-scale studies that were previously not possible [56][60]

PART I. FINANCIAL INFORMATION This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the company's unaudited condensed consolidated financial statements and related notes, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's assets, liabilities, and equity at specific points in time **Condensed Consolidated Balance Sheets (in thousands)** | Metric | June 30, 2025 | December 31, 2024 | Change (Absolute) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :---------------- | :--------- | | Cash and cash equivalents | $37,931 | $40,753 | $(2,822) | -6.9% | | Short-term investments | $171,895 | $195,657 | $(23,762) | -12.1% | | Total current assets | $225,638 | $253,323 | $(27,685) | -10.9% | | Total assets | $322,487 | $366,597 | $(44,110) | -12.0% | | Total current liabilities | $11,785 | $15,328 | $(3,543) | -23.1% | | Total liabilities | $34,195 | $39,028 | $(4,833) | -12.4% | | Total stockholders' equity | $288,292 | $327,569 | $(39,277) | -12.0% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section details the company's revenues, expenses, and net loss over specific reporting periods **Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands)** | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :------------------------------------ | :--------------------------- | :--------------------------- | :---------------- | :--------- | | Product Revenue | $2,726 | $1,761 | $965 | 55% | | Service Revenue | $797 | $682 | $115 | 17% | | Related Party Revenue | $409 | $583 | $(174) | -30% | | Other Revenue | $119 | $46 | $73 | 159% | | **Total Revenue** | **$4,051** | **$3,072** | **$979** | **32%** | | Gross Profit | $2,111 | $1,731 | $380 | 22% | | Research and Development | $11,985 | $12,734 | $(749) | -6% | | Selling, General and Administrative | $10,656 | $16,093 | $(5,437) | -34% | | Loss from Operations | $(20,530) | $(27,096) | $6,566 | -24% | | Interest Income | $2,992 | $4,433 | $(1,441) | -33% | | Loss on Equity Method Investment | $(1,841) | $0 | $(1,841) | 100% | | **Net Loss** | **$(19,424)** | **$(22,850)** | **$3,426** | **-15%** | | Net Loss Per Share (Basic & Diluted) | $(0.33) | $(0.35) | $0.02 | -5.7% | **Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands)** | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :------------------------------------ | :--------------------------- | :--------------------------- | :---------------- | :--------- | | Product Revenue | $5,616 | $3,429 | $2,187 | 64% | | Service Revenue | $2,000 | $1,090 | $910 | 83% | | Related Party Revenue | $461 | $1,537 | $(1,076) | -70% | | Other Revenue | $179 | $82 | $97 | 118% | | **Total Revenue** | **$8,256** | **$6,138** | **$2,118** | **35%** | | Gross Profit | $4,172 | $3,092 | $1,080 | 35% | | Research and Development | $23,335 | $24,999 | $(1,664) | -7% | | Selling, General and Administrative | $22,098 | $30,381 | $(8,283) | -27% | | Loss from Operations | $(41,261) | $(52,288) | $11,027 | -21% | | Interest Income | $6,209 | $9,019 | $(2,810) | -31% | | Loss on Equity Method Investment | $(3,416) | $0 | $(3,416) | 100% | | **Net Loss** | **$(39,372)** | **$(43,529)** | **$4,157** | **-10%** | | Net Loss Per Share (Basic & Diluted) | $(0.67) | $(0.67) | $0.00 | 0% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This section outlines changes in the company's equity accounts, including net loss and share transactions **Changes in Stockholders' Equity (in thousands)** | Metric | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------ | :---------------- | :------------- | :------------ | | Balance at Period Start | $327,569 | $311,006 | $311,006 | | Net Loss | $(19,948) | $(19,424) | $(19,424) | | Share Repurchases (Class A common stock) | N/A | $(675) | $(7,453) | | Stock-based Compensation | N/A | $4,718 | $3,927 | | Total Stockholders' Equity at Period End | N/A | $311,006 | $288,292 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities **Condensed Consolidated Statements of Cash Flows (in thousands)** | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :---------------- | :--------- | | Net cash used in operating activities | $(26,075) | $(20,525) | $(5,550) | 27.0% | | Net cash provided by investing activities | $31,974 | $23,573 | $8,401 | 35.6% | | Net cash used in financing activities | $(8,721) | $(3,600) | $(5,121) | 142.3% | | **Net decrease in cash, cash equivalents and restricted cash** | **$(2,822)** | **$(552)** | **$(2,270)** | **411.2%** | | Cash, cash equivalents and restricted cash, end of period | $38,455 | $32,471 | $5,984 | 18.4% | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [Note 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS](index=10&type=section&id=Note%201.%20ORGANIZATION%20AND%20DESCRIPTION%20OF%20THE%20BUSINESS) This note describes the company's business, mission, and financial viability, including accumulated losses and capital resources - Seer, Inc. 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[30](index=30&type=chunk) - The company has incurred significant losses and negative cash flows from operations since inception, with an accumulated deficit of **$431.7 million** as of June 30, 2025[31](index=31&type=chunk) - As of June 30, 2025, the company had cash and cash equivalents and investments of **$263.3 million**, which management believes provides sufficient capital resources for at least twelve months[31](index=31&type=chunk) [Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION](index=10&type=section&id=Note%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES%20AND%20BASIS%20OF%20PRESENTATION) This note outlines the accounting principles used in preparing the financial statements and discusses recent pronouncements - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial reporting and include the accounts of Seer, Inc. and its wholly-owned subsidiaries[32](index=32&type=chunk)[33](index=33&type=chunk) - There have been no material changes to the significant accounting policies as of and for the three and six months ended June 30, 2025, compared to the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[39](index=39&type=chunk) - The company is evaluating the impact of the newly enacted One Big Beautiful Bill Act (OBBBA) and new accounting pronouncements ASU No. 2023-09 (Improvements to Income Tax Disclosures) and ASU No. 2024-03 (Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures)[40](index=40&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Note 3. FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS](index=12&type=section&id=Note%203.%20FAIR%20VALUE%20MEASUREMENTS%20AND%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) This note details the fair value hierarchy and measurements for the company's financial assets and liabilities **Fair Value of Financial Assets (in thousands)** | Asset Category | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :----------------------- | :------------------------- | :------------------------- | | Money market funds | $34,697 | $36,097 | | Corporate debt securities (Cash equivalents) | $1,608 | N/A | | Commercial paper (Cash equivalents) | N/A | $4,191 | | **Total Cash Equivalents** | **$36,305** | **$40,288** | | U.S. Treasury securities | $112,210 | $150,116 | | Commercial paper (Investments) | $15,648 | $12,239 | | Corporate debt securities (Investments) | $97,463 | $96,405 | | **Total Investments** | **$225,321** | **$258,760** | | **Total assets measured at fair value** | **$261,626** | **$299,048** | - Unrealized losses on available-for-sale investments are not attributable to credit risk and are considered temporary, with the company believing investments in an unrealized loss position will be held until maturity or recovery of amortized cost basis[53](index=53&type=chunk) [Note 4. OTHER FINANCIAL STATEMENT INFORMATION](index=14&type=section&id=Note%204.%20OTHER%20FINANCIAL%20STATEMENT%20INFORMATION) This note provides additional details on inventory, property and equipment, and accrued expenses **Inventory (in thousands)** | Category | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Raw materials | $3,345 | $3,164 | | Work-in-progress | $117 | $76 | | Finished goods | $4,050 | $4,196 | | **Total inventory** | **$7,512** | **$7,436** | **Property and Equipment, Net (in thousands)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Laboratory equipment | $28,023 | $28,723 | | Computer equipment and software | $2,291 | $1,984 | | Furniture and fixtures | $681 | $681 | | Leasehold improvements | $3,597 | $3,577 | | Construction-in-progress | $717 | $424 | | Property and equipment | $35,309 | $35,389 | | Less: accumulated depreciation and amortization | $(18,813) | $(16,814) | | **Total property and equipment, net** | **$16,496** | **$18,575** | **Accrued Expenses (in thousands)** | Category | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Accrued compensation | $4,534 | $5,972 | | Accrued professional services | $577 | $320 | | Accrued taxes | $305 | $471 | | Other | $690 | $1,174 | | **Total accrued expenses** | **$6,106** | **$7,937** | [Note 5. REVENUE AND DEFERRED REVENUE](index=15&type=section&id=Note%205.%20REVENUE%20AND%20DEFERRED%20REVENUE) This note describes the company's revenue streams, recognition policies, and deferred revenue activities - Product revenue consists of instruments with embedded software and consumables; service revenue is from proteomic data generation and analysis; related party revenue is from product sales and services for related parties; other revenue includes shipping and lease arrangements[59](index=59&type=chunk) **Deferred Revenue Activities (in thousands)** | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------------------- | :--------------------------- | :--------------------------- | | Deferred revenue, current and noncurrent, beginning of period | $456 | $270 | | Additions | $441 | $244 | | Revenue recognized | $(337) | $(282) | | **Deferred revenue, current and noncurrent, end of period** | **$560** | **$232** | - As of June 30, 2025, the company had **$0.6 million** of remaining performance obligations, with **94%** expected to be recognized within twelve months[60](index=60&type=chunk) [Note 6. CAPITAL STOCK AND STOCKHOLDERS' EQUITY](index=16&type=section&id=Note%206.%20CAPITAL%20STOCK%20AND%20STOCKHOLDERS'%20EQUITY) This note details the company's authorized capital stock, share repurchase programs, and equity structure - The company is authorized to issue **105,000,000** shares of capital stock, including **94,000,000** shares of Class A common stock (one vote per share) and **6,000,000** shares of Class B common stock (ten votes per share)[62](index=62&type=chunk)[63](index=63&type=chunk) - Class B common stock will automatically convert into Class A common stock on December 9, 2025[63](index=63&type=chunk) **Share Repurchase Activity (Three Months Ended June 30, in thousands except per share data)** | Metric | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Number of shares repurchased | 3,874,486 | 2,029,429 | | Total cost | $7,453 | $3,747 | | Average per share cost | $1.92 | $1.84 | - As of June 30, 2025, **$5.1 million** remains available under the current authorization for additional share repurchases[66](index=66&type=chunk) [Note 7. EQUITY INCENTIVE PLANS](index=17&type=section&id=Note%207.%20EQUITY%20INCENTIVE%20PLANS) This note provides information on stock option and restricted stock unit activity and related compensation expenses - As of June 30, 2025, **17,785,881** shares of Class A common stock are reserved for issuance under the 2020 Equity Incentive Plan, with **3,264,963** shares available for future awards[67](index=67&type=chunk) **Stock Option Activity (Six Months Ended June 30, 2025)** | Metric | Options Outstanding | Weighted-Average Exercise Price | | :-------------------------- | :------------------ | :------------------------------ | | Balance at December 31, 2024 | 13,198,232 | $2.86 | | Options granted | 692,350 | $2.20 | | Options exercised | (11,050) | $2.08 | | Options forfeited | (398,800) | $5.26 | | **Balance at June 30, 2025** | **13,480,732** | **$2.84** | | Vested and exercisable, June 30, 2025 | 8,143,933 | $3.31 | **Restricted Stock Unit Activity (Six Months Ended June 30, 2025)** | Metric | Number of Shares | Weighted-Average Grant Date Fair Value | | :-------------------------- | :--------------- | :------------------------------------- | | Balance at December 31, 2024 | 4,450,441 | $4.26 | | Granted | 1,145,150 | $2.31 | | Vested | (1,656,063) | $5.77 | | Forfeited | (231,375) | $2.74 | | **Balance at June 30, 2025** | **3,708,153** | **$3.07** | **Stock-Based Compensation (in thousands)** | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cost of revenue | $131 | $389 | $258 | $787 | | Research and development | $1,660 | $2,115 | $3,449 | $4,254 | | Selling, general and administrative | $2,081 | $5,161 | $4,828 | $10,204 | | **Total stock-based compensation** | **$3,872** | **$7,665** | **$8,535** | **$15,245** | [Note 8. LEASES](index=18&type=section&id=Note%208.%20LEASES) This note outlines the company's lease arrangements, associated costs, and future minimum lease commitments - The company leases approximately **51,000 square feet** of office and laboratory space in Redwood City, California, with a lease term ending in September 2032[73](index=73&type=chunk) - A lease for approximately **3,500 square feet** of office space in San Diego, California, expired in July 2025 and was not renewed[73](index=73&type=chunk) **Total Lease Costs (in thousands)** | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating lease costs | $959 | $1,038 | $1,918 | $2,076 | | Variable lease costs | $243 | $289 | $464 | $463 | | Short-term lease costs | $48 | $9 | $96 | $12 | | **Total lease costs** | **$1,250** | **$1,336** | **$2,478** | **$2,551** | **Future Minimum Lease Commitments (in thousands)** | Years ending December 31, | Amount | | :------------------------ | :----- | | 2025 (remaining six months) | $1,929 | | 2026 | $3,957 | | 2027 | $4,072 | | 2028 | $4,191 | | 2029 | $4,312 | | Thereafter | $12,562 | | **Total undiscounted future minimum lease payments** | **$31,023** | [Note 9. COMMITMENTS AND CONTINGENCIES](index=19&type=section&id=Note%209.%20COMMITMENTS%20AND%20CONTINGENCIES) This note discloses outstanding purchase commitments and the absence of material legal proceedings or indemnification claims - Outstanding purchase commitments amounted to **$1.3 million** as of June 30, 2025, a decrease from **$4.5 million** as of December 31, 2024[78](index=78&type=chunk) - The company is not currently a party to any material legal proceedings[80](index=80&type=chunk) - As of June 30, 2025, and December 31, 2024, the company does not have any material indemnification claims that were probable or reasonably possible and has not recorded related liabilities[79](index=79&type=chunk) [Note 10. RELATED PARTY TRANSACTIONS](index=20&type=section&id=Note%2010.%20RELATED%20PARTY%20TRANSACTIONS) This note details transactions and investments involving related parties, including revenue and receivables - PrognomiQ, Inc. is a related party, and as of June 30, 2025, the company recorded **$0.4 million** in related party receivables[82](index=82&type=chunk) **Related Party Revenue (in thousands)** | Period | 2025 | 2024 | Change (Absolute) | Change (%) | | :--------------------------- | :----- | :----- | :---------------- | :--------- | | Three Months Ended June 30, | $409 | $583 | $(174) | -30% | | Six Months Ended June 30, | $461 | $1,537 | $(1,076) | -70% | - The company purchased **$10.0 million** of PrognomiQ's Series D Preferred Stock on August 12, 2024, and made an additional **$1.9 million** investment in the same series on July 31, 2025[83](index=83&type=chunk) [Note 11. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS](index=20&type=section&id=Note%2011.%20NET%20LOSS%20PER%20SHARE%20ATTRIBUTABLE%20TO%20COMMON%20STOCKHOLDERS) This note presents the calculation of basic and diluted net loss per share and discusses anti-dilutive securities **Net Loss Per Share (Basic and Diluted)** | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss per share (basic and diluted) | $(0.33) | $(0.35) | $(0.67) | $(0.67) | | Weighted-average shares | 58,087,565 | 64,576,399 | 58,744,490 | 64,581,228 | - Potentially dilutive securities (Class A common stock options, restricted stock units, estimated ESPP shares) were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive[85](index=85&type=chunk) [Note 12. SEGMENT REPORTING](index=21&type=section&id=Note%2012.%20SEGMENT%20REPORTING) This note confirms the company operates as a single segment and provides a breakdown of revenue and expenses - The company operates as a single segment[87](index=87&type=chunk) **Segment Net Loss and Expenses (in thousands)** | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------- | :--------------------------- | :--------------------------- | :---------------- | :--------- | | Revenue | $8,256 | $6,138 | $2,118 | 35% | | Gross profit | $4,172 | $3,092 | $1,080 | 35% | | Compensation expenses | $18,762 | $19,124 | $(362) | -1.9% | | Stock-based compensation | $8,535 | $15,244 | $(6,709) | -44.0% | | Professional expenses | $6,170 | $8,003 | $(1,833) | -22.9% | | Total operating expenses | $45,433 | $55,380 | $(9,947) | -18.0% | | Net loss | $(39,372) | $(43,529) | $4,157 | -9.5% | - As of June 30, 2025, long-lived assets were primarily located in the United States[87](index=87&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, and future outlook, focusing on commercialization, liquidity, and accounting policies [Overview](index=22&type=section&id=Overview) This section provides a high-level summary of the company's mission, product strategy, and overall financial performance - Seer, Inc.'s mission is to imagine and pioneer new ways to decode the biology of the proteome to improve human health, leveraging its Proteograph Product Suite and proprietary engineered nanoparticle (NP) technology[89](index=89&type=chunk) - In May 2025, the company launched the new Proteograph Product Suite, featuring Proteograph ONE Assay and SP200 Automation Instrument, aiming to significantly improve the scalability, reproducibility, and affordability of deep proteomic analysis[91](index=91&type=chunk) - The commercial strategy focuses on growing adoption, expanding the installed base, increasing utilization of consumables, and growing the service offering through the Seer Technology Access Center (STAC)[92](index=92&type=chunk) - For the six months ended June 30, 2025, the company incurred a net loss of **$39.4 million** and used **$26.1 million** of cash in operations, with an accumulated deficit of **$431.7 million** as of June 30, 2025[96](index=96&type=chunk) [Components of Results of Operations](index=24&type=section&id=Components%20of%20Results%20of%20Operations) This section describes the various revenue and expense categories that constitute the company's financial results - Revenue streams include product (instruments, consumables), service (proteomic data generation/analysis), related party, and other (shipping, lease arrangements), with a primary domestic focus and planned international expansion[98](index=98&type=chunk) - Cost of revenue comprises costs of Proteograph Product Suite components (instruments, consumables), service costs, distribution expenses, employee compensation (including stock-based), capitalized internal-use software amortization, and allocated overhead[99](index=99&type=chunk) - Research and development (R&D) expenses include employee compensation, lab supplies, consulting, and allocated costs for technology and product candidate development[100](index=100&type=chunk) - Selling, general and administrative (SG&A) expenses cover employee compensation for executive, sales, marketing, customer support, finance, HR, legal functions, allocated costs, professional service fees, and other general overhead[101](index=101&type=chunk) - Other income (expense) primarily consists of interest income, asset disposals, foreign currency transactions, and loss on equity method investment[102](index=102&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing revenue and expense changes over specific periods [Comparisons of the Three Months Ended June 30, 2025 and 2024](index=25&type=section&id=Comparisons%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) This section compares the company's financial performance for the three-month periods ended June 30, 2025 and 2024 **Revenue (Three Months Ended June 30, in thousands)** | Category | 2025 | 2024 | Change (Amount) | Change (%) | | :--------------- | :----- | :----- | :-------------- | :--------- | | Product | $2,726 | $1,761 | $965 | 55% | | Service | $797 | $682 | $115 | 17% | | Related party | $409 | $583 | $(174) | -30% | | Other | $119 | $46 | $73 | 159% | | **Total revenue** | **$4,051** | **$3,072** | **$979** | **32%** | - Gross profit increased by **$0.38 million**, or **22%**, to **$2.11 million** for the three months ended June 30, 2025, compared to the same period in 2024[104](index=104&type=chunk) **Operating Expenses (Three Months Ended June 30, in thousands)** | Category | 2025 | 2024 | Change (Amount) | Change (%) | | :------------------------------------ | :----- | :----- | :-------------- | :--------- | | Research and development | $11,985 | $12,734 | $(749) | -6% | | Selling, general and administrative | $10,656 | $16,093 | $(5,437) | -34% | | **Total operating expenses** | **$22,641** | **$28,827** | **$(6,186)** | **-21%** | - Net loss decreased by **$3.43 million**, or **15%**, to **$(19.42) million** for the three months ended June 30, 2025, compared to **$(22.85) million** in the prior year[104](index=104&type=chunk) - Total other income decreased by **$3.09 million**, or **73%**, primarily due to a loss on equity method investment and lower interest income[110](index=110&type=chunk) [Comparisons of the Six Months Ended June 30, 2025 and 2024](index=27&type=section&id=Comparisons%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) This section compares the company's financial performance for the six-month periods ended June 30, 2025 and 2024 **Revenue (Six Months Ended June 30, in thousands)** | Category | 2025 | 2024 | Change (Amount) | Change (%) | | :--------------- | :----- | :----- | :-------------- | :--------- | | Product | $5,616 | $3,429 | $2,187 | 64% | | Service | $2,000 | $1,090 | $910 | 83% | | Related party | $461 | $1,537 | $(1,076) | -70% | | Other | $179 | $82 | $97 | 118% | | **Total revenue** | **$8,256** | **$6,138** | **$2,118** | **35%** | - Gross profit increased by **$1.08 million**, or **35%**, to **$4.17 million** for the six months ended June 30, 2025, compared to the same period in 2024[112](index=112&type=chunk) **Operating Expenses (Six Months Ended June 30, in thousands)** | Category | 2025 | 2024 | Change (Amount) | Change (%) | | :------------------------------------ | :----- | :----- | :-------------- | :--------- | | Research and development | $23,335 | $24,999 | $(1,664) | -7% | | Selling, general and administrative | $22,098 | $30,381 | $(8,283) | -27% | | **Total operating expenses** | **$45,433** | **$55,380** | **$(9,947)** | **-18%** | - Net loss decreased by **$4.16 million**, or **10%**, to **$(39.37) million** for the six months ended June 30, 2025, compared to **$(43.53) million** in the prior year[112](index=112&type=chunk) - Total other income decreased by **$6.72 million**, or **77%**, primarily due to a loss on equity method investment and lower interest income[117](index=117&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet short-term obligations and its sources of funding - The company has incurred significant operating losses and negative cash flows from operations since inception, primarily funded through the sale and issuance of equity securities[119](index=119&type=chunk) - As of June 30, 2025, cash, cash equivalents, and investments totaled **$263.3 million**, which management believes provides sufficient capital resources for at least twelve months[119](index=119&type=chunk) - Future capital requirements depend on revenue growth, commercialization efforts, strategic investments, R&D programs, and capital expenditures[123](index=123&type=chunk) - The company may consider raising additional capital through equity, convertible debt securities, credit facilities, or other debt financing to expand its business or pursue strategic opportunities[119](index=119&type=chunk)[212](index=212&type=chunk) [Cash Flows](index=29&type=section&id=Cash%20Flows) This section provides a detailed breakdown of cash generated and used across operating, investing, and financing activities **Summary of Cash Flows (Six Months Ended June 30, in thousands)** | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :------------------------------------------ | :--------- | :--------- | :---------------- | :--------- | | Net cash used in operating activities | $(26,075) | $(20,525) | $(5,550) | 27.0% | | Net cash provided by investing activities | $31,974 | $23,573 | $8,401 | 35.6% | | Net cash used in financing activities | $(8,721) | $(3,600) | $(5,121) | 142.3% | | **Net decrease in cash, cash equivalents and restricted cash** | **$(2,822)** | **$(552)** | **$(2,270)** | **411.2%** | [Operating Activities](index=30&type=section&id=Operating%20Activities) This section details cash flows generated or used from the company's primary business operations - Cash used in operating activities was **$26.1 million** for the six months ended June 30, 2025, an increase from **$20.5 million** in the prior year[126](index=126&type=chunk)[127](index=127&type=chunk) - This was primarily attributable to a net loss of **$39.4 million** and a **$3.5 million** net change in operating assets and liabilities, partially offset by **$16.8 million** in non-cash charges (e.g., stock-based compensation, loss on equity method investment, depreciation)[126](index=126&type=chunk) [Investing Activities](index=30&type=section&id=Investing%20Activities) This section outlines cash flows related to the purchase and sale of long-term assets and investments - Cash provided by investing activities was **$32.0 million** for the six months ended June 30, 2025, compared to **$23.6 million** in the prior year[128](index=128&type=chunk)[129](index=129&type=chunk) - This was mainly due to **$133.0 million** in proceeds from maturities of available-for-sale securities, offset by **$100.2 million** in purchases of available-for-sale securities and **$1.2 million** in property and equipment purchases[128](index=128&type=chunk) [Financing Activities](index=30&type=section&id=Financing%20Activities) This section describes cash flows from debt, equity, and dividend transactions affecting the company's capital structure - Cash used in financing activities was **$8.7 million** for the six months ended June 30, 2025, compared to **$3.6 million** in the prior year[130](index=130&type=chunk)[131](index=131&type=chunk) - This was primarily attributable to **$8.1 million** in Class A common stock repurchases and **$0.8 million** in taxes paid related to net settlement of restricted stock units[130](index=130&type=chunk) [Critical Accounting Policies, Significant Judgments and Use of Estimates](index=31&type=section&id=Critical%20Accounting%20Policies,%20Significant%20Judgments%20and%20Use%20of%20Estimates) This section highlights key accounting policies requiring significant management judgment and estimates - The preparation of unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect reported amounts, based on historical experience and other reasonable factors[133](index=133&type=chunk) - There have been no significant changes in critical accounting policies and estimates compared to the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[134](index=134&type=chunk) [Recent Accounting Pronouncements](index=31&type=section&id=Recent%20Accounting%20Pronouncements) This section discusses the impact and adoption of new accounting standards on the company's financial reporting - Refer to Note 2 of the unaudited condensed consolidated financial statements for information about recent accounting pronouncements, their adoption timing, and the company's assessment of their potential impact[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes in the company's market risk during the three and six months ended June 30, 2025, compared to the disclosures in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in the company's market risk during the three and six months ended June 30, 2025, compared to the disclosures in Part II, Item 7A of its Annual Report on Form 10-K for the year ended December 31, 2024[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the company's disclosure controls and procedures, acknowledging their inherent limitations, and confirms that there have been no material changes in internal control over financial reporting during the quarter [Evaluation of Disclosure Controls and Procedures](index=31&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of the reporting date - As of June 30, 2025, management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective in providing reasonable assurance that information required for SEC filings is recorded, processed, summarized, and reported timely[137](index=137&type=chunk) [Inherent Limitations on Effectiveness of Controls](index=32&type=section&id=Inherent%20Limitations%20on%20Effectiveness%20of%20Controls) This section acknowledges that internal controls provide reasonable, not absolute, assurance due to inherent limitations - Management acknowledges that disclosure controls and procedures or internal control over financial reporting can provide only reasonable, not absolute, assurance due to inherent limitations[138](index=138&type=chunk) - These limitations include resource constraints, faulty judgments, simple errors, circumvention by individual acts or collusion, and management override[138](index=138&type=chunk) [Changes in Internal Control over Financial Reporting](index=32&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section confirms no material changes in internal control over financial reporting during the quarter - There have been no changes in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting[139](index=139&type=chunk) PART II. OTHER INFORMATION This section provides additional information beyond financial statements, including legal proceedings, risk factors, and other disclosures [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section states that the company is not currently involved in any material legal proceedings, but acknowledges that future involvement in legal actions could negatively impact its business and divert management's attention - The company is not currently a party to any material legal proceedings[142](index=142&type=chunk)[80](index=80&type=chunk) - Future involvement in legal proceedings or investigations could adversely impact the company's reputation, business, financial condition, and divert management's attention[142](index=142&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks to the company's business, financial performance, regulatory compliance, intellectual property, and stock ownership [Summary Risk Factor](index=33&type=section&id=Summary%20Risk%20Factor) This section provides a concise overview of the primary risks, including operating losses and market acceptance challenges - The company is an early-stage life sciences technology company with a history of net losses, which are expected to continue, and may not achieve or sustain profitability[144](index=144&type=chunk)[145](index=145&type=chunk) - Commercialization success depends on broad scientific and market acceptance of the Proteograph Product Suite, which the company may fail to achieve[144](index=144&type=chunk)[158](index=158&type=chunk) - Operating results may fluctuate significantly, making future performance difficult to predict and potentially causing results to fall below expectations[144](index=144&type=chunk)[149](index=149&type=chunk) [Risks Related to Our Business and Industry](index=34&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) This section outlines risks inherent to the company's operations, market, competition, and commercialization efforts - The company has incurred significant losses since its formation in 2017, with an accumulated deficit of **$431.7 million** as of June 30, 2025, and expects to continue incurring losses[145](index=145&type=chunk) - A limited operating history makes it difficult to evaluate the current business and predict future performance, with potential for unforeseen expenses, difficulties, and delays during the transition to broad commercialization[146](index=146&type=chunk)[147](index=147&type=chunk) - Quarterly and annual operating results may fluctuate significantly due to factors such as commercialization success, market demand, sales cycle length, and global economic conditions, making future results difficult to predict[149](index=149&type=chunk)[152](index=152&type=chunk) - The market for proteomics technologies is evolving, and the estimated addressable market for the Proteograph Product Suite may be smaller or develop slower than expected, limiting sales ability[153](index=153&type=chunk)[154](index=154&type=chunk) - Commercialization success depends on broad scientific and market acceptance, influenced by key opinion leaders, product performance, ease of use, pricing, and competition[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company relies on a single contract manufacturer (Hamilton Company) for instruments and limited or sole suppliers for certain components, posing risks of supply interruptions, increased costs, and delays[183](index=183&type=chunk)[186](index=186&type=chunk) - Products could have defects or errors, leading to claims, adverse market adoption, damage to reputation, increased warranty costs, and potential recalls[193](index=193&type=chunk)[195](index=195&type=chunk) - International business exposes the company to various risks, including compliance with foreign regulatory requirements (e.g., GDPR, anti-corruption laws), trade restrictions, and difficulties in enforcing agreements and collecting receivables[200](index=200&type=chunk)[204](index=204&type=chunk) - The life sciences technology market is highly competitive, with larger, more established competitors possessing greater financial and human resources, broader product lines, and more established distribution networks[208](index=208&type=chunk)[209](index=209&type=chunk) - The company may need to raise additional capital to fund commercialization, R&D, and new product development, which could result in dilution to stockholders or restrictive terms from debt securities[212](index=212&type=chunk)[216](index=216&type=chunk) - Investments in early-stage companies, such as PrognomiQ, carry risks including the inability to realize potential benefits, the related party pursuing different business models, or needing additional funding[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Risks Related to Financial Reporting](index=54&type=section&id=Risks%20Related%20to%20Financial%20Reporting) This section addresses risks associated with internal controls, financial reporting accuracy, and evolving accounting standards - As a public company, Seer is required to evaluate the effectiveness of its internal control over financial reporting under Section 404(a) of the Sarbanes-Oxley Act[224](index=224&type=chunk) - Failure to maintain effective internal controls could lead to inaccurate and untimely financial reporting, loss of investor confidence, increased costs, regulatory scrutiny, and potential delisting from Nasdaq[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - Changes in, or evolving interpretations of, financial accounting rules, regulations, standards, or practices could result in unfavorable accounting changes, restatements, or adverse, unexpected fluctuations in operating results[232](index=232&type=chunk) [Risks Related to Regulatory Compliance](index=56&type=section&id=Risks%20Related%20to%20Regulatory%20Compliance) This section details risks concerning product classification, FDA regulation, and the evolving regulatory landscape for diagnostics - The company's products are labeled, promoted, and sold as research use only (RUO) and are not designed or intended for diagnostic procedures, clinical diagnostic tests, or as medical devices[233](index=233&type=chunk) - If the company elects to market its products as clinical diagnostics or medical devices, it would be required to obtain prior FDA 510(k) clearance or premarket approval, which is expensive, time-consuming, and uncertain[233](index=233&type=chunk)[235](index=235&type=chunk) - Even if not marketed for diagnostic purposes, products could become subject to FDA regulation if customers use RUO products in Laboratory Developed Tests (LDTs) for clinical diagnostic use, or if regulatory interpretations change[240](index=240&type=chunk) - Legislative and administrative proposals (e.g., VALID Act) and recent court decisions (e.g., vacating LDT final rule, overruling Chevron doctrine) create significant uncertainty regarding FDA oversight of LDTs, potentially impacting the business[241](index=241&type=chunk) [Risks Related to our Intellectual Property](index=59&type=section&id=Risks%20Related%20to%20our%20Intellectual%20Property) This section covers risks related to obtaining, maintaining, and enforcing intellectual property rights and potential infringement claims - The company relies on patent, trademark, copyright, trade secret, and other intellectual property rights protection and contractual restrictions, but these provide limited protection and may not adequately protect its rights or competitive advantage[246](index=246&type=chunk) - Failure to obtain, maintain, enforce, and protect intellectual property could allow competitors to develop similar products, impairing the company's ability to successfully commercialize its products[245](index=245&type=chunk)[247](index=247&type=chunk) - The U.S. law relating to the patentability of certain inventions in the life sciences technology industry is uncertain and rapidly changing, potentially diminishing the value of existing patents or the ability to obtain future patents[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk) - Protecting intellectual property rights throughout the world is expensive and challenging, with laws in some foreign countries offering less extensive protection, making enforcement difficult[256](index=256&type=chunk)[257](index=257&type=chunk)[260](index=260&type=chunk) - The company may become involved in lawsuits to defend against third-party claims of infringement or to protect its intellectual property, which could be expensive, time-consuming, unsuccessful, and prevent or delay commercialization efforts[278](index=278&type=chunk)[279](index=279&type=chunk)[284](index=284&type=chunk) - The company relies on a license from a third party (BWH) for certain technologies; loss of this license or failure to comply with its obligations could result in the loss of significant rights and harm the ability to develop and commercialize products[290](index=290&type=chunk)[293](index=293&type=chunk) - Products contain third-party open source software components, and failure to comply with underlying licenses could restrict the ability to sell products, service customers, or require disclosure of proprietary software[301](index=301&type=chunk)[302](index=302&type=chunk) [Risks Related to Ownership of Our Class A Common Stock](index=76&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Class%20A%20Common%20Stock) This section discusses risks affecting the trading market, stock price volatility, and corporate governance related to common stock ownership - An active trading market for the company's Class A common stock may not be sustained, potentially leading to difficulty in selling shares and a decline in market price[305](index=305&type=chunk) - Failure to maintain compliance with the listing requirements of the Nasdaq Global Select Market could result in delisting, negatively impacting liquidity and the ability to access capital markets[306](index=306&type=chunk)[307](index=307&type=chunk) - The market price of Class A common stock has been and may continue to be volatile due to factors such as operating results, competitive developments, and general market conditions[308](index=308&type=chunk)[309](index=309&type=chunk) - The multi-class structure of common stock (Class A: 1 vote, Class B: 10 votes) concentrates voting control with certain stockholders, potentially depressing the trading price of Class A common stock and limiting stockholder influence[311](index=311&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk) - Sales of a substantial number of shares of Class A common stock by existing stockholders could cause the price of the stock to decline[315](index=315&type=chunk) - The company has not paid dividends in the past and does not expect to in the future, meaning any return on investment may be limited to the value of the stock[321](index=321&type=chunk) - Exclusive forum provisions in the amended and restated bylaws designate Delaware courts and federal district courts as exclusive forums for certain disputes, potentially limiting stockholders' ability to choose the judicial forum[322](index=322&type=chunk)[323](index=323&type=chunk)[325](index=325&type=chunk) - Delaware law and provisions in the company's organizational documents might discourage, delay, or prevent a change in control or changes in management[326](index=326&type=chunk)[327](index=327&type=chunk) - The ability to use net operating losses (NOLs) to offset future taxable income may be subject to certain limitations (e.g., Section 382 of the Internal Revenue Code, state tax laws), potentially increasing and accelerating tax liability[329](index=329&type=chunk) [General Risks](index=83&type=section&id=General%20Risks) This section covers broad operational risks, including public company costs, ESG matters, and cybersecurity threats - Operating as a public company incurs significant increased costs and demands on management resources for legal, accounting, compliance, and insurance expenses[331](index=331&type=chunk)[332](index=332&type=chunk) - Environmental, social, and governance (ESG) matters are subject to evolving expectations from stakeholders and may expose the company to reputational, cost, and other risks[333](index=333&type=chunk) - The company's facilities and those of its third-party manufacturers are vulnerable to natural disasters, public health crises, and catastrophic events, which could adversely impact research and development, commercialization, and manufacturing[334](index=334&type=chunk)[335](index=335&type=chunk) - Significant disruptions in information technology systems or breaches of data security could adversely affect the business, damage reputation, lead to litigation, and incur significant liability and costs[338](index=338&type=chunk)[339](index=339&type=chunk)[341](index=341&type=chunk) - The company is subject to evolving international and U.S. federal and state laws and regulations (e.g., CCPA, CPRA, HIPAA) imposing obligations on how it collects, stores, and processes personal information, with non-compliance potentially harming business and incurring significant penalties[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk) [Item 2. Unregistered Sales of Equity Securities](index=89&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities) This section confirms that there were no unregistered sales of equity securities during the reporting period and provides details on the company's Class A common stock repurchase activities - There were no unregistered sales of equity securities during the period covered by this report[350](index=350&type=chunk) [Issuer Purchases of Equity Securities](index=89&type=section&id=Issuer%20Purchases%20of%20Equity%20Securities) This section details the company's Class A common stock repurchase activities during the reporting period **Issuer Purchases of Equity Securities (Three Months Ended June 30, 2025)** | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value (in thousands) of Shares that May Yet Be Purchased Under the Plans or Programs | | :----------------- | :----------------------------- | :--------------------------- | :---------------------------------------------------------------- | :---------------------------------------------------------------------------------------------------- | | April 1 - April 30 | 506,139 | $1.83 | 506,139 | $11,653 | | May 1 - May 31 | 3,284,871 | $1.93 | 3,284,871 | $5,314 | | June 1 - June 30 | 83,476 | $1.99 | 83,476 | $5,148 | | **Total** | **3,874,486** | **$1.92** | **3,874,486** | **N/A** | - All shares of common stock repurchased were retired upon repurchase[351](index=351&type=chunk) [Item 3. Defaults Upon Senior Securities](index=89&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company for the reporting period, indicating no defaults upon senior securities - This item is not applicable to the company for the reporting period[352](index=352&type=chunk) [Item 4. Mine Safety Disclosure](index=89&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This item is not applicable to the company for the reporting period, indicating no mine safety disclosures are required - This item is not applicable to the company for the reporting period[353](index=353&type=chunk) [Item 5. Other Information](index=89&type=section&id=Item%205.%20Other%20Information) This section states that no directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the last fiscal quarter - During the last fiscal quarter, no directors or officers adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[354](index=354&type=chunk) [Item 6. Exhibits](index=90&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including various certifications from executive officers and Inline XBRL documents for financial data - The exhibits include certifications from the Principal Executive Officer (31.1, 32.1) and Principal Financial Officer (31.2, 32.2) pursuant to the Securities Exchange Act of 1934 and Sarbanes-Oxley Act of 2002[357](index=357&type=chunk) - Inline XBRL Instance Document, Taxonomy Extension Schema Document, and Cover Page Interactive Data File are included as exhibits[357](index=357&type=chunk) [Signatures](index=91&type=section&id=Signatures) This section contains the official signatures for the Quarterly Report on Form 10-Q, confirming its submission on behalf of SEER, INC. by its Chief Executive Officer and President and Chief Financial Officer - The report was duly signed on August 6, 2025, by Omid Farokhzad, M.D., Chief Executive Officer and Chair of the Board of Directors, and David R. Horn, President and Chief Financial Officer[361](index=361&type=chunk)

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Seer achieved a 32% revenue increase to $4.1 million in Q2 2025, launching new products and securing a major research collaboration Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($) | Q2 2024 ($) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $4.1 million | $3.1 million | +32% | | **Gross Profit** | $2.1 million | $1.7 million | +23% | | **Net Loss** | ($19.4 million) | ($22.9 million) | Improved | | **Cash & Investments** | $263.3 million | N/A | N/A | - Launched the new high-throughput Proteograph ONE assay and SP200 automation instrument, designed to enhance the scalability and efficiency of its proteomics platform[1](index=1&type=chunk)[3](index=3&type=chunk)[7](index=7&type=chunk) - Announced a collaboration with Korea University for a 20,000-sample population-scale proteomics study aimed at developing AI-driven diagnostics for cancers in young adults[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Seer's Q2 2025 revenue increased 32% to $4.1 million, with improved net loss due to effective cost management [Revenue](index=1&type=section&id=Revenue) Q2 2025 total revenue reached $4.1 million, a 32% increase, primarily driven by product and service sales Q2 2025 Revenue Breakdown | Revenue Component | Q2 2025 ($) | | :--- | :--- | | Product Revenue | $2.7 million | | Service Revenue | $1.2 million | | Other Revenue | $0.1 million | | **Total Revenue** | **$4.1 million** | [Profitability and Expenses](index=1&type=section&id=Profitability%20and%20Expenses) Gross profit was $2.1 million with a 52% margin, while operating expenses decreased 21%, improving net loss Profitability and Expense Summary (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($) | Q2 2024 ($) | | :--- | :--- | :--- | | **Gross Profit** | $2.1 million | $1.7 million | | **Gross Margin** | 52% | 56% | | **Operating Expenses** | $22.6 million | $28.8 million | | **Net Loss** | ($19.4 million) | ($22.9 million) | - The **21% decrease in operating expenses** was primarily driven by a significant reduction in stock-based compensation, which fell to **$3.7 million** from **$7.3 million** in the prior year period[5](index=5&type=chunk) [Financial Position](index=1&type=section&id=Financial%20Position) As of June 30, 2025, Seer maintained a strong financial position with approximately $263.3 million in cash and investments - The company's cash, cash equivalents, and investments totaled approximately **$263.3 million** at the end of the second quarter[6](index=6&type=chunk)[7](index=7&type=chunk) [2025 Guidance](index=2&type=section&id=2025%20Guidance) Seer reaffirms its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% growth at the midpoint - The company reiterates its full-year 2025 revenue outlook to be between **$17 million** and **$18 million**[8](index=8&type=chunk) - The midpoint of the guidance represents a **24% growth** over full-year 2024 revenue[8](index=8&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents Seer, Inc.'s unaudited condensed consolidated financial statements, including Statements of Operations and Balance Sheets [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue was $4.1 million with a $19.4 million net loss, while the six-month net loss totaled $39.4 million Condensed Consolidated Statements of Operations (in thousands) | (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | $4,051 | $3,072 | $8,256 | $6,138 | | **Gross profit** | $2,111 | $1,731 | $4,172 | $3,092 | | **Total operating expenses** | $22,641 | $28,827 | $45,433 | $55,380 | | **Loss from operations** | ($20,530) | ($27,096) | ($41,261) | ($52,288) | | **Net loss** | ($19,424) | ($22,850) | ($39,372) | ($43,529) | | **Net loss per share** | ($0.33) | ($0.35) | ($0.67) | ($0.67) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $322.5 million, with total liabilities at $34.2 million and stockholders' equity at $288.3 million Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $37,931 | $40,753 | | **Short-term investments** | $171,895 | $195,657 | | **Total current assets** | $225,638 | $253,323 | | **Total assets** | $322,487 | $366,597 | | **Total current liabilities** | $11,785 | $15,328 | | **Total liabilities** | $34,195 | $39,028 | | **Total stockholders' equity** | $288,292 | $327,569 |