UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 82-1153150 (I.R.S. Employer Identification Number) FORM 10-Q (Mark one) or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ___ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39747 SEER, INC. (Exact name of Registrant as specified in its charter) (State or other juri ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $62,000, a decrease from $177,000 in Q1 2020, attributed to less activity related to NIH grants [23] - Total operating expenses for Q1 2021 were $16.6 million, compared to $6 million in Q1 2020 [23] - Net loss for Q1 2021 was $16.4 million, up from $5.5 million in Q1 2020 [24] - Cash, cash equivalents, and investments at the end of Q1 2021 totaled approximately $531 million, including about $103 million from a follow-on offering [24] Business Line Data and Key Metrics Changes - Research and development expenses for Q1 2021 were $6.2 million, an increase from $4.2 million in Q1 2020, driven by product development efforts for the Proteograph Product Suite [24] - Selling, general, and administrative expenses for Q1 2021 were $10.3 million, compared to $1.8 million in Q1 2020, primarily due to increased employee compensation costs [24] Market Data and Key Metrics Changes - Demand for the Proteograph Product Suite is exceptionally strong, with expectations to ramp up marketing activities and scale the commercial organization [7] - The company aims to have a high single-digit number of limited release customers before commencing broad release [8] Company Strategy and Development Direction - The company is focused on four strategic areas: innovation in proteomics, leveraging unique capabilities, exceptional customer experience, and forming strategic relationships [6] - The goal is to create an ecosystem around the technology and its broad use in proteomics and proteogenomics [9] - The company is expanding its footprint to support growth, doubling its Redwood City office space to 50,000 square feet [11] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the potential of unbiased deep proteomics at scale to transform biological insights and improve human health [27] - The company is committed to a phased commercialization approach to ensure long-term success [17] - Management noted that the early data from collaboration customers is promising and supports the unique value of the Proteograph Product Suite [15] Other Important Information - The company has welcomed new leadership, including a Vice President for operations and quality, to strengthen its team [10] - The Proteograph Product Suite is designed to integrate easily into existing workflows, enabling labs to conduct studies without trade-offs [12] Q&A Session Summary Question: Key learnings from collaboration customers - Management noted that installations have gone smoothly, with decreasing installation times as experience grows [31][32] Question: Update on limited release customers and centers of excellence - The company aims for high single-digit limited release sites, with significant demand noted [34] Question: Operating expenses guidance - Management refrained from providing specific guidance on operating expenses but acknowledged significant investment opportunities [35] Question: Interest in proteomics funding - Management indicated it is too early to assess the impact of new proteomic companies going public on funding [38] Question: Coverage of plasma proteome by nanoparticle sets - Management confirmed that the current nanoparticle set is enabling deep and broad access to the proteome, with plans for future product enhancements [40][42] Question: Scaling customer studies and cost per sample - Management expects customers to scale studies over a few quarters, with no concerns raised about the cost per sample in current discussions [46][47]

Financial Data and Key Metrics Changes - Total revenue for Q4 2020 was $336,000, up from $58,000 in Q4 2019, and total revenue for the year was $656,000 compared to $116,000 in 2019, driven by a Small Business Innovation Research grant and a research collaboration study [49] - Total operating expenses for Q4 2020 were $13.4 million, compared to $5.5 million in Q4 2019, and total operating expenses for 2020 were $34.3 million, up from $17 million in 2019 [50] - Net loss for Q4 2020 was $12.9 million, compared to $5.1 million in Q4 2019, and net loss for the full year was $32.8 million compared to $16 million in 2019 [52] Business Line Data and Key Metrics Changes - Revenue has been generated solely from grant-funded activities and research collaborations, with no revenue from product sales to date [49] - Research and development expenses for Q4 2020 were $5.4 million, compared to $3.8 million in Q4 2019, reflecting increased product development efforts related to the Proteograph Product Suite [50][51] Market Data and Key Metrics Changes - The company has begun commercialization of the Proteograph Product Suite, with initial installations at collaboration sites such as Oregon Health & Science University and the Broad Institute [26][35] - The Proteograph Product Suite is positioned to address a long-standing unmet need for efficient, deep unbiased proteomics at scale, with a focus on expanding access to various labs [15][16] Company Strategy and Development Direction - The company aims to set the pace for innovation in the proteomics space, leveraging unique capabilities to catalyze large-scale proteogenomic studies and enhance customer experience [12][18] - Strategic relationships with key customers and partners are being formed to create a rich ecosystem around the Proteograph Product Suite [12][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential impact of broad-scale access to proteomics on human health and the scientific community [10][21] - The company anticipates recognizing product revenue from commercial activities beginning in Q2 2021, with continued investment in sales and marketing [53] Other Important Information - The company raised approximately $314 million in net proceeds from its IPO and an additional $103 million from a follow-on offering in February 2021, ending 2020 with approximately $432 million in cash and investments [52][29] - The company has added several key hires to its management team to support growth and innovation [30][31] Q&A Session Summary Question: Can you discuss the roadmap for building out the library of nanoparticles? - The company is focused on increasing the number of distinct nanoparticles and is market-driven in its approach to developing new panels based on customer demand [60] Question: What traction has been seen with additional clinical partners? - The company expects to maintain a two-to-one ratio of commercial to academic customers and is experiencing broad interest from various diagnostic and therapeutic companies [61][62] Question: How significant are the partnerships with mass spec providers? - Partnerships with leading mass spec providers are crucial for enabling customers to adopt unbiased and deep proteomics, enhancing the overall customer experience [66][68] Question: How does the influx of capital into the proteomics space affect the company? - The company views the increased activity in the proteomics market as validation of the opportunity and believes its unique offering positions it well against targeted approaches [69][70] Question: What is the experience with Discovery Life Sciences? - The collaboration with Discovery Life Sciences is seen as a significant opportunity to incorporate proteomics into their multi-omics offerings, with ongoing discussions about future studies [77][79] Question: What is the timeline for broad commercial release? - The company aims to execute its commercialization phases successfully, with no expected changes to the timeline for broad release [80] Question: Can you provide insight into the installed base ramp? - The company anticipates a high single-digit number of customers in the limited release phase, aligning with its phased commercialization strategy [83] Question: What progress has been made on sample and book requirements? - The company is exploring various biological matrices and is focused on market feedback to guide future product iterations [85]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number _______________ SEER, INC. (Exact name of Registrant as specified in its charter) (State or other jur ...