Seer(US:SEER)2025-11-06 21:31Revenue 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]