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 - Illumina Protein Prep is revolutionizing proteomics by providing the broadest coverage of the blood proteome at the lowest cost per protein target, processing over 40,000 samples globally [1][2] - The solution enhances genomic studies with exceptional specificity, sensitivity, and precision, facilitating breakthroughs in various diseases [2][3] - Collaborations with institutions like Genomics England and PRECISE-SG100K are demonstrating the potential of proteomics in advancing research and clinical applications [6][9] Group 1: Product Launch and Impact - Illumina Protein Prep launched globally in September, enabling researchers to process a significant number of samples and generate comprehensive omic data [1] - The Sydney Mass Spectrometry facility is the first in the Asia Pacific region to adopt this technology, successfully conducting experiments that revealed significant biological insights [4][5] - The solution serves as an alternative or complement to mass spectrometry, enhancing researchers' ability to derive transformative insights [3] Group 2: Research Collaborations and Findings - Genomics England's use of Illumina Protein Prep in its 100,000 Genomes Project resulted in a 7.5% increase in disease classification when integrating genomics and proteomics [6] - The PRECISE-SG100K study aims to analyze 10,000 plasma samples to develop a standardized dataset for therapeutic target interrogation [9][10] - These studies highlight the importance of proteomics in understanding disease mechanisms, particularly in underrepresented populations [8] Group 3: Future Directions and Innovations - Illumina is committed to advancing proteomics through AI-driven infrastructure, integrating secondary and tertiary analysis in a single workflow [2] - The company plans to benchmark existing clinical mass spectrometry studies with Illumina Protein Prep to further validate its capabilities [5] - Ongoing collaborations and studies are expected to enhance the quality and depth of insights into genetic variants and protein expression, contributing to drug discovery [8]

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]

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]

Core Insights - Nautilus Biotechnology, Inc. reported financial results for Q3 2025, highlighting progress towards commercialization of its proteome analysis platform by late 2026 [1][3]. Financial Performance - Operating expenses for Q3 2025 were $15.5 million, a 19% decrease from $19.1 million in Q3 2024, attributed to operational efficiencies and reduced development costs [4]. - The net loss for Q3 2025 was $13.6 million, improved from a net loss of $16.4 million in the same period last year [4]. - As of September 30, 2025, cash, cash equivalents, and investments totaled $168.5 million [5]. Business Developments - The company is focused on launching an early access program for Tau proteoforms in the first half of 2026, which is a critical step towards full commercial availability [3][9]. - Continued progress was made in processing Tau proteoform samples, supporting product validation and increasing publications [9]. - Development of a new broadscale assay format is underway, aimed at supporting the commercial launch planned for late 2026 [9].

Core Insights - Seer, Inc. will report its financial results for Q3 2025 on November 6, 2025, with a conference call scheduled for 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time [1] Company Overview - Seer, Inc. is a leader in deep, unbiased proteomics, providing insights that are scalable, fast, precise, and reproducible, which are not achievable by traditional proteomic methods [3] - The company's Proteograph Product Suite integrates proprietary engineered nanoparticles, streamlined automation, optimized consumables, and advanced analytical software to address challenges faced by conventional proteomic technologies [3] - Seer's products are intended for research use only and are not designed for diagnostic procedures [3]

Core Insights - Seer, Inc. is participating in the ASHG 2025 Annual Meeting, highlighting the importance of proteomics in complementing genomics for understanding disease biology and advancing precision medicine [1][5] - The Proteograph Product Suite is showcased as a transformative tool in multi-omic approaches, enabling researchers to derive clinical insights from genomic data [2][4] Company Overview - Seer, Inc. sets a high standard in deep, unbiased proteomics, offering insights that are scalable, precise, and reproducible, which traditional methods have struggled to achieve [6][8] - The company integrates engineered nanoparticles, automation instrumentation, consumables, and analytical software to address challenges faced by conventional proteomic technologies [6][8] Scientific Contributions - Multiple independent research groups will present findings using Seer's Proteograph platform, indicating its growing adoption in academic and clinical settings [4] - Presentations will cover topics such as immune dynamics in xenotransplantation and isoform-specific biomarkers in idiopathic pulmonary fibrosis, showcasing the platform's ability to enhance disease discovery [6][7] Event Details - A featured CoLab session titled "Advancing Precision Medicine Through Multi-Omics" will take place on October 16, 2025, emphasizing the impact of Seer's technology on translational genomics [2] - Additional presentations will include topics on proteogenomic prioritization and high-confidence protein targets, further illustrating the breadth of research enabled by Seer's platform [7]

Core Viewpoint - Nautilus Biotechnology, Inc. is set to report its financial results for Q3 2025 on October 28, 2025, before market opening [1]. Company Overview - Nautilus Biotechnology is a development stage life sciences company headquartered in Seattle, Washington, with R&D operations in San Carlos, California [3]. - The company focuses on creating a platform technology aimed at quantifying and understanding the complexity of the proteome, with a mission to democratize access to proteomics and advance human health and medicine [3]. Upcoming Events - The management will host a conference call on October 28, 2025, at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss the financial results, business developments, and future outlook [2]. - The live audio of the conference call will be accessible on the "Investors" section of the company website [2].

Core Viewpoint - Biotech stocks are experiencing renewed momentum, with small-cap companies like Nautilus Biotechnology, PepGen, Lixte, RenovoRx, Genelux, and VolitionRx attracting investor interest through various catalysts such as insider buying, strategic partnerships, and clinical trial progress Group 1: Nautilus Biotechnology (NAUT) - Nautilus Biotechnology's stock surged 5.52% during regular trading, closing at $0.7070, and rose an additional 7.5% in after-hours trading to $0.76, with trading volume nearly double its average at 647,399 shares [2] - Recent insider buying by CEO Sujal M. Patel, who purchased 83,500 shares on September 8 and 116,500 shares on September 5, totaling over $135,000, indicates strong leadership confidence [3] - The company reported a narrower loss of $0.12 per share in Q2 2025, with an 18% drop in operating expenses, and has $179.5 million in cash, providing a financial runway through 2027 [4] Group 2: PepGen Inc. (PEPG) - PepGen's stock rebounded 7.14% in after-hours trading to $1.50 after a regular session close of $1.40, with trading volume more than double its average at 638,576 shares [4] - The company completed dosing for its 15 mg/kg arm of the FREEDOM trial, with topline data expected in early Q4 2025, following a strategic narrowing of its pipeline [5] Group 3: Lixte Biotechnology Holdings Inc. (LIXT) - Lixte's stock rose 5.85% in after-hours trading to $5.25 after closing at $4.96, with a trading volume of 503,604 shares, notable given recent volatility [5] - The company announced a $2.6 million purchase of Bitcoin and Ethereum to diversify its treasury holdings, reflecting a strategic shift in financial strategy [6] Group 4: RenovoRx Inc. (RNXT) - RenovoRx shares increased 4.22% in after-hours trading to $1.2194 after a regular session close of $1.17, with trading volume significantly above its average at 886,119 shares [6] - The company received a positive recommendation to continue its Phase III TIGeR-PaC trial for pancreatic cancer, reinforcing confidence in its lead therapy platform [7] Group 5: Genelux Corp. (GNLX) - Genelux's stock rose 4.11% in after-hours trading to $3.80 after closing at $3.65, with trading volume relatively light at 60,339 shares [8] - The recent activity follows Genelux's participation in the H.C. Wainwright Global Investment Conference [9] Group 6: VolitionRx Ltd. (VNRX) - VolitionRx's stock increased 4.27% in after-hours trading to $0.6474 after closing at $0.6209, with trading volume slightly below its average at 183,777 shares [10] - The company announced a Research License and Exclusive Commercial Option Rights Agreement with Werfen's Immunoassay Technology Center, focusing on advancing its Nu.Q NETs assay for Antiphospholipid Syndrome [10]

Summary of Sera Prognostics Conference Call Company Overview - **Company**: Sera Prognostics - **Industry**: Healthcare, specifically focused on pregnancy and preterm birth risk assessment - **Product**: PreTRM Test, a clinically validated test for screening risks of spontaneous premature birth [2][3][4] Key Points and Arguments Challenges in Preterm Birth - **Prevalence**: 1 in 10 babies are born prematurely, defined as birth before 37 weeks of gestation [2][3] - **Trends**: Preterm birth rates in the U.S. have increased from 9.4% in 2013 to 10.4% in 2023, indicating a double-digit compound growth rate [5] - **Healthcare Costs**: Prematurity costs the U.S. healthcare system approximately $25 billion annually [4] - **NICU Costs**: Average NICU stay costs around $4,500 per day, with extremely premature babies costing up to $20,000 per day [6] PreTRM Test Overview - **Unique Selling Proposition**: The PreTRM Test is the only clinically validated test for early prediction of premature birth, utilizing proteomics to measure biomarkers [10][15] - **Biomarkers**: The test measures the ratio of IGFBP4 and SHBG proteins to assess risk for spontaneous preterm birth [10][11] - **Timing**: The test is conducted during weeks 18 to 20 of pregnancy, integrating into standard care [11] Clinical Validation and Efficacy - **Clinical Studies**: The PreTRM Test has been validated through studies like AVERT and PRIME, showing significant reductions in NICU admissions and improved neonatal health outcomes [16][19] - **Efficiency**: The number needed to screen to avoid one NICU admission is 40, compared to 150 for traditional methods [17] - **Cost Savings**: Only four women need to be screened to avoid one NICU day stay [20] Commercialization Strategy - **Funding**: Sera Prognostics is well-funded with approximately $110 million in cash and a $30 million annual operating budget [4] - **Targeted States**: The company is focusing on six key states for commercialization, with a sales force and access team to ensure reimbursement and awareness [21][22] - **Partnerships**: Collaborations with payers and digital education channels to increase awareness among clinicians and expectant mothers [23][25] Future Outlook - **Guideline Inclusion**: Aiming for inclusion in clinical guidelines and payer coverage based on clinical evidence [21] - **Health Economic Model**: The breakeven for deploying the test could be achieved within a year, presenting data at the ISPOR Europe Conference [24] - **Community Impact**: The goal is to empower mothers and educate providers to improve health outcomes for babies [25] Additional Important Information - **Healthcare System Impact**: The implications of preterm birth extend beyond immediate healthcare costs, affecting long-term health and economic outcomes for families [6][7] - **Awareness Gap**: Only 20% of expectant mothers are informed about the risks of preterm birth during their first appointment [9] - **Technological Investment**: Sera Prognostics is investing in AI and machine learning to enhance predictive algorithms for the PreTRM Test [13][14] This summary encapsulates the critical insights from the conference call, highlighting the challenges, solutions, and strategic direction of Sera Prognostics in addressing preterm birth risks.