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]

Core Insights - Seer, Inc. reported a 32% year-over-year revenue growth, reaching $4.1 million for Q2 2025, driven by increased product sales and service revenue [4][6] - The company launched the high-throughput Proteograph ONE assay and SP200 automation instrument, enhancing scalability and efficiency [3][9] - Seer aims to transform deep, unbiased proteomics, with its technology now supporting multiple population-scale studies [3] Financial Performance - Revenue for Q2 2025 was $4.1 million, up from $3.1 million in Q2 2024, with product revenue at $2.7 million and service revenue at $1.2 million [4][6] - Gross profit was $2.1 million, resulting in a gross margin of 52% for the quarter [5] - Operating expenses decreased by 21% to $22.6 million, primarily due to a reduction in stock-based compensation [5] Net Loss and Cash Position - The net loss for Q2 2025 was $19.4 million, an improvement from a net loss of $22.9 million in the same period last year [6] - As of June 30, 2025, the company had approximately $263.3 million in cash, cash equivalents, and investments [6][9] Future Guidance - Seer expects full-year 2025 revenue to be between $17 million and $18 million, indicating a 24% growth at the midpoint compared to 2024 [7] Recent Developments - The company announced a collaboration with Korea University for a 20,000-sample population-scale proteomics study using the Proteograph ONE assay [9] - Seer has accelerated third-party validation through impactful data presentations and publications from key opinion leaders at recent conferences [9]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $591,000, significantly below expectations, primarily due to a near halt in capital sales of new instruments [7][24] - Gross profit was $351,000, resulting in a gross margin of 59% for the quarter [24] - For the six months ended June 30, 2025, total revenue was $1,400,000, with a gross profit of $837,000 and a gross margin of 58% [25] Business Line Data and Key Metrics Changes - Capital sales of new instruments were the main driver for the revenue decline, while consumable purchases slightly exceeded expectations [7][8] - The installed base of customers is approximately 65% outside the U.S. and 35% within the U.S., encompassing various customer types including academic, industrial, and government research labs [35] Market Data and Key Metrics Changes - The U.S. academic labs experienced a significant slowdown in capital purchases due to NIH funding uncertainties [7][29] - Despite capital market headwinds, consumable purchasing remained consistent across market segments, with government and pharma/biotech accounts showing stable demand [68] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [6][21] - New instrument acquisition options have been launched to address capital sales headwinds, allowing customers to purchase consumables without upfront capital investment [10][11] - The company remains confident in the long-term market opportunity in proteomics and is focused on growing its installed customer base [11][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of NIH funding uncertainties on capital sales and expressed optimism about the potential for growth through new acquisition models [29][30] - The company anticipates that the new models will help capture consumable revenue and improve overall financial performance in the long term [29][70] Other Important Information - The company reported total operating expenses of $30,500,000 for Q2 2025, an increase from $26,800,000 in Q2 2024, while adjusted operating expenses were $23,800,000, slightly down from $24,400,000 [26] - The company ended the quarter with $214,200,000 in cash, cash equivalents, and investments in marketable securities, providing a strong financial position [27][32] Q&A Session Summary Question: How much of the $591,000 revenue is overseas and in pharma/biotech? - The company does not break out revenue by specific segments but noted that 65% of its installed base is outside the U.S. and 35% is within [35] Question: Is $500,000 to $600,000 the bottom for revenue? - Management expressed optimism that this is the bottom and expects gradual improvement, though not instant [36][38] Question: What does a typical placement look like under the new model? - The company offers several models, including capital purchases, reagent rentals, and short-term placements based on consumable revenue potential [40] Question: Are there any trends in leads with the new acquisition opportunities? - Initial data suggests that customers who were previously interested but constrained by capital are now engaging with the new options [46][49] Question: Will Proteus be offered through new models? - Currently, there are no plans to offer Proteus through alternative models; the focus remains on capital sales [61] Question: How is consumable purchasing trending? - Consumable revenue was slightly ahead of expectations, with consistent purchasing across market segments despite capital sales challenges [68] Question: Are the new kits suitable for specific end markets? - The new kits are designed to meet the needs of pharma/biotech customers and are expected to enhance penetration in that segment [72] Question: Is the company considering partnerships or acquisitions given its cash position? - While the company is open to exploring opportunities, the primary focus remains on executing its core technology and business [80][81] Question: If revenue remains soft, where would cuts be made? - The company does not anticipate cuts in the commercial team but will remain targeted in its approach to R&D and operational expenses [85][90]

Company Participation - Seer, Inc. will participate in the Canaccord Genuity 45 Annual Growth Conference in Boston, MA [1] - The management is scheduled for a fireside chat on August 13 at 9:00 a.m. Eastern Time [2] Company Overview - Seer, Inc. is a pioneer in deep, unbiased proteomics, providing insights with unprecedented scale, speed, precision, and reproducibility [3] - The Proteograph Product Suite integrates proprietary engineered nanoparticles, streamlined automation, optimized consumables, and advanced analytical software [3] - Seer's technology addresses challenges faced by traditional proteomic methods, which often struggle with inconsistent data and limited throughput [3]

Company Overview - Seer, Inc. is a pioneer in deep, unbiased proteomic insights, setting a standard in the field with its innovative technologies [3] - The company offers the Proteograph Product Suite, which integrates engineered nanoparticles, automation instrumentation, consumables, and analytical software to address challenges in traditional proteomics [3] Upcoming Financial Results - Seer, Inc. will report its financial results for the second quarter of 2025 on August 6, 2025 [1] - A conference call will be webcast starting at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time [1] Webcast Information - Live audio of the webcast will be accessible on the Investor section of Seer's website [2] - An archived replay of the event will be available on the company's website after the live event [2]

Nautilus Biotechnology (NAUT) FY Conference Summary Industry Overview - The proteomics market is projected to grow to **$55 billion by 2027** with significant spending in discovery proteomics, which is relevant for Nautilus [4][5][6] Company Positioning - Nautilus aims to democratize access to proteomics by developing a new instrument capable of comprehensively measuring the proteome from any sample, from any organism [7][8] - The platform is designed to measure **95% of proteins** in a sample, significantly higher than current methods which only detect **8% to 30%** [8][11] Technology Differentiation - Nautilus' technology allows for the measurement of single molecule, intact proteins across a chip with **10 billion analytes**, enhancing scale and sensitivity for drug development [8][22] - The platform can address challenges in drug development by identifying rare differences between healthy and sick cells, and measuring drug response and toxicity [10][11] Commercial Launch Delay - The commercial launch has been delayed to **late 2026** due to challenges in developing multi-affinity reagents and ensuring the robustness of the assay [12][16] - The company is refining its technology to better align with existing probe candidates, which has resulted in a higher fallout rate than anticipated [15][16] Applications and Use Cases - The platform has two modes: broad scale application for comprehensive proteome analysis and targeted application for specific proteins of interest [17][18] - Initial focus is on the tau protein related to Alzheimer's disease, with plans to expand into immunology, cardiology, and oncology [26][27] Early Access Partnerships - Nautilus plans to introduce its targeted assay to researchers in **2025** to validate the technology and demonstrate its capabilities [23][24] - Revenue from these partnerships is not expected in 2025, as the focus is on technology validation rather than immediate financial returns [23][24] Market Strategy and Pricing - The initial instrument package is estimated to be priced around **$1 million**, with consumables priced at a few thousand dollars per sample [36][37] - The company aims to penetrate the mass spectrometry market, which typically ranges from **$1 million to $2 million** for high-end instruments [36][38] Financial Health and Investment Strategy - Nautilus raised **$345 million** during its IPO and has a cash balance of **$193 million**, providing a runway through **2027** [52] - The company is focused on efficient cash use and plans to layer in commercial resources as it approaches its launch timeline [54][55] Data Generation and Bioinformatics - The platform is expected to generate vast amounts of data, necessitating bioinformatics tools for data interpretation [50][51] - The company is considering partnerships to enhance data generation and publication opportunities [43] Key Takeaways for Investors - Nautilus is positioned to unlock new discoveries in proteomics with its unique technology, which offers capabilities not available with existing methods [60] - Investors should monitor the progress of the assay reconfiguration and initial data releases leading up to the commercial launch [28][59]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $4.2 million, a 37% increase from $3.1 million in Q1 2024, primarily driven by higher instrument consumable and service revenue [23] - Gross profit for Q1 2025 was $2.1 million, representing a gross margin of 49%, compared to $1.4 million and 44% in Q1 2024 [26] - Net loss for Q1 2025 was $19.9 million, compared to $20.7 million in Q1 2024 [28] - Free cash flow loss was approximately $12.1 million for Q1 2025, with expectations of a full-year loss in the range of $40 million to $45 million [28][29] Business Line Data and Key Metrics Changes - Product revenue for Q1 2025 was $2.9 million, including $5,000 from related party revenue, consisting of sales of proteograph instruments and consumable kits [23] - Service revenue for Q1 2025 was $1.2 million, including $47,000 from related party revenue, primarily from STACK service projects [25] - Other revenue was $60,000 for Q1 2025, consisting of lease and shipping revenue [26] Market Data and Key Metrics Changes - Approximately 30% of total revenue comes from academic and government entities, with expectations of weakening in these segments for 2025 [31][44] - The company has seen a stabilization in revenue and instrument placement between academic, government, and biopharma sectors in Q1 2025 [44] Company Strategy and Development Direction - The company aims to focus on four key growth drivers in 2025: expanding the user base, driving larger cohort studies, continuing product innovation, and enabling customers to generate actionable biological insights [35] - The company is making concentrated investments in R&D to execute its product roadmap while continuing its share repurchase program [9][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision despite near-term macroeconomic volatility, including tariffs and government funding challenges [6][8] - The company reiterated its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint [8][30] - Management acknowledged potential impacts from tariffs and government funding uncertainties but remains optimistic about the demand for proteomics technology [31][32] Other Important Information - The company ended Q1 2025 with approximately $285 million in cash, cash equivalents, and investments, which is seen as a key differentiator in the current environment [9][29] - The company has initiated a Strategic Instrument Placement Program (SIPP) to help customers with capital constraints, allowing them to access instruments through upfront purchases of consumable kits [18] Q&A Session Summary Question: Can you walk us through the magnitude of the Discovery Life Sciences project? - Management confirmed it is a significant 10,000 sample study aimed at understanding potential biomarker signatures, expected to take 12 to 18 months [37][38] Question: What are the updated expectations for U.S. academic and government customers? - Management indicated that academic and government revenue is expected to decline, but Q1 showed stabilization in revenue and instrument placements [44][46]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $4.2 million, a 37% increase from $3.1 million in Q1 2024, primarily driven by higher instrument consumable and service revenue [23] - Gross profit for Q1 2025 was $2.1 million, representing a gross margin of 49%, compared to $1.4 million and 44% in Q1 2024 [25] - Net loss for Q1 2025 was $19.9 million, compared to $20.7 million in Q1 2024 [27] - Free cash flow loss was approximately $12.1 million for Q1 2025, with expectations of a full-year loss in the range of $40 million to $45 million [27][28] Business Line Data and Key Metrics Changes - Product revenue for Q1 2025 was $2.9 million, including $5,000 from related party revenue, consisting of sales of proteograph instruments and consumable kits [23] - Service revenue for Q1 2025 was $1.2 million, primarily from STACK service projects, indicating strong customer interest [24] - Other revenue was $60,000 for Q1 2025, consisting of lease and shipping revenue [25] Market Data and Key Metrics Changes - Approximately 30% of total revenue comes from academic and government entities, with expectations of weakening in these segments for 2025 [30][42] - The company has not seen direct effects on its supply chain from recent tariffs, as key suppliers manufacture products in the U.S. [31] Company Strategy and Development Direction - The company aims to focus on four key growth drivers in 2025: expanding the user base, driving larger cohort studies, continuing product innovation, and enabling customers to generate actionable biological insights [34] - The partnership with Thermo Fisher Scientific to co-market the Proteograph product suite alongside their Orbitrap Astro Mass Spectrometer is expected to enhance commercial reach [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision despite near-term macroeconomic volatility, including tariffs and government funding challenges [6][7] - The company reiterated its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint [7][29] - Management noted that while there is cautious optimism, the macroeconomic environment remains uncertain, particularly regarding NIH funding and potential tariffs affecting customers [30][45] Other Important Information - The company ended Q1 2025 with approximately $285 million in cash, cash equivalents, and investments, which is seen as a key differentiator in the current environment [8][28] - The company continues its share repurchase program, believing there is a significant dislocation between its core value proposition and stock price [8][27] Q&A Session Summary Question: Can you walk us through the magnitude of the Discovery Life Sciences project? - The project involves a 10,000 sample study aimed at understanding potential biomarker signatures, expected to take 12 to 18 months [36][38] Question: What are the updated expectations for U.S. academic and government customers? - Academic and government customers represent about 30% of revenue, with expectations of weakening in 2025, but Q1 showed stability in revenue and instrument placement [42][44]

Core Insights - Seer, Inc. reported a revenue growth of 37% in Q1 2025, reaching $4.2 million compared to $3.1 million in the same period last year, driven by increased product sales and service revenue [4][6] - The company shipped as many Proteograph instruments in Q1 2025 as it did in all of 2024, indicating strong momentum in product demand [3][9] - Seer expects full-year 2025 revenue to be between $17 million and $18 million, representing a 24% growth at the midpoint compared to 2024 [7] Financial Performance - Product revenue for Q1 2025 was $2.9 million, while service revenue was $1.2 million, contributing to the overall revenue increase [4][13] - Gross profit for the quarter was $2.1 million, with a gross margin of 49% [5][13] - Operating expenses decreased by 14% to $22.8 million, primarily due to lower stock-based compensation and laboratory expenses [5][13] Net Loss and Cash Position - The net loss for Q1 2025 was $19.9 million, slightly improved from a net loss of $20.7 million in the same period last year [6][14] - As of March 31, 2025, the company had approximately $285 million in cash, cash equivalents, and investments [6][9] Strategic Developments - Seer secured a significant contract with a new customer for a 10,000-sample study in collaboration with Discovery Life Sciences [9] - The company is accelerating third-party validation of its platform through an increasing number of customer publications and webinars [9] Market Context - The CEO highlighted the ongoing macroeconomic headwinds affecting the life sciences industry but maintained a long-term vision for the company [3]