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 - Seer, Inc. is showcasing new data at the HUPO World Congress 2025, highlighting the transformative impact of deep, scalable proteomics on human disease research [1][2] - The company's Proteograph Product Suite is facilitating research in cardiovascular, oncology, and aging biology, enabling scientists to translate complex biological signatures into actionable insights [1][3] Company Highlights - Seer's participation at HUPO 2025 includes over a dozen scientific presentations, with significant contributions such as two invited talks and sixteen posters, demonstrating the growing adoption of the Proteograph platform [2] - The CEO of Seer emphasized that proteomics has evolved to a new level of scalability and relevance, bridging molecular insights to clinical applications [3] Research Focus - The Seer Breakfast Symposium will feature discussions on cardiac dysfunction and aging-related decline, showcasing the use of deep proteomics to identify clinically relevant biomarkers [4] - Presentations will cover various studies, including deep plasma proteomics revealing disease mechanisms and biomarkers for cardiovascular failure and aging [4][5] Scientific Contributions - Multiple scientific presentations will highlight the capabilities of Seer's technology, including high-throughput plasma proteome profiling and insights into biomarkers predictive of readmission risk in heart failure [5][6][7] - The studies presented will also explore glycoproteomics, cancer cohort biomarker discovery, and extracellular vesicle biology, showcasing the breadth of Seer's impact across different research areas [6][8][9] Technological Advancements - Seer's Proteograph platform integrates engineered nanoparticles, automation, and advanced analytical software, addressing challenges faced by traditional proteomic methods [13] - The platform is noted for its ability to deliver insights with unprecedented scale, speed, precision, and reproducibility, setting a new standard in the field of proteomics [13]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $4.1 million, representing a 2% increase compared to $4 million in Q3 2024, primarily due to higher product and service revenue [22][24] - Gross profit for Q3 2025 was $2.1 million, with a gross margin of 51%, compared to $1.9 million and 48% in Q3 2024 [24] - Net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in Q3 2024 [25] - The company ended the quarter with approximately $251 million in cash, cash equivalents, and investments, sufficient to reach cash flow breakeven [27] Business Line Data and Key Metrics Changes - Product revenue for Q3 2025 was $2.8 million, consisting of sales of Proteograph instruments and consumable kits [23] - Service revenue was $1.2 million for Q3 2025, including $300,000 of related party revenue, primarily from STACC service projects [23] - More than two-thirds of instrument shipments in Q3 were acquired by customers who had previously accessed STACC, indicating strong customer interest [24][19] Market Data and Key Metrics Changes - The company shipped just under three times as many instruments in the first nine months of 2025 compared to all of 2024, reflecting strong demand for the Proteograph [5][18] - The company continues to face headwinds from budget constraints and uncertainty around government funding, particularly related to NIH [28][39] Company Strategy and Development Direction - The company is focused on advancing the reach and impact of the Proteograph platform, with a strong emphasis on product innovation and enabling large cohort studies [4][6] - The Proteograph One assay represents a significant advancement, allowing for over 1,000 samples per week and improving precision [8] - The company is actively pursuing partnerships, such as with Thermo Fisher Scientific, to enhance market presence and drive adoption of the Proteograph [20][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value proposition of the Proteograph despite challenges from government shutdowns and funding uncertainties [5][14] - The company anticipates full-year revenue to be in the range of $17-$18 million for 2025, representing growth of 24% at the midpoint over 2024 [28] - Management highlighted the increasing momentum in customer publications and large-scale studies, indicating a positive trend for future growth [29][38] Other Important Information - The company has repurchased approximately $22 million of Class A common shares, reducing net total shares outstanding by approximately 14% [5][26] - The 2025 Seer Insights Grant Program received 88 applications, more than double from the previous year, indicating strong interest in proteomics research [21] Q&A Session Summary Question: Update on the partnership with Thermo Fisher Scientific - The partnership is progressing well, with two joint opportunities closed in the quarter and a pipeline of opportunities being pursued [31][32] Question: Potential for more large-scale studies in the future - The introduction of the Proteograph Product Suite has enabled large-scale studies that were previously not feasible, with ongoing discussions for even larger studies [34][35] Question: Trends among academic customers and spending outlook - Despite challenges from government shutdowns, there is increasing interest from academic customers, with 40% of revenue year-to-date coming from academic and government customers [39][40]

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]

Nautilus Biotechnology Conference Call Summary Company Overview - **Company**: Nautilus Biotechnology, Inc. (NasdaqGS: NAUT) - **Focus**: Revolutionizing biomedicine through proteomics, specifically targeting drug development and diagnostics Key Industry Insights - **Pharmaceutical R&D Spending**: Global pharmaceutical companies spend approximately $300 billion annually on research and development, with a staggering 90% of drug programs failing [3][4] - **Proteome Importance**: Proteins, which constitute the proteome, are critical for understanding disease mechanisms and developing effective drugs. 95% of FDA-approved drugs target proteins [4][5] - **Alzheimer's Disease (AD)**: Over 7 million people in the U.S. are affected by AD, with no effective treatments available. The economic impact of AD is projected to exceed $1 trillion by 2050 [5][6] Core Technology and Innovations - **Current Proteomics Limitations**: Existing technologies, such as mass spectrometry, provide limited coverage and are inefficient in measuring proteins, often quantifying only about 10% of proteins in a sample [13][14] - **Iterative Mapping Approach**: Nautilus Biotechnology employs a novel method called iterative mapping, which allows for precise identification of proteins through multiple small measurements, significantly improving data quality and completeness [18][20] - **Hyperdense Single-Molecule Array**: The company has developed a unique technology to immobilize billions of protein molecules for analysis, enabling comprehensive proteomic studies [21] Applications and Market Strategy - **Broad-Scale Proteomics**: The primary application of Nautilus's technology, allowing for extensive analysis of protein samples [23] - **Targeted Proteoform Analysis**: Focused on specific proteins, such as Tau, to understand minute molecular differences and their implications in diseases like Alzheimer's [24][25] - **Market Potential**: The proteomics market is expected to reach $57 billion by 2030, with Nautilus targeting academic institutions and pharmaceutical organizations for initial market entry [30] Financial Overview - **Funding and Financial Health**: Nautilus raised $345 million during its IPO, with approximately $180 million remaining, expected to last through 2027 [33] - **Business Model**: Anticipated launch of the platform in late 2026, with an initial pricing of around $1 million for the platform and a few thousand dollars per sample for consumables [31][32] Management and Team - **Leadership**: The team includes experienced professionals from both the tech and biochemistry fields, with a strong focus on executing the company's vision [27][28] Collaborations and Future Outlook - **Collaboration with Allen Institute**: A pilot project to analyze brain samples affected by neurodegenerative disorders, aiming to demonstrate the technology's capabilities and secure larger agreements [40][41] - **Long-Term Vision**: Nautilus aims to disrupt the proteomics market similar to how Illumina transformed genomics, with a focus on delivering actionable insights for drug development and diagnostics [37][38] Conclusion - Nautilus Biotechnology is positioned to address significant inefficiencies in drug development through innovative proteomic technologies, with a strong market potential and a dedicated team driving its mission forward.

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]