Financial Data and Key Metrics Changes - Fourth quarter revenue was $4.2 million, bringing full year 2025 revenue to $16.6 million, representing 17% year-over-year growth [4][27] - Total revenue for the fourth quarter of 2025 increased by 5% compared to $4 million in the fourth quarter of 2024, primarily due to higher product revenue [24] - Net loss for the fourth quarter of 2025 was $16 million, compared to $21.7 million in the fourth quarter of 2024 [26] Business Line Data and Key Metrics Changes - Product revenue for the fourth quarter of 2025 was $2.8 million, consisting of sales of Proteograph instruments and consumable kits [24] - Consumable kit volume increased by approximately 69% year-over-year, demonstrating increasing utilization of technology [28] - Total gross profit for the full year 2025 was $8.5 million, representing a gross margin of 51%, compared to $7.1 million in 2024 [30] Market Data and Key Metrics Changes - The installed base of instruments grew by 67% to 82 instruments by the end of 2025 [29] - Approximately 60% of the instruments installed in 2025 were part of the Strategic Instrument Placement program [21] - The consumable spend across the installed base represents a pull-through per instrument of approximately $113,000 [29] Company Strategy and Development Direction - Innovation is a key strategic differentiator, with a focus on building a durable, world-class life science tools company [8] - The company plans to commercialize a proteoform profiling assay kit in 2027, expanding its addressable market opportunity [14] - The board of directors has authorized an additional $25 million share repurchase program due to perceived dislocation in share price [32] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing budgetary pressures and uncertainty around NIH funding impacting customer spending decisions [4] - The guidance for 2026 expects revenue to be in the range of $16 million-$18 million, reflecting ongoing pressure on instrument placements and new project funding [34][35] - Management expressed confidence in the transformative potential of their technology and the growing demand for unbiased proteomics [7][38] Other Important Information - The company ended the year with approximately $241 million in cash equivalents and investments, sufficient to reach cash flow breakeven [33] - A tax benefit preservation plan was adopted to protect net operating loss carry-forwards, with an NOL balance of approximately $262 million [34] Q&A Session Summary Question: Can you walk us through some of the puts and takes of the quarter? - Management indicated that NIH funding delays impacted customer purchases, leading to lower revenue than expected [40] Question: Can you walk us through the guide for 2026? - Management acknowledged the momentum in 2025 but emphasized caution due to ongoing NIH funding uncertainties [41][42] Question: Are there any other factors limiting adoption beyond the funding environment? - Management highlighted that customer feedback is positive, with increasing recognition of the value of untargeted proteomics [47][48]

Q4 & FY 2025 Earnings Call February 26, 2026 Safe harbor disclosures Certain statements in this presentation and the accompanying oral commentary are forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward-looking. These forward- looking statements relate to future events or results of Seer, Inc. (the "Company") and involve known and unknown risks, uncertainties and other factors that may cause the actual r ...