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 as of year-end 2025 was 82 instruments, representing a 67% increase from 49 at the end of 2024 [29] - Approximately 60% of the instruments installed in 2025 were part of the Strategic Instrument Placement program [21] - Cumulative publications nearly doubled from 36 at the end of 2024 to 70 at the end of 2025, reflecting growing validation around technology [17] 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 the utility of its platform for a broader range of proteomics applications [14] - The board of directors has authorized an additional $25 million share repurchase program, reflecting confidence in long-term intrinsic value [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 optimism about the potential for revenue growth once the activation energy for customers to shift to the new platform is realized [45] Other Important Information - The company ended the year with approximately $241 million in cash equivalents and investments, sufficient capital to reach cash flow breakeven [33] - A tax benefit preservation plan was adopted to help preserve and protect net operating loss carry-forwards and other tax assets [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][41] Question: With the momentum seen in 2025, why is growth not expected to be better in 2026? - Management acknowledged the growth in instrument placements but emphasized the need for clear momentum before adjusting revenue projections [43][47] Question: Are there any other factors limiting adoption beyond the funding environment? - Management noted that the evidence from customer data is growing, and the scientific community is recognizing the value of untargeted proteomics [49][51]

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]

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] - Service revenue for the fourth quarter of 2025 was $1.2 million, primarily from STAC service projects [24] - Consumable kit volume increased by approximately 69% year-over-year, reflecting increasing utilization of technology [28] Market Data and Key Metrics Changes - The installed base of instruments grew by 67% to 82 instruments by the end of 2025 [30] - Approximately 60% of the instruments installed in 2025 were part of the Strategic Instrument Placement program [21] - The company recognized $761,000 of related party revenue in 2025, compared to $2.3 million in 2024, indicating a transition in customer focus [27] Company Strategy and Development Direction - Innovation is a key strategic differentiator, with a focus on building a world-class life science tools company [8] - The company plans to commercialize a proteoform profiling assay kit in 2027, expanding its addressable market [13] - The board has authorized an additional $25 million share repurchase program, reflecting confidence in long-term intrinsic value [33] 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 in the range of $16 million to $18 million, reflecting cautious customer behavior due to funding uncertainties [35][36] - Management expressed optimism about the potential for significant revenue growth once the value of the new platform becomes clear [47] Other Important Information - The company ended the year with approximately $241 million in cash equivalents and investments, sufficient to reach cash flow breakeven [34] - A tax benefit preservation plan was adopted to protect net operating loss carry-forwards, with an NOL balance of approximately $262 million [35] Q&A Session Summary Question: Can you walk us through some of the challenges in the fourth quarter? - Management indicated that delays in NIH funding caused some customers to postpone purchases from the fourth quarter into 2026 [42] Question: What factors are limiting growth in 2026 despite momentum in 2025? - Management acknowledged that while there is momentum, the cautious spending environment and the need for clear momentum in customer engagement are challenges [44][45] Question: Are there any other factors limiting adoption beyond funding? - Management noted that the growing body of publications and customer feedback reflects the profound biological insights enabled by untargeted proteomics [50]

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]

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]