Core Viewpoint - The U.S. Patent and Trademark Office's PTAB upheld 23 claims of Seer's U.S. Patent No. 11,435,360, affirming the validity of the technology behind Seer's Proteograph® Product Suite [1][3]. Patent Details - The '360 Patent encompasses methods for analyzing biological samples using engineered nano- and microparticles, which enhance protein enrichment essential for Seer's Proteograph platform [2]. - Out of 29 claims, 23 remain valid, including 5 challenged claims and 18 unchallenged claims, protecting Seer's nanoparticle protein enrichment technology [3]. Technology and Market Position - The upheld claims focus on detecting proteins across a broad concentration range and particle-related aspects of Seer's technology, facilitating deep proteomic analysis [3]. - Seer's Proteograph Product Suite combines proprietary engineered nanoparticles, automation instrumentation, and analytical software, enabling scalable and unbiased proteomics [4]. - The company holds an extensive intellectual property portfolio with over 240 issued patents and pending applications globally, including 80 issued patents [4]. Company Overview - Seer, Inc. is recognized for setting standards in deep, unbiased proteomics, providing insights with unprecedented scale, speed, precision, and reproducibility [5].

Core Insights - Seer has demonstrated significant platform adoption through large-scale studies, including a 20,000-sample study with Korea University and a 10,000-sample project with Discovery Life Sciences, which traditional methods could not feasibly conduct [1] - Despite a challenging funding environment, Seer reported a 67% increase in installed instruments and a 69% year-over-year growth in consumable kit volume, with total revenue excluding related-party revenue growing by 33% in 2025 [2] - The company faced project delays due to NIH funding issues, which impacted customer purchasing decisions and led to results falling short of expectations [3] Financial Performance - Seer reported Q4 2025 revenue of $4.2 million and full-year revenue of $16.6 million, reflecting a 17% year-over-year growth, but cited budget pressures and NIH funding uncertainty as challenges [4] - The gross margin for Q4 was approximately 52%, with operating expenses down 23% year-over-year, resulting in a narrowed net loss of $16 million for the quarter [12][13] - For the full year, Seer ended with about $241 million in cash and investments, with a free cash flow loss of $45.6 million, an improvement from the previous year [14] Product Development and Roadmap - Seer launched its third-generation assay, Proteograph ONE, and its second-generation automation instrument, SP200, which can now process over 1,000 samples per week [7] - The company plans to release the fourth generation of its Proteograph Analysis Suite (PAS) in late 2026, incorporating AI capabilities for enhanced data interaction [7][8] - Seer is developing an end-to-end sample-to-data proteomic solution aimed at high-throughput biomarker discovery, with data expected to be shared in 2026 [9] Commercial Strategy - Approximately 60% of instruments installed in 2025 were through the Strategic Instrument Placement program, which helps customers with capital constraints [10] - Seer has expanded its partnership with Thermo Fisher Scientific to co-market the Proteograph product suite, targeting both individual accounts and large studies [11] - The company is also focusing on expanding into translational markets with plans to commercialize a proteoform profiling assay kit in 2027 [8] Future Guidance - For 2026, Seer projects revenue between $16 million and $18 million, indicating a modest growth outlook amid ongoing funding pressures [17] - The guidance does not account for potential contributions from additional population-scale studies that may be announced in 2026, which could provide upside [18] - Management views the guidance as cautious due to the current funding landscape and the challenges in shifting customer approaches to unbiased proteomics workflows [19]

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 ...

Core Viewpoint - Seer, Inc. has adopted a tax benefit preservation plan (NOL Plan) to protect its net operating loss carryforwards and other tax assets, which are valued at approximately $262 million as of December 31, 2025 [2][3]. Group 1: NOL Plan Details - The NOL Plan aims to prevent substantial impairment of Seer's NOLs due to potential ownership changes as defined by Section 382 of the Internal Revenue Code [3]. - The plan creates a disincentive for shareholders to accumulate beneficial ownership of 4.9% or more of Seer's Class A common stock without Board approval [5]. - The NOL Plan will be submitted for ratification at Seer's 2026 annual meeting and will expire on February 25, 2029, unless ratified, in which case it will expire on February 25, 2027 [4][7]. Group 2: Shareholder Rights and Dividends - A dividend of one "right" will be issued for each outstanding share of Seer's Class A common stock to shareholders of record as of March 9, 2026, which is not taxable to Seer or its shareholders [6]. - Shareholders who own 4.9% or more of Seer's Class A common stock prior to the announcement can maintain their ownership but cannot acquire additional shares without Board approval [5]. Group 3: Company Overview - Seer, Inc. specializes in deep proteomics, providing insights that are scalable, precise, and reproducible, overcoming challenges faced by traditional proteomic methods [8].

Core Insights - Seer, Inc. reported financial results for Q4 and full year 2025, highlighting a challenging year due to budgetary pressures and NIH funding uncertainty, but noted significant progress in business growth and product adoption [3][4]. Financial Performance - Q4 2025 revenue was $4.2 million, a 5% increase from $4.0 million in Q4 2024, driven by higher product revenue [4]. - Full year 2025 revenue reached $16.6 million, a 17% increase from $14.2 million in 2024, attributed to increased product sales and service revenue [7]. - Gross profit for Q4 2025 was $2.2 million with a gross margin of 52%, while for the full year, gross profit was $8.5 million with a gross margin of 51% [5][8]. - Operating expenses for Q4 2025 were $19.6 million, a 23% decrease from $25.5 million in Q4 2024, primarily due to reduced stock-based compensation and other costs [5]. - The net loss for Q4 2025 was $16.0 million, an improvement from a net loss of $21.7 million in the same period of the previous year [6]. Business Growth and Developments - The installed base of instruments grew to 82, representing a 67% year-over-year increase, with 33 instruments installed during 2025 [10]. - Seer’s Proteograph was selected for multiple population-scale studies, and significant customer studies were published in reputable journals, showcasing its capabilities [3][10]. - The company ended 2025 with approximately $240.6 million in cash, cash equivalents, and investments [11]. Future Outlook - For 2026, Seer expects revenue to be in the range of $16 million to $18 million, indicating a projected growth of approximately 3% at the midpoint compared to 2025 [12].

Core Insights - Seer, Inc. is participating in the 2026 U.S. Human Proteome Organization Annual Conference, showcasing its Proteograph Product Suite which addresses complex questions in major disease areas and supports clinical and population health applications [1][2] Company Participation and Presentations - Seer will be featured in over a dozen scientific presentations at the conference, highlighting the adoption of nanoparticle-enabled proteomics in translational and population-scale research [2][7] - The company will host a breakfast symposium on February 24, where Dr. Sasha A. Singh will present findings on using the Proteograph Product Suite to profile plasma in a mouse model of atherosclerosis, achieving a tenfold increase in proteome depth compared to conventional methods [5] Technological Advancements - The Proteograph Product Suite is enabling deeper, scalable, and reproducible mass spectrometry measurements of the human proteome, which is crucial for advancing translational research [4][10] - The technology allows for the quantification of over 5,000 proteins from just 75 µL of plasma, addressing challenges in detecting low-abundance proteins [5] Research Focus Areas - Presentations at the conference will cover various disease areas including cardiovascular disease, neurodegeneration, aging biology, and oncology, demonstrating the broad application of deep, scalable proteomics [2][7] - Nathan Basisty will discuss the translation of aging biology into biomarkers and therapeutic strategies during a plenary session, emphasizing the role of proteomic technologies [6] Industry Impact - The conference reflects a broader shift in proteomics towards high-throughput workflows that enhance biological insights across multiple disease areas [10] - Seer's technology is positioned as a key player in advancing the field of proteomics, supporting reproducible research at scale [4][11]

Company Participation - Seer, Inc. will participate in the TD Cowen 46 Annual Health Care Conference in Boston, MA [1] - Management is scheduled for a fireside chat on March 4 at 11:10 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] - The products are intended for research use only and are not designed for diagnostic procedures [3]

Core Insights - Seer, Inc. announced a significant genome-wide association study (GWAS) published in Nature Genetics, demonstrating the importance of mass spectrometry in validating protein changes and establishing reliable drug targets and clinical biomarkers [1][10] Group 1: Study Overview - The GWAS involved approximately 1,600 blood samples from diverse ethnic backgrounds, with a discovery cohort of 1,260 and a replication cohort of 325, leading to the detection of 5,753 proteins and quantification of 1,980 proteins in at least 80% of participants [2] - Researchers identified 364 protein quantitative trait loci (pQTLs) associated with protein abundance, with 102 of these replicated in the independent cohort, including 35 previously unreported signals [3] Group 2: Methodology and Findings - Traditional affinity-based proteomics can produce erroneous signals due to epitope effects, where genetic variants alter binding sites, leading to false associations between protein expression and genetic variants [4] - The Proteograph's mass spectrometry approach allows for direct measurement of proteins at the peptide level, effectively mitigating confounding effects and confirming true biological changes [5][6] Group 3: Implications for Research and Development - The study emphasizes that mass spectrometry validation is crucial for ensuring the reliability of protein measurements, which can enhance drug discovery and biomarker development by reducing technical noise and increasing the likelihood of clinical success [9][10] - The findings suggest that datasets relying solely on affinity reagents may contain a significant number of false associations, underscoring the need for mass spectrometry validation in genetic association studies [6][7] Group 4: Future Directions - As proteomics integrates with genomics and clinical data, the accuracy of these datasets will be vital for supporting drug targets and translational medicine, positioning Seer to lead in population-scale proteomics [11]

Core Insights - Seer, Inc. announced a significant genome-wide association study (GWAS) published in Nature Genetics, demonstrating the importance of mass spectrometry validation in establishing reliable drug targets and clinical biomarkers [1][10] Group 1: Study Overview - The study involved approximately 1,600 blood samples from diverse ethnic backgrounds, with a discovery cohort of 1,260 and a replication cohort of 325, utilizing Seer's Proteograph workflow [2] - A total of 5,753 proteins were detected, with 1,980 quantified in at least 80% of participants [2] Group 2: Findings and Implications - Researchers identified 364 protein quantitative trait loci (pQTLs) associated with protein abundance, with 102 replicating in the independent cohort, including 35 previously unreported signals [3] - The study highlighted that up to one-third of protein-gene associations reported by affinity-based assays do not replicate, underscoring the necessity for accuracy in proteogenomics [4][7] Group 3: Methodology and Technology - Seer's Proteograph platform employs mass spectrometry to measure proteins directly at the peptide level, mitigating confounding effects from affinity reagents [5][6] - The study compared mass spectrometry results with two major affinity-based proteomics resources, confirming that mass spectrometry is crucial for reliable proteomic analysis [6] Group 4: Future Directions - The findings strengthen confidence in drug discovery and biomarker development by ensuring that selected targets reflect genuine biological signals rather than technical noise [9] - The study positions proteomics as a population-ready science, essential for supporting drug targets and biomarkers with the rigor needed for clinical impact [11]

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]