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]

Core Insights - Seer, Inc. reported a 2% increase in revenue for Q3 2025, reaching $4.1 million compared to $4.0 million in Q3 2024, driven by higher product sales and service revenue [3][5] - The company achieved nearly three times the instrument shipments in the first nine months of 2025 compared to all of 2024, indicating strong demand for its Proteograph ONE workflow [2] - Seer expects full-year 2025 revenue to be between $17 million and $18 million, representing a 24% growth at the midpoint over 2024 [6] Recent Highlights - The Proteograph ONE workflow has seen robust demand, leading to a record number of third-party publications validating its performance [2] - The company ended Q3 2025 with approximately $251.2 million in cash, cash equivalents, and investments [5][9] Financial Performance - Product revenue for Q3 2025 was $2.8 million, while service revenue was $1.2 million, including $300 thousand from related party revenue [3] - Gross profit for the quarter was $2.1 million, with a gross margin of 51% [4] - Operating expenses decreased by 18% to $21.5 million compared to $26.3 million in Q3 2024, primarily due to reduced stock-based compensation and business expenses [4] Loss and Cash Position - The net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in the same period last year [5] - As of September 30, 2025, the company had approximately $251.2 million in cash, cash equivalents, and investments [5][9]

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 - RetinalGenix Technologies Inc. has partnered with Seer, Inc. to develop a platform for early detection and monitoring of systemic, neurodegenerative, and retinal diseases through advanced imaging and proteomics [1][2][4] Company Overview - RetinalGenix is focused on revolutionizing early disease detection and improving patient outcomes by integrating genetic screening, advanced imaging, and therapeutic development [6] - The company utilizes proprietary technologies such as High-Resolution Retinal Imaging and DNA/RNA/GPS Pharmaco-Genetic Mapping™ to detect physiological changes indicative of various diseases [6] Collaboration Details - The collaboration aims to integrate RetinalGenix's non-invasive retinal imaging with Seer's advanced proteomic profiling to identify disease signatures before clinical symptoms appear [2][4] - The partnership targets critical conditions including Alzheimer's disease, Parkinson's disease, diabetic retinopathy, and cardiovascular diseases [2][3][4] - Seer will conduct research, development, and clinical validation programs to accelerate diagnostic innovation and enable broader deployment of early-detection solutions [3][4] Technological Integration - The integration of ultra-high-resolution retinal imaging with molecular biomarker analysis is intended to create comprehensive biomarker profiles for better disease monitoring and predictive modeling [4][8] - Seer's Proteograph Product Suite offers a robust workflow that addresses challenges faced by traditional proteomic technologies, enhancing the potential for biological insights [5] Vision for the Future - Both companies share a vision to transform early disease detection and advance personalized precision medicine through the convergence of imaging and proteomics [4][8]

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]

Core Insights - Seer, Inc. has appointed Isaac Ro to its Board of Directors, enhancing its leadership team with expertise in financial leadership and life sciences [1][2] Company Overview - Seer, Inc. specializes in deep, unbiased proteomics, providing insights with scale, speed, precision, and reproducibility [4] - The company’s Proteograph Product Suite integrates engineered nanoparticles, automation instrumentation, consumables, and analytical software to address challenges faced by traditional proteomic technologies [4] Leadership and Experience - Isaac Ro is a Partner at Catalio Capital Management, with a history of leading investments in life science companies and serving on various boards [2] - Ro has previously held significant roles, including Executive Chairman of Haystack Oncology and Chief Financial Officer at Sema4 and Thrive Earlier Detection, guiding these companies through key transitions and acquisitions [2]

Core Insights - Seer, Inc. will participate in the Morgan Stanley 23rd Annual Global Healthcare Conference in New York, highlighting its role in the healthcare sector [1] - The management will engage in a fireside chat on September 9, 2025, providing an opportunity for investors to gain insights into the company's operations [2] Company Overview - Seer, Inc. is a leader in deep, unbiased proteomics, offering 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 to address challenges faced by traditional proteomic methods [3] - Seer's technology overcomes limitations of conventional proteomics, such as inconsistent data and limited throughput, enabling the discovery of biological insights [3]

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]

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]