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]