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 Data and Key Metrics Changes - SEER reported revenue of $4.1 million for Q2 2025, representing a 32% year-over-year growth from $3.1 million in Q2 2024 [8][27] - The company ended the quarter with approximately $263 million in cash, cash equivalents, and investments, indicating a strong balance sheet [8][32] - The net loss for Q2 2025 was $19.4 million, an improvement from a net loss of $22.9 million in Q2 2024 [31] Business Line Data and Key Metrics Changes - Product revenue for Q2 2025 was $2.7 million, primarily from sales of Proteograph instruments and consumable kits [27] - Service revenue was $1.2 million, including $409,000 from related party revenue, mainly from STACK service projects [28] - Gross profit for Q2 2025 was $2.1 million, with a gross margin of 52%, down from 56% in Q2 2024 [29] Market Data and Key Metrics Changes - SEER's revenue guidance for the full year 2025 is projected to be between $17 million and $18 million, reflecting a 24% year-over-year growth at the midpoint [33] - The company noted that approximately 30% of its revenue exposure comes from academic and government entities, which may be impacted by funding changes [34] Company Strategy and Development Direction - SEER is focused on advancing four core growth catalysts for 2025, including validating its platform, enhancing access, driving innovation, and enabling larger cohort studies [10][37] - The launch of the Proteograph One workflow and SP200 automation instrument is seen as a transformative step for the field of proteomics, enabling larger studies and increasing throughput [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term macro pressures, including evolving tariffs and uncertainty around government funding, which may affect market visibility [9][35] - Despite these challenges, management remains confident in the company's strong performance and reaffirmed its revenue guidance for 2025 [10][35] Other Important Information - SEER has repurchased approximately 10.7 million Class A common shares, reducing total shares outstanding by about 13% [32] - The company continues to see strong demand for its STACK program, which lowers barriers to adoption of the Proteograph product suite [22] Q&A Session Summary Question: Early feedback on the new Proteograph One assay - Management reported fantastic feedback on the Proteograph One assay, highlighting its ability to enable large-scale studies and improve throughput [41][44] Question: Pipeline of potential customers using the STACK program - Management indicated that a majority of instrument shipments in the first half of the year were to former STACK customers, and they expect this trend to continue [45][48] Question: Revenue from the co-marketing partnership with Thermo - Management noted that revenue from the Thermo partnership is still modest but expected to pick up in the second half of the year as the sales force has been fully trained [51][52] Question: Competitive landscape in proteomics - Management discussed the competitive landscape, emphasizing SEER's unique position in unbiased proteomics and the ability to conduct large-scale studies that were previously not possible [56][60]

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]