Seer(US:SEER)2021-05-11 00:10Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $62,000, a decrease from $177,000 in Q1 2020, attributed to less activity related to NIH grants [23] - Total operating expenses for Q1 2021 were $16.6 million, compared to $6 million in Q1 2020 [23] - Net loss for Q1 2021 was $16.4 million, up from $5.5 million in Q1 2020 [24] - Cash, cash equivalents, and investments at the end of Q1 2021 totaled approximately $531 million, including about $103 million from a follow-on offering [24] Business Line Data and Key Metrics Changes - Research and development expenses for Q1 2021 were $6.2 million, an increase from $4.2 million in Q1 2020, driven by product development efforts for the Proteograph Product Suite [24] - Selling, general, and administrative expenses for Q1 2021 were $10.3 million, compared to $1.8 million in Q1 2020, primarily due to increased employee compensation costs [24] Market Data and Key Metrics Changes - Demand for the Proteograph Product Suite is exceptionally strong, with expectations to ramp up marketing activities and scale the commercial organization [7] - The company aims to have a high single-digit number of limited release customers before commencing broad release [8] Company Strategy and Development Direction - The company is focused on four strategic areas: innovation in proteomics, leveraging unique capabilities, exceptional customer experience, and forming strategic relationships [6] - The goal is to create an ecosystem around the technology and its broad use in proteomics and proteogenomics [9] - The company is expanding its footprint to support growth, doubling its Redwood City office space to 50,000 square feet [11] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the potential of unbiased deep proteomics at scale to transform biological insights and improve human health [27] - The company is committed to a phased commercialization approach to ensure long-term success [17] - Management noted that the early data from collaboration customers is promising and supports the unique value of the Proteograph Product Suite [15] Other Important Information - The company has welcomed new leadership, including a Vice President for operations and quality, to strengthen its team [10] - The Proteograph Product Suite is designed to integrate easily into existing workflows, enabling labs to conduct studies without trade-offs [12] Q&A Session Summary Question: Key learnings from collaboration customers - Management noted that installations have gone smoothly, with decreasing installation times as experience grows [31][32] Question: Update on limited release customers and centers of excellence - The company aims for high single-digit limited release sites, with significant demand noted [34] Question: Operating expenses guidance - Management refrained from providing specific guidance on operating expenses but acknowledged significant investment opportunities [35] Question: Interest in proteomics funding - Management indicated it is too early to assess the impact of new proteomic companies going public on funding [38] Question: Coverage of plasma proteome by nanoparticle sets - Management confirmed that the current nanoparticle set is enabling deep and broad access to the proteome, with plans for future product enhancements [40][42] Question: Scaling customer studies and cost per sample - Management expects customers to scale studies over a few quarters, with no concerns raised about the cost per sample in current discussions [46][47]