Seer (SEER) FY Conference Transcript

Summary of SEER (SEER) FY Conference Call - August 13, 2025 Company Overview - SEER has been public since December 2020 and focuses on enabling access to proteomic content at unprecedented scale, speed, and cost [2][3] - The company offers the Proteograph product suite, which includes an instrument, consumable kits, and software for analysis [5] Core Product Developments - The initial version of the Proteograph could process 16 samples in eight hours, while the Protograph XT increased capacity to 40 samples in the same timeframe, reducing mass spectrometry time by 150% [6] - The latest product, Protograph One, launched in June 2025, allows for large population-scale proteomics, with a 10,000-sample study announced in Q1 and a 20,000-sample study in Q2 [7][8] Market Potential and Predictions - The CEO predicts that 2025 will be a pivotal year for population-scale proteomics, with expectations for a 100,000-sample study by 2026 [8] - The proteomic market is expected to expand significantly as access to the proteome becomes more feasible, similar to the genomic market's evolution [10][11] Challenges and Innovations - Historical bottlenecks in proteomics included the scalability of mass spectrometry and the complexity of the proteome, which SEER aims to address with its technology [13][14] - SEER has invested heavily in data analysis capabilities to overcome data bottlenecks created by increased sample sizes [16] Competitive Landscape - SEER's unique approach allows for unbiased proteomic analysis, which is expected to create new markets and expand existing ones [11][20] - The company holds over 250 patents, indicating a strong position in the proteomics field despite emerging competitors [31] Revenue Model and Financial Outlook - SEER's revenue is currently derived from consumables (65%), the SEER Technology Access Center (25%), and instruments (10-15%) [40] - The company has approximately $260 million in cash with no debt, projecting a burn rate that allows for 6-7 years of operation without needing additional capital [52][53] - A stock buyback program has been initiated, reflecting confidence in the company's value proposition [53] Customer Engagement and Market Strategy - SEER aims to be a tools provider rather than a service business, focusing on partnerships with customers and CROs [33][41] - The SEER Technology Access Center and Strategic Instrument Placement programs have been crucial in driving customer engagement and facilitating data generation [37][39] Future Expectations - The academic and government sectors are expected to remain significant revenue sources, with biopharma showing potential for growth as customers recognize the value of SEER's offerings [46][48] - The company anticipates continued innovation and investment in its product line to maintain a competitive edge in the proteomics market [54][55]