Seer Reports Second Quarter 2021 Financial Results
August 13, 2021Expanded installed base and booked initial revenue for Proteograph Product SuiteREDWOOD CITY, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) — Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the second quarter ended June 30, 2021. “I am incredibly proud of our team and the strides we are making to transform proteomics and empower the scientific community,” said Omid Farokhzad, Chair and Chief Executive Officer. “The performance of the Proteograph Product Suite in customers’ hands has exceeded our expectations, and I am excited about the early data they are generating. This strong progress further substantiates our belief that Seer’s technology will open up a new gateway to the proteome and advance our understanding of biology.” Recent Highlights Shipped and installed the Proteograph Product Suite to additional sites, including the first international customerBooked initial revenue for the Proteograph Product SuiteMade strong progress in the Limited Release phase of commercialization; on track to achieve a high single digit number of Limited Release customers in 2021Continued to see momentum in the market with early customers excited by their data, submitting abstracts, preparing for peer-reviewed publications, and securing funding for larger studiesAccelerated entry into the Chinese market through a new distribution partnership with Enlight Medical Second Quarter 2021 Financial Results Revenue was $1.3 million for the three months ended June 30, 2021, as compared to $71,000 for the three months ended June 30, 2020. The increase was the result of commencement of sales of our Proteograph Product Suite and services performed for PrognomIQ. Product revenue was $837,000, related party revenue was $380,000, and grant revenue was $117,000. Gross profit, inclusive of grant revenue, was $748,000 and gross margin was 56% for the second quarter of 2021. Operating expenses were $17.4 million for the second quarter of 2021, as compared to $6.4 million for the corresponding prior year period. The increase in expenses was driven by increased compensation, benefit and stock-based compensation expense associated with an increase in personnel, and an increase in costs associated with becoming a publicly traded company. Net loss was $16.6 million for the second quarter of 2021, as compared to $6.1 million for the corresponding prior year period. Cash, cash equivalents and investments were approximately $518 million as of June 30, 2021. Webcast Information Seer will host a conference call to discuss the second quarter 2021 financial results on Thursday, August 12, 2021 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event. About Seer Seer is a life sciences company developing transformative products that open up a new gateway to the proteome. Seer is commercializing its Proteograph Product Suite, an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform deep, unbiased proteomic analysis at scale in a matter of hours. Seer designed the Proteograph workflow to be efficient and easy-to-use, leveraging widely adopted laboratory instrumentation to provide a decentralized solution that can be adopted by nearly any lab. Seer’s Proteograph Product Suite is for research use only and is not intended for diagnostic procedures. For more information, please visit www.seer.bio. Forward Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on the Company’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to statements regarding our timing and ability to enable unbiased, deep and rapid proteomics available at scale, the number of Limited Release customers achieved in 2021, and plans to enter the China market. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q, to be filed with the SEC on August 12, 2021, and other documents the Company subsequently files with the SEC from time to time. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Investor Contact:Carrie [email protected] Media Contact:Karen [email protected] Seer, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share amounts)(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Product$837 $— $837 $— Related party380 — 380 — Grant117 71 179 248 Total revenue1,334 71 1,396 248 Cost of revenue: Product504 — 504 — Related party82 — 82 — Total cost of revenue586 — 586 — Gross profit748 71 810 248 Operating expenses: Research and development6,935 4,536 13,162 8,758 Selling, general and administrative10,484 1,902 20,816 3,682 Total operating expenses17,419 6,438 33,978 12,440 Loss from operations(16,671) (6,367) (33,168) (12,192)Other income (expense): Interest income55 250 123 582 Total other income (expense)55 250 123 582 Net loss$(16,616) $(6,117) $(33,045) $(11,610)Other comprehensive loss: Unrealized gain (loss) on available-for-sale securities(62) (255) (88) 278 Comprehensive loss$(16,678) $(6,372) $(33,133) $(11,332)Net loss per share attributable to common stockholders, basic and diluted$(0.27) $(0.63) $(0.55) $(1.25)Weighted-average common shares outstanding, basic and diluted60,841,657 9,718,393 60,367,433 9,320,520 Seer, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited) June 30, December 31, 2021 2020 ASSETS Current assets: Cash and cash equivalents$370,675 $333,585 Investments147,098 98,278 Accounts receivable, net896 — Related party receivables439 99 Other receivables340 163 Inventory2,670 551 Prepaid expenses and other current assets3,208 452 Total current assets525,326 433,128 Property and equipment, net10,776 8,441 Restricted cash524 343 Other assets423 407 Total assets$537,049 $442,319 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$1,602 $2,115 Accrued expenses5,590 5,147 Accrued research and development490 396 Deferred revenue445 250 Deferred rent, current228 186 Total current liabilities8,355 8,094 Deferred rent, net of current portion2,248 1,899 Other noncurrent liabilities402 717 Total liabilities11,005 10,710 Commitments Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2021 and December 31, 2020; zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;— — Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 56,722,925 and 53,395,319 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 4,700,338 and 5,865,732 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;— — Additional paid-in capital614,483 486,915 Accumulated other comprehensive income (loss)(34) 54 Accumulated deficit(88,406) (55,361)Total stockholders’ equity526,044 431,609 Total liabilities and stockholders’ equity$537,049 $442,319