Seer Reports First Quarter 2025 Financial Results and Reiterates Full Year 2025 Outlook

Revenue grew 37%, driven by increased product sales and service revenue

REDWOOD CITY, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the first quarter ended March 31, 2025.

Recent Highlights

   -- Achieved revenue of $4.2 million for the first quarter of 2025 
 
   -- Secured a significant contract with a new customer to run a 10,000-sample 
      study in collaboration with Discovery Life Sciences 
 
   -- Accelerated third-party validation of platform through increasing number 
      of customer publications, webinars, preprints and reviews 
 
   -- Ended the quarter with approximately $285 million of cash, cash 
      equivalents and investments 

"We are proud of our strong first quarter performance, especially in light of the persistent macroeconomic headwinds impacting the life sciences industry," said Omid Farokhzad, Chair and CEO of Seer. "Momentum around the Proteograph Product Suite continues to build, and we shipped as many instruments in the first quarter of 2025 as we did in all of 2024. Our mission has always been to enable deep, unbiased proteomics at population scale, driven by our belief that the biological insights unlocked would have a meaningful impact on human health. While we expect near-term volatility to persist until the broader macro environment stabilizes, our long-term vision remains unchanged."

First Quarter 2025 Financial Results

Revenue was $4.2 million for the first quarter of 2025, a 37% increase from $3.1 million for the corresponding prior year period, primarily due to higher product sales and service revenue in the quarter. Product revenue for the first quarter of 2025 was $2.9 million, including $5 thousand of related party revenue, and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million for the first quarter of 2025, including $47 thousand of related party revenue, and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $60 thousand for the first quarter of 2025.

Gross profit was $2.1 million and gross margin was 49% for the first quarter of 2025.

Operating expenses were $22.8 million for the first quarter of 2025, including $4.5 million of stock-based compensation, a decrease of 14% compared to $26.6 million for the corresponding prior year period, including $7.2 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in stock-based compensation and laboratory expenses.

Net loss was $19.9 million for the first quarter of 2025, compared to $20.7 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $285 million as of March 31, 2025.

2025 Guidance

Seer continues to expect full year 2025 revenue to be in the range of $17 million to $18 million, representing growth of 24% at the midpoint over full year 2024.

Webcast Information

Seer will host a conference call to discuss the first quarter 2025 financial results on Tuesday, May 13, 2025 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://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 a new gateway to the proteome. Seer's Proteograph$(TM)$ Product Suite is 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 incorporated 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 Seer'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 Seer's actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer's expectations for future results of operations and its financial position, business strategy, partnerships, adoption of our products and outlook for fiscal year 2025. These and other risks are described more fully in Seer's filings with the Securities and Exchange Commission $(SEC.UK)$ and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer 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 Mendivil

investor@seer.bio

Media Contact:

Patrick Schmidt

pr@seer.bio

 
 
                               SEER, INC. 
                  Consolidated Statements of Operations 
                               (Unaudited) 
           (in thousands, except share and per share amounts) 
 
                                       Three Months Ended March 31, 
                                     -------------------------------- 
                                           2025             2024 
                                     ----------------   ------------- 
Revenue: 
   Product                            $         2,890   $       1,668 
   Service                                      1,203             408 
   Related party                                   52             954 
   Other                                           60              36 
                                         ------------    ------------ 
     Total revenue                              4,205           3,066 
Cost of revenue: 
   Product                                      1,374             991 
   Service                                        531             269 
   Related party                                   70             312 
   Other                                          169             133 
                                         ------------    ------------ 
     Total cost of revenue                      2,144           1,705 
                                         ------------    ------------ 
Gross profit                                    2,061           1,361 
                                         ------------    ------------ 
Operating expenses: 
   Research and development                    11,350          12,265 
   Selling, general and 
    administrative                             11,442          14,288 
                                         ------------    ------------ 
     Total operating expenses                  22,792          26,553 
                                         ------------    ------------ 
Loss from operations                          (20,731)        (25,192) 
Other income (expense): 
   Interest income                              3,217           4,586 
   Loss on equity method investment            (1,575)             -- 
   Other expense                                 (758)            (73) 
                                         ------------    ------------ 
     Total other income                           884           4,513 
                                         ------------    ------------ 
Loss before provision for income 
 taxes                                        (19,847)        (20,679) 
Provision for income taxes                        101              -- 
                                         ------------    ------------ 
Net loss                              $       (19,948)  $     (20,679) 
                                         ------------    ------------ 
Other comprehensive loss: 
   Unrealized gain (loss) on 
    available-for-sale securities                 169            (329) 
                                         ------------    ------------ 
Comprehensive loss                    $       (19,779)  $     (21,008) 
                                         ============    ============ 
Net loss per share attributable to 
 Class A and Class B common 
 stockholders, basic and diluted      $         (0.34)  $       (0.32) 
                                         ============    ============ 
Weighted-average shares used in 
 computing net loss per share 
 attributable to Class A and Class 
 B common stockholders, basic and 
 diluted                                   59,408,711      64,586,056 
                                         ============    ============ 
 
 
 
 
                               SEER, INC. 
                       Consolidated Balance Sheets 
                               (Unaudited) 
           (in thousands, except share and per share amounts) 
 
                                           March 31,    December 31, 
                                              2025          2024 
                                           ---------   -------------- 
ASSETS 
Current assets: 
   Cash and cash equivalents               $  52,445    $      40,753 
   Short-term investments                    187,280          195,657 
   Accounts receivable, net                    4,090            3,997 
   Related party receivables                      52              379 
   Other receivables                           1,212            1,853 

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