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

Revenue grew 37%, driven by increased product sales and service revenue May 13, 2025 16:05 ET | Source: Seer, Inc. 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 2025Secured a significant contract with a new customer to run a 10,000-sample study in collaboration with Discovery Life SciencesAccelerated third-party validation of platform through increasing number of customer publications, webinars, preprints and reviewsEnded 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™ 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) 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 Mendivilinvestor@seer.bio Media Contact:Patrick Schmidtpr@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 31,2025 December 31,2024 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 Inventory 7,070 7,436 Prepaid expenses and other current assets 3,118 3,248 Total current assets 255,267 253,323 Long-term investments 45,579 63,103 Operating lease right-of-use assets 22,228 22,791 Property and equipment, net 17,039 18,575 Restricted cash 524 524 Other assets 6,624 8,281 Total assets$347,261 $366,597 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$4,450 $4,621 Accrued expenses 5,916 7,937 Deferred revenue 413 408 Operating lease liabilities, current 2,376 2,312 Other current liabilities 41 50 Total current liabilities 13,196 15,328 Operating lease liabilities, net of current portion 23,028 23,652 Other noncurrent liabilities 31 48 Total liabilities 36,255 39,028 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of March 31, 2025 and December 31, 2024; zero shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 55,385,066 and 55,083,123 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 1 1 Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 4,044,969 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Additional paid-in capital 723,020 719,804 Accumulated other comprehensive gain 305 136 Accumulated deficit (412,320) (392,372)Total stockholders’ equity 311,006 327,569 Total liabilities and stockholders’ equity$347,261 $366,597

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

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