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Seer Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Outlook

1. SEER reported $4 million revenue in Q4 2024, down 10% year-over-year. 2. Achieved $14.2 million total revenue for 2024, a 15% decline from 2023. 3. SHipped 10 instruments in 2024, totaling 72 shipped to date. 4. Strong demand for STAC and expansion in partnerships anticipated to boost 2025. 5. Repurchased 6.5 million shares, reducing outstanding shares by approximately 10%.

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FAQ

Why Bullish?

Despite decreased revenues, Seer's guidance for 2025 suggests growth potential. Similar companies have rallied post ownership repurchase announcements and future revenue guidance.

How important is it?

The report indicates potential for recovery and future growth, impacting investor sentiment positively.

Why Long Term?

Investment in research, new product launches, and partnerships could drive growth beyond 2025. Historical trends show that long-term growth factors often outweigh short-term revenue dips.

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TFXSPCBCRIS
Validated technology with exceptional growth of customer publications and enhanced access to the Proteograph Product Suite with growing demand for Seer Technology Access Center (STAC) February 27, 2025 16:05 ET  | Source: Seer, Inc. REDWOOD CITY, Calif., Feb. 27, 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 fourth quarter and full year ended December 31, 2024. Recent Highlights Achieved revenue of $4.0 million for the fourth quarter of 2024 and $14.2 million for the full year 2024Shipped 10 instruments during 2024, bringing cumulative instruments shipped to 72 as of December 31, 2024Launched a new product application for the Proteograph XT workflow, specifically designed for cell lysis proteomics, unlocking unprecedented depth in intracellular proteomicsShowcased new findings and advancements in cancer and RNA therapy research utilizing the Proteograph Product Suite at the US Human Proteome Organization ConferenceRepurchased approximately 6.5 million shares of Seer Class A common stock at an average cost of $1.82 per share during the full year 2024, reducing shares outstanding by approximately 10%Ended the year with approximately $300 million of cash, cash equivalents and investments “Our customers have made important progress in validating the differentiated value of deep, unbiased proteomics at scale throughout the year, and I’m thrilled that the momentum is growing despite the challenging macroeconomic environment” said Omid Farokhzad, Chair and CEO of Seer. “We saw a surge in customer publications, strong demand for STAC, and we expanded upon our partnership with Thermo Fisher Scientific to accelerate adoption of our Proteograph Product Suite. I believe we are well-positioned for a stronger year in 2025 and my confidence in our platform, our value proposition, and the immense opportunity ahead has never been greater.” Fourth Quarter 2024 Financial Results Revenue was $4.0 million for the fourth quarter of 2024, a 10% decrease from $4.4 million for the corresponding prior year period, primarily due to lower instrument sales and no grant revenue recognized in the quarter. Product revenue for the fourth quarter of 2024 was $2.4 million, including $36 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $1.6 million for the fourth quarter of 2024, including $353 thousand of related party revenue, and primarily consisted of revenue related to STAC service projects. Grant and other revenue was $51 thousand for the fourth quarter of 2024. Gross profit was $2.0 million and gross margin was 51% for the fourth quarter of 2024. Operating expenses were $25.5 million for the fourth quarter of 2024, including $6.0 million of stock-based compensation, an increase of 5% compared to $24.2 million for the corresponding prior year period, including $7.3 million of stock-based compensation. The increase in operating expenses was primarily driven by an increase in laboratory expenses. Net loss was $21.7 million for the fourth quarter of 2024, compared to $17.8 million for the corresponding prior year period. Full Year 2024 Financial Results Revenue was $14.2 million for the full year 2024, a 15% decrease from $16.7 million for the corresponding prior year period, primarily due to lower product sales and no grant revenue recognized during the year. Product revenue for the full year 2024 was $10.2 million, including $1.5 million of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $3.8 million for the full year 2024, including $828 thousand of related party revenue, and primarily consisted of revenue related to STAC service projects. Grant and other revenue was $223 thousand for the full year 2024. Gross profit was $7.1 million and gross margin was 50% for the full year 2024. Operating expenses were $107.2 million for the full year 2024, including $26.6 million of stock-based compensation, a decrease of 4% compared to $112.0 million for the corresponding prior year period, including $32.9 million of stock-based compensation. Net loss was $86.6 million for the full year 2024, compared to $86.3 million for the corresponding prior year period. Cash, cash equivalents and investments were approximately $300 million as of December 31, 2024. 2025 Guidance Seer expects 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 fourth quarter and full year 2024 financial results on Thursday, February 27, 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 December 31,  Year Ended December 31,  2024  2023  2024  2023 Revenue:           Product$2,351  $2,669  $8,695  $8,506 Service 1,209   944   2,960   2,016 Related party 389   567   2,292   4,660 Grant and other 51   258   223   1,479 Total revenue 4,000   4,438   14,170   16,661 Cost of revenue:           Product 1,200   1,663   4,402   5,398 Service 566   390   1,465   685 Related party 61   204   712   1,430 Grant and other 148   180   536   642 Total cost of revenue 1,975   2,437   7,115   8,155 Gross profit 2,025   2,001   7,055   8,506 Operating expenses:           Research and development 12,619   11,165   50,585   53,019 Selling, general and administrative 12,894   13,068   56,571   58,950 Total operating expenses 25,513   24,233   107,156   111,969 Loss from operations (23,488)  (22,232)  (100,101)  (103,463)Other income (expense):           Interest income 3,565   4,720   16,666   17,764 Loss on equity method investment (1,788)  —   (2,649)  — Other income (expense) 67   (287)  (417)  (578)Total other income 1,844   4,433   13,600   17,186 Loss before provision for income taxes (21,644)  (17,799)  (86,501)  (86,277)Provision for income taxes 98   —   98   — Net loss$(21,742) $(17,799) $(86,599) $(86,277)            Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.37) $(0.28) $(1.39) $(1.35)Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 59,091,817   64,157,125   62,348,012   63,850,490  SEER, INC.Consolidated Balance Sheets(Unaudited)(in thousands, except share and per share amounts)   December 31,   2024  2023 ASSETS      Current assets:      Cash and cash equivalents $40,753  $32,499 Short-term investments  195,657   283,725 Accounts receivable, net  3,997   4,831 Related party receivables  379   559 Other receivables  1,853   1,326 Inventory  7,436   4,491 Prepaid expenses and other current assets  3,248   3,082 Total current assets  253,323   330,513 Long-term investments  63,103   56,858 Operating lease right-of-use assets  22,791   25,177 Property and equipment, net  18,575   22,193 Restricted cash  524   524 Other assets  8,281   1,004 Total assets $366,597  $436,269 LIABILITIES AND STOCKHOLDERS’ EQUITY      Current liabilities:      Accounts payable $4,621  $1,370 Accrued expenses  7,937   9,212 Deferred revenue  408   206 Operating lease liabilities, current  2,312   2,295 Other current liabilities  50   139 Total current liabilities  15,328   13,222 Operating lease liabilities, net of current portion  23,652   25,964 Other noncurrent liabilities  48   179 Total liabilities  39,028   39,365 Commitments and contingencies      Stockholders’ equity:      Preferred stock, $0.00001 par value; 5,000,000 shares authorized as ofDecember 31, 2024 and 2023; zero shares issued andoutstanding as of December 31, 2024 and 2023  —   — Class A common stock, $0.00001 par value; 94,000,000 shares authorizedas of December 31, 2024 and 2023; 55,083,123 and60,253,707 shares issued and outstanding as of December 31, 2024 and2023, respectively  1   1 Class B common stock, $0.00001 par value; 6,000,000 shares authorizedas of December 31, 2024 and 2023; 4,044,969 sharesissued and outstanding as of December 31, 2024 and 2023  —   — Additional paid-in capital  719,804   702,868 Accumulated other comprehensive gain (loss)  136   (192)Accumulated deficit  (392,372)  (305,773)Total stockholders’ equity  327,569   396,904 Total liabilities and stockholders’ equity $366,597  $436,269 

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