U.S. markets closed
  • S&P 500

    4,410.13
    +12.19 (+0.28%)
     
  • Dow 30

    34,364.50
    +99.13 (+0.29%)
     
  • Nasdaq

    13,855.13
    +86.21 (+0.63%)
     
  • Russell 2000

    2,033.51
    +45.59 (+2.29%)
     
  • Crude Oil

    84.15
    -0.99 (-1.16%)
     
  • Gold

    1,843.40
    +11.60 (+0.63%)
     
  • Silver

    24.03
    -0.28 (-1.17%)
     
  • EUR/USD

    1.1331
    -0.0023 (-0.20%)
     
  • 10-Yr Bond

    1.7350
    -0.0120 (-0.69%)
     
  • GBP/USD

    1.3488
    -0.0057 (-0.42%)
     
  • USD/JPY

    113.9200
    +0.2650 (+0.23%)
     
  • BTC-USD

    36,785.23
    +1,433.86 (+4.06%)
     
  • CMC Crypto 200

    839.82
    +29.22 (+3.60%)
     
  • FTSE 100

    7,297.15
    -196.98 (-2.63%)
     
  • Nikkei 225

    27,588.37
    +66.11 (+0.24%)
     

Seer Reports Second Quarter 2021 Financial Results

  • Oops!
    Something went wrong.
    Please try again later.
·7 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • SEER

Expanded installed base and booked initial revenue for Proteograph Product Suite

REDWOOD 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 customer

  • Booked initial revenue for the Proteograph Product Suite

  • Made strong progress in the Limited Release phase of commercialization; on track to achieve a high single digit number of Limited Release customers in 2021

  • Continued 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 studies

  • Accelerated 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 Mendivil
investor@seer.bio

Media Contact:
Karen Possemato
pr@seer.bio



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 party

380

380

Grant

117

71

179

248

Total revenue

1,334

71

1,396

248

Cost of revenue:

Product

504

504

Related party

82

82

Total cost of revenue

586

586

Gross profit

748

71

810

248

Operating expenses:

Research and development

6,935

4,536

13,162

8,758

Selling, general and administrative

10,484

1,902

20,816

3,682

Total operating expenses

17,419

6,438

33,978

12,440

Loss from operations

(16,671

)

(6,367

)

(33,168

)

(12,192

)

Other income (expense):

Interest income

55

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 diluted

60,841,657

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

Investments

147,098

98,278

Accounts receivable, net

896

Related party receivables

439

99

Other receivables

340

163

Inventory

2,670

551

Prepaid expenses and other current assets

3,208

452

Total current assets

525,326

433,128

Property and equipment, net

10,776

8,441

Restricted cash

524

343

Other assets

423

407

Total assets

$

537,049

$

442,319

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

1,602

$

2,115

Accrued expenses

5,590

5,147

Accrued research and development

490

396

Deferred revenue

445

250

Deferred rent, current

228

186

Total current liabilities

8,355

8,094

Deferred rent, net of current portion

2,248

1,899

Other noncurrent liabilities

402

717

Total liabilities

11,005

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 capital

614,483

486,915

Accumulated other comprehensive income (loss)

(34

)

54

Accumulated deficit

(88,406

)

(55,361

)

Total stockholders’ equity

526,044

431,609

Total liabilities and stockholders’ equity

$

537,049

$

442,319