Seer Reports Third Quarter 2022 Financial Results

REDWOOD CITY, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the third quarter ended September 30, 2022.

“During the third quarter, we continued to see growing enthusiasm from our customers across a variety of applications, including discovery, translational and clinical research. We are seeing a growing commitment to the technology as customers around the world adopt the Proteograph Product Suite and conduct first-of-their kind studies that explore the proteome at a depth, resolution and scale that was not possible previously,” said Omid Farokhzad, Chief Executive Officer, President and Chair. “As we move ahead, we are excited about our opportunity, focused on our goals, and committed to enabling our customers' success.”  

Recent Highlights

  • Revenue of $4.0 million for the third quarter 2022
  • Published results in Advanced Materials highlighting how the combination of proteomic methods, nanoengineering and machine learning enables the capture of thousands of proteins
  • Demonstrated utility of the technology to address different sample types, input volumes and species through customer proof-of-principle studies and presentations
  • Increased utilization by pharma and academic users, who are accessing Seer’s technology through new projects with our Centers of Excellence partners
  • Continued software and computation innovations with Seer’s latest deep peptide libraries, enabling up to a 50% increase in proteome depth and allowing for the identification of novel proteoforms

Third Quarter 2022 Financial Results

Revenue was $4.0 million for the three months ended September 30, 2022, as compared to $2.2 million for the three months ended September 30, 2021. The increase was primarily due to increased sales of the Proteograph Product Suite and its related products. Product-related revenue for the third quarter of 2022 was $3.9 million, including $1.3 million of related party revenue, and consisted of sales of SP100 instruments, consumable kits and platform evaluations.

Gross profit was $1.9 million and gross margin was 49% for the third quarter of 2022.

Operating expenses were $27.0 million for the third quarter of 2022, including $9.1 million of stock-based compensation, as compared to $19.6 million, including $6.8 million of stock-based compensation, for the corresponding prior year period. The increase in expenses was driven by increased employee compensation and other related expenses, including stock-based compensation, and increased expenses related to the expansion of the company’s facilities and other costs related to being a publicly traded company.

Net loss was $24.0 million for the third quarter of 2022, as compared to $18.4 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $441.0 million as of September 30, 2022.

2022 Guidance

Seer continues to expect full year 2022 revenue to be in the range of $14.0 million to $16.0 million.

Webcast Information

Seer will host a conference call to discuss the third quarter financial results on Tuesday, November 8, 2022 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at 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

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect the Company’s current views with respect to certain current and future events and financial performance. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements. 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 the Company’s outlook for fiscal year 2022. 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, 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

Media Contact:
Karen Possemato

Seer, Inc.
(In thousands, except share and per share amounts)

 Three Months Ended September 30, Nine Months Ended September 30, 
  2022   2021   2022   2021  
Product$2,571  $858  $7,126  $1,695  
Service 68   500   204   500  
Related party 1,316   787   3,494   1,167  
Grant and other    10   64   189  
Total revenue 3,955   2,155   10,888   3,551  
Cost of revenue:        
Product 1,371   574   4,674   1,078  
Service 21   42   50   42  
Related party 618   370   1,366   452  
Total cost of revenue 2,010   986   6,090   1,572  
Gross profit 1,945   1,169   4,798   1,979  
Operating expenses:        
Research and development 11,564   7,745   33,167   20,906  
Selling, general and administrative 15,447   11,855   43,917   32,672  
Total operating expenses 27,011   19,600   77,084   53,578  
Loss from operations (25,066)  (18,431)  (72,286)  (51,599) 
Other income (expense):        
Interest income 1,285   46   2,105   169  
Other expense (199)     (260)    
Total other income 1,086   46   1,845   169  
Net loss$(23,980) $(18,385) $(70,441) $(51,430) 
Other comprehensive loss:        
Unrealized gain (loss) on available-for-sale securities 420   26   (2,157)  (62) 
Comprehensive loss$(23,560) $(18,359) $(72,598) $(51,492) 
Net loss per share attributable to common stockholders, basic and diluted$(0.38) $(0.30) $(1.13) $(0.85) 
Weighted-average common shares outstanding, basic and diluted 62,538,983   61,133,518   62,308,314   60,625,601  

Seer, Inc.

(in thousands, except share and per share amounts)

 September 30, December 31, 
  2022   2021  
Current assets:    
Cash and cash equivalents$68,069  $232,813  
Short-term investments 367,995   167,261  
Accounts receivable, net 4,537   2,495  
Related party receivables 829   1,283  
Other receivables 1,012   366  
Inventory 5,916   4,145  
Prepaid expenses and other current assets 2,113   3,336  
Total current assets 450,471   411,699  
Long-term investments 4,873   93,186  
Operating lease right-of-use assets 27,465   20,142  
Property and equipment, net 16,084   13,087  
Restricted cash 524   524  
Other assets 795   501  
Total assets$500,212  $539,139  
Current liabilities:    
Accounts payable$3,975  $3,789  
Accrued expenses 7,821   8,394  
Deferred revenue 325   376  
Operating lease liabilities, current 1,314   864  
Other current liabilities 181     
Total current liabilities 13,616   13,423  
Operating lease liabilities, net of current portion 28,509   22,459  
Other noncurrent liabilities 319   341  
Total liabilities 42,444   36,223  
Commitments and contingencies    
Stockholders’ equity:    
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2022 and December 31, 2021; zero shares issued and outstanding as of September 30, 2022 and December 31, 2021      
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 58,591,785 and 57,493,005 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 1   1  
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 4,044,969 and 4,522,478 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively      
Additional paid-in capital 657,431   629,981  
Accumulated other comprehensive loss (2,693)  (536) 
Accumulated deficit (196,971)  (126,530) 
Total stockholders’ equity 457,768   502,916  
Total liabilities and stockholders’ equity$500,212  $539,139  

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