Seer Reports Third Quarter 2023 Financial Results

REDWOOD CITY, Calif., Nov. 07, 2023 (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, 2023.

Recent Highlights

  • Achieved revenue of $4.2 million for the third quarter of 2023, an increase of 5% over the prior year period
  • Expanded geographically with two new partners - Danyel Biotech in Israel and GeneTiCA in Eastern Europe
  • Added Panome Bio to Centers of Excellence program to deliver innovative multi-omics services
  • Demonstrated value of Proteograph Product Suite through increased customer publications available on bioRxiv
  • Received ISO 27001 certification for increased information security and cybersecurity standards; ISO 13485 certification for quality management and to enable the utilization of products in FDA submissions
  • Ended the quarter with $380.8 million of cash, cash equivalents and investments

“Our team made progress during the third quarter to drive adoption of the Proteograph Product Suite despite the ongoing macroeconomic headwinds impacting our customers,” said Omid Farokhzad, CEO and President. “It is encouraging to see more customer manuscripts move through the peer-review process. I am confident that as more third-party data and publications demonstrate the power of our differentiated technology, we will see increasing adoption of our technology.”

Third Quarter 2023 Financial Results

Revenue was $4.2 million for the three months ended September 30, 2023, a 5% increase from $4.0 million for the three months ended September 30, 2022. The increase was primarily due to increased instrument sales, services, and grant and other revenue, offset by lower consumables sales. Product-related revenue for the third quarter of 2023 was $3.3 million, including $1.4 million of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $536 thousand and grant and other revenue was $348 thousand. 

Gross profit, inclusive of grant and other revenue, was $2.2 million and gross margin was 52% for the third quarter of 2023.

Operating expenses were $28.0 million for the third quarter of 2023, including $8.3 million of stock-based compensation, an increase of 4%, as compared to $27.0 million, including $9.1 million of stock-based compensation, for the corresponding prior year period. The increase in expenses was primarily driven by an increase in product development efforts related to the Proteograph Product Suite, including employee compensation and other related expenses, offset by a decrease in professional services.

Net loss was $21.1 million for the third quarter of 2023, as compared to $24.0 million for the corresponding prior year period.

Cash, cash equivalents and investments were $380.8 million as of September 30, 2023.

2023 Guidance

Given the Company’s performance year to date as well as the ongoing challenges in the current macroeconomic environment, Seer anticipates coming in at the lower half of its revenue guidance range of $16 million to $18 million.

Webcast Information

Seer will host a conference call to discuss the third quarter 2023 financial results on Tuesday, November 7, 2023 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 2023. 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,
  2023   2022   2023   2022 
Product$1,849  $2,571  $5,837  $7,126 
Service 536   68   1,072   204 
Related party 1,429   1,316   4,093   3,494 
Grant and other 348      1,221   64 
Total revenue 4,162   3,955   12,223   10,888 
Cost of revenue:       
Product 1,181   1,371   3,735   4,674 
Service 95   21   295   50 
Related party 396   618   1,226   1,366 
Grant and other 334      462    
Total cost of revenue 2,006   2,010   5,718   6,090 
Gross profit 2,156   1,945   6,505   4,798 
Operating expenses:       
Research and development 13,232   11,564   41,854   33,167 
Selling, general and administrative 14,769   15,447   45,882   43,917 
Total operating expenses 28,001   27,011   87,736   77,084 
Loss from operations (25,845)  (25,066)  (81,231)  (72,286)
Other income (expense):       
Interest income 4,767   1,285   13,044   2,105 
Other expense (10)  (199)  (291)  (260)
Total other income 4,757   1,086   12,753   1,845 
Net loss$(21,088) $(23,980) $(68,478) $(70,441)
Other comprehensive loss:       
Unrealized gain (loss) on available-for-sale securities 236   420   (45)  (2,157)
Comprehensive loss$(20,852) $(23,560) $(68,523) $(72,598)
Net loss per share attributable to common stockholders, basic and diluted$(0.33) $(0.38) $(1.07) $(1.13)
Weighted-average common shares outstanding, basic and diluted 63,929,743   62,538,983   63,747,155   62,308,314 

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

 September 30, December 31,
  2023   2022 
Current assets:   
Cash and cash equivalents$36,396  $53,208 
Short-term investments 294,852   368,031 
Accounts receivable, net 5,492   4,315 
Related party receivables 1,502   1,804 
Other receivables 752   899 
Inventory 4,225   4,627 
Prepaid expenses and other current assets 2,903   2,098 
Total current assets 346,122   434,982 
Long-term investments 49,573   5,157 
Operating lease right-of-use assets 25,774   27,003 
Property and equipment, net 21,730   19,408 
Restricted cash 524   524 
Other assets 1,130   855 
Total assets$444,853  $487,929 
Current liabilities:   
Accounts payable$753  $2,104 
Accrued expenses 9,147   8,298 
Deferred revenue 185   133 
Operating lease liabilities, current 2,310   1,842 
Other current liabilities 123   207 
Total current liabilities 12,518   12,584 
Operating lease liabilities, net of current portion 26,499   28,032 
Other noncurrent liabilities 157   320 
Total liabilities 39,174   40,936 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2023
    and December 31, 2022; zero shares issued and outstanding as of September 30, 2023 and
    December 31, 2022
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of September 30,
    2023 and December 31, 2022; 59,932,008 and 59,366,077 shares issued and outstanding as of
    September 30, 2023 and December 31, 2022, respectively
 1   1 
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of September 30,
    2023 and December 31, 2022; 4,044,969 shares issued and outstanding as of September 30,
    2023 and December 31, 2022
Additional paid-in capital 694,948   667,739 
Accumulated other comprehensive loss (1,296)  (1,251)
Accumulated deficit (287,974)  (219,496)
Total stockholders’ equity 405,679   446,993 
Total liabilities and stockholders’ equity$444,853  $487,929 


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