Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the quarter and full year ended December 31, 2020.
“I am extremely proud of the progress we have
made to date and the enthusiasm in the market surrounding our
Proteograph™ Product Suite,” said Omid Farokhzad, Chair and Chief
Executive Officer. “Since January, we have brought on two new
collaboration customers, signed three commercial agreements, and
entered the second phase of our commercialization plan. We, along
with our partners and collaborators, have presented exciting data
generated from our platform at four different scientific
conferences so far this year. The emerging data using the
Proteograph Product Suite is giving glimpses of the vast
undiscovered proteomic information that only unbiased, deep studies
can begin to unlock. Seer is uniquely positioned to transform
access to the proteome, empower our customers to make novel
discoveries, and enable them to have a profound impact on science
and medicine.”
Recent Highlights
- Seen strong
progress at our existing collaboration sites with pilot studies
underway at OHSU Knight Cancer Institute and the Broad Institute,
and the Proteograph Product Suite has been installed at Discovery
Life Sciences
- Completed phase
one of our commercialization plan with a total of four
collaboration customer sites, adding the Salk Institute for
Biological Studies
- Transitioned to Limited Release,
which is phase two of Seer’s three-phase commercial plan
- Signed a non-exclusive commercial
agreement with SCIEX to provide complete end-to-end solutions for
unbiased, deep, rapid and large-scale proteomics, building on
existing commercial agreements with Thermo Fisher and Bruker
- Appointed Deep Nishar and Mostafa
Ronaghi, Ph.D. to our Board of Directors
- Expanded executive team, adding key
talent including Marissa Dixon, Chief People Officer, and Elona
Kogan, General Counsel
- Strengthened balance sheet with
$417.5 million in net proceeds from recent financings, including
$314.4 million from our initial public offering and concurrent
private placement in December 2020, and $103.1 million from our
follow-on offering in February 2021
Fourth Quarter 2020 Financial
Results
Revenue was $336,000 for the three months ended
December 31, 2020, as compared to $58,000 for the three months
ended December 31, 2019. The increase in revenue was driven
primarily by completion of a research collaboration study.
Operating expenses were $13.4 million for the
fourth quarter of 2020, as compared to $5.5 million for the
corresponding prior year period, an increase of 145%. The increase
in expenses was the result of a significant increase in employees
and associated compensation expense, product development efforts
related to our Proteograph Product Suite, and increased costs of
becoming a public company.
Net loss was $12.9 million for the fourth
quarter of 2020, as compared to $5.1 million for the corresponding
prior year period.
Full Year 2020 Financial
Results
Revenue for the year ended December 31,
2020 was $656,000, as compared to $116,000 for the year ended
December 31, 2019. The increase was due to a Small Business
Innovation Research grant awarded by the National Institutes of
Health in the third quarter of 2019, which continued through 2020,
and the completion of a research collaboration study. Revenue to
date has been generated from grant-funded activities and research
collaborations with biopharma companies.
Operating expenses were $34.3 million for the
year ended December 31, 2020, as compared to $17.0 million for
the year ended December 31, 2019, an increase of 102%. The
increase was due to greater research and development and general
and administrative expenses driven by increased headcount and
associated compensation expenses including stock-based
compensation, increased product development efforts related to our
Proteograph Product Suite and increased costs related to becoming a
public company.
Net loss was $32.8 million for the year ended
December 31, 2020, as compared to $16.0 million for the year
ended December 31, 2019.
Cash, cash equivalents and investments were
$431.9 million as of December 31, 2020. This includes $314.4
million of net proceeds from Seer’s IPO and concurrent private
placement in December of 2020. Subsequent to year end, Seer
completed a follow-on offering in February 2021, raising an
additional $103.1 million in net proceeds for the Company.
Webcast Information
Seer will host a conference call to discuss the
fourth quarter 2020 financial results after market close on Monday,
March 29, 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 focused on enabling exceptional
scientific outcomes by commercializing transformative products that
will drive breakthrough ideas by unlocking the deep, unbiased
biological information that can make them a reality. Seer is
developing its Proteograph™ Product Suite, which is an integrated
solution consisting of consumables, automation instrumentation and
proprietary software that performs deep, unbiased proteomics
analysis at scale in a matter of hours. Seer designed the
Proteograph Product Suite to be efficient and easy-to-use,
leveraging widely adopted laboratory instrumentation to provide a
decentralized solution that is broadly available to life sciences
researchers. 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.
These and other risks are described more fully in the Company’s
filings with the Securities and Exchange Commission (“SEC”),
including the Company’s Annual Report on Form 10-K, to be filed
with the SEC on March 29, 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
Mendivilinvestor@seer.bio
Media Contact:Karen Possematopr@seer.bio
Seer, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In
thousands, except share and per share
amounts)(unaudited)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Revenue |
$ |
336 |
|
|
$ |
58 |
|
|
$ |
656 |
|
|
$ |
116 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
5,422 |
|
|
|
3,813 |
|
|
|
18,942 |
|
|
|
12,393 |
|
General and administrative |
|
7,955 |
|
|
|
1,643 |
|
|
|
15,363 |
|
|
|
4,606 |
|
Total operating expenses |
|
13,377 |
|
|
|
5,456 |
|
|
|
34,305 |
|
|
|
16,999 |
|
Loss from operations |
|
(13,041 |
) |
|
|
(5,398 |
) |
|
|
(33,649 |
) |
|
|
(16,883 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
|
105 |
|
|
|
253 |
|
|
|
883 |
|
|
|
850 |
|
Interest and other expense |
|
— |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(5 |
) |
Net loss |
$ |
(12,936 |
) |
|
$ |
(5,146 |
) |
|
$ |
(32,775 |
) |
|
$ |
(16,038 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.54 |
) |
|
$ |
(0.63 |
) |
|
$ |
(2.48 |
) |
|
$ |
(2.31 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
23,893,201 |
|
|
|
8,169,883 |
|
|
|
13,216,657 |
|
|
|
6,952,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited)
|
December 31, |
|
2020 |
|
2019 |
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
333,585 |
|
|
$ |
17,485 |
|
Investments |
98,278 |
|
|
68,535 |
|
Inventory |
551 |
|
|
— |
|
Other receivables |
163 |
|
|
326 |
|
Other receivables, related parties |
99 |
|
|
— |
|
Prepaid expenses and other current assets |
452 |
|
|
460 |
|
Total current assets |
433,128 |
|
|
86,806 |
|
Property and equipment,
net |
8,441 |
|
|
5,687 |
|
Restricted cash |
343 |
|
|
343 |
|
Other assets |
407 |
|
|
400 |
|
TOTAL ASSETS |
$ |
442,319 |
|
|
$ |
93,236 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
2,115 |
|
|
$ |
701 |
|
Accrued expenses |
5,543 |
|
|
2,769 |
|
Deferred revenue |
250 |
|
|
175 |
|
Deferred rent, current |
186 |
|
|
170 |
|
Total current liabilities |
8,094 |
|
|
3,815 |
|
Deferred rent, net of current
portion |
1,899 |
|
|
1,673 |
|
Other noncurrent
liabilities |
717 |
|
|
69 |
|
Total liabilities |
10,710 |
|
|
5,557 |
|
Commitments (Note 10) |
|
|
|
Stockholders’ equity: |
|
|
|
Convertible preferred stock |
— |
|
|
107,953 |
|
Preferred stock |
— |
|
|
— |
|
Common stock |
1 |
|
|
— |
|
Additional paid-in capital |
486,915 |
|
|
2,288 |
|
Accumulated other comprehensive income |
54 |
|
|
24 |
|
Accumulated deficit |
(55,361 |
) |
|
(22,586 |
) |
Total stockholders’ equity |
431,609 |
|
|
87,679 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
442,319 |
|
|
$ |
93,236 |
|
|
|
|
|
|
|
|
|
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