Seer Reports First Quarter 2021 Financial Results
May 10 2021 - 4:05PM
Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the first quarter ended March 31, 2021.
“I am so incredibly proud of and amazed by our
team for the progress we have made this quarter,” said Omid
Farokhzad, Chair and Chief Executive Officer. “Unbiased, deep,
rapid proteomics at scale will pave the way for broad-scale and
novel biological insight – with incredible impact across science
and medicine. We look forward to continuing to build our commercial
momentum throughout 2021 as we bring the next phase in omics to
labs around the globe.”
Recent Highlights
- Advanced phase
two of our three-phase commercial plan by signing agreements
with multiple Limited Release customers
- Completed
installation at Salk Institute, bringing total number of active
collaboration sites to four
- OHSU Knight
Cancer Institute and the Broad Institute successfully completed
their initial pilot studies and are progressing toward larger-scale
follow-on studies
- Strengthened leadership team with
the addition of Kenny Ross as VP Operations and Quality
- Doubled the size of Redwood City
headquarters with a new lease to support growing organization
First Quarter 2021 Financial
Results
Revenue was $62,000 for the three months ended
March 31, 2021, as compared to $177,000 for the three months ended
March 31, 2020. The decrease was due to less activity associated
with our Small Business Innovation Research grant from the NIH.
Operating expenses were $16.6 million for the
first quarter of 2021, as compared to $6.0 million for the
corresponding prior year period. The increase in expenses was
driven by higher employee compensation costs and other expenses
related to being a publicly traded company, as well as an increase
in product development expenses related to our Proteograph Product
Suite.
Net loss was $16.4 million for the first quarter
of 2021, as compared to $5.5 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
approximately $531 million as of March 31, 2021.
Webcast Information
Seer will host a conference call to discuss the
first quarter 2021 financial results on Monday, May 10, 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. 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 May 10, 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 March 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
Revenue |
$ |
62 |
|
|
$ |
177 |
|
|
|
|
|
Operating expenses: |
|
|
|
Research and
development |
|
6,227 |
|
|
|
4,222 |
|
Selling, general and
administrative |
|
10,333 |
|
|
|
1,780 |
|
Total operating
expenses |
|
16,560 |
|
|
|
6,002 |
|
Loss from
operations |
|
(16,498 |
) |
|
|
(5,825 |
) |
Other income (expense): |
|
|
|
Interest
income |
|
69 |
|
|
|
332 |
|
Net
loss |
$ |
(16,429 |
) |
|
$ |
(5,493 |
) |
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.27 |
) |
|
$ |
(0.61 |
) |
Weighted-average common shares outstanding, basic and
diluted |
|
59,887,842 |
|
|
|
8,944,284 |
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited)
|
|
|
|
|
March 31, |
|
2021 |
|
2020 |
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
445,763 |
|
|
$ |
333,585 |
|
Investments |
85,379 |
|
|
98,278 |
|
Inventory |
1,541 |
|
|
551 |
|
Other
receivables |
412 |
|
|
163 |
|
Other receivables, related
parties |
101 |
|
|
99 |
|
Prepaid expenses and other current
assets |
3,041 |
|
|
452 |
|
Total current
assets |
536,237 |
|
|
433,128 |
|
Property and equipment,
net |
8,682 |
|
|
8,441 |
|
Restricted
cash |
343 |
|
|
343 |
|
Other
assets |
377 |
|
|
407 |
|
TOTAL ASSETS |
$ |
545,639 |
|
|
$ |
442,319 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts
payable |
$ |
1,933 |
|
|
$ |
2,115 |
|
Accrued
expenses |
5,021 |
|
|
5,543 |
|
Deferred
revenue |
256 |
|
|
250 |
|
Deferred rent,
current |
186 |
|
|
186 |
|
Total current
liabilities |
7,396 |
|
|
8,094 |
|
Deferred rent, net of current
portion |
1,884 |
|
|
1,899 |
|
Other noncurrent
liabilities |
589 |
|
|
717 |
|
Total
liabilities |
9,869 |
|
|
10,710 |
|
Commitments (Note 10) |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred
stock |
— |
|
|
— |
|
Common stock |
1 |
|
|
1 |
|
Additional paid-in
capital |
607,531 |
|
|
486,915 |
|
Accumulated other comprehensive
income |
28 |
|
|
54 |
|
Accumulated
deficit |
(71,790 |
) |
|
(55,361 |
) |
Total stockholders’
equity |
535,770 |
|
|
431,609 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY |
$ |
545,639 |
|
|
$ |
442,319 |
|
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