Seer Reports Third Quarter 2021 Financial Results
November 09 2021 - 4:05PM
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, 2021.
“We continued to make outstanding progress this
quarter and I could not be more pleased with the momentum of our
business as we approach the close of 2021 and prepare for Broad
Release in early 2022,” said Omid Farokhzad, Chair and Chief
Executive Officer. “There continues to be growing enthusiasm and
energy around our technology. I am inspired by the progress of our
customers, proud of the strides we are making with our Proteograph
Product Suite, and very grateful for the continued hard work of the
Seer team.”
Recent Highlights
- Revenue of $2.2
million for the third quarter of 2021, including $1.6 million of
product-related revenue
- Added new
Limited Release customers during the third quarter and are on track
to meet our target of a high single-digit number of Limited Release
customers across key applications and markets
- Demonstrated
traction with customer adoption, seen with submissions to
recent scientific conferences:
- Oregon Health
Sciences University, Knight Cancer Institute has initiated their
large-scale, prostate cancer proteomics study - that will include
at least 500, and possibly up to 1000, serum samples.
- The Broad
Institute demonstrated the Proteograph’s ability to reduce time and
labor dramatically, while robustly and deeply sampling the
proteome, with increased sensitivity.
- Sanford Burnham
Prebys Medical Discovery Institute demonstrated the compatibility
of the Proteograph with a popular multiplexing method - Tandem Mass
Tag (TMT).
- Protein Metrics
data showed that the Proteograph can analyze subpopulations of the
glycoproteome, an important post-translation modification for
biomarker discovery, without the need for glycopeptide-specific
enrichment.
Third Quarter 2021 Financial
Results
Revenue was $2.2 million for the three months
ended September 30, 2021, as compared to $72 thousand for the three
months ended September 30, 2020. The increase was the result of
sales of products related to our Proteograph Product Suite and
services performed for a large pharmaceutical company.
Product-related revenue was $1.6 million, including $787 thousand
of related party revenue, service revenue was $500 thousand, and
grant revenue was $10 thousand.
Gross profit, inclusive of grant revenue, was
$1.2 million and gross margin was 54% for the third quarter of
2021.
Operating expenses were $19.6 million for the
third quarter of 2021, as compared to $8.5 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 $18.4 million for the third quarter
of 2021, as compared to $8.2 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
approximately $506.6 million as of September 30, 2021.
Webcast Information
Seer will host a conference call to discuss the
third quarter 2021 financial results on Tuesday, November 9, 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 November 9, 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 September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Product |
$ |
858 |
|
|
|
$ |
— |
|
|
|
$ |
1,695 |
|
|
|
$ |
— |
|
Service |
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
Related party |
787 |
|
|
|
— |
|
|
|
1,167 |
|
|
|
— |
|
Grant |
10 |
|
|
|
72 |
|
|
|
189 |
|
|
|
320 |
|
Total revenue |
2,155 |
|
|
|
72 |
|
|
|
3,551 |
|
|
|
320 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Product |
574 |
|
|
|
— |
|
|
|
1,078 |
|
|
|
— |
|
Service |
42 |
|
|
|
— |
|
|
|
42 |
|
|
|
— |
|
Related party |
370 |
|
|
|
— |
|
|
|
452 |
|
|
|
— |
|
Total cost of
revenue |
986 |
|
|
|
— |
|
|
|
1,572 |
|
|
|
— |
|
Gross profit |
1,169 |
|
|
|
72 |
|
|
|
1,979 |
|
|
|
320 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and
development |
7,745 |
|
|
|
4,762 |
|
|
|
20,906 |
|
|
|
13,520 |
|
Selling, general and
administrative |
11,855 |
|
|
|
3,726 |
|
|
|
32,672 |
|
|
|
7,408 |
|
Total operating
expenses |
19,600 |
|
|
|
8,488 |
|
|
|
53,578 |
|
|
|
20,928 |
|
Loss from
operations |
(18,431 |
) |
|
|
(8,416 |
) |
|
|
(51,599 |
) |
|
|
(20,608 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest
income |
46 |
|
|
|
196 |
|
|
|
169 |
|
|
|
778 |
|
Other expense |
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(9 |
) |
Total other income (expense) |
46 |
|
|
|
187 |
|
|
|
169 |
|
|
|
769 |
|
Net
loss |
$ |
(18,385 |
) |
|
|
$ |
(8,229 |
) |
|
|
$ |
(51,430 |
) |
|
|
$ |
(19,839 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale
securities |
26 |
|
|
|
(159 |
) |
|
|
(62 |
) |
|
|
119 |
|
Comprehensive
loss |
$ |
(18,359 |
) |
|
|
$ |
(8,388 |
) |
|
|
$ |
(51,492 |
) |
|
|
$ |
(19,720 |
) |
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.30 |
) |
|
|
$ |
(0.80 |
) |
|
|
$ |
(0.85 |
) |
|
|
$ |
(2.04 |
) |
Weighted-average common shares outstanding, basic and
diluted |
61,133,518 |
|
|
|
10,285,401 |
|
|
|
60,625,601 |
|
|
|
9,709,501 |
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share
amounts)(Unaudited)
|
September 30, |
|
December 31, |
|
2021 |
|
2020 |
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
331,402 |
|
|
|
$ |
333,585 |
|
Investments |
175,202 |
|
|
|
98,278 |
|
Accounts receivable,
net |
1,165 |
|
|
|
— |
|
Related party
receivables |
703 |
|
|
|
99 |
|
Other
receivables |
672 |
|
|
|
163 |
|
Inventory |
2,557 |
|
|
|
551 |
|
Prepaid expenses and other current
assets |
2,566 |
|
|
|
452 |
|
Total current
assets |
514,267 |
|
|
|
433,128 |
|
Property and equipment,
net |
12,588 |
|
|
|
8,441 |
|
Restricted
cash |
524 |
|
|
|
343 |
|
Other
assets |
459 |
|
|
|
407 |
|
Total assets |
$ |
527,838 |
|
|
|
$ |
442,319 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts
payable |
$ |
2,573 |
|
|
|
$ |
2,115 |
|
Accrued
expenses |
5,974 |
|
|
|
5,147 |
|
Accrued research and
development |
627 |
|
|
|
396 |
|
Deferred
revenue |
111 |
|
|
|
250 |
|
Deferred rent,
current |
268 |
|
|
|
186 |
|
Total current
liabilities |
9,553 |
|
|
|
8,094 |
|
Deferred rent, net of current
portion |
2,687 |
|
|
|
1,899 |
|
Other noncurrent
liabilities |
402 |
|
|
|
717 |
|
Total
liabilities |
12,642 |
|
|
|
10,710 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of September 30, 2021 and December 31, 2020; zero shares issued and
outstanding as of September 30, 2021 and December 31,
2020 |
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of September 30, 2021 and December 31, 2020;
56,967,870 and 53,395,319 shares issued and outstanding as of
September 30, 2021 and December 31, 2020, respectively;
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of September 30, 2021 and December 31, 2020;
4,686,028 and 5,865,732 shares issued and outstanding as of
September 30, 2021 and December 31, 2020, respectively;
|
— |
|
|
|
— |
|
Additional paid-in
capital |
621,994 |
|
|
|
486,915 |
|
Accumulated other comprehensive income
(loss) |
(8 |
) |
|
|
54 |
|
Accumulated
deficit |
(106,791 |
) |
|
|
(55,361 |
) |
Total stockholders’
equity |
515,196 |
|
|
|
431,609 |
|
Total liabilities and stockholders’
equity |
$ |
527,838 |
|
|
|
$ |
442,319 |
|
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