Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the fourth quarter and full year ended December 31,
2021.
“This has been a momentous year for Seer, one that paved the way
for our technology in the hands of lighthouse collaborators and
customers, demonstrated the unique benefits of our technology, and
positioned Seer to open up new possibilities for researchers with
an unbiased, scalable approach to proteomics,” said Omid Farokhzad,
Chief Executive Officer and Chair, “As we enter 2022, we are
excited about our market opportunity, confident in what the
Proteograph Product Suite can deliver and ready to serve an
expanding customer base as we move forward with broad commercial
release of the Proteograph.”
Recent Highlights
- Revenue of $6.6
million for the full year 2021, inclusive of $3.1 million for the
fourth quarter
- Commenced broad
commercial release of the Proteograph Product Suite, with multiple
orders pre-booked
- Created the
Proteogenomics Consortium with Discovery Life Sciences and SCIEX in
January 2022, a first-of-its-kind, multi-year collaboration for
large-scale studies, to offer deep, unbiased proteomics with
capacity ramping to over 100,000 samples per year
- Launched the
Centers of Excellence program with providers in North America,
Europe, and Asia Pacific
- Added Meeta
Gulyani, Head of Strategy, Business Development and Transformation
for the Life Science business of Merck KGaA, Darmstadt, Germany and
Rachel Haurwitz, Ph.D, CEO of Caribou Biosciences, to the Board of
Directors
Fourth Quarter 2021 Financial
Results
Revenue was $3.1 million for the three months
ended December 31, 2021, as compared to $336 thousand for the three
months ended December 31, 2020. The increase was the result of
increased sales of the Proteograph Product Suite, including SP100
instruments, consumable kits and product evaluations in the fourth
of quarter of 2021. Product-related revenue was $3.0 million,
including $1.2 million of related party revenue, and grant revenue
was $34 thousand.
Gross profit, inclusive of grant revenue, was
$1.4 million and gross margin was 47% for the fourth quarter of
2021.
Operating expenses were $21.3 million for the
fourth quarter of 2021, as compared to $13.4 million 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 costs
related to being a publicly traded company.
Net loss was $19.7 million for the fourth
quarter of 2021, as compared to $12.9 million for the corresponding
prior year period.
Full Year 2021 Financial
Results
Revenue was $6.6 million for the year ended
December 31, 2021, as compared to $656 thousand for the year ended
December 31, 2020. Product-related revenue was $5.9 million,
including $2.3 million of related party revenue, service revenue
was $500 thousand and grant and other revenue was $223
thousand.
Gross profit, inclusive of grant revenue, was
$3.4 million and gross margin was 52% for the full year 2021.
Operating expenses were $74.9 million for the
full year 2021, as compared to $34.3 million for the corresponding
prior year period.
Net loss was $71.2 million for the full year
2021, as compared to $32.8 million for the corresponding prior year
period.
Cash, cash equivalents and investments were
$493.3 million as of December 31, 2021.
2022 Guidance
Seer expects full year 2022 revenue to be in the
range of $14.0 million to $16.0 million. In 2022, Seer also expects
to continue to increase investments in its commercial, operations
and research and development activities in order to drive long-term
growth and value creation.
Webcast Information
Seer will host a conference call to discuss the
fourth quarter and full year 2021 financial results on Monday,
February 28, 2022 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 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 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, 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 and its ability to imagine and pioneer
new ways to decode the secrets of the proteome to improve human
health. 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 1, 2022, 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, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
$ |
1,882 |
|
|
$ |
— |
|
|
$ |
3,577 |
|
|
$ |
— |
|
|
Service |
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
Related party |
|
1,150 |
|
|
|
— |
|
|
|
2,317 |
|
|
|
— |
|
|
Grant and
other |
|
34 |
|
|
|
336 |
|
|
|
223 |
|
|
|
656 |
|
|
Total revenue |
|
3,066 |
|
|
|
336 |
|
|
|
6,617 |
|
|
|
656 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
1,222 |
|
|
|
— |
|
|
|
2,300 |
|
|
|
— |
|
|
Service |
|
— |
|
|
|
— |
|
|
|
42 |
|
|
|
— |
|
|
Related party |
|
411 |
|
|
|
— |
|
|
|
863 |
|
|
|
— |
|
|
Total cost of
revenue |
|
1,633 |
|
|
|
— |
|
|
|
3,205 |
|
|
|
— |
|
|
Gross
profit |
|
1,433 |
|
|
|
336 |
|
|
|
3,412 |
|
|
|
656 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
8,215 |
|
|
|
5,422 |
|
|
|
29,121 |
|
|
|
18,942 |
|
|
Selling, general and
administrative |
|
13,092 |
|
|
|
7,955 |
|
|
|
45,764 |
|
|
|
15,363 |
|
|
Total operating
expenses |
|
21,307 |
|
|
|
13,377 |
|
|
|
74,885 |
|
|
|
34,305 |
|
|
Loss from
operations |
|
(19,874 |
) |
|
|
(13,041 |
) |
|
|
(71,473 |
) |
|
|
(33,649 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
157 |
|
|
|
105 |
|
|
|
326 |
|
|
|
883 |
|
|
Interest expense |
|
(22 |
) |
|
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
Other expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
Total other
income |
|
135 |
|
|
|
105 |
|
|
|
304 |
|
|
|
874 |
|
|
Net
loss |
$ |
(19,739 |
) |
|
$ |
(12,936 |
) |
|
$ |
(71,169 |
) |
|
$ |
(32,775 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.32 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.17 |
) |
|
$ |
(2.48 |
) |
|
Weighted-average common shares outstanding, basic and
diluted |
|
61,562,065 |
|
|
|
23,893,201 |
|
|
|
60,863,950 |
|
|
|
13,216,657 |
|
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share
amounts)(Unaudited)
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
232,813 |
|
|
$ |
333,585 |
|
|
Short-term
investments |
|
167,261 |
|
|
|
98,278 |
|
|
Accounts receivable,
net |
|
2,495 |
|
|
|
— |
|
|
Related party
receivables |
|
1,283 |
|
|
|
99 |
|
|
Other
receivables |
|
366 |
|
|
|
163 |
|
|
Inventory |
|
4,145 |
|
|
|
551 |
|
|
Prepaid expenses and other current
assets |
|
3,336 |
|
|
|
452 |
|
|
Total current
assets |
|
411,699 |
|
|
|
433,128 |
|
|
Long-term
investments |
|
93,186 |
|
|
|
— |
|
|
Operating lease right-of-use
assets |
|
20,142 |
|
|
|
— |
|
|
Property and equipment,
net |
|
13,087 |
|
|
|
8,441 |
|
|
Restricted
cash |
|
524 |
|
|
|
343 |
|
|
Other
assets |
|
501 |
|
|
|
407 |
|
|
Total assets |
$ |
539,139 |
|
|
$ |
442,319 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
$ |
3,789 |
|
|
$ |
2,115 |
|
|
Accrued
expenses |
|
7,371 |
|
|
|
5,147 |
|
|
Accrued research and
development |
|
1,023 |
|
|
|
396 |
|
|
Deferred
revenue |
|
376 |
|
|
|
250 |
|
|
Deferred rent,
current |
|
— |
|
|
|
186 |
|
|
Operating lease liabilities,
current |
|
864 |
|
|
|
— |
|
|
Total current
liabilities |
|
13,423 |
|
|
|
8,094 |
|
|
Deferred rent, net of current
portion |
|
— |
|
|
|
1,899 |
|
|
Operating lease liabilities,
net of current
portion |
|
22,459 |
|
|
|
— |
|
|
Other noncurrent
liabilities |
|
341 |
|
|
|
717 |
|
|
Total
liabilities |
|
36,223 |
|
|
|
10,710 |
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of December 31, 2021 and 2020; zero shares issued and outstanding
as of December 31, 2021 and
2020 |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of December 31, 2021 and 2020; 57,493,005 and
53,395,319 shares issued and outstanding as of December 31, 2021
and 2020, respectively;
|
|
1 |
|
|
|
1 |
|
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of December 31, 2021 and 2020; 4,522,478 and
5,865,732 shares issued and outstanding as of December 31, 2021 and
2020, respectively;
|
|
— |
|
|
|
— |
|
|
Additional paid-in
capital |
|
629,981 |
|
|
|
486,915 |
|
|
Accumulated other comprehensive income
(loss) |
|
(536 |
) |
|
|
54 |
|
|
Accumulated
deficit |
|
(126,530 |
) |
|
|
(55,361 |
) |
|
Total stockholders’
equity |
|
502,916 |
|
|
|
431,609 |
|
|
Total liabilities and stockholders’
equity |
$ |
539,139 |
|
|
$ |
442,319 |
|
|
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