Seer Reports First Quarter 2022 Financial Results
May 04 2022 - 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, 2022.
“We had a strong start to the year as we further
ramped our commercial efforts, expanded our installed base, and
made tangible progress against our strategic plan. I am thrilled to
see the growing impact of our unique technology in enabling
researchers to interrogate the proteome deeply, at scale and
without limitations to prescribed targets,” said Omid Farokhzad,
Chief Executive Officer and Chair, “As our customers deepen their
experience with the Proteograph Product Suite, the data they
produce will be key to accelerating adoption and establishing a
rich pipeline of potential customers. We look forward to updating
you on their progress throughout the year.”
Recent Highlights
- Revenue of $3.3
million for the first quarter 2022
- Delivered the
first Proteograph Product Suite orders as part of Broad Commercial
release across multiple geographies, including North America,
Europe and Asia
- Announced the
publication of a seminal study in the Proceedings of the National
Academy of Sciences (PNAS) demonstrating performance of the
Proteograph Product Suite for deep, unbiased, precise, scalable
proteomics
- Hired Scott
Thomas as Chief Commercial Officer
First Quarter 2022 Financial
Results
Revenue was $3.3 million for the three months
ended March 31, 2022, as compared to $62 thousand for the three
months ended March 31, 2021. The increase was primarily due to an
increase in sales of products related to the Proteograph Product
Suite. Product-related revenue for the first quarter of 2022 was
$3.2 million, including $1.1 million of related party revenue, and
consisted of sales of SP100 instruments, consumable kits and
platform evaluations.
Gross profit, inclusive of grant and other
revenue, was $1.2 million and gross margin was 38% for the first
quarter of 2022.
Operating expenses were $25.0 million for the
first quarter of 2022, including $8.1 million of stock based
compensation, as compared to $16.6 million, including $6.0 million
of stock based compensation, 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 expenses related to the expansion of
our facilities and other costs related to being a publicly traded
company.
Net loss was $23.6 million for the first quarter
of 2022, as compared to $16.4 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
approximately $472 million as of March 31, 2022.
2022 Guidance
Seer continues to expect full year 2022 revenue
to be in the range of $14.0 million to $16.0 million, and, as
previously disclosed, Seer also expects to continue to increase
investments in its commercial, operations, research and development
activities to drive long-term growth and value creation.
Webcast Information
Seer will host a conference call to discuss the
first quarter financial results on Wednesday, May 4, 2022 at 2:00
pm Pacific Time / 5:00 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. 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
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, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Revenue: |
|
|
|
Product |
$ |
2,149 |
|
|
$ |
— |
|
Service |
|
79 |
|
|
|
— |
|
Related party |
|
1,070 |
|
|
|
— |
|
Grant and other |
|
14 |
|
|
|
62 |
|
Total revenue |
|
3,312 |
|
|
|
62 |
|
Cost of revenue: |
|
|
|
Product |
|
1,660 |
|
|
|
— |
|
Service |
|
14 |
|
|
|
— |
|
Related party |
|
394 |
|
|
|
— |
|
Total cost of revenue |
|
2,068 |
|
|
|
— |
|
Gross profit |
|
1,244 |
|
|
|
62 |
|
Operating expenses: |
|
|
|
Research and development |
|
10,732 |
|
|
|
6,227 |
|
Selling, general and administrative |
|
14,298 |
|
|
|
10,333 |
|
Total operating expenses |
|
25,030 |
|
|
|
16,560 |
|
Loss from operations |
|
(23,786 |
) |
|
|
(16,498 |
) |
Other income (expense): |
|
|
|
Interest income |
|
144 |
|
|
|
69 |
|
Other expense |
|
(4 |
) |
|
|
— |
|
Total other income |
|
140 |
|
|
|
69 |
|
Net loss |
$ |
(23,646 |
) |
|
$ |
(16,429 |
) |
Other comprehensive loss: |
|
|
|
Unrealized loss on available-for-sale securities |
|
(1,691 |
) |
|
|
(26 |
) |
Comprehensive loss |
$ |
(25,337 |
) |
|
$ |
(16,455 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.38 |
) |
|
$ |
(0.27 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
62,003,504 |
|
|
|
59,887,842 |
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share
amounts)(Unaudited)
|
March 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
225,334 |
|
|
$ |
232,813 |
|
Short-term investments |
|
219,892 |
|
|
|
167,261 |
|
Accounts receivable, net |
|
2,793 |
|
|
|
2,495 |
|
Related party receivables |
|
1,126 |
|
|
|
1,283 |
|
Other receivables |
|
540 |
|
|
|
366 |
|
Inventory |
|
3,550 |
|
|
|
4,145 |
|
Prepaid expenses and other current assets |
|
4,221 |
|
|
|
3,336 |
|
Total current assets |
|
457,456 |
|
|
|
411,699 |
|
Long-term investments |
|
26,550 |
|
|
|
93,186 |
|
Operating lease right-of-use assets |
|
28,411 |
|
|
|
20,142 |
|
Property and equipment, net |
|
13,654 |
|
|
|
13,087 |
|
Restricted cash |
|
524 |
|
|
|
524 |
|
Other assets |
|
490 |
|
|
|
501 |
|
Total assets |
$ |
527,085 |
|
|
$ |
539,139 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,291 |
|
|
$ |
3,789 |
|
Accrued expenses |
|
6,377 |
|
|
|
8,394 |
|
Deferred revenue |
|
394 |
|
|
|
376 |
|
Operating lease liabilities, current |
|
1,090 |
|
|
|
864 |
|
Total current liabilities |
|
11,152 |
|
|
|
13,423 |
|
Operating lease liabilities, net of current portion |
|
29,134 |
|
|
|
22,459 |
|
Other noncurrent liabilities |
|
341 |
|
|
|
341 |
|
Total liabilities |
|
40,627 |
|
|
|
36,223 |
|
Commitments and contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of March 31, 2022 and December 31, 2021; zero shares
issued and outstanding as of March 31, 2022 and
December 31, 2021 |
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of March 31, 2022 and December 31, 2021;
58,237,703 and 57,493,005 shares issued and
outstanding as of March 31, 2022 and December 31, 2021,
respectively |
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000
shares authorized as of March 31, 2022 and December
31, 2021; 4,055,190 and 4,522,478 shares issued and
outstanding as of March 31, 2022 and December 31, 2021,
respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
638,860 |
|
|
|
629,981 |
|
Accumulated other comprehensive loss |
|
(2,227 |
) |
|
|
(536 |
) |
Accumulated deficit |
|
(150,176 |
) |
|
|
(126,530 |
) |
Total stockholders’ equity |
|
486,458 |
|
|
|
502,916 |
|
Total liabilities and stockholders’ equity |
$ |
527,085 |
|
|
$ |
539,139 |
|
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