Seer Reports Second Quarter 2022 Financial Results
August 09 2022 - 4:05PM
Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the second quarter ended June 30, 2022.
“We are building on a strong start to the year
and I am pleased with the positive trajectory of our business as we
continued to execute against our core strategies. We are making
progress across all areas of our business as we continue to ramp
our commercial efforts and expand the installed base of the
Proteograph™ Product Suite,” said Omid Farokhzad, Chief Executive
Officer and Chair. “It is inspiring to support our customers as
they generate data that is enabling novel biological insight. We
are excited about our opportunity, focused on our goals, and
engaged with our customers to enable their success.”
Recent Highlights
- Revenue of $3.6
million for the second quarter 2022.
- Launched the
Proteograph Analysis Suite 2.0, a first-of-its-kind integrated tool
for scalable proteogenomic analysis at the peptide level, and an
integral component of the Proteograph Product Suite.
- Further
exemplified power of technology through 28 posters across nine
scientific conferences and industry events in the second quarter,
including four customer posters and nine Seer presentations at the
American Society for Mass Spectrometry (ASMS) conference in early
June.
- Demonstrated
progress with Centers of Excellence up and running in multiple
regions as well as progress operationalizing the Proteogenomics
Consortium in partnership with Discovery Life Sciences and
Sciex.
Second Quarter 2022 Financial
Results
Revenue was $3.6 million for the three months
ended June 30, 2022, as compared to $1.3 million for the three
months ended June 30, 2021. The increase was primarily due to
increased sales of the Proteograph Product Suite and its related
products. Product-related revenue for the second quarter of 2022
was $3.5 million, including $1.1 million of related party revenue,
and consisted of sales of SP100 instruments and consumable
kits.
Gross profit, inclusive of grant and other
revenue, was $1.6 million and gross margin was 44% for the second
quarter of 2022.
Operating expenses were $25.0 million for the
second quarter of 2022, including $8.4 million of stock-based
compensation, as compared to $17.4 million, including $6.4 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
the company’s facilities and other costs related to being a
publicly traded company.
Net loss was $22.8 million for the second
quarter of 2022, as compared to $16.6 million for the corresponding
prior year period.
Cash, cash equivalents and investments were
approximately $456.1 million as of June 30, 2022.
2022 Guidance
Seer continues to expect full year 2022 revenue to be in the
range of $14.0 million to $16.0 million.
Webcast Information
Seer will host a conference call to discuss the
second quarter financial results on Tuesday, August 9, 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. 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 June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
Product |
$ |
2,406 |
|
|
$ |
837 |
|
|
$ |
4,555 |
|
|
$ |
837 |
|
Service |
|
57 |
|
|
|
— |
|
|
|
137 |
|
|
|
— |
|
Related party |
|
1,108 |
|
|
|
380 |
|
|
|
2,178 |
|
|
|
380 |
|
Grant and other |
|
50 |
|
|
|
117 |
|
|
|
64 |
|
|
|
179 |
|
Total revenue |
|
3,621 |
|
|
|
1,334 |
|
|
|
6,934 |
|
|
|
1,396 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Product |
|
1,643 |
|
|
|
504 |
|
|
|
3,303 |
|
|
|
504 |
|
Service |
|
15 |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
Related party |
|
354 |
|
|
|
82 |
|
|
|
748 |
|
|
|
82 |
|
Total cost of revenue |
|
2,012 |
|
|
|
586 |
|
|
|
4,080 |
|
|
|
586 |
|
Gross profit |
|
1,609 |
|
|
|
748 |
|
|
|
2,854 |
|
|
|
810 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
10,871 |
|
|
|
6,935 |
|
|
|
21,607 |
|
|
|
13,162 |
|
Selling, general and administrative |
|
14,172 |
|
|
|
10,484 |
|
|
|
28,466 |
|
|
|
20,816 |
|
Total operating expenses |
|
25,043 |
|
|
|
17,419 |
|
|
|
50,073 |
|
|
|
33,978 |
|
Loss from operations |
|
(23,434 |
) |
|
|
(16,671 |
) |
|
|
(47,219 |
) |
|
|
(33,168 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
|
676 |
|
|
|
55 |
|
|
|
819 |
|
|
|
123 |
|
Other expense |
|
(57 |
) |
|
|
— |
|
|
|
(61 |
) |
|
|
— |
|
Total other income |
|
619 |
|
|
|
55 |
|
|
|
758 |
|
|
|
123 |
|
Net loss |
$ |
(22,815 |
) |
|
$ |
(16,616 |
) |
|
$ |
(46,461 |
) |
|
$ |
(33,045 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities |
|
(886 |
) |
|
|
(62 |
) |
|
|
(2,577 |
) |
|
|
(88 |
) |
Comprehensive loss |
$ |
(23,701 |
) |
|
$ |
(16,678 |
) |
|
$ |
(49,038 |
) |
|
$ |
(33,133 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.55 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
62,376,571 |
|
|
|
60,841,657 |
|
|
|
62,191,068 |
|
|
|
60,367,433 |
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share amounts)
|
June 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
79,023 |
|
|
$ |
232,813 |
|
Short-term investments |
|
372,167 |
|
|
|
167,261 |
|
Accounts receivable, net |
|
3,341 |
|
|
|
2,495 |
|
Related party receivables |
|
843 |
|
|
|
1,283 |
|
Other receivables |
|
998 |
|
|
|
366 |
|
Inventory |
|
6,838 |
|
|
|
4,145 |
|
Prepaid expenses and other current assets |
|
3,547 |
|
|
|
3,336 |
|
Total current assets |
|
466,757 |
|
|
|
411,699 |
|
Long-term investments |
|
4,915 |
|
|
|
93,186 |
|
Operating lease right-of-use
assets |
|
27,958 |
|
|
|
20,142 |
|
Property and equipment,
net |
|
15,350 |
|
|
|
13,087 |
|
Restricted cash |
|
524 |
|
|
|
524 |
|
Other assets |
|
796 |
|
|
|
501 |
|
Total assets |
$ |
516,300 |
|
|
$ |
539,139 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
4,141 |
|
|
$ |
3,789 |
|
Accrued expenses |
|
9,142 |
|
|
|
8,394 |
|
Deferred revenue |
|
429 |
|
|
|
376 |
|
Operating lease liabilities, current |
|
1,115 |
|
|
|
864 |
|
Other current liabilities |
|
197 |
|
|
|
— |
|
Total current liabilities |
|
15,024 |
|
|
|
13,423 |
|
Operating lease liabilities,
net of current portion |
|
28,910 |
|
|
|
22,459 |
|
Other noncurrent
liabilities |
|
323 |
|
|
|
341 |
|
Total liabilities |
|
44,257 |
|
|
|
36,223 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of June 30, 2022 and December 31, 2021; zero shares issued and
outstanding as of June 30, 2022 and December 31, 2021 |
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of June 30, 2022 and December 31, 2021; 58,565,210
and 57,493,005 shares issued and outstanding as of June 30, 2022
and December 31, 2021, respectively |
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of June 30, 2022 and December 31, 2021; 4,044,969 and
4,522,478 shares issued and outstanding as of June 30, 2022 and
December 31, 2021, respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
648,146 |
|
|
|
629,981 |
|
Accumulated other comprehensive loss |
|
(3,113 |
) |
|
|
(536 |
) |
Accumulated deficit |
|
(172,991 |
) |
|
|
(126,530 |
) |
Total stockholders’ equity |
|
472,043 |
|
|
|
502,916 |
|
Total liabilities and stockholders’ equity |
$ |
516,300 |
|
|
$ |
539,139 |
|
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