Seer Reports Third Quarter 2022 Financial Results
November 08 2022 - 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, 2022.
“During the third quarter, we continued to see
growing enthusiasm from our customers across a variety of
applications, including discovery, translational and clinical
research. We are seeing a growing commitment to the technology as
customers around the world adopt the Proteograph Product Suite and
conduct first-of-their kind studies that explore the proteome at a
depth, resolution and scale that was not possible previously,” said
Omid Farokhzad, Chief Executive Officer, President and Chair. “As
we move ahead, we are excited about our opportunity, focused on our
goals, and committed to enabling our customers'
success.”
Recent Highlights
- Revenue of $4.0
million for the third quarter 2022
- Published
results in Advanced Materials highlighting how the combination of
proteomic methods, nanoengineering and machine learning enables the
capture of thousands of proteins
- Demonstrated
utility of the technology to address different sample types, input
volumes and species through customer proof-of-principle studies and
presentations
- Increased
utilization by pharma and academic users, who are accessing Seer’s
technology through new projects with our Centers of Excellence
partners
- Continued
software and computation innovations with Seer’s latest deep
peptide libraries, enabling up to a 50% increase in proteome depth
and allowing for the identification of novel proteoforms
Third Quarter 2022 Financial
Results
Revenue was $4.0 million for the three months
ended September 30, 2022, as compared to $2.2 million for the three
months ended September 30, 2021. The increase was primarily due to
increased sales of the Proteograph Product Suite and its related
products. Product-related revenue for the third quarter of 2022 was
$3.9 million, including $1.3 million of related party revenue, and
consisted of sales of SP100 instruments, consumable kits and
platform evaluations.
Gross profit was $1.9 million and gross margin
was 49% for the third quarter of 2022.
Operating expenses were $27.0 million for the
third quarter of 2022, including $9.1 million of stock-based
compensation, as compared to $19.6 million, including $6.8 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 $24.0 million for the third quarter
of 2022, as compared to $18.4 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
approximately $441.0 million as of September 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
third quarter financial results on Tuesday, November 8, 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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
$ |
2,571 |
|
|
$ |
858 |
|
|
$ |
7,126 |
|
|
$ |
1,695 |
|
|
Service |
|
68 |
|
|
|
500 |
|
|
|
204 |
|
|
|
500 |
|
|
Related party |
|
1,316 |
|
|
|
787 |
|
|
|
3,494 |
|
|
|
1,167 |
|
|
Grant and other |
|
— |
|
|
|
10 |
|
|
|
64 |
|
|
|
189 |
|
|
Total revenue |
|
3,955 |
|
|
|
2,155 |
|
|
|
10,888 |
|
|
|
3,551 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
1,371 |
|
|
|
574 |
|
|
|
4,674 |
|
|
|
1,078 |
|
|
Service |
|
21 |
|
|
|
42 |
|
|
|
50 |
|
|
|
42 |
|
|
Related party |
|
618 |
|
|
|
370 |
|
|
|
1,366 |
|
|
|
452 |
|
|
Total cost of revenue |
|
2,010 |
|
|
|
986 |
|
|
|
6,090 |
|
|
|
1,572 |
|
|
Gross profit |
|
1,945 |
|
|
|
1,169 |
|
|
|
4,798 |
|
|
|
1,979 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
11,564 |
|
|
|
7,745 |
|
|
|
33,167 |
|
|
|
20,906 |
|
|
Selling, general and administrative |
|
15,447 |
|
|
|
11,855 |
|
|
|
43,917 |
|
|
|
32,672 |
|
|
Total operating expenses |
|
27,011 |
|
|
|
19,600 |
|
|
|
77,084 |
|
|
|
53,578 |
|
|
Loss from operations |
|
(25,066 |
) |
|
|
(18,431 |
) |
|
|
(72,286 |
) |
|
|
(51,599 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
1,285 |
|
|
|
46 |
|
|
|
2,105 |
|
|
|
169 |
|
|
Other expense |
|
(199 |
) |
|
|
— |
|
|
|
(260 |
) |
|
|
— |
|
|
Total other income |
|
1,086 |
|
|
|
46 |
|
|
|
1,845 |
|
|
|
169 |
|
|
Net loss |
$ |
(23,980 |
) |
|
$ |
(18,385 |
) |
|
$ |
(70,441 |
) |
|
$ |
(51,430 |
) |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
420 |
|
|
|
26 |
|
|
|
(2,157 |
) |
|
|
(62 |
) |
|
Comprehensive loss |
$ |
(23,560 |
) |
|
$ |
(18,359 |
) |
|
$ |
(72,598 |
) |
|
$ |
(51,492 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.38 |
) |
|
$ |
(0.30 |
) |
|
$ |
(1.13 |
) |
|
$ |
(0.85 |
) |
|
Weighted-average common shares
outstanding, basic and diluted |
|
62,538,983 |
|
|
|
61,133,518 |
|
|
|
62,308,314 |
|
|
|
60,625,601 |
|
|
Seer, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share amounts)
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
68,069 |
|
|
$ |
232,813 |
|
|
Short-term investments |
|
367,995 |
|
|
|
167,261 |
|
|
Accounts receivable, net |
|
4,537 |
|
|
|
2,495 |
|
|
Related party receivables |
|
829 |
|
|
|
1,283 |
|
|
Other receivables |
|
1,012 |
|
|
|
366 |
|
|
Inventory |
|
5,916 |
|
|
|
4,145 |
|
|
Prepaid expenses and other current assets |
|
2,113 |
|
|
|
3,336 |
|
|
Total current assets |
|
450,471 |
|
|
|
411,699 |
|
|
Long-term investments |
|
4,873 |
|
|
|
93,186 |
|
|
Operating lease right-of-use
assets |
|
27,465 |
|
|
|
20,142 |
|
|
Property and equipment,
net |
|
16,084 |
|
|
|
13,087 |
|
|
Restricted cash |
|
524 |
|
|
|
524 |
|
|
Other assets |
|
795 |
|
|
|
501 |
|
|
Total assets |
$ |
500,212 |
|
|
$ |
539,139 |
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
3,975 |
|
|
$ |
3,789 |
|
|
Accrued expenses |
|
7,821 |
|
|
|
8,394 |
|
|
Deferred revenue |
|
325 |
|
|
|
376 |
|
|
Operating lease liabilities, current |
|
1,314 |
|
|
|
864 |
|
|
Other current liabilities |
|
181 |
|
|
|
— |
|
|
Total current liabilities |
|
13,616 |
|
|
|
13,423 |
|
|
Operating lease liabilities,
net of current portion |
|
28,509 |
|
|
|
22,459 |
|
|
Other noncurrent
liabilities |
|
319 |
|
|
|
341 |
|
|
Total liabilities |
|
42,444 |
|
|
|
36,223 |
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of September 30, 2022 and December 31, 2021; zero shares issued and
outstanding as of September 30, 2022 and December 31, 2021 |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of September 30, 2022 and December 31, 2021;
58,591,785 and 57,493,005 shares issued and outstanding as of
September 30, 2022 and December 31, 2021, respectively |
|
1 |
|
|
|
1 |
|
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of September 30, 2022 and December 31, 2021;
4,044,969 and 4,522,478 shares issued and outstanding as of
September 30, 2022 and December 31, 2021, respectively |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
657,431 |
|
|
|
629,981 |
|
|
Accumulated other comprehensive loss |
|
(2,693 |
) |
|
|
(536 |
) |
|
Accumulated deficit |
|
(196,971 |
) |
|
|
(126,530 |
) |
|
Total stockholders’ equity |
|
457,768 |
|
|
|
502,916 |
|
|
Total liabilities and stockholders’ equity |
$ |
500,212 |
|
|
$ |
539,139 |
|
|
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