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,
2022.
“I am extremely proud of the Seer team and our
accomplishments in our first year of broad commercial availability.
The Proteograph Product Suite has been performing exceptionally
well in the hands of customers, enabling them to obtain biological
insights that were not previously possible. Customers are
consistently seeing deep protein coverage that is measured
quantitatively, accurately, and with precision - in a way that is
scalable and enables unprecedented studies,” said Omid Farokhzad,
CEO and President. “Looking ahead in 2023, we will continue to
drive execution by enabling breakthrough science, demonstrating the
power of the Proteograph through presentations and publications,
catalyzing new applications and markets, and continuing to build an
industry-leading team.”
Recent Highlights
- Achieved revenue
of $4.6 million for the fourth quarter of 2022 and $15.5 million
for the full year 2022, an increase of 50% and 134% over the
corresponding periods of 2021
- Shipped 22
instruments during 2022, bringing cumulative instruments shipped to
39 as of December 31, 2022
- Operationalized
the Proteogenomics Consortium together with Discovery Life Sciences
and SCIEX, resulting in a new facility in the Boston, Massachusetts
area and the launch of Discovery Life Sciences’ proteomics
services using the Proteograph Product Suite
- Enabled the
largest deep multi-omics study to date of 1,031 samples, completed
by PrognomiQ with the Proteograph Product Suite
- Named one of the
top ten innovations in 2022 by The Scientist and received the Human
Proteome Organization 2022 Proteomics Science & Technology
Innovation award
Fourth Quarter 2022 Financial
Results
Revenue was $4.6 million for the three months
ended December 31, 2022, a 50% increase from $3.1 million for the
three months ended December 31, 2021. The increase
was primarily due to increased consumable and instrument
sales of the Proteograph Product Suite, the completion of service
projects, and the addition of lease revenue related to SP100
instruments. Product-related revenue for the fourth quarter of 2022
was $3.2 million, including $1.7 million of related party revenue,
and consisted of sales of SP100 instruments, consumable kits and
platform evaluations. Service revenue was $0.7 million and
grant and other revenue was $0.7 million.
Gross profit, inclusive of grant and other
revenue, was $2.3 million and gross margin was 50% for the fourth
quarter of 2022.
Operating expenses were $27.2 million for the
fourth quarter of 2022, including $8.2 million of stock-based
compensation, as compared to $21.3 million, including $6.7 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, product development efforts related to the
Proteograph Product Suite, and expenses associated with build-out
of expansion facilities.
Net loss was $22.5 million for the fourth
quarter of 2022, as compared to $19.7 million for the corresponding
prior year period.
Full Year 2022 Financial
Results
Revenue was $15.5 million for the year ended
December 31, 2022, a 134% increase from $6.6 million for the year
ended December 31, 2021. Product-related revenue was $13.8 million,
including $5.2 million of related party revenue. Service revenue
was $0.9 million and grant and other revenue was
$0.8 million.
Gross profit, inclusive of grant and other
revenue, was $7.1 million and gross margin was 46% for the full
year 2022.
Operating expenses were $104.3 million for the
full year 2022, as compared to $74.9 million for the corresponding
prior year period.
Net loss was $93.0 million for the full year
2022, as compared to $71.2 million for the corresponding prior year
period.
Cash, cash equivalents and investments were
approximately $426.4 million as of December 31, 2022.
2023 Guidance
Seer expects full year 2023 revenue to be in the range of $23
million to $25 million, representing growth of 48% - 61% over full
year 2022.
Webcast Information
Seer will host a conference call to discuss the
fourth quarter and full year 2022 financial results on Thursday,
March 2, 2023 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 2023. 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, 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.UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS(In
thousands, except share and per share amounts)
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
$ |
1,431 |
|
|
$ |
1,882 |
|
|
$ |
8,557 |
|
|
$ |
3,577 |
|
|
Service |
|
708 |
|
|
|
— |
|
|
|
913 |
|
|
|
500 |
|
|
Related party |
|
1,720 |
|
|
|
1,150 |
|
|
|
5,215 |
|
|
|
2,317 |
|
|
Grant and other |
|
745 |
|
|
|
34 |
|
|
|
808 |
|
|
|
223 |
|
|
Total revenue |
|
4,604 |
|
|
|
3,066 |
|
|
|
15,493 |
|
|
|
6,617 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
785 |
|
|
|
1,222 |
|
|
|
5,459 |
|
|
|
2,300 |
|
|
Service |
|
446 |
|
|
|
— |
|
|
|
495 |
|
|
|
42 |
|
|
Related party |
|
624 |
|
|
|
411 |
|
|
|
1,989 |
|
|
|
863 |
|
|
Grant and other |
|
457 |
|
|
|
— |
|
|
|
457 |
|
|
|
— |
|
|
Total cost of revenue |
|
2,312 |
|
|
|
1,633 |
|
|
|
8,400 |
|
|
|
3,205 |
|
|
Gross profit |
|
2,292 |
|
|
|
1,433 |
|
|
|
7,093 |
|
|
|
3,412 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
12,631 |
|
|
|
8,215 |
|
|
|
45,797 |
|
|
|
29,121 |
|
|
Selling, general and administrative |
|
14,612 |
|
|
|
13,092 |
|
|
|
58,531 |
|
|
|
45,764 |
|
|
Total operating expenses |
|
27,243 |
|
|
|
21,307 |
|
|
|
104,328 |
|
|
|
74,885 |
|
|
Loss from operations |
|
(24,951 |
) |
|
|
(19,874 |
) |
|
|
(97,235 |
) |
|
|
(71,473 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
2,498 |
|
|
|
157 |
|
|
|
4,602 |
|
|
|
326 |
|
|
Interest expense |
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
|
(22 |
) |
|
Other expense |
|
(73 |
) |
|
|
— |
|
|
|
(333 |
) |
|
|
— |
|
|
Total other income |
|
2,425 |
|
|
|
135 |
|
|
|
4,269 |
|
|
|
304 |
|
|
Net loss |
$ |
(22,526 |
) |
|
$ |
(19,739 |
) |
|
$ |
(92,966 |
) |
|
$ |
(71,169 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.36 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.49 |
) |
|
$ |
(1.17 |
) |
|
Weighted-average common shares
outstanding, basic and diluted |
|
62,805,423 |
|
|
|
61,562,065 |
|
|
|
62,433,613 |
|
|
|
60,863,950 |
|
|
Seer, Inc.UNAUDITED
CONSOLIDATED BALANCE SHEETS(In thousands, except
share and per share amounts)
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
53,208 |
|
|
$ |
232,813 |
|
|
Short-term investments |
|
368,031 |
|
|
|
167,261 |
|
|
Accounts receivable, net |
|
4,315 |
|
|
|
2,495 |
|
|
Related party receivables |
|
1,804 |
|
|
|
1,283 |
|
|
Other receivables |
|
899 |
|
|
|
366 |
|
|
Inventory, net |
|
4,627 |
|
|
|
4,145 |
|
|
Prepaid expenses and other current assets |
|
2,098 |
|
|
|
3,336 |
|
|
Total current assets |
|
434,982 |
|
|
|
411,699 |
|
|
Long-term investments |
|
5,157 |
|
|
|
93,186 |
|
|
Operating lease right-of-use
assets |
|
27,003 |
|
|
|
20,142 |
|
|
Property and equipment,
net |
|
19,408 |
|
|
|
13,087 |
|
|
Restricted cash |
|
524 |
|
|
|
524 |
|
|
Other assets |
|
855 |
|
|
|
501 |
|
|
Total assets |
$ |
487,929 |
|
|
$ |
539,139 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
2,104 |
|
|
$ |
3,789 |
|
|
Accrued expenses |
|
8,298 |
|
|
|
8,394 |
|
|
Deferred revenue |
|
133 |
|
|
|
376 |
|
|
Operating lease liabilities, current |
|
1,842 |
|
|
|
864 |
|
|
Other current liabilities |
|
207 |
|
|
|
— |
|
|
Total current liabilities |
|
12,584 |
|
|
|
13,423 |
|
|
Operating lease liabilities,
net of current portion |
|
28,032 |
|
|
|
22,459 |
|
|
Other noncurrent
liabilities |
|
320 |
|
|
|
341 |
|
|
Total liabilities |
|
40,936 |
|
|
|
36,223 |
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of December 31, 2022 and 2021; zero shares issued and
outstanding as of December 31, 2022 and 2021 |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of December 31, 2022 and 2021; 59,366,077 and
57,493,005 shares issued and outstanding as of December 31,
2022 and 2021, respectively; |
|
1 |
|
|
|
1 |
|
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of December 31, 2022 and 2021; 4,044,969 and
4,522,478 shares issued and outstanding as of December 31,
2022 and 2021, respectively; |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
667,739 |
|
|
|
629,981 |
|
|
Accumulated other comprehensive loss |
|
(1,251 |
) |
|
|
(536 |
) |
|
Accumulated deficit |
|
(219,496 |
) |
|
|
(126,530 |
) |
|
Total stockholders’ equity |
|
446,993 |
|
|
|
502,916 |
|
|
Total liabilities and stockholders’ equity |
$ |
487,929 |
|
|
$ |
539,139 |
|
|
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