SEER Seer Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

February 29, 2024

 

 

Seer, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware		001-39747		82-1153150
(State or other jurisdiction of		(Commission		(I.R.S. Employer
incorporation)		File Number)		Identification No.)

3800 Bridge Parkway, Suite 102

Redwood City, California 94065

(Address of principal executive offices, including zip code)

650-453-0000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last reports)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, par value $0.00001 per share	SEER	The NASDAQ Stock Market LLC (The NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02	Results of Operations and Financial Condition.

On February 29, 2024, Seer, Inc. (the “Company”) issued a press release (the “Press Release”) announcing results for the quarter and year ended December 31, 2023. A copy of the Press Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information under Item 2.02 in this current report on Form 8-K and the related information in the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

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Item 9.01	Financial Statements and Exhibits.

 

 

Exhibit No.		Description
99.1		Press Release, dated February 29, 2024.
104		Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		SEER, INC.
Date: February 29, 2024		By:		/s/ David Horn
				David Horn
				President and Chief Financial Officer

 

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Exhibit 99.1

Seer Reports Fourth Quarter and Full Year 2023 Financial Results
and Provides Full Year 2024 Outlook

Enhanced access to the Proteograph Product Suite and demonstrated its power with new customer data

REDWOOD CITY, Calif. February 29, 2024 – Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the fourth quarter and full year ended December 31, 2023.

 

Recent Highlights

 

“In 2023, our customers continued to demonstrate the powerful biological insight that is uniquely possible by leveraging the Proteograph Product Suite. Recently, we saw our first customer study published in Nature Communications and we expect several more this year,” said Omid Farokhzad, Chair and CEO. “Looking ahead, we are laser focused on translating the incredible performance of our platform and the uniqueness of the data it generates into widespread commercial adoption. I continue to be confident in the substantial long-term opportunity ahead and look forward to updating on our progress throughout 2024.”

Fourth Quarter 2023 Financial Results

Revenue was $4.4 million for the three months ended December 31, 2023, a 3.6% decrease from $4.6 million for the three months ended December 31, 2022. This decrease was primarily due to a decrease in lease revenue related to SP100 instruments, partially offset by an increase in service revenue. Product revenue for the fourth quarter of 2023 was $3.0 million, including $366 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $1.1 million, including $201 thousand of related party revenue, and primarily consisted of revenue related to the Seer Technology Access Center, and grant and other revenue was $258 thousand.

 

Gross profit, inclusive of grant and other revenue, was $2.0 million and gross margin was 45.1% for the fourth quarter of 2023.

 

Operating expenses were $24.2 million for the fourth quarter of 2023, including $7.6 million of stock-based compensation, a decrease of 11% as compared to $27.2 million, including $8.2 million of stock-based compensation, for the corresponding prior year period. The decrease in expenses was primarily driven by a decrease in product development costs related to the Proteograph Product Suite, including employee compensation and other related expenses.

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Net loss was $17.8 million for the fourth quarter of 2023, as compared to $22.5 million for the corresponding prior year period.

 

Full Year 2023 Financial Results

Revenue was $16.7 million for the year ended December 31, 2023, an 8% increase from $15.5 million for the year ended December 31, 2022. Product revenue for the full year 2023 was $12.9 million, including $4.4 million of related party revenue. Service revenue was $2.3 million, including $241 thousand of related party revenue, and grant and other revenue was $1.5 million.

 

Gross profit, inclusive of grant and other revenue, was $8.5 million and gross margin was 51.1% for the full year 2023.

 

Operating expenses were $112.0 million for the full year 2023, including $34.4 million of stock-based compensation, as compared to $104.3 million, including $33.7 million of stock-based compensation, for the corresponding prior year period.

 

Net loss was $86.3 million for the full year 2023, as compared to $93.0 million for the corresponding prior year period.

 

Cash, cash equivalents and investments were $373.1 million as of December 31, 2023.

 

2024 Guidance

Seer expects full year 2024 revenue to be in the range of $18 million to $20 million, representing growth of 14% at the midpoint over full year 2023.

 

Webcast Information

Seer will host a conference call to discuss the fourth quarter and full year 2023 financial results on Thursday, February 29, 2024 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. Such forward-looking statements are based on Seer’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 Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding the Company’s expectations for future results of operations and its financial position,

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business strategy, customer publications and adoption and outlook for fiscal year 2024. ​These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (“SEC”) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer 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 Mendivil

investor@seer.bio

 

Media Contact:

Patrick Schmidt

pr@seer.bio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Seer, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

 

		Three Months Ended December 31,						Year Ended December 31,
		2023			2022			2023				2022
Revenue:
Product	$	2,669		$	1,431		$	8,506			$	8,557
Service		944			708			2,016				913
Related party		567			1,720			4,660				5,215
Grant and other		258			745			1,479				808
Total revenue		4,438			4,604			16,661				15,493
Cost of revenue:
Product		1,663			785			5,398				5,459
Service		390			446			685				495
Related party		204			624			1,430				1,989
Grant and other		180			457			642				457
Total cost of revenue		2,437			2,312			8,155				8,400
Gross profit		2,001			2,292			8,506				7,093
Operating expenses:
Research and development		11,165			12,631			53,019				45,797
Selling, general and administrative		13,068			14,612			58,950				58,531
Total operating expenses		24,233			27,243			111,969				104,328
Loss from operations		(22,232)			(24,951)			(103,463)				(97,235)
Other income (expense):
Interest income		4,720			2,498			17,764				4,602
Other expense		(287)			(73)			(578)				(333)
Total other income		4,433			2,425			17,186				4,269
Net loss	$	(17,799)		$	(22,526)		$	(86,277)			$	(92,966)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.28)		$	(0.36)		$	(1.35)			$	(1.49)
Weighted-average common shares outstanding, basic and diluted		64,157,125			62,805,423			63,850,490				62,433,613

 

 

 

 

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Seer, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

		December 31,
		2023				2022
ASSETS
Current assets:
Cash and cash equivalents		$	32,499			$	53,208
Short-term investments			283,725				368,031
Accounts receivable, net			4,831				4,315
Related party receivables			559				1,804
Other receivables			1,326				899
Inventory			4,491				4,627
Prepaid expenses and other current assets			3,082				2,098
Total current assets			330,513				434,982
Long-term investments			56,858				5,157
Operating lease right-of-use assets			25,177				27,003
Property and equipment, net			22,193				19,408
Restricted cash			524				524
Other assets			1,004				855
Total assets		$	436,269			$	487,929
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,370			$	2,104
Accrued expenses			9,212				8,298
Deferred revenue			206				133
Operating lease liabilities, current			2,295				1,842
Other current liabilities			139				207
Total current liabilities			13,222				12,584
Operating lease liabilities, net of current portion			25,964				28,032
Other noncurrent liabilities			179				320
Total liabilities			39,365				40,936
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of     December 31, 2023 and 2022; zero shares issued and outstanding     as of December 31, 2023 and 2022			—				—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized     as of December 31, 2023 and 2022; 60,253,707 and 59,366,077 shares     issued and outstanding as of December 31, 2023 and 2022, respectively			1				1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized     as of December 31, 2023 and 2022; 4,044,969 shares     issued and outstanding as of December 31, 2023 and 2022			—				—
Additional paid-in capital			702,868				667,739
Accumulated other comprehensive loss			(192	)			(1,251	)
Accumulated deficit			(305,773	)			(219,496	)
Total stockholders’ equity			396,904				446,993
Total liabilities and stockholders’ equity		$	436,269			$	487,929

 

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v3.24.0.1

Document and Entity Information	Feb. 29, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 29, 2024
Entity Registrant Name	Seer, Inc.
Entity File Number	001-39747
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	SEER
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001726445
Amendment Flag	false

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