Seer Reports First Quarter 2024 Financial Results
09 5월 2024 - 5:05AM
Seer, Inc. (Nasdaq: SEER), a leading life sciences company
commercializing a disruptive new platform for proteomics, today
reported financial results for the first quarter ended March 31,
2024.
Recent Highlights
- Achieved revenue of $3.1 million for the first quarter of
2024
- Announced the expansion of the Seer Technology Access Center
(STAC) program to Europe, providing researchers with end-to-end
services from sample to data
- Further validated the power of the Proteograph Product Suite
with three peer-reviewed publications in leading journals since the
beginning of the year, with additional manuscripts available on
pre-print servers
- Launched the 2024 Seer Insights Grant Program to enable
interesting studies and applications of the Proteograph Product
Suite, further increasing the accessibility of deep, unbiased
proteomic data at scale
- Authorized an open-market share repurchase program of up to $25
million
- Ended the quarter with $359.2 million of cash, cash equivalents
and investments
“We are committed to reducing barriers to the commercial
adoption of our differentiated technology, despite experiencing
continued headwinds in the quarter. We are taking every action to
increase accessibility to the Proteograph by focusing our resources
on our commercial reach while preserving our balance sheet,” said
Omid Farokhzad, Chair and CEO of Seer. “Following the successful
launch of STAC in the US, we are excited to announce we are
expanding into Europe providing end-to-end services from sample to
data for researchers across the region. We remain incredibly
bullish on the potential of our technology to transform our
understanding of the proteome.”
First Quarter 2024 Financial
Results
Revenue was $3.1 million for the first quarter
of 2024, a 24% decrease from $4.1 million for the corresponding
prior year period, primarily due to a decrease in product and
related party revenue. Product revenue for the first quarter of
2024 was $2.5 million, including $828 thousand of related party
revenue, and consisted of sales of SP100 instruments and consumable
kits. Service revenue was $534 thousand for the first quarter
of 2024, including $126 thousand of related party revenue, and
primarily consisted of revenue related to the STAC program. Grant
and other revenue was $36 thousand for the first quarter of
2024.
Gross profit, inclusive of grant and other
revenue, was $1.4 million and gross margin was 44% for the first
quarter of 2024.
Operating expenses were $26.6 million for the
first quarter of 2024, including $7.6 million of stock-based
compensation, a decrease of 10% compared to $29.5 million for the
corresponding prior year period, including $8.7 million of
stock-based compensation. The decrease in operating expenses was
primarily driven by a decrease in employee and stock-based
compensation expenses and a decrease in laboratory expenses.
Net loss was $20.7 million for the first quarter
of 2024, as compared to $24.0 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
$359.2 million as of March 31, 2024.
Seer announced today that its board of directors
authorized an open-market share repurchase program of up to $25
million, which we expect will be effective upon the opening of
Seer’s trading window. Under the repurchase program, shares may be
repurchased from time to time in open market transactions at
prevailing market prices.
2024 Guidance
Seer now expects full year 2024 revenue to be in
the range of $16 million to $18 million, which is in line with full
year 2023 revenue.
Webcast Information
Seer will host a conference call to discuss the
first quarter 2024 financial results on Wednesday, May 8, 2024 at
1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the
conference call can be accessed at https://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 Seer’s expectations for
future results of operations and its financial position, 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
Mendivilinvestor@seer.bio
Media Contact:Patrick Schmidtpr@seer.bio
|
Seer, Inc. |
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(Unaudited) |
(in thousands, except share and per share
amounts) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
Product |
$ |
1,668 |
|
|
$ |
2,343 |
|
Service |
|
408 |
|
|
|
69 |
|
Related party |
|
954 |
|
|
|
1,306 |
|
Grant and other |
|
36 |
|
|
|
335 |
|
Total revenue |
|
3,066 |
|
|
|
4,053 |
|
Cost of revenue: |
|
|
|
|
|
Product |
|
991 |
|
|
|
1,436 |
|
Service |
|
269 |
|
|
|
7 |
|
Related party |
|
312 |
|
|
|
478 |
|
Grant and other |
|
133 |
|
|
|
64 |
|
Total cost of revenue |
|
1,705 |
|
|
|
1,985 |
|
Gross profit |
|
1,361 |
|
|
|
2,068 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
12,265 |
|
|
|
14,474 |
|
Selling, general and administrative |
|
14,288 |
|
|
|
15,039 |
|
Total operating expenses |
|
26,553 |
|
|
|
29,513 |
|
Loss from operations |
|
(25,192 |
) |
|
|
(27,445 |
) |
Other income (expense): |
|
|
|
|
|
Interest income |
|
4,586 |
|
|
|
3,717 |
|
Other expense |
|
(73 |
) |
|
|
(231 |
) |
Total other income |
|
4,513 |
|
|
|
3,486 |
|
Net loss |
$ |
(20,679 |
) |
|
$ |
(23,959 |
) |
Other comprehensive gain
(loss): |
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
(329 |
) |
|
|
1,158 |
|
Comprehensive loss |
$ |
(21,008 |
) |
|
$ |
(22,801 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.32 |
) |
|
$ |
(0.38 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
64,586,056 |
|
|
|
63,543,094 |
|
|
Seer, Inc. |
Condensed Consolidated Balance Sheets |
|
(in thousands, except share and per share
amounts) |
|
|
March 31,2024 |
|
|
December 31,2023 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
54,398 |
|
|
$ |
32,499 |
|
Short-term investments |
|
254,152 |
|
|
|
283,725 |
|
Accounts receivable, net |
|
3,815 |
|
|
|
4,831 |
|
Related party receivables |
|
989 |
|
|
|
559 |
|
Other receivables |
|
1,346 |
|
|
|
1,326 |
|
Inventory |
|
5,809 |
|
|
|
4,491 |
|
Prepaid expenses and other current assets |
|
3,641 |
|
|
|
3,082 |
|
Total current assets |
|
324,150 |
|
|
|
330,513 |
|
Long-term investments |
|
50,642 |
|
|
|
56,858 |
|
Operating lease right-of-use
assets |
|
24,571 |
|
|
|
25,177 |
|
Property and equipment,
net |
|
21,175 |
|
|
|
22,193 |
|
Restricted cash |
|
524 |
|
|
|
524 |
|
Other assets |
|
900 |
|
|
|
1,004 |
|
Total assets |
$ |
421,962 |
|
|
$ |
436,269 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,564 |
|
|
$ |
1,370 |
|
Accrued expenses |
|
7,572 |
|
|
|
9,212 |
|
Deferred revenue |
|
269 |
|
|
|
206 |
|
Operating lease liabilities, current |
|
2,280 |
|
|
|
2,295 |
|
Other current liabilities |
|
145 |
|
|
|
139 |
|
Total current liabilities |
|
12,830 |
|
|
|
13,222 |
|
Operating lease liabilities,
net of current portion |
|
25,404 |
|
|
|
25,964 |
|
Other noncurrent
liabilities |
|
173 |
|
|
|
179 |
|
Total liabilities |
|
38,407 |
|
|
|
39,365 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of March 31, 2024 and December 31, 2023; zero shares
issued and outstanding as of March 31, 2024 and
December 31, 2023 |
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of March 31, 2024 and December 31, 2023;
60,891,711 and 60,253,707 shares issued and outstanding as of
March 31, 2024 and December 31, 2023, respectively |
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of March 31, 2024 and December 31, 2023;
4,044,969 shares issued and outstanding as of March 31, 2024
and December 31, 2023 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
710,527 |
|
|
|
702,868 |
|
Accumulated other comprehensive loss |
|
(521 |
) |
|
|
(192 |
) |
Accumulated deficit |
|
(326,452 |
) |
|
|
(305,773 |
) |
Total stockholders’ equity |
|
383,555 |
|
|
|
396,904 |
|
Total liabilities and stockholders’ equity |
$ |
421,962 |
|
|
$ |
436,269 |
|
Seer (NASDAQ:SEER)
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