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):

May 8, 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 May 8, 2024, Seer, Inc. issued a press release (the “Press Release”) announcing results for the quarter ended March 31, 2024. 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 May 8, 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: May 8, 2024		By:		/s/ David Horn
				David Horn
				President and Chief Financial Officer

 

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Seer Reports First Quarter 2024 Financial Results

Demonstrated the power of the Proteograph Product Suite with a growing number of customer presentations and publications

REDWOOD CITY, Calif. May 8, 2024 – 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

 

“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.

 

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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 Mendivil

investor@seer.bio

 

Media Contact:

Patrick Schmidt

pr@seer.bio

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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

 

 

 

 

 

 

 

 

 

 

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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

 

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v3.24.1.u1

Document and Entity Information	May 08, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 08, 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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