Seer, Inc. (SEER) Earnings

Management highlights

### Scientific and Platform Validation - Over 95 publications, preprints, and independent reviews now validate the Protograph product suite, an approximately 80% increase in the last 12 months, with publications from leading independent researchers across academic medical centers, biobanks, and pharmaceutical partners. - Two independent head-to-head studies confirmed the platform's superiority over competing approaches: an independent Roche study found Protograph delivers substantially deeper plasma proteome coverage, exceptional reproducibility, and resilience to preanalytical variability; a *Nature Genetics* study of 1,400 individuals found only 13.5% of Protograph targets had low cross-platform concurrence (compared to 39% for SomaLogic and 45% for Olink), and Protograph detected over 3,400 proteins that could not be measured by the two competing affinity assays. - The platform generates 77,000 protein measurements per sample, seven times more data points and 11 times more average peptide-level measurements per protein than the highest-plex targeted assay, delivering the high-density data required to train AI biological foundation models. - SEER and Korea University presented preliminary AI-driven multi-cancer screening data at ASMS 2026, demonstrating that deep, unbiased proteograph data combined with AI can identify biological patterns inaccessible to traditional workflows for novel disease detection approaches. ### Intellectual Property - SEER holds a portfolio of over 250 patents and patent applications, including 84 issued patents covering core nanoparticle protein enrichment and automated deep proteomics technology. - In 2026, the U.S. CTAP upheld key commercially relevant patent claims challenged by Bruker subsidiaries, and the European Patent Office upheld comparable patent claims following an external challenge. - SEER and Brigham and Women's Hospital filed a patent infringement complaint against Nanomix, and the ITC has opened a formal investigation into the matter, reinforcing management's confidence in the strength of their foundational IP. ### Commercial Updates - Revenue grew sequentially quarter-over-quarter from Q1 to Q2 2026, with increased consumable pull-through and stacked service revenue. New Chief Commercial Officer Tony Bazarko has refocused the commercial team on efficient engagement, targeted customer outreach, and prioritizing large accounts that can drive meaningful recurring revenue, after meeting with ~20% of North American customers and many prospects in his first two months in the role. - One-third of 2026 first-half instrument shipments went to previous STAC (evaluation program) customers, and one-third went through the company's SIP access program, demonstrating a healthy conversion funnel from access programs to full instrument purchase. - SEER secured a new translational research collaboration with the Mayo Clinic through its SEER Insight Program, expanding academic validation and adoption. ### Population-Scale Studies - The PRECISE SG100K population study completed processing of 10,000 cohort samples in May 2026, and preliminary data will be presented at the HUPO September 2026 breakfast symposium. Management expects this data will catalyze 100,000+ sample biobank partnership commitments and drive market inflection. - SEER holds active conversations with multiple public and private entities for large population-scale cohort partnerships, as demand for deep, unbiased large-scale proteomics grows with no competing platform positioned to meet that demand. ### Capital Return - Management is executing opportunistic share repurchases, citing a significant perceived dislocation in the company's share price. As of Q2 2026 end, SEER has repurchased 13.4 million Class A common shares, reducing outstanding common shares by ~15%, with $25.1 million remaining under the current repurchase authorization.

Guidance

Management reaffirmed full year 2026 revenue guidance at $16 million to $18 million, which represents approximately 3% year-over-year growth at the midpoint relative to full year 2025 revenue. The guidance continues to reflect the expectation that challenging academic and government funding conditions will persist through 2026, impacting customer purchasing behavior and extending sales cycles. Management expects revenue growth in the second half of 2026, driven by increasing instrument utilization, consumable pull-through from installed instruments placed in prior quarters, growing scientific validation from new publications and population study data, and improved commercial execution from new commercial leadership. Long-term, management expects gross margins to reach 70% to 75% at scale. Management believes current cash on hand is sufficient to reach cash flow breakeven.

Segment performance

For Q2 2026, SEER reported total revenue of $3.1 million, a sequential increase from $2.8 million in Q1 2026 but a year-over-year decrease from $4.1 million in Q2 2025. Product revenue, consisting of Protograph instrument and consumable kit sales, was $2.3 million, representing 74.2% of total Q2 2026 revenue. Service revenue was $0.7 million, representing 22.6% of total Q2 2026 revenue. Other revenue, consisting of lease and shipping revenue, was $0.1 million, representing 3.2% of total Q2 2026 revenue. Total gross profit for Q2 2026 was $1.5 million, with a gross margin of 49%, down 200 basis points year-over-year but up 1300 basis points sequentially from Q1 2026. Operating expenses totaled $18.3 million for the quarter, with R&D expenses of $8.2 million and SG&A expenses of $10.1 million. Net loss for Q2 2026 was $16.9 million, down from a $19.4 million net loss in Q2 2025. As of June 30 2026, the company held $209.5 million in cash, cash equivalents, and investments.

Risks & headwinds

- Continuing macroeconomic headwinds have depressed academic and government research funding, leading to lower product and service revenue and extended customer evaluation timelines that elongate sales cycles, with continued funding caution and grant disbursement delays expected to persist through the end of 2026. - Gross margin is expected to continue varying quarter-to-quarter, as fluctuations in the proportion of instrument, consumable, and service revenue change the overall margin profile. - The proteomics market SEER is building from the ground up has attracted new market entrants, requiring ongoing intellectual property defense and continued investment to maintain technological differentiation. - Commercial inflection and revenue scaling are still in early stages, with the full impact of new commercial leadership expected to take multiple quarters to materialize.

Analyst Q&A

• Q: The analyst asks for clarification on the shift in SIP program share of instrument shipments from 20% in Q1 to 30% in H1 2026, and whether this indicates more SIP customers are maturing into direct instrument purchases. /

  A: The CFO confirms the analyst's interpretation is correct. There is natural ebb and flow between the two categories: SEER shipped new SIP program instruments in H1 2026, and also had a number of existing SIP program customers convert to purchasing owned instruments during the period. (176 characters)

• Q: The analyst asks for an update on activity with Prognomic, as related party revenue was zero in Q2 2026 despite positive data from the firm in prior quarters. /

  A: The CFO explains Prognomic has shifted its full focus to developing its own lab-developed test, ProView, and has wound down the discovery work that generated most of its prior revenue for SEER. Small projects may still be discussed, but Prognomic no longer contributes meaningful revenue to SEER. (229 characters)

• Q: The analyst asks how Omid sees SEER's proteomics platform fitting into the development of AI models trained on protein data, compared to the current state of AI for genomics. /

  A: Omid explains that deep, unbiased proteomics like SEER's platform generates large volumes of high-density data covering protein variants that cannot be detected by targeted approaches. This large-scale, untargeted data is what AI models need to identify novel biological patterns, new biomarkers, and therapeutic targets, which is what the preliminary Korea University AI cancer screening work demonstrated. While targeted approaches can work for predefined protein sets, SEER's approach enables discovery of the uncharacterized proteome content required for AI-driven advancement. (398 characters)

• Q: The analyst asks what customer dynamics support management's confidence in a second half 2026 revenue ramp to hit the reaffirmed full-year guidance. /

  A: The CFO cites three core factors: ongoing positive customer conversations with academic, biopharma, and biobank customers globally, growing interest catalyzed by upcoming positive data (the PRECISE study results at HUPO in September following the well-received ASMS AI data), and refocused commercial execution driven by new CCO Tony Bazarko, who has prioritized high-value large accounts and advanced customer conversations. (278 characters)

• Q: The analyst asks how consumable pull-through from recently placed instruments is trending, and when repurchases can be expected to pick up. /

  A: The CFO confirms an uptick in consumable pull-through from installed base customers in Q2 2026 relative to Q1, which is an encouraging trend. He notes that newly placed instruments typically have a six- to nine-month lag between initial placement and recurring consumable repurchasing as customers complete their first projects, so increased pull-through from 2025 H2 placements is expected in 2026 H2, which supports the revenue ramp outlook. (267 characters)