Seer, Inc. Q2 FY2025 earnings call

• Product innovation: Launched high-throughput Proteograph ONE assay and SP200 automation instrument, more than doubling throughput to over 1,000 samples per week with ~30% reduction in run time, enabling identification of up to 10x more proteins than traditional mass spec workflows. Also launched Proteograph DIRECT assay. - Larger cohort studies: Announced landmark 20,000 sample population scale study with Korea University, first large-scale plasma proteomics study leveraging mass spectrometry and AI-driven analytics for early cancer detection; followed announcement of 10,000 sample study with Discovery Life Sciences. - Validation of platform: 52 customer publications, preprints and reviews in high-impact journals, with data presented at major industry conferences showing unique biological insights. - Accelerating access: Strong demand for STAC, with over half of instrument shipments in Q2 from previous STAC users; expanded STAC capacity to meet demand; strategic instrument placement program (SIP) and partnership with Thermo Fisher for co-marketing and selling Proteograph Product Suite.

Second quarter revenue was $4.1 million, representing a 32% year-over-year growth. Product revenue for the second quarter of 2025 was $2.7 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million, including $409,000 of related party revenue and primarily consisted of revenue related to STAC service projects. Other revenue was $119,000 for the second quarter of 2025 and consisted of leasing and shipping revenue. Total gross profit was $2.1 million for the second quarter of 2025, representing a gross margin of 52% compared to $1.7 million in the second quarter of 2024 with a gross margin of 56%.

• Reiterates full year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint. - Guidance reflects assumption of customers facing headwinds from budget constraints, government funding uncertainty (particularly NIH), and broader macroeconomic volatility including potential tariffs. - Reaffirms guidance despite some customers delaying purchases amid macroeconomic uncertainty.

• Policy environment remains fluid, with emerging U.S. policy development potentially influencing customer base. - Near-term macro pressures including evolving tariff implementation and continued uncertainty around government funding weighing on market visibility through year-end. - Tariff and most favored nation pricing proposals affecting pharmaceutical companies introduce uncertainty for commercial customers with full impact yet to be determined.

Q: Can you share any early feedback you're getting on the new Proteograph ONE assay?

A: Feedback has been fantastic. KOLs love it. Early access by KOLs led to great data presentation at ASMS, and it's enabling large-scale population scale studies like the 20,000 sample study with Korea University.

Q: Can you discuss your pipeline of potential customers who are currently using the STAC program, but are an opportunity to place an instrument in-house?

A: STAC continues to be a great pipeline for placing instruments. Half of the instrument shipments in the quarter were from customers who had previously accessed STAC. As STAC continues to build, we expect to see more customers who first experienced the technology through STAC wanting to bring it in-house.

Q: Could you provide a little bit more insight on how much revenue is attributed to your co-marketing partnership with Thermo compared to other sources such as your large-scale study revenues?

A: Revenue from the Thermo partnership is extremely modest to date. We've seen some opportunities come to fruition, but most revenue is coming from our own direct sales team and large-scale study work. Expect first revenue from the collaboration to come to fruition this quarter.

Q: Could you discuss the competitive landscape regarding customers choosing to use your technology in a research setting compared to other existing proteomic technologies that might be more aligned with a biased proteomic method?

A: Frame competitive landscape into 3 buckets: those developing novel detectors, targeted proteomic companies, and unbiased proteomic. Seer uniquely sits in the unbiased proteomic and scale space, having pioneered it. Before Seer, large-scale unbiased proteomic studies weren't possible, and customers are leaning towards untargeted unbiased for discovery potential.