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 27, 2025

 

 

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 27, 2025, Seer, Inc. issued a press release (the “Press Release”) announcing results for the quarter and year ended December 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 February 27, 2025.
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 27, 2025		By:		/s/ David Horn
				David Horn
				President and Chief Financial Officer

 

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Seer Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Outlook

Validated technology with exceptional growth of customer publications and enhanced access to the Proteograph Product Suite with growing demand for Seer Technology Access Center (STAC)

REDWOOD CITY, Calif. Feb. 27, 2025 – 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, 2024.

 

Recent Highlights

 

“Our customers have made important progress in validating the differentiated value of deep, unbiased proteomics at scale throughout the year, and I’m thrilled that the momentum is growing despite the challenging macroeconomic environment” said Omid Farokhzad, Chair and CEO of Seer. “We saw a surge in customer publications, strong demand for STAC, and we expanded upon our partnership with Thermo Fisher Scientific to accelerate adoption of our Proteograph Product Suite. I believe we are well-positioned for a stronger year in 2025 and my confidence in our platform, our value proposition, and the immense opportunity ahead has never been greater.”

 

Fourth Quarter 2024 Financial Results

Revenue was $4.0 million for the fourth quarter of 2024, a 10% decrease from $4.4 million for the corresponding prior year period, primarily due to lower instrument sales and no grant revenue recognized in the quarter. Product revenue for the fourth quarter of 2024 was $2.4 million, including $36 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $1.6 million for the fourth quarter of 2024, including $353 thousand of related party revenue, and primarily consisted of revenue related to STAC service projects. Grant and other revenue was $51 thousand for the fourth quarter of 2024.

 

Gross profit was $2.0 million and gross margin was 51% for the fourth quarter of 2024.

 

Operating expenses were $25.5 million for the fourth quarter of 2024, including $6.0 million of stock-based compensation, an increase of 5% compared to $24.2 million for the corresponding prior year period, including $7.3 million of stock-based compensation. The increase in operating expenses was primarily driven by an increase in laboratory expenses.

 

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Net loss was $21.7 million for the fourth quarter of 2024, compared to $17.8 million for the corresponding prior year period.

 

Full Year 2024 Financial Results

Revenue was $14.2 million for the full year 2024, a 15% decrease from $16.7 million for the corresponding prior year period, primarily due to lower product sales and no grant revenue recognized during the year. Product revenue for the full year 2024 was $10.2 million, including $1.5 million of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $3.8 million for the full year 2024, including $828 thousand of related party revenue, and primarily consisted of revenue related to STAC service projects. Grant and other revenue was $223 thousand for the full year 2024.

 

Gross profit was $7.1 million and gross margin was 50% for the full year 2024.

 

Operating expenses were $107.2 million for the full year 2024, including $26.6 million of stock-based compensation, a decrease of 4% compared to $112.0 million for the corresponding prior year period, including $32.9 million of stock-based compensation.

 

Net loss was $86.6 million for the full year 2024, compared to $86.3 million for the corresponding prior year period.

 

Cash, cash equivalents and investments were approximately $300 million as of December 31, 2024.

 

2025 Guidance

Seer expects full year 2025 revenue to be in the range of $17 million to $18 million, representing growth of 24% at the midpoint over full year 2024.

Webcast Information

Seer will host a conference call to discuss the fourth quarter and full year 2024 financial results on Thursday, February 27, 2025 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.

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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, partnerships, adoption of our products and outlook for fiscal year 2025. ​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

(Unaudited)

(in thousands, except share and per share amounts)

 

	Three Months Ended December 31,								Year Ended December 31,
	2024				2023				2024				2023
Revenue:
Product	$	2,351			$	2,669			$	8,695			$	8,506
Service		1,209				944				2,960				2,016
Related party		389				567				2,292				4,660
Grant and other		51				258				223				1,479
Total revenue		4,000				4,438				14,170				16,661
Cost of revenue:
Product		1,200				1,663				4,402				5,398
Service		566				390				1,465				685
Related party		61				204				712				1,430
Grant and other		148				180				536				642
Total cost of revenue		1,975				2,437				7,115				8,155
Gross profit		2,025				2,001				7,055				8,506
Operating expenses:
Research and development		12,619				11,165				50,585				53,019
Selling, general and administrative		12,894				13,068				56,571				58,950
Total operating expenses		25,513				24,233				107,156				111,969
Loss from operations		(23,488	)			(22,232	)			(100,101	)			(103,463	)
Other income (expense):
Interest income		3,565				4,720				16,666				17,764
Loss on equity method investment		(1,788	)			—				(2,649	)			—
Other income (expense)		67				(287	)			(417	)			(578	)
Total other income		1,844				4,433				13,600				17,186
Loss before provision for income taxes		(21,644	)			(17,799	)			(86,501	)			(86,277	)
Provision for income taxes		98				—				98				—
Net loss	$	(21,742	)		$	(17,799	)		$	(86,599	)		$	(86,277	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.37	)		$	(0.28	)		$	(1.39	)		$	(1.35	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		59,091,817				64,157,125				62,348,012				63,850,490

 

 

 

 

 

 

 

 

 

 

 

 

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SEER, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

		December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	40,753			$	32,499
Short-term investments			195,657				283,725
Accounts receivable, net			3,997				4,831
Related party receivables			379				559
Other receivables			1,853				1,326
Inventory			7,436				4,491
Prepaid expenses and other current assets			3,248				3,082
Total current assets			253,323				330,513
Long-term investments			63,103				56,858
Operating lease right-of-use assets			22,791				25,177
Property and equipment, net			18,575				22,193
Restricted cash			524				524
Other assets			8,281				1,004
Total assets		$	366,597			$	436,269
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	4,621			$	1,370
Accrued expenses			7,937				9,212
Deferred revenue			408				206
Operating lease liabilities, current			2,312				2,295
Other current liabilities			50				139
Total current liabilities			15,328				13,222
Operating lease liabilities, net of current portion			23,652				25,964
Other noncurrent liabilities			48				179
Total liabilities			39,028				39,365
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of     December 31, 2024 and 2023; zero shares issued and     outstanding as of December 31, 2024 and 2023			—				—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized     as of December 31, 2024 and 2023; 55,083,123 and     60,253,707 shares issued and outstanding as of December 31, 2024 and    2023, respectively			1				1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized    as of December 31, 2024 and 2023; 4,044,969 shares    issued and outstanding as of December 31, 2024 and 2023			—				—
Additional paid-in capital			719,804				702,868
Accumulated other comprehensive gain (loss)			136				(192	)
Accumulated deficit			(392,372	)			(305,773	)
Total stockholders’ equity			327,569				396,904
Total liabilities and stockholders’ equity		$	366,597			$	436,269

 

 

 

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v3.25.0.1

Document and Entity Information	Feb. 27, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 27, 2025
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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