Seer Reports Second Quarter 2023 Financial Results
08 Agosto 2023 - 5:05PM
Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the second quarter ended June 30, 2023.
Recent Highlights
- Achieved revenue
of $4.0 million for the second quarter of 2023, an increase of 11%
over the prior year period
- Launched the
Proteograph XT Assay Kit, enabling rapid proteomics across a range
of sample types and species with unprecedented resolution and more
than doubling the throughput without compromising performance
- Introduced the
Seer Technology Access Center, or STAC, providing mass spec
services and end-to-end solutions for customers seeking access to
deep, unbiased proteomics insights
- Expanded
collaboration with Thermo Fisher Scientific to develop and optimize
proteomics and proteogenomics workflows and enable population scale
studies using the Proteograph XT Assay Kit in combination with the
Orbitrap Astral Mass Spectrometer
- Ended the
quarter with $396 million of cash, cash equivalents and
investments
“While we have faced significant headwinds in
the quarter, we continue to firmly believe in the long-term
opportunity for our differentiated proteomics technology. We are
encouraged by the strong interest we have received on our recent
launches of the Proteograph XT Assay Kit and STAC and by the data
we continue to see our customers generating,” said Omid Farokhzad,
CEO and President. “Additionally, we are taking actions to lower
barriers to adoption and navigate headwinds. We are focused on
laying the foundation for long-term growth and I continue to be
bullish about our present and future opportunities.”
Second Quarter 2023 Financial
ResultsRevenue was $4.0 million for the three months ended
June 30, 2023, an 11% increase from $3.6 million for the three
months ended June 30, 2022. The increase was primarily due to
increased sales of consumable kits related to the Proteograph
Product Suite. Product-related revenue for the second quarter of
2023 was $3.0 million, including $1.4 million of related party
revenue, and consisted of sales of SP100 instruments, consumable
kits and platform evaluations. Service revenue was $467
thousand and grant and other revenue was $538 thousand.
Gross profit, inclusive of grant and other
revenue, was $2.3 million and gross margin was 57% for the second
quarter of 2023.
Operating expenses were $30.2 million for the
second quarter of 2023, including $9.8 million of stock-based
compensation, an increase of 21%, as compared to $25.0 million,
including $8.4 million of stock-based compensation, for the
corresponding prior year period. The increase in expenses was
driven by increased employee compensation and other related
expenses, including stock-based compensation, product development
efforts related to the Proteograph Product Suite, and expenses
associated with build-out of expansion facilities.
Net loss was $23.4 million for the second
quarter of 2023, as compared to $22.8 million for the corresponding
prior year period.
Cash, cash equivalents and investments were $396
million as of June 30, 2023.
2023 GuidanceSeer now expects
full year 2023 revenue to be in the range of $16 million to $18
million, representing growth of 10% at the mid-point of the range
over full year 2022. This compares to the prior range of $23
million to $25 million.
Webcast InformationSeer will
host a conference call to discuss the second quarter 2023 financial
results on Tuesday, August 8, 2023 at 1:30 pm Pacific Time / 4:30
pm Eastern Time. A webcast of the conference call can be accessed
at http://investor.seer.bio. The webcast will be archived and
available for replay for at least 90 days after the event.
About SeerSeer™ 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 StatementsThis
press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, that reflect the Company’s current views with respect to
certain current and future events and financial performance. Words
such as “expects,” “anticipates,” “projects,” “intends,” “plans,”
“believes,” “estimates,” variations of such words, and similar
expressions are also intended to identify such forward-looking
statements. Such forward-looking statements are based on the
Company’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 the Company’s actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements, including
but not limited to statements regarding the Company’s outlook for
fiscal year 2023. These and other risks are described more fully in
the Company’s filings with the Securities and Exchange Commission
(“SEC”), including the Company’s Quarterly Report on Form 10-Q, to
be filed with the SEC, and other documents the Company subsequently
files with the SEC from time to time. Except to the extent required
by law, the Company 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:Karen Possematopr@seer.bio
|
Seer, Inc.UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except
share and per share amounts) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Product |
$ |
1,645 |
|
|
$ |
2,406 |
|
|
$ |
3,988 |
|
|
$ |
4,555 |
|
Service |
|
467 |
|
|
|
57 |
|
|
|
536 |
|
|
|
137 |
|
Related party |
|
1,358 |
|
|
|
1,108 |
|
|
|
2,664 |
|
|
|
2,178 |
|
Grant and other |
|
538 |
|
|
|
50 |
|
|
|
873 |
|
|
|
64 |
|
Total revenue |
|
4,008 |
|
|
|
3,621 |
|
|
|
8,061 |
|
|
|
6,934 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Product |
|
1,118 |
|
|
|
1,643 |
|
|
|
2,554 |
|
|
|
3,303 |
|
Service |
|
193 |
|
|
|
15 |
|
|
|
200 |
|
|
|
29 |
|
Related party |
|
352 |
|
|
|
354 |
|
|
|
830 |
|
|
|
748 |
|
Grant and other |
|
64 |
|
|
|
— |
|
|
|
128 |
|
|
|
— |
|
Total cost of revenue |
|
1,727 |
|
|
|
2,012 |
|
|
|
3,712 |
|
|
|
4,080 |
|
Gross profit |
|
2,281 |
|
|
|
1,609 |
|
|
|
4,349 |
|
|
|
2,854 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
14,148 |
|
|
|
10,871 |
|
|
|
28,622 |
|
|
|
21,607 |
|
Selling, general and administrative |
|
16,074 |
|
|
|
14,172 |
|
|
|
31,113 |
|
|
|
28,466 |
|
Total operating expenses |
|
30,222 |
|
|
|
25,043 |
|
|
|
59,735 |
|
|
|
50,073 |
|
Loss from operations |
|
(27,941 |
) |
|
|
(23,434 |
) |
|
|
(55,386 |
) |
|
|
(47,219 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
|
4,560 |
|
|
|
676 |
|
|
|
8,277 |
|
|
|
819 |
|
Other expense |
|
(50 |
) |
|
|
(57 |
) |
|
|
(281 |
) |
|
|
(61 |
) |
Total other income |
|
4,510 |
|
|
|
619 |
|
|
|
7,996 |
|
|
|
758 |
|
Net loss |
$ |
(23,431 |
) |
|
$ |
(22,815 |
) |
|
$ |
(47,390 |
) |
|
$ |
(46,461 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities |
|
(1,439 |
) |
|
|
(886 |
) |
|
|
(281 |
) |
|
|
(2,577 |
) |
Comprehensive loss |
$ |
(24,870 |
) |
|
$ |
(23,701 |
) |
|
$ |
(47,671 |
) |
|
$ |
(49,038 |
) |
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.37 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.75 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
63,762,625 |
|
|
|
62,376,571 |
|
|
|
63,654,348 |
|
|
|
62,191,068 |
|
|
Seer, Inc.UNAUDITED CONSOLIDATED BALANCE
SHEETS(In thousands, except share and per share
amounts) |
|
|
|
June 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
56,404 |
|
|
$ |
53,208 |
|
Short-term investments |
|
|
263,805 |
|
|
|
368,031 |
|
Accounts receivable, net |
|
|
4,490 |
|
|
|
4,315 |
|
Related party receivables |
|
|
638 |
|
|
|
1,804 |
|
Other receivables |
|
|
1,171 |
|
|
|
899 |
|
Inventory |
|
|
5,263 |
|
|
|
4,627 |
|
Prepaid expenses and other current assets |
|
|
3,610 |
|
|
|
2,098 |
|
Total current assets |
|
|
335,381 |
|
|
|
434,982 |
|
Long-term investments |
|
|
75,806 |
|
|
|
5,157 |
|
Operating lease right-of-use
assets |
|
|
26,363 |
|
|
|
27,003 |
|
Property and equipment,
net |
|
|
22,124 |
|
|
|
19,408 |
|
Restricted cash |
|
|
524 |
|
|
|
524 |
|
Other assets |
|
|
997 |
|
|
|
855 |
|
Total assets |
|
$ |
461,195 |
|
|
$ |
487,929 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
5,250 |
|
|
$ |
2,104 |
|
Accrued expenses |
|
|
7,929 |
|
|
|
8,298 |
|
Deferred revenue |
|
|
255 |
|
|
|
133 |
|
Operating lease liabilities, current |
|
|
2,249 |
|
|
|
1,842 |
|
Other current liabilities |
|
|
122 |
|
|
|
207 |
|
Total current liabilities |
|
|
15,805 |
|
|
|
12,584 |
|
Operating lease liabilities,
net of current portion |
|
|
27,096 |
|
|
|
28,032 |
|
Other noncurrent
liabilities |
|
|
174 |
|
|
|
320 |
|
Total liabilities |
|
|
43,075 |
|
|
|
40,936 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of June 30, 2023 and December 31, 2022; zero shares
issued and outstanding as of June 30, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of June 30, 2023 and December 31, 2022;
59,884,629 and 59,366,077 shares issued and outstanding as of
June 30, 2023 and December 31, 2022, respectively |
|
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of June 30, 2023 and December 31, 2022;
4,044,969 shares issued and outstanding as of June 30, 2023
and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
686,537 |
|
|
|
667,739 |
|
Accumulated other comprehensive loss |
|
|
(1,532 |
) |
|
|
(1,251 |
) |
Accumulated deficit |
|
|
(266,886 |
) |
|
|
(219,496 |
) |
Total stockholders’ equity |
|
|
418,120 |
|
|
|
446,993 |
|
Total liabilities and stockholders’ equity |
|
$ |
461,195 |
|
|
$ |
487,929 |
|
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