Business Overview and History Seer, Inc. is a life sciences company that has been at the forefront of transforming the field of proteomics through its innovative Proteograph™ Product Suite. With a mission to decode the biology of the proteome and improve human health, Seer has steadily built a compelling body of evidence supporting the power and versatility of its platform.
Seer was incorporated in Delaware in March 2017 under the name Seer Biosciences, Inc. and later changed its name to Seer, Inc. in July 2018. The company was founded with the goal of providing researchers with unprecedented access to the proteome – the complete set of proteins expressed by an organism. From its inception, Seer devoted substantially all of its resources to research and development activities, focusing on the development of its flagship product, the Proteograph™ Product Suite.
The Proteograph Product Suite leverages proprietary engineered nanoparticle (NP) technology to enable unbiased, deep, rapid, and large-scale proteomic analysis. This integrated solution includes consumables, an automation instrument, and software to perform unbiased, deep proteomic analysis at scale. During its early years, Seer worked diligently to build out its commercial infrastructure, including manufacturing, operations, sales and marketing, and service and support functions, in preparation for the commercial launch of the Proteograph Product Suite.
In 2021, Seer reached a significant milestone with the commercial launch of the Proteograph Product Suite. Since then, the company's strategic focus has been on driving adoption of the technology, expanding its user base, and building evidence to demonstrate the Proteograph's capabilities. By the end of 2024, Seer had made remarkable progress, serving over 135 customers across more than 20 countries.
Throughout its journey, Seer has faced various challenges, including the impact of macroeconomic conditions on customer budgets and uncertainties around government funding for research. Despite these obstacles, the company has continued to invest heavily in its technology and commercial efforts. It's worth noting that Seer has incurred significant operating losses from its incorporation in 2017 through the end of 2024, accumulating a deficit of over $392 million. To support its operations and growth, Seer has primarily relied on financing through the sale and issuance of equity securities since its inception.
Financial Performance and Key Metrics Seer's financial results have been marked by significant investments in research, development, and commercialization. For the full year 2024, the company reported revenue of $14.2 million, a 15% decrease from the prior year. This decline was primarily due to lower product sales and the absence of grant revenue during the period.
Despite the revenue decrease, Seer maintained a strong gross margin of 50% for the full year 2024, compared to 51% in the prior year. The company's operating expenses for the year totaled $107.2 million, including $26.6 million in stock-based compensation, a 4% decrease from 2023.
Financials Seer ended the year with a robust balance sheet, boasting $299.5 million in cash, cash equivalents, and investments as of December 31, 2024. The company's free cash flow loss for the full year 2024 was $49.4 million, a significant improvement from the $66.4 million loss in 2023.
For the full year 2024, Seer reported a net loss of $86.6 million, slightly higher than the $86.3 million loss in 2023. The company's annual operating cash flow was -$46.1 million.
In the fourth quarter of 2024, Seer generated revenue of $4.0 million, representing a 10% year-over-year decrease from Q4 2023. The net loss for Q4 2024 was $21.7 million.
It's worth noting that in fiscal year 2024, 33% of Seer's total revenue was generated outside of the United States, primarily from countries in Asia and Europe.
Liquidity Seer's strong cash position of $299.5 million provides the company with ample liquidity to fund its ongoing operations and strategic initiatives. As of December 31, 2024, Seer reported a debt-to-equity ratio of 0.079, indicating a low level of leverage. The company's current ratio stood at 16.53, while the quick ratio was 16.04, both suggesting a strong short-term liquidity position.
Operational Highlights and Validation of the Proteograph Throughout 2024, Seer continued to make significant strides in validating the Proteograph's capabilities and expanding access to its technology. The company's customers have published a total of 33 peer-reviewed publications, preprints, and reviews showcasing the platform's performance, with 23 new publications released in 2024 alone.
One particularly notable study, led by Professor Joshua Coon at the University of Wisconsin-Madison, directly compared the Proteograph to other plasma proteomics technologies. The results demonstrated Seer's clear superiority across key metrics, including depth of coverage, reproducibility, and quantitative performance.
Seer has also made substantial investments in enhancing access to the Proteograph. The company's Seer Technology Access Center (STAC) has played a pivotal role, allowing customers to leverage the platform's capabilities without the need for upfront capital investment. In 2024, Seer expanded the STAC program by opening a second location in Bonn, Germany, further extending its global reach.
Additionally, the company announced a co-marketing and sales agreement with Thermo Fisher Scientific in late 2024. This partnership aims to integrate the Proteograph with Thermo Fisher's industry-leading Orbitrap Astral mass spectrometers, creating a seamless end-to-end solution for deep, unbiased proteomics at scale.
Product Segments and Technology Seer's primary product offering is the Proteograph Product Suite, an integrated solution designed to provide researchers with unbiased, deep, rapid, and large-scale access to the proteome. The Proteograph leverages Seer's proprietary engineered nanoparticle (NP) technology to capture intact proteins across the dynamic range of biological samples, enabling peptide-level resolution and identification of protein variants.
The Proteograph Product Suite consists of three key components:
1. Consumables: Seer manufactures the NPs and assay kits internally, leveraging well-established unit operations. The consumables include the NPs and all other necessary reagents and materials for the proteomic analysis workflow.
2. Automation Instrument: The SP100 automation instrument, designed and manufactured by Seer, automates the sample processing workflow, allowing for rapid, highly-parallel sample processing with approximately 30 minutes of hands-on time.
3. Software: The Proteograph Analysis Suite (PAS) is a cloud-based software package that provides data management, processing, and analytical tools to help users efficiently extract insights from the proteomic data generated by the Proteograph.
Navigating Challenges and Looking Ahead Seer's journey has not been without its challenges. The company has faced macroeconomic headwinds, including budget constraints and uncertainty around government funding, which have impacted customer purchasing decisions. In response, Seer has implemented strategic initiatives to enhance access and drive broader adoption of the Proteograph.
Despite these near-term obstacles, Seer remains steadfast in its commitment to innovation. In 2024, the company launched a new product application for the Proteograph XT, specifically designed for cell lysate proteomics. This expansion extends the platform's capabilities beyond plasma and tissue analysis, unlocking deeper biological insights.
Looking ahead to 2025, Seer has provided revenue guidance in the range of $17 million to $18 million, representing growth of 24% at the midpoint. The company expects full-year 2025 gross margins to be in the range of 50% to 53% and believes long-term gross margins can reach 70% to 75% at scale. Seer also anticipates a free cash flow loss for 2025 in the range of $40 million to $45 million.
The company remains focused on four key growth drivers: expanding its user base, driving larger cohort studies, continuing to drive product innovation, and enabling more customers to generate meaningful and actionable biological insights.
Seer's unwavering commitment to advancing the field of proteomics, coupled with its strong financial position and innovative product offerings, positions the company well to navigate the current challenges and capitalize on the significant opportunities that lie ahead. With its current cash, cash equivalents, and investments of $300 million, Seer believes it has sufficient resources to reach cash flow breakeven. As a pioneer in this transformative space, Seer is poised to continue its journey of unlocking the secrets of the proteome and improving human health.