Seer Reports Second Quarter 2024 Financial Results
2024年8月9日 - 5:05AM
Seer, Inc. (Nasdaq: SEER), a leading life sciences company
commercializing a disruptive new platform for proteomics, today
reported financial results for the second quarter ended June 30,
2024.
Recent Highlights
- Achieved revenue of $3.1 million for the second quarter of
2024
- Launched the Seer Technology Access Center (STAC) in Europe,
providing researchers with end-to-end services from sample to
data
- Demonstrated how the Proteograph Product Suite can uncover
differentiated insights into plasma proteomic changes that occur
during spaceflight through customer publications in Nature and
Nature Communications
- Ended the quarter with $344.6 million of cash, cash equivalents
and investments
“We remain focused on reducing barriers to access for our
differentiated technology in the face of ongoing macroeconomic
headwinds. During the second quarter, we significantly expanded
our commercial team and are excited about the talented
individuals that have come on board to capture the opportunity
ahead in proteomics,” said Omid Farokhzad, Chair and CEO of Seer.
“Our customers are generating novel data that we believe is only
possible with the Proteograph Product Suite, and we saw multiple
manuscripts get submitted to and published in high-impact journals
during the quarter. Looking ahead, we will continue to execute
against our core strategies of driving evidence and publications,
continuing to enhance access to the Proteograph, innovating with
our products, and expanding our applications.”
Second Quarter 2024 Financial
Results
Revenue was $3.1 million for the second quarter
of 2024, a 23% decrease from $4.0 million for the corresponding
prior year period, primarily due to a decrease in related party and
grant revenue. Product revenue for the second quarter of 2024 was
$2.2 million, including $420 thousand of related party revenue, and
consisted of sales of SP100 instruments and consumable kits.
Service revenue was $845 thousand for the second quarter of 2024,
including $163 thousand of related party revenue, and primarily
consisted of revenue related to the STAC program. Grant and other
revenue was $46 thousand for the second quarter of 2024.
Gross profit, inclusive of grant and other
revenue, was $1.7 million and gross margin was 56% for the second
quarter of 2024.
Operating expenses were $28.8 million for the
second quarter of 2024, including $7.7 million of stock-based
compensation, a decrease of 5% compared to $30.2 million for the
corresponding prior year period, including $9.8 million of
stock-based compensation. The decrease in operating expenses was
primarily driven by a decrease in employee and stock-based
compensation expenses and a decrease in laboratory expenses.
Net loss was $22.9 million for the second
quarter of 2024, as compared to $23.4 million for the corresponding
prior year period.
Cash, cash equivalents and investments were
$344.6 million as of June 30, 2024.
2024 Guidance
Seer now expects full year 2024 revenue to be in
the range of $13 million to $15 million, compared to the prior
range of $16 million to $18 million.
Webcast Information
Seer will host a conference call to discuss the
second quarter 2024 financial results on Thursday, August 8, 2024.
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.
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, customer publications and adoption and outlook for fiscal
year 2024. 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
Mendivilinvestor@seer.bio
Media Contact:Patrick Schmidtpr@seer.bio
SEER, INC.Condensed Consolidated
Statements of Operations and Comprehensive
Loss(Unaudited)(in thousands,
except share and per share amounts) |
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
1,761 |
|
|
$ |
1,645 |
|
|
$ |
3,429 |
|
|
$ |
3,988 |
|
Service |
|
682 |
|
|
|
467 |
|
|
|
1,090 |
|
|
|
536 |
|
Related party |
|
583 |
|
|
|
1,358 |
|
|
|
1,537 |
|
|
|
2,664 |
|
Grant and other |
|
46 |
|
|
|
538 |
|
|
|
82 |
|
|
|
873 |
|
Total revenue |
|
3,072 |
|
|
|
4,008 |
|
|
|
6,138 |
|
|
|
8,061 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product |
|
701 |
|
|
|
1,118 |
|
|
|
1,692 |
|
|
|
2,554 |
|
Service |
|
362 |
|
|
|
193 |
|
|
|
631 |
|
|
|
200 |
|
Related party |
|
156 |
|
|
|
352 |
|
|
|
468 |
|
|
|
830 |
|
Grant and other |
|
122 |
|
|
|
64 |
|
|
|
255 |
|
|
|
128 |
|
Total cost of revenue |
|
1,341 |
|
|
|
1,727 |
|
|
|
3,046 |
|
|
|
3,712 |
|
Gross
profit |
|
1,731 |
|
|
|
2,281 |
|
|
|
3,092 |
|
|
|
4,349 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
12,734 |
|
|
|
14,148 |
|
|
|
24,999 |
|
|
|
28,622 |
|
Selling, general and administrative |
|
16,093 |
|
|
|
16,074 |
|
|
|
30,381 |
|
|
|
31,113 |
|
Total operating expenses |
|
28,827 |
|
|
|
30,222 |
|
|
|
55,380 |
|
|
|
59,735 |
|
Loss
from operations |
|
(27,096 |
) |
|
|
(27,941 |
) |
|
|
(52,288 |
) |
|
|
(55,386 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
4,433 |
|
|
|
4,560 |
|
|
|
9,019 |
|
|
|
8,277 |
|
Other expense |
|
(187 |
) |
|
|
(50 |
) |
|
|
(260 |
) |
|
|
(281 |
) |
Total other income |
|
4,246 |
|
|
|
4,510 |
|
|
|
8,759 |
|
|
|
7,996 |
|
Net
loss |
$ |
(22,850 |
) |
|
$ |
(23,431 |
) |
|
$ |
(43,529 |
) |
|
$ |
(47,390 |
) |
Other
comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities |
|
(105 |
) |
|
|
(1,439 |
) |
|
|
(434 |
) |
|
|
(281 |
) |
Comprehensive loss |
$ |
(22,955 |
) |
|
$ |
(24,870 |
) |
|
$ |
(43,963 |
) |
|
$ |
(47,671 |
) |
Net loss
per share attributable to common stockholders, basic and
diluted |
$ |
(0.35 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.74 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
64,576,399 |
|
|
|
63,762,625 |
|
|
|
64,581,228 |
|
|
|
63,654,348 |
|
SEER, INC.Condensed Consolidated Balance
Sheets(in thousands, except share and per share
amounts) |
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
31,947 |
|
|
$ |
32,499 |
|
Short-term investments |
|
|
251,506 |
|
|
|
283,725 |
|
Accounts receivable, net |
|
|
3,145 |
|
|
|
4,831 |
|
Related party receivables |
|
|
594 |
|
|
|
559 |
|
Other receivables |
|
|
1,962 |
|
|
|
1,326 |
|
Inventory |
|
|
7,581 |
|
|
|
4,491 |
|
Prepaid expenses and other current assets |
|
|
2,954 |
|
|
|
3,082 |
|
Total current assets |
|
|
299,689 |
|
|
|
330,513 |
|
Long-term investments |
|
|
61,188 |
|
|
|
56,858 |
|
Operating lease right-of-use assets |
|
|
23,956 |
|
|
|
25,177 |
|
Property
and equipment, net |
|
|
20,436 |
|
|
|
22,193 |
|
Restricted cash |
|
|
524 |
|
|
|
524 |
|
Other
assets |
|
|
818 |
|
|
|
1,004 |
|
Total assets |
|
$ |
406,611 |
|
|
$ |
436,269 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,628 |
|
|
$ |
1,370 |
|
Accrued expenses |
|
|
9,815 |
|
|
|
9,212 |
|
Deferred revenue |
|
|
189 |
|
|
|
206 |
|
Operating lease liabilities, current |
|
|
2,265 |
|
|
|
2,295 |
|
Other current liabilities |
|
|
140 |
|
|
|
139 |
|
Total current liabilities |
|
|
17,037 |
|
|
|
13,222 |
|
Operating lease liabilities, net of current portion |
|
|
24,831 |
|
|
|
25,964 |
|
Other
noncurrent liabilities |
|
|
44 |
|
|
|
179 |
|
Total liabilities |
|
|
41,912 |
|
|
|
39,365 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of June 30, 2024 and December 31, 2023; zero shares issued
and outstanding as of June 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of June 30, 2024 and December 31, 2023;
59,180,625 and 60,253,707 shares issued and outstanding as of
June 30, 2024 and December 31, 2023, respectively |
|
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of June 30, 2024 and December 31, 2023; 4,044,969
shares issued and outstanding as of June 30, 2024 and December
31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
714,626 |
|
|
|
702,868 |
|
Accumulated other comprehensive loss |
|
|
(626 |
) |
|
|
(192 |
) |
Accumulated deficit |
|
|
(349,302 |
) |
|
|
(305,773 |
) |
Total stockholders’ equity |
|
|
364,699 |
|
|
|
396,904 |
|
Total liabilities and stockholders’ equity |
|
$ |
406,611 |
|
|
$ |
436,269 |
|
Seer (NASDAQ:SEER)
過去 株価チャート
から 7 2024 まで 8 2024
Seer (NASDAQ:SEER)
過去 株価チャート
から 8 2023 まで 8 2024