SEER Q3 2025 Earnings Call Summary

1Key Financial Results and Metrics

Revenue: $4.1 million for Q3 2025, a 2% increase from $4 million in Q3 2024.

Product Revenue: $2.8 million, primarily from Proteograph instruments and consumable kits.

Service Revenue: $1.2 million, including $300,000 from related party revenue.

Gross Profit: $2.1 million, with a gross margin of 51%, up from 48% in Q3 2024.

Operating Expenses: $21.5 million, down 18% from $26.3 million in Q3 2024.

Net Loss: $18.2 million, improved from a loss of $21.3 million in Q3 2024.

Cash Position: Approximately $251 million in cash, cash equivalents, and investments.

Share Repurchase: $22 million repurchased under a $25 million program, reducing shares outstanding by 14%.

2Strategic Updates and Business Highlights

Instrument Shipments: Record shipments with nearly 3x the number of instruments shipped in the first nine months of 2025 compared to all of 2024.

Publications: 66 customer publications to date, with 13 in Q3 alone, indicating strong adoption and validation of the Proteograph technology.

Partnerships: Continued collaboration with Thermo Fisher Scientific, resulting in joint sales and ongoing discussions for large-scale studies.

Innovation: Launch of the Proteograph ONE Assay and SP200 Automation Instrument, significantly enhancing throughput and precision for proteomics studies.

Customer Engagement: Strong interest in the Seer Technology Access Center (STAC), which facilitates access to Proteograph technology for customers.

3Forward Guidance and Outlook

Revenue Guidance: Expected full-year revenue in the range of $17 million to $18 million for 2025, representing a 24% growth at the midpoint compared to 2024.

Market Conditions: Anticipated challenges from budget constraints and uncertainty surrounding government funding, particularly from the NIH, may affect visibility and revenue realization in the near term.

4Bad News, Challenges, or Points of Concern

Government Shutdown: Ongoing uncertainty due to the government shutdown impacting NIH funding, which could delay grant funding and affect instrument and consumable shipments.

CapEx Pressure: Continued pressure on capital expenditures and elongated sales cycles noted, particularly among academic and government customers.

Market Visibility: Concerns about the macroeconomic environment affecting customer spending and investment decisions.

5Notable Q&A Insights

Thermo Fisher Partnership: Progressing well with joint sales and a pipeline of opportunities; expected to be a material revenue driver in 2026.

Large-Scale Studies: Increased interest from biobanks for large-scale studies using Proteograph technology; potential for studies involving 100,000 samples anticipated in 2026.

Academic Spending Trends: Mixed signals with strong interest in proteomics but cautious spending due to uncertainties from the government shutdown affecting grant funding.

Long-Term Confidence: Despite near-term challenges, management expressed strong confidence in the Proteograph's value proposition and the growing momentum in the scientific community.