SEER Q3 2025 Earnings Call Summary

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%.

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.

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.

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.

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.

SEER — Seer, Inc.