Page 1

seer Seer Reports Third Quarter 2021 Financial Results November 9 , 2021 Customers demonstrate novel methods using the Proteograph Product Suite and continued commercial momentum ahead of Broad Release in early 2022 REDWOOD CITY , Calif . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) Seer , Inc. ( Nasdaq : SEER ) , a life sciences company commercializing a disruptive new platform for proteomics , today reported financial results for the third quarter ended September 30 , 2021 . " We continued to make outstanding progress this quarter and I could not be more pleased with the momentum of our business as we approach the close of 2021 and prepare for Broad Release in early 2022 , " said Omid Farokhzad , Chair and Chief Executive Officer . " There continues to be growing enthusiasm and energy around our technology . I am inspired by the progress of our customers , proud of the strides we are making with our Proteograph Product Suite , and very grateful for the continued hard work of the Seer team . " Recent Highlights • Revenue of $ 2.2 million for the third quarter of 2021 , including $ 1.6 million of product - related revenue • Added new Limited Release customers during the third quarter and are on track to meet our target of a high single - digit number of Limited Release customers across key applications and markets • Demonstrated traction with customer adoption , seen with submissions to recent scientific conferences : o Oregon Health Sciences University , Knight Cancer Institute has initiated their large - scale , prostate cancer proteomics study - that will include at least 500 , and possibly up to 1000 , serum samples . o The Broad Institute demonstrated the Proteograph's ability to reduce time and labor dramatically , while robustly and deeply sampling the proteome , with increased sensitivity . o Sanford Burnham Prebys Medical Discovery Institute demonstrated the compatibility of the Proteograph with a popular multiplexing method - Tandem Mass Tag ( TMT ) . o Protein Metrics data showed that the Proteograph can analyze subpopulations of the glycoproteome , an important post - translation modification for biomarker discovery , without the need for glycopeptide - specific enrichment . Third Quarter 2021 Financial Results Revenue was $ 2.2 million for the three months ended September 30 , 2021 , as compared to $ 72 thousand for the three months ended September 30 , 2020. The increase was the result of sales of products related to our Proteograph Product Suite and services performed for a large pharmaceutical company . Product - related revenue was $ 1.6 million , including $ 787 thousand of related party revenue , service revenue was $ 500 thousand , and grant revenue was $ 10 thousand . Gross profit , inclusive of grant revenue , was $ 1.2 million and gross margin was 54 % for the third quarter of 2021 . Operating expenses were $ 19.6 million for the third quarter of 2021 , as compared to $ 8.5 million for the corresponding prior year period . The increase in expenses was driven by increased compensation , benefit and stock - based compensation expense associated with an increase in personnel , and an increase in costs associated with becoming a publicly traded company . Net loss was $ 18.4 million for the third quarter of 2021 , as compared to $ 8.2 million for the corresponding prior year period . Cash , cash equivalents and investments were approximately $ 506.6 million as of September 30 , 2021 . Webcast Information Seer will host a conference call to discuss the third quarter 2021 financial results on Tuesday , November 9 , 2021 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 Seer Seer is a life sciences company developing transformative products that open up a new gateway to the proteome . Seer is commercializing its ProteographTM Product Suite , 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 adopted 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