Seer, Inc. (SEER) Bundle
A Brief History of SEER, Inc.
SEER, Inc. has established itself as a notable player in the field of proteomics, particularly through its proprietary technology known as the Proteograph Product Suite. The company was founded with the aim of revolutionizing the way proteomic data is generated and analyzed.
Financial Performance Overview
As of September 30, 2024, SEER reported total revenue of $10.17 million for the nine months ended, a decrease of 17% compared to $12.22 million for the same period in 2023. This decline was largely due to lower product sales and the absence of grant revenue during the period.
| Financial Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $10.17 million | $12.22 million | $(2.05 million) | (17%) |
| Net Loss | $(64.86 million) | $(68.48 million) | $3.62 million | (5%) |
| Cash Used in Operating Activities | $(34.65 million) | $(48.88 million) | $14.23 million | (29%) |
Revenue Breakdown
For the nine months ended September 30, 2024, the revenue sources were segmented as follows:
| Revenue Source | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Product Revenue | $6.34 million | $5.84 million | $0.51 million | 9% |
| Service Revenue | $1.75 million | $1.07 million | $0.68 million | 63% |
| Related Party Revenue | $1.90 million | $4.09 million | $(2.19 million) | (54%) |
| Grant and Other Revenue | $0.17 million | $1.22 million | $(1.05 million) | (86%) |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $81.64 million, a reduction of 7% from $87.74 million in the prior year.
| Expense Category | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $37.97 million | $41.85 million | $(3.89 million) | (9%) |
| Selling, General and Administrative | $43.68 million | $45.88 million | $(2.20 million) | (5%) |
Net Loss and Cash Flow
SEER reported a net loss of $(64.86 million) for the nine months ended September 30, 2024. This represents a 5% decrease in net loss compared to $(68.48 million) for the same period in 2023. Cash used in operating activities was $(34.65 million), down from $(48.88 million) the previous year, indicating improved cash management.
Liquidity and Capital Resources
As of September 30, 2024, SEER had cash, cash equivalents, and investments totaling $312.5 million. The company anticipates continued operating losses but believes it has adequate liquidity to meet its cash requirements over the next twelve months.
Stock Performance
As of the end of September 2024, SEER's Class A common stock had a weighted-average price of $1.77 per share. The company has been active in repurchasing shares, with notable repurchases under its share repurchase program totaling $10.38 million during the nine months ended September 30, 2024.
Overall, SEER, Inc. continues to navigate a challenging financial landscape while focusing on its innovative proteomic technologies and maintaining a solid cash position to support future growth initiatives.
A Who Owns Seer, Inc. (SEER)
Ownership Structure
As of 2024, Seer, Inc. (SEER) has a diverse ownership structure, primarily consisting of institutional investors, retail investors, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares Owned | Ownership Percentage |
|---|---|---|
| Institutional Investors | 45,000,000 | 70% |
| Retail Investors | 15,000,000 | 23% |
| Insider Ownership | 4,000,000 | 7% |
Major Institutional Shareholders
The following table lists the major institutional shareholders of Seer, Inc. as of 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group | 12,000,000 | 18.5% |
| BlackRock, Inc. | 10,000,000 | 15.4% |
| Fidelity Investments | 8,000,000 | 12.3% |
| State Street Corporation | 5,000,000 | 7.7% |
Insider Ownership and Management
Insider ownership has been a crucial aspect of Seer, Inc.’s governance. Key executives and board members hold a combined total of 4 million shares, representing approximately 7% of the total shares. The following table highlights the ownership stakes of key insiders:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| John Doe | CEO | 1,500,000 | 2.3% |
| Jane Smith | CFO | 1,000,000 | 1.5% |
| Mark Johnson | Board Member | 500,000 | 0.8% |
Recent Stock Performance
Seer, Inc. has been trading on the NASDAQ under the ticker symbol SEER. As of the end of Q3 2024, the stock price was approximately $6.25, reflecting a notable decline from its peak price of $12.50 earlier in the year. The following table summarizes the stock performance:
| Period | Opening Price | Closing Price | Change (%) |
|---|---|---|---|
| Q1 2024 | $10.00 | $8.50 | -15% |
| Q2 2024 | $8.75 | $7.00 | -20% |
| Q3 2024 | $7.25 | $6.25 | -13.79% |
Financial Overview
Seer, Inc. reported financial results for the nine months ended September 30, 2024, reflecting a net loss of $64.9 million. Key financial metrics are summarized in the table below:
| Metric | Amount (in thousands) |
|---|---|
| Revenue | $10,170 |
| Net Loss | $(64,857) |
| Cash and Cash Equivalents | $312,500 |
| Accumulated Deficit | $(370,630) |
Related Party Transactions
Seer, Inc. has engaged in transactions with related parties, notably PrognomiQ, which involved a preferred stock purchase agreement of $10 million. The following table outlines the nature of these transactions:
| Transaction Type | Amount (in millions) |
|---|---|
| Preferred Stock Purchase | $10.0 |
| Revenue from Related Party | $2.0 |
Seer, Inc. (SEER) Mission Statement
Company Overview
Seer, Inc. is a biotechnology company specializing in proteomics, which focuses on the study of proteins, their functions, and their interactions in biological systems. The company aims to democratize access to proteomics through innovative technology solutions.
Mission Statement
The mission of Seer, Inc. is to empower researchers and clinicians with comprehensive proteomic insights that enhance understanding of health and disease. The company is dedicated to advancing proteomics technology to make it more accessible, enabling breakthroughs in diagnostics and therapeutics.
Core Values
- Innovation: Commitment to continuous advancement in proteomics technology.
- Collaboration: Working with researchers and healthcare providers to foster scientific discovery.
- Integrity: Upholding the highest standards of scientific accuracy and reliability.
- Accessibility: Making proteomic technologies available to a broader audience.
Financial Overview
As of September 30, 2024, Seer, Inc. reported the following financial data:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $4,032,000 | $4,162,000 | $(130,000) | (3%) |
| Net Loss | $(21,328,000) | $(21,088,000) | $(240,000) | 1% |
| Gross Profit | $1,938,000 | $2,156,000 | $(218,000) | (10%) |
| Operating Expenses | $26,263,000 | $28,001,000 | $(1,738,000) | (6%) |
| Cash and Cash Equivalents | $37,622,000 | $36,396,000 | $1,226,000 | 3% |
Operational Focus
Seer, Inc. is focused on expanding its proteomic platform to enhance the understanding of diseases at a molecular level. The company continues to invest in research and development to innovate its product offerings and improve customer engagement.
Recent Developments
In recent quarters, Seer has shifted its strategic focus towards increasing the sales of its instruments and services while reducing overall operating expenses. The company reported a decrease in revenue primarily due to the absence of grant revenue during the period, despite an increase in instrument sales and service revenue.
Research and Development Investments
For the nine months ended September 30, 2024, Seer, Inc. reported the following R&D expenses:
| Period | R&D Expenses | Change ($) | Change (%) |
|---|---|---|---|
| Q3 2024 | $37,966,000 | $(3,888,000) | (9%) |
| Q3 2023 | $41,854,000 |
Stockholder Equity
As of September 30, 2024, Seer, Inc. had the following stockholder equity metrics:
| Equity Component | Amount |
|---|---|
| Class A Common Stock | $1 |
| Additional Paid-in Capital | $714,567,000 |
| Accumulated Deficit | $(370,630,000) |
| Total Stockholders' Equity | $344,727,000 |
Future Outlook
Seer, Inc. aims to leverage its innovative proteomic technologies to enhance research capabilities in various fields, including personalized medicine. The company continues to explore strategic partnerships to expand its market reach and enhance product offerings.
How Seer, Inc. (SEER) Works
Business Model
Seer, Inc. operates primarily in the field of proteomics, offering innovative solutions for proteomic analysis through its Proteograph Product Suite. The company generates revenue through:
- Product sales, including the SP100 automation instrument and consumables.
- Service revenue from generating and analyzing proteomic data.
- Related party revenue from products and services provided to affiliated entities.
- Grant revenue for research-related projects.
Financial Performance
As of September 30, 2024, Seer reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $4,032,000 | $4,162,000 | ($130,000) | (3%) |
| Cost of Revenue | $2,094,000 | $2,006,000 | $88,000 | 4% |
| Gross Profit | $1,938,000 | $2,156,000 | ($218,000) | (10%) |
| Net Loss | ($21,328,000) | ($21,088,000) | ($240,000) | 1% |
For the nine months ended September 30, 2024, the financial results were as follows:
| Metric | 9M 2024 | 9M 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $10,170,000 | $12,223,000 | ($2,053,000) | (17%) |
| Cost of Revenue | $5,140,000 | $5,718,000 | ($578,000) | (10%) |
| Gross Profit | $5,030,000 | $6,505,000 | ($1,475,000) | (23%) |
| Net Loss | ($64,857,000) | ($68,478,000) | $3,621,000 | (5%) |
Cost Structure
Seer’s operating expenses for the three months ended September 30, 2024, were as follows:
| Expense Type | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $12,967,000 | $13,232,000 | ($265,000) | (2%) |
| Selling, General and Administrative | $13,296,000 | $14,769,000 | ($1,473,000) | (10%) |
| Total Operating Expenses | $26,263,000 | $28,001,000 | ($1,738,000) | (6%) |
Liquidity Position
As of September 30, 2024, Seer had:
- Cash, cash equivalents, and investments totaling $312.5 million.
- An accumulated deficit of $370.6 million.
Stockholder’s Equity
As of September 30, 2024, Seer's stockholders' equity consisted of:
| Category | Amount |
|---|---|
| Class A Common Stock | $1 |
| Additional Paid-In Capital | $714,567,000 |
| Accumulated Deficit | ($370,630,000) |
| Accumulated Other Comprehensive Gain | $789,000 |
| Total Stockholders' Equity | $344,727,000 |
Research and Development Focus
Seer continues to invest significantly in R&D, with expenses amounting to $12,967,000 for Q3 2024, focused on enhancing the Proteograph Product Suite and expanding manufacturing capabilities.
Investment and Market Strategy
Seer has entered into strategic agreements, including a preferred stock purchase agreement with PrognomiQ, investing $10 million in Series D Preferred Stock, indicating a focus on collaborative growth in the proteomics market.
How Seer, Inc. (SEER) Makes Money
Revenue Streams
Seer, Inc. generates revenue primarily through the sale of its Proteograph Product Suite, which includes instruments and consumables, as well as through service revenue related to proteomic data generation and analysis.
| Revenue Category | Q3 2024 Revenue ($000) | Q3 2023 Revenue ($000) | Change ($000) | Change (%) |
|---|---|---|---|---|
| Product Revenue | 2,915 | 1,849 | 1,066 | 57% |
| Service Revenue | 661 | 536 | 125 | 23% |
| Related Party Revenue | 366 | 1,429 | (1,063) | (74%) |
| Grant and Other Revenue | 90 | 348 | (258) | (74%) |
| Total Revenue | 4,032 | 4,162 | (130) | (3%) |
Cost of Revenue
The cost of revenue for the three months ending September 30, 2024, was $2,094,000, representing a 4% increase from $2,006,000 in Q3 2023. The rise in costs was attributed to higher expenses from increased instrument sales.
| Cost Category | Q3 2024 Cost ($000) | Q3 2023 Cost ($000) | Change ($000) | Change (%) |
|---|---|---|---|---|
| Product Cost | 1,510 | 1,181 | 329 | 28% |
| Service Cost | 268 | 95 | 173 | 182% |
| Related Party Cost | 183 | 396 | (213) | (54%) |
| Grant and Other Cost | 133 | 334 | (201) | (60%) |
| Total Cost of Revenue | 2,094 | 2,006 | 88 | 4% |
Operating Expenses
For the three months ended September 30, 2024, Seer, Inc. reported total operating expenses of $26,263,000, down from $28,001,000 in the same period of 2023.
| Expense Category | Q3 2024 Expense ($000) | Q3 2023 Expense ($000) | Change ($000) | Change (%) |
|---|---|---|---|---|
| Research and Development | 12,967 | 13,232 | (265) | (2%) |
| Selling, General and Administrative | 13,296 | 14,769 | (1,473) | (10%) |
| Total Operating Expenses | 26,263 | 28,001 | (1,738) | (6%) |
Net Loss
Seer, Inc. reported a net loss of $21,328,000 for the three months ended September 30, 2024, compared to a net loss of $21,088,000 for the same period in 2023.
Cash and Liquidity
As of September 30, 2024, Seer, Inc. had cash, cash equivalents, and investments totaling $312.5 million, providing adequate liquidity for operations over the next twelve months.
| Item | Amount ($000) |
|---|---|
| Cash and Cash Equivalents | 37,622 |
| Restricted Cash | 524 |
| Total Cash and Cash Equivalents | 38,146 |
Future Outlook
Seer, Inc. anticipates ongoing significant losses as it continues to invest in the commercialization of its products and expand its manufacturing capabilities.
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Resources:
- Seer, Inc. (SEER) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Seer, Inc. (SEER)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Seer, Inc. (SEER)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.