Seer, Inc.

Good day, and thank you for standing by. Welcome to the SEER, Inc. Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. So if drawing your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Carrie Mendeville, Investor Relations. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter ended September 30th, 2024. If you've not received this news release, or if you'd like to be added to the company's distribution list, please send an email to investor at seer.bio. Joining me today from SEER is Omid Farraqzad, Chief Executive Officer and Chair, and David Horn, Chief Financial Officer and President. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release SEER issued today. For a more complete list and description, please see the Risk Factors section of the company's quarterly report on Form 10-Q from the quarter ended September 30, 2024, and its other filings with the Securities and Exchange Commission. Except as required by law, SEER disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, November 6, 2024. With that, I'll turn the call over to Omid.

Thanks, Kerry, and thank you, everyone, for joining us this afternoon. I will begin our call today by providing updates on our business, and I will then turn the call over to David to provide more detail on our financial results for the third quarter of 2024 and our outlook for the remainder of the year. We continue to see growing enthusiasm for the Protograd product suite during the third quarter, despite the ongoing macro environment pressures, especially for the adoption of new technology. We ended the third quarter with $4 million in revenue and approximately $312 million in cash, cash equivalents, and investments. In particular, we were pleased to see multiple large orders from government agencies and continued strong interest in our stack. While the capital purchasing environment remains challenging and a continuous headwind for us, we believe we're starting to see the flywheel effect and an increasing tailwind that comes with a growing number of cluster publications and preprints highlighting the value of the photograph. In the near term, we expect to see fluctuations in the relative strength of these two vectors. That said, I'm confident that directionally we're picking up momentum as the data and evidence is strongly supportive of proteographs' unique value proposition. At SEER, we're continuing to push the boundaries of what is possible to provide access to large-scale, deep, unbiased proteomics and help researchers generate meaningful insights into human health and disease. To that end, we're delighted that Thermo Fisher Scientific the leading mass spectrometry provider is partnering with SEER, a pioneer and leader in proteomics, to co-market and sell the Proteograph product suite alongside their Orbitrap Astral mass spectrometers. Under this non-exclusive agreement, starting in early 2025, Thermo Fisher's global sales force will have the ability to quote and sell the Proteograph product suite, which includes an automation instrument, proprietary engineered nanoparticles, and software analysis suite enhancing the accessibility of this innovative technology to life science researchers worldwide. We believe Thermo Fisher's Orbitrap Astral sets the gold standard for mass spectrometry. The robustness and performance of the FEAR platform and the sensitivity of the Orbitrap Astral make it possible for the first time to do population scale deep unbiased proteomics with unprecedented power to drive biological insights. Last year, we collaborated with Thermo Fisher to exclusively use their Orbitrub Astral in our SEER Technology Access Center in the U.S., and earlier this year, we expanded the program to Europe. We have seen firsthand the highly differentiated and exceptional data that our customers are getting by working with our stack, as well as the exceptional results from a growing number of customers who are using the Orbitrap Astral and the Protograph product suite in their own labs. This new collaboration makes it possible for customers to acquire the Protograph product suite in conjunction with the acquisition of the Orbitrap Astral. We will also condone joint marketing initiatives, including conference promotions, seminars, and webinars, and collaborate on joint research studies, including population scale studies, to showcase the combined power of the proteomics platforms. We're excited by the expanded geographic reach and distribution that this partnership with Thermo Fisher will provide. By aligning our technologies, we're providing researchers with a robust solution that enables comprehensive proteomic insights, ultimately driving breakthroughs in understanding human biology and disease. We continue to serve customers through the SEER Technology Access Center, or STAC, which allows a Proteograph user to run samples in their own lab and have SEER run the mass spec, or alternatively, provide end-to-end study services from sample to data. We continue to see strong demand for STAC and have a strong pipeline heading into the end of the year, despite continuing to navigate a challenging funding environment. STAC has been successful in enhancing access to the proteograph and bringing the power of unbiased proteomics data to a growing number of researchers. We believe this increased access will catalyze the generation of third-party data and publications, further highlighting the transformative potential of our technology and facilitating broader adoption. Earlier this year, we launched a second STAC lab in Germany and we're excited to see increasing demand from prominent researchers in Europe that want to access the unique data that the Protograph provides. We continue to see SAC as a strategic asset to invest in groundbreaking studies and run large sample cohorts for key collaborators, providing SAC services at lower price points. We expect these customers will present and publish their studies shortly, further reinforcing the differentiated value proposition of the Protograph product suite and serve as key reference to drive continued adoption of our technology. In addition, we're seeing traction with our Strategic Instrument Placement Program, or SIP, which continues to be an important catalyst for adoption, particularly for large pharma customers, many of which have purchased instruments through this program. Now moving to the exemplification of our technology. We continue to see a growing number of preprints and publications showcasing the value of the Portograph product suite. Notably, our conversations with potential customers are becoming increasingly productive, as more researchers see the value and insights our data provides, and we're seeing the scale of projects getting larger. We had a strong presence at the 23rd Human Proteome Organization, or HUPO, World Congress in Germany in late October. where our customers, collaborators, and SEER scientists showcased a total of 12 posters and oral presentations. This research revealed new insights into Alzheimer's pathways, population-scale plasma analysis, and capture immune dynamics in xenotransplantation. One of our collaborators, Dr. Mike Snyder from Stanford University, presented data that highlighted the value of the proteograph product suite for deep proteomic analysis in model organisms. In collaboration with SEER, Dr. Snyder and his team are conducting an aging study in a non-human primate model, specifically in pigtail macaques. In this study, 230 monkey plasma samples and 25 human plasma samples were analyzed using the ProteoGraph XT coupled with the Orbitrap Astral. A total of 8,472 unique protein groups were identified across the 230 monkey plasma samples. As a comparison, the proteograph assay identified 11 times more protein groups in this cohort versus direct digestion workflow using the Orbitrap Astral alone without the proteograph. Combined with the depth of proteomic coverage and the protein and peptide level resolution that the SEER platform provides, they're now able to investigate shared and species-specific human and macaque biology in a deep and unbiased manner. While they're early in their analysis, they're encouraged by the types of protein biomarkers differentially expressed in male versus female monkeys and across various age groups in the monkey cohort. For example, they have found many interesting biological differences in cytokines or hormones and immune response-related proteins which can be difficult to detect due to the low abundance in plasma samples. This is yet another example of the power of the proteograph to enable unbiased proteomics that revealed interesting insights and pathways for further study in non-human primate models. I remain incredibly bullish on the long-term value of our differentiated technology and its potential to transform our understanding of the proteome. Looking ahead, We will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the prototype, innovate with our products, and expand our applications. With that, I will now turn the call over to David.