Seer, Inc.

To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 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 and year ended December 31st, 2024. If you have 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. In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the events and presentation section of SEER's Investor Relations website. Joining me today from SEER is Omid Fariqzad, Chief Executive Officer and Chair of the Board, 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 titled Forward-Looking Statements in the press release to your issue today. For a more complete list and description, please see the risk factors section of the company's annual report on Form 10-K 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 February 27, 2025. With that, I'd like to 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 details on our financial results for the fourth quarter and full year 2024 as well as our outlook for 2025. Starting with slide three, I'm excited to share the tremendous progress we've made over the past year. We're a pioneer of deep unbiased proteomics at scale And in 2024, we further solidified our leadership in the field. This was driven by exceptional growth of customer publications and a highly compelling body of evidence validating the power of our technology. Our SEER Technology Access Center, or STAC, played a critical role in expanding access to proteograph data, allowing more researchers to experience its impact and get access to deep unbiased proteomic insights that they couldn't achieve otherwise. Demand for prototype data remains strong, and we've now served over 135 customers, including 12 large biopharma companies. We ended the quarter with $4 million of revenue, bringing total revenue for the year to $14.2 million, with approximately $300 million in cash, cash equivalents, and investments. Given the massive value we believe exists in our platform and the opportunity ahead, Coupled with, in our view, the enormously dislocated market valuation of SEER, we used approximately 12 million of our cash to repurchase approximately 6.5 million shares during 2024, reducing the total shares outstanding by approximately 10% to 59 million shares. Despite ongoing macro environment challenges, I'm more confident than ever before about our future. We're transitioning from a pioneer of deep unbiased proteomics at scale to a trusted partner for discovery, translational, and population scale deep unbiased proteomics studies. As we expand upon the foundation we built in 2024, I believe we're well positioned for a stronger year ahead. Now I'd like to walk through our progress in 2024 across each of our strategic initiatives, which include First, validating our platform by assisting customers to generate novel data. Second, focusing our resources on enhancing access to the Protograph product suite. And finally, third, driving innovation through enhancements of our technology. Starting with the validation of our platform on slide four. To date, there have been 33 customer publications, preprints, and reviews showcasing the capabilities of our platform. In 2024 alone, 23 new peer-reviewed publications have been released, with many appearing in high-impact journals. Multiple preprints have already emerged this year, including a particularly compelling one added to BioRxiv last month that I will briefly highlight. Turning to slide five. As a pioneer of deep unbiased proteomics, we're seeing other providers emerge that are attempting to replicate our approach. However, they consistently fall short on delivering the depth, scale, and reproducibility that sets the proteograph apart. A recent head-to-head comparative study led by Professor Josh Kuhn at the University of Wisconsin-Madison directly compared SEERS technology against other plasmaproteomic methods attempting to emulate the performance of our engineered nanoparticle approach. The results show that SEER outperforms across key metrics, detecting more low-abundance proteins while retaining the lowest noise levels on par with neat plasma. Specifically, this outperformance is shown across depth of coverage, reproducibility of the assay as measured by the coefficient of variance, quantitative metrics such as limit of detection, or LOD, and limit of quantitation, or LOQ, as well as the best-in-class measurement completeness to reliably see the same protein across samples. Similar findings to Professor Kuhn's data have been validated by multiple other academic and industry leaders, reinforcing Sear's position as the trusted partner in deep unbiased proteomics at scale. Importantly, we believe our performance across these metrics represent only the tip of the iceberg of what our platform can do. There are so many other areas where we believe SEER is far superior to other approaches. These include, for example, batch-to-batch and lot-to-lot manufacturing robustness that makes it possible to run longitudinal population scale studies and our quality and IT systems are ISO 13485 and ISO 27001 certified today. We're proud of the best-in-class quality and performance at a Protograph product suite, making us a trusted partner for our customers. We saw continued validation of our platform at the 21st annual U.S. Human Proteome Organization or HUPO conference earlier this week as our customers, collaborators, and SEERS scientists demonstrated new breakthroughs enabled by our technology across 13 posters and oral presentations. This research highlighted the role of the proteograph in understanding tissue biology, uncovering biomarkers with cardiometabolic dysfunction, interrogating downstream proteomics changes in response to novel RNA cancer therapeutics, enabling breakthroughs in mass spectrometry proteomics throughout, and leveraging model organisms to advance human health. I'd like to highlight a seminar at HUPO held by Dr. Jinjun Shi, associate professor at Harvard Medical School and Brigham and Women's Hospital. Professor Shi is among the pioneers in RNA nanomedicine, and among the very first nanomedicine investigators to study the downstream proteomics perturbation in cells after siRNA and mRNA nanoparticle delivery. In the studies he presented at the HUFO earlier this week, he discussed work from his laboratory where they turned off activated tumorigenic drivers of cancer with siRNA to silence androgen receptor expression while concurrently turning on the expression of tumor suppressors using mRNA that encode the P10 protein. Using prostate cancer as a model, the team then followed the downstream effects of these synergistic therapeutic modalities at the molecular level, looking at changes in the cellular proteome, and the biological insight was highly differentiated. We're proud that the Protograph product suite is enabling prominent researchers like Dr. Shi to accelerate advancements in precision cancer research and ultimately improve human health. We believe we are reaching a clear inflection point as more customers' data validates our technology and the scale of project increases in size. We expect the pace of customer validation to further accelerate this year as more researchers get access to our technology. Now moving to slide six to take a closer look at our progress with accelerating access to the Protograph product suite. Our global reach is growing with over 135 customers served across 20 countries. To capitalize on the increasing demand, we made significant investments in our commercial infrastructure in 2024 and doubled the size of our commercial team in North America. New sales reps typically take six to nine months to ramp up and we are seeing these new team members become increasingly productive as they approach this stage. We now have six channel partners covering Europe, Asia-Pacific, Africa, and the Middle East to accelerate market development and drive adoption globally. In addition, We're excited to welcome Amber Faust as our new Vice President of Global Sales. Amber brings over 15 years of experience and was most recently at Standard BioTools, where she led the North America sales team for Somologic products, and previously held commercial roles of increasing responsibility at Olink, Metabolon, and Waters. With a proven track record of expanding market reach and driving revenue growth in the proteomic space, we look forward to our contributions to accelerate adoption of our ProteoGraph product suite and strengthen our customer relationships. Looking ahead, we will continue to make strategic investments in direct sales and support as needed throughout 2025. A key driver for our performance in 2024 has been the growing demand of stack which allows a proteograph user to run samples in their own lab and have SEER run the mass spec, or alternatively, provides end-to-end services from sample to proteomics data and analysis. We opened our first stack in the U.S. in late 2023, and given the demand we saw, we expanded into Bonn, Germany, with a second stack in 2024. Approximately a fourth of these customers have returned to repeat STAC projects, and we've seen multiple STAC customers purchase the Protegraph product suite to bring the instrument in-house. Importantly, we continue to see strong interest from large biopharma companies who are eager to access our technology, and STAC has been an important catalyst for accelerating this adoption. The Protegraph product suite is applicable to a wide range of sample types and works with any species, including the model organisms typically used in medical research and drug development. Notably, approximately a third of the STAC projects have been utilized samples from model organisms, demonstrating a clear unmet need for differentiated technology. We believe this increased access to STAC will continue to catalyze the generation of third-party data and publications. further highlighting the transformative potential of the Protograd product suite and facilitating broader adoption. We saw a lot of traction throughout the year with our Strategic Instrument Placement Program, or SIP. Multiple customers have now purchased instruments through this program, including several large biopharma companies. SIP has been an important catalyst for adoption, and we expect for it to continue to remove barriers to access for our customers who are capital-constrained given the current macroeconomic environment. In November, we announced an expansion of our partnership with Thermo Fisher Scientific to co-market and sell the proteograph product suite alongside the Orbitra astral mass spectrometers. This powerful pairing makes it possible for the first time to achieve population-scale deep unbiased proteomics with exceptional robustness and reproducibility. In addition, this partnership further strengthens our commercial reach and makes it easier for their customers to access a seamless end-to-end solution for unbiased proteomics. As part of the expanded agreement, we will also conduct joint marketing initiatives and research studies, including population scale studies, to showcase the combined power of the proteomics platform. We're currently training the Thermo Fisher sales force and expect to complete the process in the first quarter of 2025. We look forward to continuing to operationalize this partnership and will provide updates on our progress throughout the year. This momentum underscores our commitment to making deep unbiased proteomics more accessible than ever, and we're excited about the opportunities ahead in 2025 and beyond. Now turning our effort to drive product innovation and application expansion on slide seven. In 2024, we upgraded our proteomic analysis suite, or PASS, to be the most scalable proteomic analysis solution available today. Our upgraded PASS significantly accelerates end-to-end workflows and has reduced data analysis time by over 95%. We remain committed to investing in our software and data analysis capabilities to further enhance efficiency and scalability for our customers. In addition to these advancements, we launched a new product application for the Protograph XT earlier this month, specifically designed for cell lysate proteomics. This expansion extends the power of the Protograph XT beyond plasma and tissue analysis, enabling researchers to expand intracellular proteomics across virtually any cellular compartment. This new capability adds to a growing list of over 10 proteograph protocols available to conduct proteomic analysis and a diverse list of sample types, including non-human plasma or serum, conditioned media, cerebrospinal fluid, and dried blood samples. By leveraging the proteograph for this application, researchers are expected to gain access to a significantly greater number of proteins, unlocking deeper biological insights. These innovations represent our ongoing commitment to providing the most powerful and scalable solutions for deep unbiased proteomics, and we look forward to continuing to expand the capabilities of the Protograd product suite throughout the year. I remain incredibly bullish and excited about the potential of our technology to transform our understanding of the proteome. With that, I will now turn the call over to David.