Seer, Inc.

Good day and thank you for standing by. Welcome to the SEER First Quarter 2025 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'll 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 Kelly Gurra, Investor Relations. Please go ahead.

Thank you. Earlier today, CIRA released financial results for the quarter ended March 31, 2025. 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 CIRA.bio. In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the Events and Presentations section of SEER's Investor Relations website. Joining me today from SEER is Omid Farraqzad, 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 here 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 for the quarter ended March 31st, 2025 and in 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 May 13th, 2025. With that, I would like to turn the call over to Omid.

Thanks, Kelly, and thank you everyone for joining us this afternoon. I will begin our talk 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 first quarter of 2025, as well as our outlook for the full year. Beginning with slide three, we have always believed that our technology will redefine the trajectory of proteomics and make a meaningful impact within the scientific community. While near-term macroeconomics volatility including the recently introduced tariffs and ongoing government funding challenges are expected to persist and limit visibility for the balance of the year, our long-term vision and opportunity remains unchanged. In fact, I'm more confident in that belief than ever before. We delivered a strong start to the year with $4.2 million of revenue in the first quarter, driven by increasing demand for the Portograph product suite. We shipped as many instruments in the first quarter as were shipped in all of 2024 and saw continued traction for SEER Technology Access Center, or STAC. Our impact is clearly reflected in the high-quality data our customers are generating and the acceleration of publication that further validate the power of our technology. Despite the heightened macroeconomic uncertainty and headwinds that our customers are facing, we're reiterating our full-year 2025 revenue guidance of 17 to 18 million, representing 24% year-over-year growth at the midpoint. As the policy landscape continues to evolve, we will closely monitor the impact of US policy changes on our customers as we navigate through this dynamic environment. We continue to view our strong balance sheet of approximately $285 million in cash, cash equivalent and investments as a key differentiator in the current environment, and we remain disciplined in deploying it. In this context, We're making highly concentrated and impactful investments in R&D to execute on our product roadmap and continuing our share repurchase program to benefit shareholders as we believe there is a significant dislocation between our core value proposition and what our stock price reflects today. While we've not seen direct effects on our supply chain to date from the recent tariff implementations, we are actively de-risking our business in two ways. For the near term, we have worked with our suppliers to ensure price stability at pre-tariff levels over the coming year. And for the longer term, we're evaluating our cost structure and taking steps to improve our margins. We're confident in our strategy, our operational discipline, and the growing demand for deep unbiased proteomics at scale. Now, I'd like to walk through our recent progress in our core initiatives of validating and enhancing access to the Protograph product suite in more detail. Starting with the validation of our platform on slide four, we proudly believe that the best in class quality and performance of the Protograph product suite for deep unbiased proteomic at scale makes us a trusted partner for our customers. We started SEER with the vision to change the art of proteomics by providing unprecedented access at scale to the complexity of the proteome for widespread research. Here is based on an extremely strong scientific foundation for nanoparticle engineering that formed the basis for the Proteograph product suite. As I take a moment to reflect, I believe the growing body of evidence demonstrates that we have already executed on this vision by making the previously impractical unbiased proteomics studies readily possible today. Our customers have repeatedly demonstrated the power of our technology and the differentiated biological insight they get from the Proteograph product suite. This is recognized in hundreds of abstracts, webinars, seminars, and talks. We now have 42 customer publications, preprints, and reviews showcasing the capabilities of our platform. with many appearing in high impact journals. Our customers are discovering novel biology that will solve challenges in human health, growing existing end markets that leverage proteomics, and creating entirely new end markets that do not exist today. The combination of the proteograph and mass spec is enabling the scientific community to conduct unbiased proteomic studies with a step change in scale and complexity. We see a future where millions of proteomes will be interrogated in an unbiased way, mirroring what we saw in genomics with increased throughput and accelerated adoption and a reduction in cost. But in proteomics, I believe the slope of adoption will be even steeper, the pace of discovery even more accelerated, and most importantly, the biological insight that will be unlocked will be truly unprecedented. In the past three years, we've started to see researchers move beyond pilot studies of tens of samples and opting to run studies of hundreds of samples, and in many cases, thousands. To that end, I'm pleased to share that Discovery Life Sciences, one of our centers of excellence and a leading OMIS service provider, in collaboration with us, has secured a significant contract from a new customer to run a 10,000-sample study on the Protograph product suite and the Orbitrep Astral Mass Spectrometer. This customer conducted an extremely thorough and extensive evaluation process on the commercially available proteomic technologies and service providers. They concluded that the combination of the Protograph product suite, the Orbitrep Astral, and the Discovery's expertise in mass spec proteomic services would produce the deepest and most robust dataset. We are excited to be engaging in more conversations for larger-scale projects, including multiple population-scale studies that would leverage the ProteoGraph product suite. As our platform gains broader awareness, there is a clear shift towards significantly larger studies, marking a key milestone for the proteomics market. While the size and timing of these projects may lead to some quarterly revenue variability, the momentum is encouraging. We believe SEER is uniquely positioned as the leading unbiased and scalable platform to enable the next generation of proteomics discovery. While we believe that we have already changed the arc of deep, unbiased proteomics, we're still at the very beginning of this journey. By leveraging the Protograph product suite, our customers are starting to uncover novel biological insights. Looking ahead, I'm really excited For our presence at the ASMS conference in a couple of weeks, the need for our scalable, deep, unbiased proteomics platform has never been greater. Now moving to slide five to take a closer look at our progress with accelerating access to the proteograph product suite. We continue to see strong demand for STAC, which lowers the barrier of adoption of the proteograph product suite. Stack allows the proteograph user to run samples in their own lab and FCA run the mass spec or alternatively, provides end-to-end services from sample to proteomics data and analysis. Encouragingly, in Q1, half of our instrument shipments were acquired by customers who had previously accessed our stack, representing the highest number of stack-to-instrument conversions in a single quarter. Furthermore, Nearly half of Stack customers in Q1 were new. Taken together, Stack continues to be an excellent source of revenue and concurrently serve as a strategic and marketing asset by allowing users to experience the power of the photographs and for some of these users to bring their instrument in-house. Our customers are increasingly recognizing the value of our technology and the data that is being generated from it. Given the level of demand we're seeing, we have a line of sight into operational efficiencies that will expand the capacity of SAC. We look forward to seeing more data generated on the photographs as more customers get access to our technology. Our Strategic Instrument Placement Program, or SIP, continues to be an important catalyst for adoption. As a reminder, SIP removes barrier by utilizing available operating budgets for our customers were capital constrained, particularly in the current macroeconomic environment. Under this program, we will loan an instrument to a customer with an upfront purchase of consumable kits. A portion of our ship instruments in Q1 was through this program. Now moving on to provide an update on our expanded partnership with Thermo Fisher Scientific to co-market and sell the prototype product suite alongside their Orbiter of Astral mass spectrometer. As a reminder, 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 our customers to access a seamless end-to-end solution for unbiased proteomics. We completed training of the Thermo Fisher US sales force in the first quarter And the next phase of our partnership includes the training of the European sales force. Our respective sales teams are increasingly collaborating to identify and capture opportunities that are mutually beneficial, and we have already seen traction in several regions. In late April, Thermo Fisher Scientific hosted a compelling webinar featuring Dr. Brennan Keating that highlighted the impact of combining the Protograph product suite with Orbitrep Astral Mass Spectrometer. This study demonstrated how deep unbiased proteomics profiling can reveal critical physiologic and immunologic changes in venous transplant recipients. These insights provided valuable information on transplanted organ viability and host responses, which are key factors in advancing venous transplantation as a viable solution to the organ shortage crisis. Looking ahead, we have a number of customer webinar coming up to provide further insight into what is possible using the Protograph product suite. On our last earning call, we highlighted the launch of our cell lysate application on the Protograph XT, which extended the power of Protograph XT beyond plasma and tissue analysis. We've been very pleased with the feedback around the newly launched CellLifed application. As a reminder, we now have over 10 portograph protocols available to conduct proteomic analysis on a diverse list of sample types, including non-human plasma or serum, conditioned media, cerebrospinal fluid, and dry blood samples. We plan to continue expanding the capabilities of the platform throughout the year. I am deeply proud of the team's hard work and execution this quarter. Looking ahead, I'm even more excited for the new data and catalysts that are coming over the next few months and will serve as a tailwind's foreseer. With that, I will now turn the call over to David. Thanks, Amid.