Seer, Inc.

Good day and welcome to the SEER, Inc. Second Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Kelly Gora, Investor Relations. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter ended June 30, 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 seer.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 Barakzad, 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 SEER issued today. For a more complete list and description, please see the risk factors section of the company's quarterly report on 10Q for the quarter ended June 30th, 2025 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, August 6th, 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 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 second quarter of 2025, as well as our outlook for the full year. Beginning with slide three, Q2 was a pivotal quarter for SEER, as we continue to execute with discipline, advance key commercial and product milestones, and accelerate the validation and impact of our platform. The Proteograph product suite is unbiased meaning it's inherently untargeted, and enables the scientist to view an unprecedented breadth of the proteome from the most abundant proteins to the least abundant proteins. This deep unbiased proteomics platform is based on our proprietary engineered nanoparticles that is core to the ProteoGraph product suite. In the second quarter, we launched the ProteoGraph 1 workflow announced a landmark 20,000 sample population-scale study with Korea University, and continued to build commercial momentum with strong instrument placement and continued traction with the SEER Technology Access Center, or STAC. We also saw increased third-party validation through high-impact publications and compelling data presented at major industry conferences. Back in January, we laid out four core growth catalysts for 2025, and I'm proud to share that we've delivered progress across each one. We have always believed that our technology would redefine the trajectory of proteomics and make a meaningful impact within the scientific community. We believe our progress in the second quarter is a clear demonstration of this impact. We ended the quarter with 4.1 million of revenue, representing 32% year-over-year growth and a strong balance sheet of approximately $263 million in cash, cash equivalents, and investments. We continue to make highly concentrated and impactful investments in R&D to execute on our product roadmap, and we're continuing our share repurchase program as we believe there is a significant dislocation between our core value proposition and what our stock price reflects today. As of June 30th, we have repurchased approximately 20 million of our Class A common shares under our 25 million share repurchase program that was authorized in May 2024, reducing our net total shares outstanding by approximately 13%. We recognize the policy environment remains fluid and continue to closely monitor how emerging U.S. policy developments may influence our customer base. Near-term macro pressures, including evolving tariffs implementation and continued uncertainty around government funding, are likely to weigh on market visibility through year-end. Despite these headwinds our customers are facing, our strong performance in the first half of the year gives us confidence to reiterate our full-year 2025 revenue guidance of 17 to 18 million, representing 24% year-over-year growth at the midpoint. Now, I'd like to walk through our recent progress in our core initiatives of validating our platform, enhancing access, driving innovation, and enabling larger core studies in more detail. Starting with product innovation on slide four, this quarter marked a major inflection point for SEER with the launch of our high-throughput ProteoGraph 1 assay and SP200 automation instrument. This is a transformative step forward, not just for SEER, but for the entire field of proteomics. Our vision is to enable deep unbiased proteomics research at scale, and with this launch, we're empowering researchers to move from poorly powered small studies that may not replicate to larger core studies that are adequately powered to uncover novel biological insights and advance our understanding of human health. With the ProteoGraph 1, we've more than doubled throughput to over 1,000 samples per week with an approximately 30% reduction in runtime to approximately four and a half hours compared to ProteoGraph XT. The Proteograph-1 enables the identification of up to 10 times more proteins than traditional mass stack workflows, achieving industry-defining precision. In addition to the performance improvements, we believe our customers should achieve a meaningful reduction in cost per sample for the full workflow. As evidenced by the initiation of multiple large-scale studies that I will expand on shortly, The combination of PROTOGRAPH-1 attributes is translating to an increase in the size of the studies that our customers are running, which we believe will be an important catalyst for revenue growth. We also recently launched the PROTOGRAPH direct assay, enabling customers to run cell and tissue samples on our SP200 instrument. This assay was introduced in response to the strong demand from customers to use our automated instrumentation on other workflows that don't leverage our proprietary nanoparticles. PortoCart Direct streamlines sample prep by drastically reducing manual processing time to just 60 minutes for AV samples without compromising depth or reproducibility. Looking ahead, we plan to continue broadening our menu, expanding the capabilities of our platform, and innovating on our workflow to provide the best solutions for our customers. Now moving on to larger cohort studies on slide five. Over the last three years, SEER has helped redefine deep unbiased proteomics by enabling researchers to move from small-scale studies of tens of samples to those involving up to tens of thousands of samples, which were previously only possible using targeted proteomics approaches. This quarter, we announced a landmark population-scale study in collaboration with Korea University representing the largest deep plasma proteomics study of its kind. This three-year study intends to identify novel blood-based biomarkers for young adults in their 20s and 30s using samples from 15,000 cancer patients and 5,000 healthy subjects sourced from Korea's leading cancer institutions. Powered by our newly launched ProteoGraph-1 assay, the SP200 automation instrument and Thermo Fisher's Orbitrep Astral Mass Spectrometer, this is the first large-scale plasma proteomic studies to leverage mass spectrometry and AI-driven analytics for early cancer detection. Korea University selected our platform for its unique ability to deliver the depth, scale, and reproducibility required for such ambitious study. This collaboration highlights our belief that the proteograph is unlocking the next generation of sensitive, scalable, and personalized diagnostics laying the foundation for earlier interventions and improved outcomes in young adult cancer patients worldwide. Importantly, This follows our announcement on our last earning call that Discovery Life Sciences, one of our centers of excellence and a leading omics service provider, in collaboration with us, secured a significant contract from a new customer to run a 10,000-sample study on the Protograph product suite and the Orbiter of Astral Mass Spectrometer. Taken together, these population-scale studies demonstrate our belief that SEER is uniquely positioned only truly unbiased, scalable, and deep proteomics platform to power the next generation of proteomics discovery. We expect to see a growing number of population-scale studies in the near term. Moving on to the validation of our platform on slide six. Validation of our technology continues to grow with 52 customer publications, preprints, and reviews. many in high-impact journals, highlighting the unique capabilities of the Protograph product suite. This adds to hundreds of abstract presentations and talks showcasing our platform's differentiated biological insights. At recent industry conferences, an increasing number of studies further demonstrated the Protograph's ability to generate unique biological insights. At the American Society for Mass Spectrometry, or ASMS, our customers, collaborators, and SEER scientists unveiled new data generated from the ProteoGraph across 14 poster presentations, and multiple researchers presented compelling findings from their early access experience with the recently launched ProteoGraph 1 workflow. Now turning to slide seven. At ASMS, Dr. Gedipati a professor at Washington University in St. Louis presented a study using the Proteograph-1 to analyze the plasma proteomes of metabolically healthy lean, metabolically healthy obese, and metabolically unhealthy obese individuals. He identified distinct protein signatures in the metabolically healthy obese population, including three novel biologically relevant protein biomarkers undetectable by an affinity-based assay. These biomarkers suggested that metabolically healthy obese individuals may buffer oxidative stress better, regulate their glucose levels better, and clear more lipids from the plasma compared to the other two cohorts. Though a small study, it highlights the proteograph one's ability to uncover novel biology and advance metabolic disease research. Dr. Josh Kuhn, a professor at the University of Wisconsin-Madison, presented his findings from a pilot study that validated the high performance of the Protegraph-1 workflow on monkey samples, delivering a meaningful increase in the amount of unique protein groups versus NEAT methods. Turning to slide eight. At the third annual Symposium on Human Proteome and Health in Oxford at the end of June, Dr. Claudia Langenberg and Dr. Mike Peissner from Queen University of London presented compelling data from 1,500 individuals in the genes and health cohort run under ProteoGraphXC. We believe there are three key takeaways from the proteogenomics study that highlight the power of the ProteoGraph platform. First, the proteograph detected a high number of proteins previously not found using affinity-based methods. Out of the more than 8,000 proteins detected in plasma, over 2,300 of these proteins represented a quote, previously unexplored proteome, unquote, according to study lead Dr. Mike Peissner. Second, the proteograph detected a high number of protein quantitative trait loci or PQTLs that were previously not found by affinity-based technologies. Over 1,200 PQTLs were detected with over half of them not detected to date by studies up to 40 times larger. The proteograph detected 140 of these novel PQTLs in proteins that were measured by affinity-based methods. However, the PQTLs were not detected by these technologies. 690 of the PQTLs we detected were co-localized with strong disease loci from phenotype-wide association studies, or PheWAS. Third, the proteograph uniquely confirmed the absence of some proteins in plasma that had lost their function. These findings demonstrate the proteograph's ability to generate meaningful biological insights through a superior depth and unbiased approach, most recently highlighted by Doctors Claudia Langenberg and Mike Peissner in the Genome Webinar. We continue to partner with leading investigators and host webinars that showcase how researchers are using our platform to generate novel biological insight, further strengthening our growing body of evidence and reinforcing SEER as a trusted partner in the proteomics community. Now moving to slide nine, to take a closer look at the 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. STAC 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. In Q2, over half of our instrument shipments were acquired by customers who had previously accessed our stack, representing another solid quarter of stack to instrument conversion. Stack remains a strong revenue contributor and a strategic asset, giving users hands-on experience with the prototype, and in some cases, leading to in-house instrument adoption. With the increased throughput enabled by the Protrograph One workflow, we have expanded STAC's capacity to meet a growing number of demand without additional investments. We look forward to serving more customers as they generate critical data for their ongoing studies. Our Strategic Instrument Placement Program, or SIP, remains a key driver of adoption. By leveraging available operating budgets, SIP helps capital-constrained customers, particularly in the current macroeconomic environment, access our technology. Under this program, we loan an instrument to a customer with an upfront purchase of a consumable kit. Our expanded partnership with Thermo Fisher Scientific to co-market and sell the PortoGraph product suite alongside the Orbitrap Astral Mass Spectrometer has been progressing well. This powerful pairing enables population-scale deep unbiased proteomics for the first time 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've completed training across Thermo Fisher's U.S. and European sales forces and are beginning to see this partnership translate into advanced stage opportunities. We continue to see traction in several regions and we are actively pursuing additional population scale opportunities together, reinforcing our confidence in the ability of this partnership to drive adoption. I'm deeply proud of the team's execution this quarter as we lay a strong foundation for the rest of the year and beyond. With that, I will now turn the call over to David.