Seer, Inc.

After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your touchtone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Kelly Gurra of Investor Relations. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter ended September 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 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 than those anticipated. Additional information regarding these risks and uncertainties appears in the section titled Forward-Looking Statements in the press release fear issued today. For a more complete listing description, please see the risk factors section of the company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, and in its other filings with the Securities and Exchange Commission. Except as required by law, SPIRITUS claims 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, 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 detail on our financial results for the third quarter of 2025, as well as our outlook for the full year. starting on slide three. During the third quarter, our team continued to execute with discipline to advance the reach and impact of our platform. We saw a record number of third-party publications demonstrating the value of the prototype and further validating its performance across a range of applications. As more customers generate data on the prototype, it is becoming increasingly clear that this technology is unlocking new biological insights that were previously not possible. Beyond publications, we delivered our third consecutive quarter of strong instrument shipments, reflecting continued demand for the proteograph. In fact, in the first nine months of 2025, we have shipped just under three times as many instruments as we did in all of 2024. representing a significant step up in our installed base. We ended the third quarter with $4.1 million of revenue, representing 2% year-over-year growth and a strong balance sheet of approximately $251 million in cash, cash equivalents, and investments. As of September 30th, we have repurchased approximately $22 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 14%. It's been an especially challenging year with shifting government policies around tariffs and research funding causing uncertainty and capital spending constraints on our customers. The government shutdown adds yet another headwind to these customers, escalating their uncertainty around budgets and availability of funding. That said, I'm even more confident in the value proposition of the Purdue Graph than ever before as more customers are adopting our platform for their studies and the growing evidence from their work is revealing biological insights that will advance our understanding of health and disease in ways previously not possible. 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. Over the last three years, SEER has helped redefine deep unbiased proteomics by enabling researchers to move from small-scale exploratory studies of a few dozen samples to now conducting large population-scale studies involving tens of thousands of samples. Previously, these studies were only possible using targeted proteomics approaches that inherently are not able to address the complexity of the proteome and are prone to erroneous epitope effects because of the millions of protein variants that exist at the population level. Our ProteoGraph 1 assay, an SP200 automation instrument, launched in June, represent a true step change for SEER and the proteomics field. As a reminder, the ProteoGraph 1 more than doubled throughput to over 1,000 samples per week improves precision, and reduces runtime by roughly 30% compared to Protograph XT. Customer feedback has been overwhelmingly positive, and we're seeing both strong demand and utilization in the first few months following the launch. For example, of all the instruments shipped this year through September 30th, almost two-thirds were SP200s, even though this instrument was only launched in late May. Moving on to slide five. This incredible performance is translating into tangible momentum. Multiple customers have initiated large-scale studies, including the 20,000 sample population study with Korea University and the 10,000 sample project in collaboration with Discovery Life Sciences. In addition, we're having an increasing number of conversations with other large biobanks about how they can access the proteograph technology to run large cohorts. These initiatives exemplify how our technology is enabling deep unbiased proteomics research at scale, and we expect they will be an important catalyst for future revenue growth. Building on this momentum, I'm pleased to share that after a rigorous evaluation of a number of commercially available proteomics technologies, the proteograph has been selected for use in a large multi-omic study funded by the NIH. A study of this size, especially in the face of ongoing NIH budget uncertainty, demonstrates how deep unbiased proteomics is critical to advancing research on human health and disease. We're proud that SEER has been chosen to provide proteomic solution for this important initiative. turning to slide six. As I mentioned earlier, validation of our technology continues to grow with 66 customer publications, preprints, and reviews to date, many in high impact journals. Nearly half of these were published this year, reflecting the increasing momentum and visibility of our technology within the scientific community. Notably, in the third quarter alone, we achieved a new record of 13 publications and preprints highlighting the accelerating adoption and impact of the Protograph product suite. One study I'd like to highlight this quarter comes from the Genes and Health Cohort, a large-scale genomics initiative studying British South Asian populations. This population has a high rate of parental relatedness, which increases the chance of homozygous genetic abnormalities meaning it increases the chance of receiving the same loss-of-function mutations of given genes from each parent. The result is that the individual will lack functional copies of a specific gene and, in essence, represent a genetic knockout of that specific gene. In this study, Drs. Claudia Langenberg and Mike Peissner from Queen Mary University used a proteograph to explore how these natural gene knockouts affect protein expression and disease biology. Among 1,500 individuals that they analyzed, nearly 200 individuals harbored these rare loss of function protein knockouts. Importantly, the proteograph uniquely detected 11 such variants where the corresponding protein was completely absent in affected individuals but present in everyone else. In contrast, the complete absence was not detected for any protein knockout by two affinity-based proteomic technologies that were also used in the same study. The study then linked specific genetic variants to rare disease phenotypes and even identified new potential disease-causing proteins not observable by affinity-based methods. This work underscores how the Proteograph product suite isn't just measuring proteins, it's revealing human biology at an entirely new scale and resolution. The ability to directly connect genetic variation to proteomic signatures is opening a new window into disease mechanism with enormous potential for precision medicine and therapeutic discovery. When we first introduced the proteograph, our team partnered closely with early adopters to generate foundational data and publications that validated its technology and demonstrated its potential. Over time, that dynamic has evolved significantly, and today, the majority of publications are being produced independently by our customers, reflecting growing confidence in adoption of the platform. Researchers are now uncovering unique and differentiated biological insights across areas such as metabolic health and aging. and we're seeing increasing momentum as our customers expand their work into the clinical space. It's incredibly rewarding to see these years of investments come to fruition. While we continue to see pressure on CapEx budgets and elongated sales cycles, especially in light of the government shutdown and its impact on NIH funding for the outright purchase of new instruments, we believe the tailwinds are starting to take effect. The flywheel is turning, and the pace of external evidence and validation continues to accelerate. We're excited to see increased awareness of the proteograph within the genomic community as these researchers ramp up their work in proteomics after seeing the power of the proteograph. The proteograph is a critical component of multi-omic translational studies and enables profiling of protein isoform-specific biomarkers. As human genetics research increasingly moves from sequence to function, proteomics is becoming an essential complement to genomics in understanding disease biology and accelerating precision medicine. This is clearly exemplified by the level of interest in proteomics at the most recent American Society of Human Genetics conference in Boston last month. Teer had a strong presence at the conference and our technology was represented in several scientific presentations. Multiple customers demonstrated how the proteograph can translate genomic data into biological and clinical insights, and two of these prominent researchers gave talks in our co-lab session. Turning to slide seven. Notably, Dr. Gloria Shankman, assistant professor at the University of Virginia School of Medicine, discussed how proteomic profiling identified isoform-specific biomarkers predicting survival differences in idiopathic pulmonary fibrosis or IPF patients, pointing to new avenues for biomarker development in complex disease. In summary, Dr. Sheckman is studying the potential role that plasma protein isoforms play in associating with IPF patient survival to discover isoform-specific biomarkers for IPF survival. While her data analysis is continuing, the early biological insights are extremely encouraging. With only 30 patient samples, 15 from stable patients and 15 from sicker patients, from an 800-sample cohort, Dr. Schickman was able to identify and determine two protein isoforms that were preferentially expressed in the sicker patient population relative to the stable patient population using the protograph product suite. When she looked at these markers at the protein group level, there were no significant difference between these two populations. This highlights the critical role that protein isoforms may play in disease and the need for researchers to have peptide-level resolution to glean important biological insights. We're especially pleased with this insight since Dr. Shaikpan was awarded a SEER Insight Grant last year. This type of study is exactly why we set up the INSIGHT grant program, and we look forward to continuing to work with Dr. Shachman and her study progresses. We're looking forward to attending the Human Proteome Organization World Congress next week in Toronto, where several posters and data will be presented highlighting the power of the proteograph. Now moving to slide eight. to take a closer look at our progress with accelerating access to the Protograph product suite. As I mentioned earlier, we were pleased to see another strong quarter for instrument shipment, particularly in the current macroeconomic environment, reflecting a consistent trend from the first half of the year. In the first nine months of the year, we have shipped just under three times as many instruments as we did in all of 2024. Within the instrument shipment this year, A little more than half were part of our strategic instrument placement program, or SIP, and the remainder were outright purchases of the instrument. We implemented SIP so that capital-constrained customers, particularly in the current macroeconomic environment, would be able to leverage their available operating budgets and access our technology. We believe our traction this year is a testament to how important these initiatives are to driving adoption of the PROTOGRAPH. Beyond SIP, we continue to see demand for a SEER Technology Access Center or STAC, which also lowers the barrier for adoption of the PROTOGRAPH product suite. STAC allows the PROTOGRAPH user to run samples in their own lab and have SEER run the mass spec or alternatively provide end-to-end services from sample to proteomics data and analysis. In Q3, More than two-thirds of our instrument shipments were acquired by customers who had previously accessed the stack. Looking ahead, we expect a percentage to fluctuate in any given quarter. We continue to see interest in a broad and diverse set of use cases, and I look forward to serving more customers as they generate deep, unbiased proteomics data for their studies. We're pleased that this initiative is bringing in new customers to access our technology and ultimately driving increased instrument adoption. Our expanded partnership with Thermo Fisher Scientific to market and sell the Protograph product suite alongside the Orbitrap Astral Mass Spectrometer continues to progress well, and we received our first joint sale from this partnership in the third quarter. We continue to work closely with Thermo Fisher to pursue numerous opportunities from individual customer accounts to large population scale studies. We look forward to this partnership driving additional adoption of the PerdiGraph product suite with time. Last year, we launched our 2024 SEER Insights grant program aimed to support innovative and collaborative researchers who require access to comprehensive unbiased proteomic insights to advance scientific discovery. We repeated the Insights Grant Program in 2025 and received 88 applications, which is more than twice as many as last year. We recently notified the winners of the grants and look forward to seeing the results of their innovative studies. Given this incredibly strong demand, I'm pleased to share that we have launched an additional 2025 SEER Insights Grant Program focused specifically on translational researchers and their projects. With continued strong interest in the additional program, we received numerous new applications from a variety of prominent institutions. We recently closed the application period and the winner has been selected. We look forward to providing participants in both 2025 INSIGHT Grants Program with an opportunity to present their findings at a prominent scientific conference in 2026. My conviction in the potential of the photograph is stronger than ever. We believe the proteograph is the only technology capable of delivering the depth, scale, and reproducibility that is needed to explore biology and undertake deep unbiased population scale proteomics. Our team is continuing to deliver on our mission to push the boundaries of what's possible in proteomics. With that, I will now turn the call over to David.