Seer, Inc.

Good day and welcome to the SEER fourth quarter 2025 earnings conference call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, please signal for 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 that today's event is being recorded. I would now like to turn the conference over to Kelly Gurra, Investor Relations. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter and year ended December 31st, 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.io. In addition, during today's conference call, we will be referencing a slide presentation that that can be accessed on the Events and Presentations section of SEER's Investor Relations website. Joining me today from SEER is Omid Farooqsad, 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 annual report on Form 10-K for the year ended December 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, February 26, 2026. 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 fourth quarter and full year 2025, as well as our outlook for 2026. Starting on slide three, fourth quarter revenue was $4.2 million, bringing full-year 2025 revenue to $16.6 million, representing 17% year-over-year growth. Our results this quarter fell short of our expectations, primarily due to ongoing budgetary pressures, including uncertainty around NIH funding in the fourth quarter, that have continued to impact customer spending decisions. Despite a persistently challenging funding environment, We made meaningful progress across the business in 2025. Our installed base grew significantly. Consumable kit volume increased meaningfully. The proteograph was selected to power multiple population scale studies. Total revenue, excluding related parting revenue, delivered strong growth of 33%. We nearly doubled the number of cumulative publications, and in November, Prognomic commercially launched their best-in-class early lung cancer detection, LDT, representing the first diagnostic test developed on SEER's technology. As a reminder, SEER owns approximately 20% of Prognomic on a fully diluted basis. At SEER, we are building both category-defining products and the market around them. With the Proteograph platform, we fundamentally expanded what is possible in unbiased proteomics, enabling deep, large-scale studies that were previously out of reach. In parallel, we've worked alongside the scientific community to unlock the value of this expanded proteomic landscape, demonstrating how comprehensive, unbiased access to the proteome can drive entirely new biological insights. We believe the discoveries our customers are positioned to make have the potential to reshape our understanding of disease and over time result in a sea change in the way we diagnose and treat diseases. My conviction in the transformative potential of our technology has never been stronger. We ended the year with a strong balance sheet of approximately $241 million in cash, cash equivalents, and investments. Over the last few years, we have consistently reduced cash burn and managed expenses with discipline while continuing to make concentrated investments in innovation and long-term technological differentiation. I'm proud of the innovation that my team has been working toward, and I will be sharing that with you later in my prepared remarks. Innovation is our key strategic differentiator at SEER, and our balance sheet has and will continue to enable us to make strategic investments toward building a durable, world-class life science tools company. Given the dislocation in our share price and our firm belief in our long-term intrinsic value, we repurchased 5.3 million shares in 2025, returning approximately 10.2 million of cash to shareholders. Since the inception, of the 25 million share repurchase authorization program in 2024, we have repurchased approximately 11.7 million shares, resulting in a reduction of our total outstanding shares by approximately 13%. We believe this dislocation between share price and long-term value still exists, and as a result, our board of directors has authorized an additional 25 million share repurchase program. With that, I'll share more details on the progress we've made throughout 2025 across each of our strategic initiatives. Starting with product innovation on slide four. Over the last few years, our focus on innovation has driven a series of product advancements across our platform spanning our instrument, assay, and software offerings. In June, we successfully launched our third-generation assay, Proteograph 1, and our second-generation automation instrument, SP200. These launches have significantly expanded our ability to deliver proteomic depth, scale, and reproducibility. Today, more than 1,000 samples per week can be run under ProteoGraph 1, representing nearly a tenfold increase from the 112 samples per week we achieved in 2021. This step change in throughput, together with the depth of coverage that is achieved with our products, is foundational to novel biomarker discovery and population-scale proteomics. Importantly, our customers are validating the merits of these advances with several examples in 2025. After extensive evaluation of other proteomic technologies, the proteograph has been selected for multiple large-scale studies, including a 20,000-sample population study with Korea University and a 10,000-sample project in collaboration with Discovery Life Sciences. Studies of this magnitude were simply not possible with traditional mass spectrometry proteomic approaches. which lacked the depth and scalability to process tens of thousands of samples in a standardized way. The proteograph fundamentally changed that, enabling researchers to move beyond small hypothesis-driven experiments and into true large-scale biomarker discovery and population-scale multiomic studies. In 2025, We delivered approximately 69% growth in consumable kit volume, expanded our installed base of instruments by 67% to 82 instruments, and grew total revenue excluding related party revenue by 33%. This performance reflects the increasing scale of our customers' programs and our deliberate efforts to accelerate market adoption throughout the year. Among these efforts, we adjusted our approach to volume-based pricing for larger-scale studies and ran awareness and technology validation campaigns. We also repeated our INSIGHT grant program for the second year. The program aims to enable researchers to conduct deep, unbiased proteomic studies at scale, helping to uncover biological discoveries and potential biomarkers. Past recipients have included researchers from institutions such as Stanford University, NYU and the University of Gothenburg. These initiatives are collectively part of our overall efforts to lower barriers to adoption, drive higher sample volumes and accelerate market development. As a result, we believe we are well positioned to support a growing number of biomarker discovery and population scale studies in the years ahead. Our innovation to date has established SEER as a leader of deep unbiased proteomics at scale, opening up the market for true proteomics discovery in ways previously not possible. But we are even more excited about what's to come. we're executing against the product roadmap designed to catalyze our next phase of growth and meaningfully expand our addressable market. In the near term, we're developing the fourth generation of our Proteograph Analysis Suite, or POS, which we will release later this year to meet the demands of increasingly data-intensive large studies that have now become possible. This version of POS will include AI capabilities to enable customers to interact with their data through a chat-based large language model interface. As the volume of proteomics data generated across large-scale studies continue to grow, robust and intuitive data analysis will become more necessary. This is an area we have invested in over the past few years and will continue to prioritize. In addition, A key strategy of our R&D roadmap is to expand our addressable market opportunity beyond discovery and into the rapidly expanding translational market by commercializing a proteoform profiling assay kit in 2027. This new assay is expected to run on our SP200 automation instrument, expanding the utility of this platform for a broader range of proteomics application. we see significant opportunity to apply our capabilities in scalable, high-resolution, deep proteoform profiling to high-impact areas, including neurodegenerative diseases and oncology. Despite advances in genomics, the need for molecularly informed diagnostics and therapeutics remains large for oncology. In the case of neurodegenerative diseases that are often characterized as proteinopathies, marked by misfolded or aggregated proteins accumulating in the brain, spinal cord, or peripheral nerves, the neurodegenerative diseases remains largely an unmet need today, and I'm optimistic that advances in proteomics could make a notable contribution toward understanding and treating these diseases. We believe this new assay kit could support translational researchers with earlier disease detection, improve patient stratification, and enable precision therapies guided by molecular subtype rather than broad clinical phenotype. Finally, our plan has always been to decrease barriers to widespread adoption of deep unbiased proteomics for discovery, translational, and clinical use. To this end, we're developing an end-to-end sample-to-data proteomic solution purpose-built for high-throughput biomarker discovery and population-scale multi-omics studies. A key aspect of this solution is a next-generation detector that is designed to deliver the depth, precision, and scale that large-scale biomarker discovery and population studies demand. And importantly, it is designed to put deep unbiased proteomics at scale in the hands of a broader group of omics customers. We are designing this solution to reach a depth of proteomics previously unimaginable at speed, simplicity, and cost that results in widespread adoption of this platform for proteomics analogous to what we have seen in widespread adoption of genomics. We have been investing in this solution since 2022, and the data that has recently emerged from this platform validates a highly innovative architecture for high-throughput deep unbiased proteomics. I want to congratulate my team for thinking boldly and pushing the boundaries of possibilities. Working with our collaborators and partners, I expect we'll be able to share data on the platform in the second half of the year, and I look forward to sharing more details as the project progresses. Turning to slide five. We also continue to expand the reach and impact of our platform. Cumulative publications nearly doubled from 36 at the end of 2024 to 70 at the end of 2025. This strong growth reflects the growing validation around our technology, and we think it serves as a leading indicator of demand. Since our last earning call in November, eight new papers have been published I've previously highlighted the work of Dr. Karsten Suri from Weill Cornell Medicine on the proteograph's ability to translate genomic signals into reliable drug targets and clinical biomarkers, as well as Dr. Brandon Keating from NYU Langone Health on how deep unbiased proteomics profiling can reveal critical physiologic and immunologic changes in xenotransplant recipients. These seminal papers have now been published in Nature Genetics and Nature, respectively, and we believe they will serve as a lighthouse study for other investigators to build on. In November, Prognomic, one of our long-standing customers, commercially launched ProView Lung, a proteomics-based LDT to aid in the early detection of lung cancer. Exceptional multi-omic test was developed using biomarkers that were discovered using the proteograph, which remains the only solution capable of delivering deep unbiased proteomics at this scale required for multi-omics discovery. We are incredibly proud to have enabled what we believe is a best-in-class diagnostic test for early detection of lung cancer with the potential for meaningful impact on human health. This type of breakthrough would not be possible on another proteomics discovery platform. We look forward to many more customers using our platform to discover novel proteomic signatures of disease and for many more tests to be launched that are enabled by the proteograph. We also had a strong presence at the 2025 Human Proteome Organization World Congress in November. with more than a dozen scientific presentations and 16 posters presented that highlight the translational power of the proteograph. Together, these studies highlight the accelerating adoption of the proteograph and its growing impact across diverse biological and clinical research areas, including cardiovascular disease, aging, and cancer. Several posters demonstrated the power of applying our technology at population scale to uncover disease mechanisms and identify clinically relevant biomarkers. In invited symposium talks, investigators shared work linking circulating proteins to cardiac dysfunction and aging-related decline through integrated plasma and tissue proteomic analysis. These findings reinforce how ProteoGraph enables researchers to move beyond narrow panels toward the more comprehensive view of the human biology, helping translate complex molecular signals into actionable biological and clinical insights. Taken together, the data presented at HUPO reflects accelerating adoption of our Protograph product suite within the global research community and underscore our expanding role in supporting translational and population skill studies aimed at improving disease understanding, and ultimately patient care. Now moving to slide six. As I mentioned earlier, we ended the year with a strong and growing installed base of 82 instruments representing 67% growth compared to the end of 2024, despite the ongoing macroeconomic pressures our customers are facing. Approximately 60% of the instruments installed in 2025 were part of our strategic instrument placement program, or SIP, and the remainder were outright purchases of the instruments. We implemented SIP so that capital-constrained customers would be able to leverage their available operating budget for the purchase of consumables and access our technology. Beyond SIP, we continue to see demand for our 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, provides end-to-end services from sample to proteomics data and analysis. Roughly half of our instrument installed in 2025 were from previous stack customers. We believe our traction last year is a testament to how important and effective these initiatives are to driving adoption of the Proteograph. Our expanded partnership with Thermo Fisher Scientific to co-market and sell the Proteograph product suite alongside the Orbitrap Astral Mass Spectrometer continues to progress well. We continue to work closely to pursue numerous opportunities from individual customer accounts to large population scale studies. We look forward to this partnership driving additional adoption of the Protograd product suite with time. In addition, we recently initiated a search for a chief commercial officer, a role we believe will be transformative in how we engage customers and capture the market opportunity ahead. We believe this addition will enhance our exceptionally talented team, and look forward to sharing an update soon. While we continue to see pressure on CapEx budgets and elongated sell cycles, especially in light of ongoing funding challenges for academic customers, we're encouraged by the growth in our install base, the growing utilization of our platform, and the external validation supporting its value. With that, I will now turn the call over to David.