Seer, Inc.

Good day and welcome to SEER First Corner 2026 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 a touchstone phone. To withdraw a question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Marisa Besh from Gilmartin Group. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter ended March 31, 2026. If you have not received this news release, or if you would 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. Participating 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 would 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 Risks Factor section of the company's quarterly report on Form 10-Q for the quarter ended March 31, 2026, 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 today. With that, I would like to turn the call over to Omid.

Thank you, Marissa, and thank you all for joining us this afternoon. At SEER, we're making significant progress on our innovation roadmap, commercial position, and strategic objectives as we start the year. We have said that our progress may not be linear quarter to quarter, but my conviction and fear, the impact of our technology, and the market we're building has never been stronger. Let me start by summarizing for you our vision and the progress we made in Q1, then focus on recent developments and our outlook going forward. Starting with our vision and the promise of our platform, we imagined and pioneered the first solution for standardized, robust, deep unbiased proteomics at scale. We have been focused on the steps we need to take to advance our solution, both near and longer term. This quarter, we accomplished the following in pursuit of this vision. We continue to expand our evidence base, doubling the body of independent publications, validating our platform year over year. We announced another biobank collaboration with Precision Health Research Singapore and Thermo Fisher, further advancing our population scale studies effort. We appointed a new chief commercial officer to drive momentum in our sales organization. We successfully defended our patents with the recent PTAP verdict, and we remain committed to protecting our foundational technology. We evolved our Insight grant program to engage pharma and biotech teams directly in the workflows where proteomics can have the most immediate impact. And we continue to invest in product and technological innovation including our next generation detector and additional innovations in our scalable cloud-based software analytical suite while maintaining tight cost control. Taken together, our accomplishments this quarter advance our mission of imagining and pioneering new ways to decode the biology of the proteome to improve human health. Moreover, We maintain our leadership and then continue to build the market for deep unbiased proteomics, which ultimately drives value creation in the long run for our stakeholders. In terms of financial performance, our first quarter total revenue was $2.8 million, reflecting the ongoing depressed academic funding environment that has been pressuring customer budgets over the last several quarters, compounded by increased competitive activity from inferior product imitators in this space we have pioneered. However, the progress we made this quarter that I previously detailed and the underlying momentum in the business give us confidence for the rest of 2026. Consequently, we are reaffirming our full year 2026 revenue guidance of 16 to 18 million, representing approximately 3% growth at the midpoint over full year 2025. Now I will walk through our Q1 execution and how it advances our trajectory. Turning to slide three, peer-reviewed validation of our platform continues to build. There are now 84 peer-reviewed publications, preprints, and reviews validating the Proteograph product suite. This compares to three publications in 2022 at the time of our broad commercial launch and 42 publications as of March 2025, only one year ago. We expect to see additional publications and a broadening impact as we look forward. This includes a growing impact through innovative companies like Prognomic, who just this week announced breakthrough results for the early detection of lung cancer in an ongoing real-world study of its novel blood test. Leveraging the proteograph for its proteomic biomarker discovery efforts, Prognomic launched ProView Lung in November 2025 to support the early detection of lung cancer in high-risk individuals. Yesterday, Prognomic announced that in the first cohort of 78 high-risk adults, the ProView lung blood test accurately detected eight lung cancers. Notably, five of the eight cancers were provisionally categorized as stage one, and all cancers were confirmed via tissue biopsy. These early findings translate to a performance of 89% sensitivity to detect all stages of lung cancer at 54% specificity, including 83% sensitivity for stage 1 lung cancer. These results represent breakthrough performance for the early detection of lung cancer and could meaningfully enhance the current standard of care, which is a low-dose CT scan with a very low patient compliance rate. We are very excited for what this means for the applicability of proteomics in early cancer detection. Turning to slide four, I want to highlight one paper in particular from this quarter. In January 2026, an article titled Cross-Ancestry Comparison of Aptamer and Antibody Protein Measures by Nicholas Attell was published in Nature Communication. This study demonstrated that a meaningful fraction of protein associations in large-scale affinity proteomics may be influenced by protein-altering genetic variants, particularly across genetically diverse populations. Importantly, the authors showed that ancestry-associated variants, such as the inflammatory biomarker SUPAR and Alzheimer's disease-linked PILRA protein, could create discordant biological interpretation across platforms with interpretations improving substantially after accounting for the underlying variant. The paper highlights the importance of variant-aware proteomics to properly understand the unique role different variants play in health and disease across populations. As biobank scale and multi-ancestry studies continue to expand globally, the ability to correctly interpret protein biology, including ancestry-specific variants, becomes a differentiator. The proteograph provides the ability to perform this analysis, and we believe this capability will become increasingly important as proteomics moves toward larger translational studies. This further supports our strategy of building a differentiated evidence base through high-impact peer-reviewed publication. Turning to slide five to discuss our population-scale studies. As our technology has performed exceptionally well in the hands of our customers, We have become the trusted partner of choice in deep unbiased proteomics at scale. Without SEER, conventional mass spectrometry would be unable to provide the depth and scale that biobanks are looking for. Last year marked an inflection point as we initiated landmark population scale studies with Korea University and Discovery Life Sciences, followed by the NIH-funded multi-omic study. We built on this success when we announced the precise SG100K population scale study last month. In collaboration with Precise and Thermo Fisher Scientific, the Precise team is generating deep unbiased proteomics data for 10,000 participants, and we believe this study may eventually encompass 100,000 participants to generate one of the largest multi-omics datasets in the world. We believe the data from these biobank studies will drive broader adoption in the existing proteomics market. In the near term, Professor Lee from Korea University will be presenting initial data from a subset of his 20,000 patient cohort at the American Society of Mass Spectrometry conference in June. He will also be joined by Dr. Kang, who is training a foundation AI model using data from the cohort. Additionally, we expect the PRECISE team to share their data publicly at the HUPA World Congress in September. When precise SG100K data is made public, it will demonstrate what the proteograph makes possible at the population scale, and we believe that is a pivotal inflection point to drive 100,000-plus sample biobank studies, the types of which have historically been the inflection point for the flywheel to begin turning for our peers. We're having ongoing dialogues with potential partners globally, including academic institutions, national health initiatives, and leading research organizations, and the emerging data sets from Korea University and PRECISE will help advance these discussions. When it comes to robust, standardized, deep unbiased proteomics at population scale, we believe the proteograph is the only commercial solution that exists. We earned the trust of the scientific community by establishing a robust base of scientific validation. As a result, we expect revenue growth to increasingly reflect the true scale of the opportunity in front of us. We have an update about our commercial organization that we're very excited about. We recently appointed Tony Bazzarco, as our chief commercial officer, and I want to take a moment on the strategic importance of this hire. We are at a pivotal moment in our growth journey. Our science is validated, the biobank mandates are coming in, and seminal data results are on the horizon. What we need now is the commercial leadership to go from the massive opportunity in front of us with the same conviction and rigor that has defined our work today. we believe Tony is that leader. Tony brings two decades of commercial leadership across life sciences, diagnostics, and biotechnology, with a demonstrated track record of scaling go-to-market organizations. He most recently served as president and CEO of Biologis, overseeing its acquisition by Ampersand Capital Partners, and prior to that, he was the CCO of Specific Diagnostic, which was acquired by Biomer U, He understands what it takes to translate scientific credibility into commercial momentum, and he's joining at the moment when that translation matters most. I'm confident that his leadership will be transformative for how we engage customers, pursue biobank partnerships, and capture the market opportunity we have spent years building toward. Now spending a moment on our intellectual property. The success and power of our technology have also fueled imitators to enter the markers. We have a robust patent portfolio, and we plan to defend our core technology that underpins the automated deep unbiased proteomics at scale that empowers our customers. In March, the Patent Trial and Appeal Board upheld 23 of 29 claims in one of our nanoparticle protein enrichment patents, serving as an example of the strength of the portfolio of more than 250 patents and patent applications, including 84 issued patents that we have built to date. Earlier this morning, we announced that we have filed a patent infringement suit against Nanomix Biotechnology. These asserted patents protect SEER's intellectual property in the field of nanoparticle protein enrichment, Brigham and Women's Hospital is joining this lawsuit as well. We believe in preserving the integrity of our products and the trust that researchers place in us. Products that we believe are technologically inferior do not just threaten our leadership position, but they also risk undermining our broader goal of eliminating the obstacles to mainstream proteomic adoption and unlocking the full complexity of the proteome for human health. We have made enormous investments to date, and we will vigorously defend what we have built. Protecting our intellectual property is, in my view, protecting the future of proteomics. Turning to slide six to discuss changes to our SEER Insight grant program. In Q1, we evolved the program into a more targeted initiative with two distinct tracks. The first is a translational research track continuing the work that has consistently generated strong scientific returns and high impact publication. The second is a new biopharma development track designed to engage pharma and biotech teams directly in the workflows where proteomics can have the most immediate impact, such as mechanism of action studies, resistance biology, and biomarker strategy. By providing streamlined access to the proteograph platform alongside integrated mass spectrometry and bioinformatics support, the program lowers the barrier to entry for new customers while generating the kind of high-quality data that drives publications, deepens engagement, and builds long-term relationships. We have also expanded the program's geographic reach this year with a deliberate focus on segments where the proteograph remains under-penetrated. We see this as an important catalyst for biopharma adoption. Finally, turning to slide seven to discuss innovation. Innovation is core to who we are at SEER and how we will extend our leadership. I remain focused on maintaining a responsible but robust innovation effort including the continuous build out of our technologies capabilities as we seek to establish our leadership position as the preferred proteomic data platform for AI driven biology. We are making concentrated high conviction investment in the next generation of our platform while maintaining cost discipline and the progress is meaningful across every layer of the stack. On assay, To solve the bottleneck of upstream workflow, we introduced the SP200 and Protograph-1 assay, which made large-scale studies, including biobags, possible for the first time. We have additional panels in development designed for more focused applications, expanding the menu and utility of the Protograph for the broader range of research. Our next-generation detector which we have been developing for four years, is designed to bring deep unbiased proteomics to a much wider audience beyond existing mass spectrometry users and into the broader multi-omics community. We are working to enter the era of what I call next generation proteomics, where robust, standardized, and easy to use proteomic detector can be used broadly and cost effectively by a range of scientists. We anticipate a data showcase later this year, and I look forward to sharing more as that milestone approaches. On software and analytics, we're continuing to expand the capabilities of our proteograph analysis suite, which allows researchers to interact with large-scale proteomic data intuitively and dynamically. Most recently, we launched an update to PaaS, which allows users to interface with a chat box and notebooks for easy, rapid, and stable data analysis, and we anticipate additional features to be launched later this year. In addition, we recently filed a preprint article on BioRxiv titled, RAVI and DIA, a fast, sensitive, and accurate search engine for quantitative proteomics. As the scale of proteomics studies continues to grow in large part credited to the innovations we have made at SEER, the analytical infrastructure has to keep pace to be able to scale with the increasing amount and complexity of the data being generated. Existing tools like DIAN were not built for that volume and struggle to scale, which creates a real constraint on throughput cost and accessibility. Rabian DIA is a faster, more sensitive, and more cost-effective solution for rapid and scalable proteomic data analysis. It is purpose-built for the large cohort and biopharma workflows that are increasingly defining how our customers use the platform. We will have an oral presentation discussing Rabian DIA at the upcoming ASMS conference, and we look forward to sharing additional details at that time. Before I turn the call over to David, I want to take a moment to highlight our continued commitment to cost discipline. The progress we made this quarter, expanding our evidence base, winning landmark biobank mandates, strengthening our IP, appointing transformative commercial leadership, and continuing to push boundaries of what our platform can do, was all achieved while reducing total operating expenses from 22.8 million in Q1 of 2025 to 18.2 million this quarter. That reflects a deliberate and deeply held conviction that building a great company means being as disciplined with capital as we are with ambitions with science. We are at an inflection point and we are building the commercial, technological, and financial infrastructure to meet this moment. With that, I will turn the call over to David.