Seer, Inc.

Good day and welcome to the SEER, Inc. Second Quarter 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 touch-tone phone. To withdraw your question, I would now like to turn the conference over to Marissa Beisch with Gilmartin Group. Please go ahead.

Thank you. Earlier today, SEER released financial results for the quarter ended June 30, 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 presentation section of SEER's Investor Relations website. Participating today from SEER is Omid Farokhzad, 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 SEER 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 June 30, 2026 and its other filings with the Securities and Exchange Commission. Except as required by law, SEER disclaims any intention or obligation Thank you Marissa and thank you all for joining us this afternoon.

I want to begin by acknowledging the ongoing efforts of the entire SEER team whose daily contributions propel us towards a future where proteomics can deliver a revolutionary impact for patients around the world. I've never been more excited than I am today about the differentiated value proposition of our proteograph technology, the impact we will have, and the market opportunities in front of us. Now let me walk you through where we stand. In the second quarter, we delivered a total revenue of $3.1 million, a step up from our first quarter revenue and reflecting the ongoing pressures on academic funding. I want to be direct. Revenue at this stage does not reflect the value of what we're building. In nascent markets, Technological advancement precedes commercial inflection. That is exactly where we are. The science and technology at SEED are delivering tangible value to customers and reinforcing our conviction in the opportunity ahead. With $209.5 million on the balance sheet, we have the runway to see this through and enable us to make strategic investments, including opportunistic share repurchases. The repurchases reflect our continued belief that there is a significant dislocation in our share price. As of June 30th, 2026, we have repurchased approximately 13.4 million Class A common shares over the life of our share repurchase program, reducing our net total common share outstanding by approximately 15%. We have approximately 25.1 million available for future share repurchases under our existing authorization. Turn to slide three to discuss validation of our platform. We now have over 95 publications, preprints, and reviews validating the PerdiGraph product suite, an approximately 80% increase in the last 12 months, spanning independent researchers at leading academic medical centers, biobanks, and pharmaceutical companies. In our field, scientific publications are the currency of credibility. Each one moves us closer to becoming the standard for deep unbiased proteomics, and as that recognition builds, we expect it will translate directly into revenue. Turning to slide four, one publication I'd like to highlight is an independent head-to-head comparison from Roche titled Nanoparticle Protein Enrichment Competition Heats Up Within Broader Plasma Proteomics Space. and published in the Journal of Proteome Research. The study evaluated SEER against five other plasma proteomics workflows, some of which we believe are trying to enter the field we invented, which I will address shortly. The study moved the discussion beyond protein counts to examine biological origin, robustness and signal interpretability. and concluded that nanoparticle enrichment delivers substantially deeper plasma proteome coverage than conventional approaches, with proteographs demonstrating an exceptional balance of depth, reproducibility, and resilience to preanalytical variability. Importantly, the findings reinforce that the value of proteomics platform is not simply how many proteins it can measure, but how confidently those measurements reflect underlying disease biology under real-world sample variability. That ability to generate more reliable biological insight is central to helping researchers make better biomarker and therapeutic development decisions and we believe this publication provides meaningful third-party validation of that value proposition. Now turning to slide five, I'd also like to highlight an independent study published in Nature Genetics titled Nanoparticle-Enriched Mass Spectrometry Proteomics in British South Asians Identifies Link Between Genetic Variants, Plasma Protein Levels, and Disease Risk. Researchers compared our proteograph platform against two affinity-based assays. O-Link HC, and Somalogic 11K in a study of about 1,400 individuals of British South Asian ancestry. The results are compelling, and they speak directly to what makes a protograph different. Using machine learning models trained on assay characteristics, the researchers found that only 13.5% of protograph targets were unlikely to achieve cross-platform concurrence, speaking to the robustness of our platform, compared to 39% for Somalogic and over 45% for Olink. The study also found that the protograph measured more than 3,400 proteins that neither Olink nor Somalogic could detect and drove the discovery of more than 600 new genetic protein associations. Remarkably, 143 of the newly discovered genetic protein associations were in no time included in previous O-link and soma scan studies that were up to 30 times larger. And this is a direct quote. In terms of sample numbers, as noted by the authors, that is the real proof point. In this study, the protograph uniquely delivered depth of coverage, reliability, and unique biomolecular discovery, and that combination is exactly why researchers are turning to us to find novel biology that is not possible with others. In fact, The data density the photograph delivers is exactly what AI foundation models need for their algorithms to learn rules, recognize patterns, and make predictions. A typical assay run identified 77,000 protein measurements per sample, seven times more data points and 11 times more average measurements per protein at peptide level resolution when compared to the highest Plex targeted assay. More important than the sheer quantity of data points generated is that these data help us get to the depth of the proteome where content remains completely undiscovered today. This is where potential new biomarkers exist that can inform new therapeutic innovation. No other platform can deliver this at scale. We are uniquely positioned to advance AI biological models at this critical stage of the field development, and we have concrete plans to go after that opportunity. I want to highlight a milestone that speaks directly to where this company is headed. At ASMS 2026 in June, SEER and Korea University presented preliminary data demonstrating the potential of AI-driven plasma proteomics for multi-cancer screening. Dr. Sangwon Lee and Dr. Jaewook Kang, professors at Korea University and CEOs of Target X and iGen Sciences, respectively, presented at our breakfast symposium to a packed room. The question being asked reflected a scientific community that understands exactly what this data could mean. This work is significant because it illustrates what becomes possible when you combine the right data with the right computational tools. By integrating the proteograph into the plasmaproteomics workflow, the team profiled the plasmaproteome at remarkable depth and scale across thousands of patient samples. The data quality unlocks something beyond conventional analysis. Combining deproteomic datasets generated on the proteograph and Orbitrap Astral with an IED-free AI framework, the team can learn directly from a substantially larger portion of the underlying data and uncover biological patterns that traditional workflow cannot access. The early findings from Drs. Li and Kang offer a compelling glimpse into how deep proteomics and advanced AI can open entirely new approaches to disease detection. This is exactly the science the proteograph was designed to enable, and we're just getting started. The market we're building continues to attract new entrants, but we believe the proteograph remains differentiated by its depth Standardization, throughput, and reproducibility. Just as importantly, we have built this strong intellectual property portfolio, protecting the core innovation underlying our technology. Our portfolio includes more than 250 patents and patent applications, including 84 issued patents covering nanoparticle protein enrichment and automated deep proteomics. Recent developments further reinforced the strength of that portfolio. In March, the U.S. CTAP upheld key commercially relevant patent claims challenged by subsidiaries of Brooker. In June, the European Patent Office upheld comparable patent claims following a challenge by an unnamed opponent. And after, We, together with Brigham and Women's Hospital, filed a patent infringement complaint against Nanomix. The ITC formally opened an investigation. And taken together, these developments reinforce our confidence in the strength of our foundational intellectual property, and we remain committed to protecting the innovations that underpin the Protograph platform. While defending our IP is foundational to our vision of building deep unbiased proteomics market, realizing that vision also depends on strong commercial execution, which we believe has sharpened under Tony Bazarko, our chief commercial officer. He has been driving momentum across these customer prospects, and his impact is already visible. Revenue grows sequentially from Q1 to Q2, a positive early development. What's more important is that Tony has already spent the last two months on the road meeting with approximately 20% of our North American customers and also many potential new customers. His interactions with our customers have validated his confidence in our commercial opportunity that lies ahead. Tony has built and scaled commercial organizations inside private equity-backed companies where lean execution, capital discipline, and shareholder value creations are non-negotiable. He has also held leadership commercial and business roles at several larger organizations, including most recently at BioMariu. That combination has given him fluency in both the operating rigor of big company commercial infrastructure and the speed and resourcefulness of an entrepreneurial environment. He's bringing the same discipline to SEER. During Tony's short tenure, he has provided a focus that has made commercial engagement more efficient, our customer interactions more targeted, and our resources increasingly concentrated on large accounts that drive meaningful recurrent revenue. While the full impact of Tony's leadership will take several months to fully materialize, and we expect the ramp to build over time, the underlying trajectory and the discipline behind our commercial engine are exactly what we want to see. I'm deeply convinced we have built a product that matters, and that Tony will optimize the commercial infrastructure to maximize its value. Now an update on the SEER Insight Program. We received a strong set of project applications to access the Protograph product suite through our Insight Program this year. We're pleased to announce that we have secured an exciting new collaboration with the Mayo Clinic in Translational Research, further validating academic interest in our platform. We're applying these learnings to sharpen our commercial approach as we continue expanding protograph adoption within the biopharma market. Turning to slide six, moving to an update on our population scale studies, which represent one of the most important long-term value drivers for SEER. Our progress continues to build. For precise SG100K, The team completed running the 10,000 samples from the prospective 100,000 sample cohort in May. The PRECISE team is currently analyzing the data and is scheduled to present preliminary data during the breakfast symposium at HUPO in September. We believe the data coming out of PRECISE will be the kind of proof point that drives 100,000 plus sample biobank commitments. This is the inflection point we have seen unlock flywheel dynamics for companies building new markets. We're having active conversations with multiple population-scale cohorts across both public and private entities. These partnerships take time to close, but the trajectory is clear. Demand for deep, large-scale unbiased proteomics is growing. and no platform is positioned to meet it the way Proteograph is. I will now turn the call over to David to walk through the financial results for the second quarter.