NEW YORK – Seer reported after the close of market on Wednesday Q1 revenues of $3.3 million, a significant jump from $62,000 in the year-ago period.
For the three months ended March 31, the Redwood City, California-based proteomics firm posted $3.2 million in product revenue, with $1.1 million of that related party revenue from sales to diagnostics firm PrognomiQ, in which Seer owns a 19 percent stake. It reported $79,000 in service revenue and $14,000 in grant and other revenue.
During a conference call following release of the company's Q1 results, Omid Farokhzad, Seer's chairman and CEO, said that during the quarter the company delivered the first three orders of its Proteograph Product Suite proteomic platform as part of its broad commercial release. He said the company placed the system, which uses nanoparticles to enrich samples and thereby increase the depth and coverage of proteomic experiments, in labs in North America, Europe, and Asia.
Farokhzad noted that China is among the countries where Seer has placed a Proteograph system and added that while the COVID-19 lockdowns across China did not have "a material impact on us in the first quarter of this year, as restrictions continue in China, they do introduce some temporal uncertainty for our customers, prospective customers, and partners in this region and challenge our ability to access the country with our own personnel."
Discussing the early interest in the system, Farokhzad said thus far the company's pipeline has been split roughly evenly between academic and commercial sites but that it expects more early commercial sites due to their ability to make purchases more quickly than academic institutions.
David Horn, the company's CFO, said Seer expects full-year 2022 revenues to be in the range of $14 million to $16 million, with much of this weighted toward the back half of the year.
Farokhzad also said the company plans to release a new product in the second half of 2022 that will address certain needs customers have expressed, such as additional content, lower required sample volumes, and higher throughput.
Seer's net loss in the fourth quarter was $23.6 million, or $.38 per share, compared to $16.4 million, or $.27 per share, in Q1 2021. The company used approximately 62.0 million weighted-average shares to calculate net loss per share for Q1 of 2022, compared to 59.9 million shares in Q1 of 2021.
Seer's R&D expenses in Q1 2022 were $10.7 million, up 73 percent from $6.2 million in Q1 2021. General and administrative costs were $14.3 million, up 39 percent from $10.3 million in the year-ago period.
Seer ended the quarter with $225.9 million in cash, restricted cash, and cash equivalents and $219.9 million in short-term investments.
In Thursday morning trading on Nasdaq, Seer stock was up less than 1 percent to $9.08.