NEW YORK – Seer reported after the close of the market on Wednesday that its Q3 revenues were down 3 percent year over year.
For the three months ended Sept. 30, the Redwood City, California-based proteomics firm posted revenues of $4.0 million, down from $4.2 million in the year-ago period.
Seer also announced a comarketing and sales agreement with Thermo Fisher Scientific under which the two companies will jointly promote Seer's Proteograph Product Suite alongside Thermo Fisher's Orbitrap Astral mass spectrometer.
Under the nonexclusive agreement, Thermo Fisher’s sales force will have the ability to quote and sell Seer’s Proteograph Product Suite, and the two companies will conduct joint marketing activities, including promotions through conferences, seminars, and webinars. They will also work on improving workflows using the two products. The agreement will go into effect in early 2025.
"By enabling Thermo Fisher customers to acquire the Proteograph Product Suite in conjunction with an Orbitrap Astral, we are expanding access to these powerful tools and setting a new standard in proteomics that has the potential to accelerate scientific discoveries and ultimately improve human health," Seer President and CEO Omid Farokhzad said in a statement.
Seer's product revenue was $2.9 million, up 58 percent from $1.8 million in Q3 2023. Service revenue was $661,000, up 23 percent from $536,000 in Q3 2023. Related party revenue was $366,000, down 74 percent from $1.4 million in the year-ago period. Related party revenue consisted of sales to diagnostics firm PrognomiQ, in which Seer owns a roughly 15 percent stake. Grant revenue was $90,000 during the quarter, down 74 percent from $348,000 in Q2 2023.
Seer's net loss in the third quarter was $21.3 million, or $.35 per share, compared to a net loss of $21.1 million, or $.33 per share, in Q3 2023.
The company's R&D expenses in Q3 were $13.0 million, down 2 percent from $13.2 million in Q3 2023, while its SG&A costs were down 10 percent to $13.3 million from $14.8 million in the year-ago period.
Seer maintained its full-year 2024 revenue guidance of $13 million to $15 million.
The company ended the quarter with $37.6 million in cash and cash equivalents, $210.0 million in short-term investments, and $524,000 in restricted cash.