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Seer Q4 Revenues Grow Nearly Sixfold

NEW YORK – Seer reported after the close of market Monday that its Q4 revenues grew nearly sixfold year over year.

The company also announced on Monday that it has signed a non-exclusive commercial agreement with Sciex to provide complete workflows combining Seer's Proteograph proteomics platform with Sciex's mass spectrometers. The deal follows similar agreements with Bruker and Thermo Fisher Scientific.

For the three months ended Dec. 31, 2020, the Redwood City, California-based proteomics firm posted revenues of $336,000, up from $58,000 in the year-ago period.

The revenue came from a Small Business Innovation Research grant awarded by the National Institutes of Health in Q3 2019 that continued through 2020, and the completion of a research collaboration study. Seer went public in December 2020.

On a conference call following release of the results, Omid Farokhzad, Seer's cofounder, chair, and CEO, noted that the company has begun research collaborations at three sites — Oregon Health & Science University's Knight Cancer Institute, the Broad Institute, and Discovery Life Sciences and announced that the Salk Institute would be its fourth early-stage collaborator.

Omead Ostadan, Seer's president and COO, said that the company is now shifting to the second stage of its commercialization plan in which it aims to expand access to its platform to a wider range of customers, specifically those who can quickly scale experiments to demonstrate the capabilities of the system and serve as reference sites to provide examples of applications and workflows that can be run on the Proteograph system.

Farokhzad said Seer is targeting companies spanning diagnostics, therapeutics, commercial services, CROs, and certain applied areas in this second commercial stage with a goal of gaining one to two customers from each of roughly six main segments with a ratio of around two-to-one commercial to academic.

Seer's net loss in the fourth quarter was $12.9 million, or $.54 per share, compared to $5.1 million, or $.63 per share, in Q4 2019.

The company's R&D expenses in Q4 2020 were $5.4 million, up 42 percent from $3.8 million in Q4 2019. General and administrative costs were up fourfold to $8.0 million from $1.6 million in the year-ago period.

For full-year 2020, Seer posted revenues of $656,000, up 466 percent from $116,000 in 2019. CFO David Horn said the company expected to begin recognizing product revenues from its commercial activities in Q2 2021.

The company's net loss for full-year 2020 was $32.8 million, or $2.48 per share, compared to $16.0 million, or $2.31 per share in 2019.

The company's R&D expenses in full-year 2020 were $18.9 million, up 52 percent from $12.4 million in 2019. General and administrative costs were up 235 percent to $15.4 million from $4.6 million in 2019.

Seer ended the quarter with $333.6 million is cash and cash equivalents.

In Tuesday morning trading on Nasdaq, Seer stock was up 4 percent to $42.62.

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