Seer (SEER) investor relations material

Product innovation and platform evolution

• Released third-generation Proteograph One in June 2025, enabling large-scale, unbiased proteomics at improved speed and cost.

• Proteograph One doubles throughput to 1,000 samples per week and reduces runtime by 30% compared to XT.

• New SP200 instrument and Proteograph Direct Assay introduced, offering end-to-end proprietary workflow and automation for both complex and less complex samples.

• Workflow improvements include halved MassTech time, reduced manual steps, and better cost efficiency, leading to higher margins.

• Direct Assay broadens instrument utility, allowing cell and tissue analysis without proprietary particles, addressing customer needs for automation.

Market adoption and customer trends

• Shift from small proof-of-principle studies to immediate large-scale adoption, with customers now starting with thousands of samples.

• Announced major studies: 10,000-sample corporate study, 20,000-sample Korea University study, and a 10,000-sample pilot with a biobank aiming for 100,000 samples.

• Customers value reproducibility, robustness, and scalability for longitudinal and multi-site studies, leading to selection over competitors.

• Comparative studies published by customers highlight superior performance over lower-cost, me-too platforms.

• Expectation that population-scale studies will become more common, with 2026 predicted as the year for the first 100,000-sample unbiased proteomics study.

Competitive landscape and differentiation

• Proteomics market divided into targeted (e.g., OLINK, SomaLogic) and untargeted approaches, with Seer positioned as a leader in untargeted, large-scale discovery.

• Targeted and untargeted platforms seen as complementary; untargeted needed for discovery, targeted for clinical applications.

• Me-too nanoparticle-based platforms lack depth, reproducibility, and robustness, causing customer confusion but not real competition.

• Customers prioritize data quality and sample value over lower assay costs, especially in high-value biopharma applications.

• Future differentiation will depend on ability to deliver from discovery to clinical, with untargeted approaches driving innovation.