Seer (SEER) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Business and financial highlights

• Achieved strong progress in unbiased proteomics, with over 32 customer publications and 120+ customers in 20 countries.

• Maintained a robust balance sheet with $312.5 million in capital and no debt as of September 30, 2024, and reduced cash burn in 2024 with further reductions planned for 2025.

• Announced a $25 million share buyback, repurchasing 5.7 million shares and reducing outstanding shares by 9%.

• Guided 2024 revenue to $13–$15 million, with 69% year-over-year growth and optimism for stronger growth in 2025 despite macroeconomic challenges.

• Outlined a four-phase market development plan, currently at the revenue inflection point, aiming for widespread adoption and revenue growth.

Technology and product innovation

• Proteograph Product Suite enables deep, unbiased proteomics at scale, identifying over 36,000 proteins and supported by 220+ patents.

• Launched Proteograph XT in 2023 and expanded applications to cell lysate proteomics, with new product launches and the XT Cell Lysate application available February 2025.

• Proteograph Analysis Suite (PAS) 3.0 reduced data analysis time and cost by over 95% for large-scale studies.

• Ongoing R&D focuses on scale, speed, and ease, aiming to democratize access to proteomics.

• Proteograph is species-agnostic, supporting research in both human and animal models.

Market and customer adoption

• Customer base doubled in the past year, with 90+ organizations served and 12 large pharma clients.

• Opened a second Technology Access Center in Germany in 2024 to support global expansion.

• Expanded commercial team by doubling the sales team in 2024 and adding six new channel partners across Europe, Asia Pacific, Middle East, and Africa.

• Year-over-year revenue growth reached 69%, driven by increased publications and validation.

• 2025 growth catalysts include external validation, innovation, larger cohort studies, and expanded user base.