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

Business highlights and market opportunity

• Unbiased proteomics platform enables deep biological insights, validated by 32+ customer publications and over 120 customers in 20+ countries.

• Addressable market estimated at $27 billion, growing 10% annually, with strong positioning for expansion in liquid biopsy and early cancer detection.

• Strong balance sheet with $312.5 million in capital and investments, no debt, and a $25 million share buyback reducing shares outstanding by ~9%.

• Year-over-year revenue growth of 69% and guidance for 2024 revenue between $13 million and $15 million.

• Customer base nearly doubled in 2024, with 12 large pharma clients and expansion into new geographies.

Technology and product innovation

• Proteograph Product Suite and Analysis Suite (PAS) address workflow, data analysis, and detection bottlenecks, enabling population-scale studies.

• Proteograph XT launched in 2023, with instrument capacity exceeding 10,000 samples/year and over 220 patents.

• PAS 3.0 reduced data analysis time and cost by over 95%, with new cell lysate proteomics application launching February 2025.

• Comparative studies and independent evaluations show superior depth, reproducibility, and low noise versus competing methods.

• Ongoing R&D focuses on scale, speed, and ease, with new product announcements expected in 2025.

Customer validation and scientific impact

• Customer studies achieved up to 13,000 protein coverage in nearly 3,000 subjects, surpassing previous benchmarks.

• Key customer examples include early lung cancer detection, pharma services, cross-species studies, and pQTL validation.

• Proteograph data distinguishes true pQTLs and validates findings from other leading platforms.

• Publications have grown from 1 in 2023 to 32 in 2024, with further acceleration expected.

• Technology Access Centers opened in the US and Germany, serving over 90 organizations.