Seer (SEER) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Product innovation and differentiation

• Proteograph enables untargeted, scalable, and robust proteomic studies, overcoming limitations of targeted affinity-based methods and mass spectrometry scalability.

• The platform compresses protein dynamic range, allowing deep, unbiased analysis and high reproducibility across sites and batches.

• Recent product improvements focus on deeper proteome coverage, higher throughput, lower sample volume, and enhanced cloud-based analytics.

• Proteograph XT offers premium performance, with competitors' products showing lower depth and reproducibility in independent studies.

• Ongoing innovation aims to maintain a technological lead, with future releases expected to further advance capabilities.

Commercial strategy and customer adoption

• Strategic Instrument Placement (SIP) program lowers adoption barriers, with about half of placements using SIP and strong conversion to purchases.

• Academic customers benefit from SIP by generating data for grants, while commercial adoption is slightly higher overall.

• Macroeconomic headwinds have softened instrument and consumable spending, but consistent pull-through and growing customer validation provide tailwinds.

• STAC program and platform accessibility are attracting new users from genomics and cell biology, expanding the customer base.

• Customer feedback highlights ease of use, automation, and robust, reproducible results as key adoption drivers.

Scientific impact and publications

• Rapid increase in peer-reviewed and preprint publications, with 18 published and 9 in preprint as of the last eight months.

• Studies demonstrate the platform's ability to discover novel biomarkers in large-scale, longitudinal studies, such as in oncology and neurology.

• Untargeted proteomics with Proteograph reveals biomarkers missed by affinity panels, enabling deeper biological insights.

• Recent studies highlight the limitations of affinity-based pQTLs due to epitope effects, with mass spec validation showing a third of previous findings may be artifacts.

• High-profile publications are catalyzing further adoption and interest from both academic and pharma sectors.