Seer, Inc. Class A Common Stock 2026 Q2 Earnings Call

Earlier today, Seer released financial results for the quarter ended June 30, 2026. If you have not received this news release or if you would like to be added to the company's distribution list, please send an email to investor@seer.bio. In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the Events and Presentation section of Seer's investor relations website. Participating today from Seer is Omeed Farokhzad, Chief Executive Officer and Chair of the Board, and David Horn, Chief Financial Officer and President. Before we begin, I would like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

Additional information regarding these risks and uncertainties appears in the section titled Forward-Looking Statements in the press release Seer issued today. For a more complete list and description, please see the Risks Factor section of the company's quarterly report and Form 10-Q for the quarter ended June 30, 2026, and its other filings with the Securities and Exchange Commission. Except as required by law, Seer disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today. With that, I would like to turn the call over to Omeed.

Thank you, Marissa, and thank you all for joining us this afternoon. I want to begin by acknowledging the ongoing efforts of the entire Seer team, whose daily contributions propel us towards a future where proteomics can deliver a revolutionary impact for patients around the world. I have never been more excited than I am today about the differentiated value proposition of our Proteograph technology, the impact we will have, and the market opportunities in front of us. Now, let me walk you through where we stand. In the second quarter, we delivered a total revenue of $3.1 million, a step up from our first quarter revenue and reflecting the ongoing pressures on academic funding. I want to be direct. Revenue at this stage does not reflect the value of what we are building. In nascent markets, technological advancement precedes commercial inflection. That is exactly where we are.

The science and technology at Seer are delivering tangible value to customers and reinforcing our conviction in the opportunity ahead. With $209.5 million on the balance sheet, we have the runway to see this through and enable us to make strategic investments, including opportunistic share repurchases. The repurchases reflect our continued belief that there is a significant dislocation in our share price. As of June 30, 2026, we have repurchased approximately 13.4 million Class A common shares over the life of our share repurchase program, reducing our net total common share outstanding by approximately 15%. We have approximately $25.1 million available for future share repurchases under our existing authorization. Turning to Slide 3 to discuss a validation of our platform.

We now have over 95 publications, preprints, and reviews validating the Proteograph Product Suite, an approximately 80% increase in the last 12 months, spanning independent researchers at leading academic medical centers, biobanks, and pharmaceutical companies. In our field, scientific publications are the currency of credibility, which moves us closer to becoming the standard for deep unbiased proteomics. As that recognition builds, we expect it will translate directly into revenue. Turning to Slide 4. One publication I'd like to highlight is an independent head-to-head comparison from Roche titled Nanoparticle Protein Enrichment Competition Heats Up Within Broader Plasma Proteomics Space and published in the Journal of Proteome Research. The study evaluated Seer against five other plasma proteomics workflows, some of which we believe are trying to enter the field we invented, which I will address shortly.

The study moved the discussion beyond protein counts to examine biological origin, robustness, and signal interpretability, and concluded that nanoparticle enrichment delivers substantially deeper plasma proteome coverage than conventional approaches, with Proteograph demonstrating an exceptional balance of depth, reproducibility, and resilience to pre-analytical variability. Importantly, the findings reinforce that the value of proteomics platform is not simply how many proteins it can measure, but how confidently those measurements reflect underlying disease biology under real-world sample variability. That ability to generate more reliable biological insight is central to helping researchers make better biomarker and therapeutic development decisions, and we believe this publication provides meaningful third-party validation of that value proposition. Now turning to Slide 5.

I'd also like to highlight an independent study published in Nature Genetics titled "Nanoparticle-Enriched Mass Spectrometry Proteomics in British South Asians Identifies Links Between Genetic Variants, Plasma Protein Levels, and Disease Risk." Researchers compared our Proteograph platform against two affinity-based assays, Olink Explore HT and SomaScan 11K, in a study of about 1,400 individuals of British South Asian ancestry. The results are compelling, and they speak directly to what makes the Proteograph different. Using machine learning models trained on assay characteristics, the researchers found that only 13.5% of Proteograph targets were unlikely to achieve cross-platform concordance, speaking to the robustness of our platform, compared to 39% for SomaLogic and over 45% for Olink. The study also found that the Proteograph measured more than 3,400 proteins that neither Olink nor SomaLogic could detect and drove the discovery of more than 600 new genetic protein associations.

Remarkably, 143 of the newly discovered genetic protein associations were in loci included in previous Olink and SomaScan studies that were up to 30 times larger, and this is a direct quote. In terms of sample numbers, as noted by the authors, that is the real proof point. In this study, the Proteograph uniquely delivered depth of coverage, reliability, and unique biomolecular discovery, and that combination is exactly why researchers are turning to us to find novel biology that is not possible with others. In fact, the data density the Proteograph delivers is exactly what AI foundation models need for their algorithms to learn rules, recognize patterns, and make predictions. A typical assay run identifies 77,000 protein measurements per sample, 7 times more data points and 11 times more average measurements per protein at peptide-level resolution when compared to the highest plex targeted assay.

More important than the sheer quantity of data points generated is that these data help us get to the depth of the proteome, where content remains completely undiscovered today. This is where potential new biomarkers exist that can inform new therapeutic innovation. No other platform can deliver this at scale. We are uniquely positioned to advance AI biological models at this critical stage of the field's development, and we have concrete plans to go after that opportunity. I want to highlight a milestone that speaks directly to where this company is headed. At ASMS 2026 in June, Seer and Korea University presented preliminary data demonstrating the potential of AI-driven plasma proteomics for multi-cancer screening. Dr. Sang Lee and Dr. Jae Kang, professors at Korea University and CEOs of TargetX and iGen Sciences, respectively, presented in our breakfast symposium to a packed room.

The question being asked reflected a scientific community that understands exactly what this data could mean. This work is significant because it illustrates what becomes possible when you combine the right data with the right computational tools. By integrating the Proteograph into the plasma proteomics workflow, the team profiled the plasma proteome at remarkable depth and scale across thousands of patient samples. The data quality unlocks something beyond conventional analysis. Combining deep proteomic data sets generated on the Proteograph and Orbitrap Astral with an ID-free AI framework, the team can learn directly from a substantially larger portion of the underlying data and uncover biological patterns that traditional workflow cannot access. The early findings from Drs. Lee and Kang offer a compelling glimpse into how deep proteomics and advanced AI can open entirely new approaches to disease detection.

This is exactly the science the Proteograph was designed to enable, and we're just getting started. The market we're building continues to attract new entrants, but we believe the Proteograph remains differentiated by depth, standardization, throughput, and reproducibility. Just as importantly, we have built a strong intellectual property portfolio protecting the core innovation underlying our technology. Our portfolio includes more than 250 patents and patent applications, including 84 issued patents covering nanoparticle protein enrichment and automated deep proteomics. Recent developments further reinforce the strength of that portfolio. In March, the U.S. PTAB upheld key commercially relevant patent claims challenged by subsidiaries of Bruker. In June, the European Patent Office upheld comparable patent claims following a challenge by an unnamed opponent. After, we, together with Brigham and Women's Hospital, filed a patent infringement complaint against Nanomics, the ITC formally opened an investigation.

Taken together, these developments reinforce our confidence in the strength of our foundational intellectual property, and we remain committed to protecting the innovations that underpin the Proteograph platform. While defending our IP is foundational to our vision of building deep, unbiased proteomics market, realizing that vision also depends on strong commercial execution, which we believe has sharpened under Anthony Bazarko, our Chief Commercial Officer. He has been driving momentum across these customer prospects, and his impact is already visible. Revenue growth sequentially from Q1 to Q2, a positive early development. What is more important is that Anthony has already spent the last 2 months on the road meeting with approximately 20% of our North American customers and also many potential new customers. His interactions with our customers have validated his confidence in our commercial opportunity that lies ahead.

Anthony has built and scaled commercial organizations inside private equity-backed companies where lean execution, capital discipline, and shareholder value creations are non-negotiable. He has also held leadership, commercial, and business roles at several larger organizations, including most recently at bioMérieux. That combination has given him fluency in both the operating rigor of big company commercial infrastructure and the speed and resourcefulness of an entrepreneurial environment. He is bringing the same discipline to Seer. During Anthony's short tenure, he has provided a focus that has made commercial engagement more efficient, our customer interactions more targeted, and our resources increasingly concentrated on large accounts that drive meaningful recurrent revenue. While the full impact of Anthony's leadership will take several months to fully materialize, and we expect the ramp to build over time, the underlying trajectory and the discipline behind our commercial engine are exactly what we want to see.