Q2 2025 Seer Inc Earnings Call
Speaker #1: And only mode. So if you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.
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Speaker #1: I would now like to turn the conference over to Kelly Gura, investor relations. Please go head.
Speaker #2: Thank ou. Earlier today, Seer released financial results for the quarter ended June 30th, 2025. If you've not received this news release or if you'd like to be added the company's distribution list, please send an email to investor@seer.io.
Speaker #2: In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the events and presentations section of Seer's investor relations website.
Speaker #2: Joining me today from Seer is Omid Farokhzad, chief executive officer and chair of the board, and David Horn, chief financial officer and president. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.
Speaker #2: 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.
Speaker #2: For a more complete list and description, please see the risk factors section of the company's quarterly report on 10Q for the quarter ended June 30th, 2025, and in its other filings with the Securities and Exchange Commission.
Speaker #2: 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.
Speaker #2: This conference call contains time-sensitive information and is accurate only as of the live broadcast on August 6, 2025. With that, I would like to turn the call over to Omid.
Speaker #3: Thanks, Kelly, and thank you, everyone, joining us this afternoon. I will begin our call today by providing updates on our business, and I will then turn the call over to David to provide more details on our financial results for the second quarter of 2025 as well as our outlook for the full year.
Speaker #3: Beginning with slide three, Q2 was a pivotal quarter for Seer. As we continue execute with discipline, advance key commercial and product milestones, and accelerate the validation and impact of our platform.
Speaker #3: The product of our t suite is unbiased, meaning it's inherently on target. And it enables the scientists to view an unprecedented breadth of the proteome from the most abundant proteins to the ast abundant proteins.
Speaker #3: This deep, unbiased proteomics platform is based on our proprietary engineered nanoparticles that is core to the product of our product suite. In the second quarter, we launched the product of one workflow announced the landmark 20,000 sample population scale study with Korea University, and continued to build commercial momentum with strong instrument placement and continued traction with our Seer technology access center or stack.
Speaker #3: We also saw increased third-party validation through high-impact publications and compelling data presented at major industry conferences. Back in January, we laid out four core growth catalysts 2025 and I'm proud to share that we've delivered progress across each one.
Speaker #3: We've always believed that our technology would redefine the trajectory of proteomics and make a meaningful impact within the scientific community. We believe our progress in the second quarter is a clear demonstration of this impact.
Speaker #3: We ended the quarter with 4.1 million of revenue, representing 32% year-over-year growth and a strong balance sheet of approximately $263 million in cash, cash equivalents, and investments.
Speaker #3: We continue to make highly concentrated and impactful investments in R&D, to execute on our product roadmap, and we're continuing our share repurchase program as we believe there is a significant dislocation between our core value proposition and what our stock price reflects today.
Speaker #3: As of June 30th, we have repurchased approximately $20 million of our class A common shares under our $25 million share repurchase program that was authorized in May 2024, reducing our net total shares outstanding by approximately 13%.
Speaker #3: We recognize the policy environment remains fluid, and continue to closely monitor how emerging US policy developments may influence our ustomer base. Near-term macro pressures, including evolving tariffs implementations and continued uncertainty around government funding, are likely to weigh on market visibility through year-end.
Speaker #3: Despite these headwinds, our customers are facing, our strong performance in the first half of the year gives us confidence to reiterate our full year 2025 revenue guidance of $17 to $18 million representing 24% year-over-year growth at the midpoint.
Speaker #3: Now, I'd ike to walk through our recent progress in our core initiatives of validating our platform, enhancing access, driving innovation, and enabling larger core studies in more detail.
Speaker #3: Starting with product innovation on slide four, this quarter marked a major inflection point for Seer with the launch of our high-throughput proteome graph one assay and SP200 automation instrument.
Speaker #3: This is a transformative step forward not just for Seer, but for the entire field of proteomics. Our vision is to enable deep, unbiased proteomics research at scale and with this launch, we're empowering researchers to move from poorly powered small studies that may not replicate to larger core studies that are adequately powered to uncover novel biological insights and advance our standing of human health.
Speaker #3: With the proteome graph one, we've more than doubled throughput to over 1,000 samples per week, with an approximately 30% reduction in runtime to approximately four and a half hours, compared to proteome graph XT.
Speaker #3: The proteome graph one enables the identification of up to 10 times more proteins than traditional mass spec workflows, achieving industry-defining precision. In addition, to the performance improvements, we believe our customers should achieve a meaningful reduction in cost per sample for the full workflow.
Speaker #3: As evidenced by the initiation of multiple large-scale studies that I will expand on shortly, the combination of proteome graph one attributes is translating to an increase in the size of the studies that our ustomers are running which we believe will be an important catalyst for revenue growth.
Speaker #3: We also recently launched the proteome graph direct assay, enabling customers to run cell and tissue samples on our SP200 instrument. This assay was introduced in response to the strong demand from customers to use our automated instrumentation on other workflows that don't leverage our proprietary nanoparticles.
Speaker #3: Proteome Graph direct streamlines sample prep by drastically reducing manual processing times to just 60 minutes for AV samples, without compromising depth or reproducibility. Looking ahead, we plan to continue broadening our menu, expanding the capabilities of our platform and innovating on our workflow to provide the best solutions for our customers.
Speaker #3: Now, ing on to larger cohort studies on slide five, over the last three years, Seer has helped redefine deep, unbiased proteomics by enabling researchers to move from small-scale studies of tens of samples to those involving up to tens of thousands of samples, which were previously only possible using targeted proteomics approaches.
Speaker #3: This quarter, we announced the landmark population scale study in collaboration with Korea University, representing the largest deep plasma proteomics study of its kind. This three-year study intends to identify novel blood-based biomarkers for young adults in their 20s and 30s, using samples from 15,000 cancer patients and 5,000 healthy subjects sourced from Korea's leading cancer institutions.
Speaker #3: Powered by our newly launched proteome graph one assay, the SP200 automation instrument and thermal fissures orbit trap astral mass spectrometer, this is the first large-scale plasma proteomics studies to leverage mass spectrometry and AI-driven analytics for early cancer detection.
Speaker #3: Korea University selected our platform for its unique ability to deliver the depth, scale, and reproducibility required for such ambitious studies. This collaboration highlights our belief that the proteome graph is unlocking the next generation of sensitive, scalable, and personalized diagnostics, laying the foundation for earlier interventions and improved outcomes in young adult cancer patients worldwide.
Speaker #3: Importantly, this follows our announcement on our last earning call that discovery life sciences one of our centers of excellence and a leading omics service provider in collaboration with us secured a significant contract from a new customer to run a 10,000 sample study on the proteome graph product suite and the orbit trap astral mass spectrometer.
Speaker #3: Taken together, these population scale studies demonstrate our belief that Seer is uniquely positioned as the only truly unbiased scalable and deep proteomics platform to power the next generation of proteomics discovery.
Speaker #3: We expect to see a growing number of population-scale studies in the near term. Moving on to the validation of our platform on slide six.
Speaker #3: Validation of our technology continues to grow with 52 customer publications preprints and reviews, many in high-impact journals highlighting the unique capabilities of the proteome graph product suite.
Speaker #3: This adds to hundreds of abstracts presentation and talks showcasing our platform's differentiated biological insights. At recent industry conferences, an increasing number of studies further demonstrated the proteome raph's ability to generate unique biological insights.
Speaker #3: At the American Society for Mass Spectrometry (ASMS), our customers, collaborators, and Seer scientists unveiled new data generated from the proteome graph across 14 poster presentations. Multiple researchers presented compelling findings from their early access experience with the recently launched Proteome Graph One workflow.
Speaker #3: Now, turning to slide seven, at ASMS, Dr. Getty Patty, a professor at Washington University in St. Louis, presented a study using the proteome raph one to analyze the plasma proteomes of metabolically healthy lean metabolically healthy obese, and metabolically unhealthy obese individuals.
Speaker #3: He identified distinct protein signatures in the metabolically healthy obese population, including three novel biologically relevant protein biomarkers undetectable by an affinity-based assay. These biomarkers suggested that metabolically healthy obese individuals may buffer oxidative stress better, regulate their glucose levels better, and clear more lipids from the plasma compared to the other two cohorts.
Speaker #3: Though a small study, it highlights the proteome graph one's ability to uncover novel biology and advance metabolic disease research. Dr. Josh Kuhn, a professor at the University of Wisconsin-Madison, presented his findings from the pilot study that validated the high performance of the proteome graph one workflow on monkey samples delivering a meaningful increase in the protein groups versus neat methods.
Speaker #3: Turning to slide eight, at the third annual Symposium on Human Proteome and Health in Oxford at the end of June, Dr. Claudia Langenberg and Dr. Mike Peissner from Queen’s University of London presented compelling data from 1,500 individuals in the Genes and Health cohort run on the proteome graph amount of unique XT.
Speaker #3: We believed our three key takeaways from the proteogenomic study that highlight the power of the proteome graph platform. First, the proteome graph detected a high number of proteins previously not found using affinity-based methods.
Speaker #3: Out of the more than 8,000 proteins detected in plasma, over 2,300 of these proteins represented a quote "previously unexplored proteome" according to study lead Dr. Mike Peissner.
Speaker #3: Second, the proteome graph detected a high number of protein quantitative trait loci, or PQTLs, that were previously not found by affinity-based technologies. Over 1,200 PQTLs were detected with over half of them not detected to date by studies up to 40 times larger.
Speaker #3: The proteome graph detected 140 of these novel PQTLs in proteins that were measured by affinity-based methods. However, the PQTLs were not detected by these technologies.
Speaker #3: 690 of the PQTLs detected were co-localized with strong disease loci from phenotype Y association studies or PHEWAS. Third, the proteome graph uniquely confirmed the absence of some proteins in plasma that had lost their function.
Speaker #3: These findings demonstrate the proteome graph's ability to generate meaningful biological insights through its superior depth and unbiased approach. Most recently highlighted by Dr. Claudia Langenberg and Mike Peissner, in the Genome Web webinar.
Speaker #3: We continue to partner with leading investigators and host webinars that showcase how researchers are using our platform to generate novel biological insights further strengthening our growing body of evidence and reinforcing Seer as a trusted partner in the proteomics community.
Speaker #3: Now, moving to slide nine to take a closer look at the progress with accelerating access to the proteome graph product suite. We continue to see strong demand for stack, which lowers the barrier of adoption of the proteome graph product suite.
Speaker #3: Stack allows a proteome graph user to run samples in their own lab and have Seer run the mass spec or alternatively provides end-to-end services from sample to proteomics data and analysis.
Speaker #3: In Q2, over half of our instrument shipments were acquired by customers who had previously accessed our stack, representing another solid quarter of stack-to-instrument conversion.
Speaker #3: Stack remains a strong revenue contributor and adds a strategic asset giving users hands-on experience with the proteome graph and, in some cases, leading to in-house instrument adoption.
Speaker #3: With the increased throughput enabled by the proteome graph one workflow, we have expanded stack's capacity to meet a growing number of demand without additional investments.
Speaker #3: We look forward to serving more customers as they generate critical data for their ongoing studies. Our strategic instrument placement program, or SIP, remains a key driver of adoption.
Speaker #3: By leveraging available operating budgets, SIP helps capital-constrained customers particularly in the current macroeconomic environment access our technology. Under this program, we loan an instrument to a customer with an upfront purchase of a consumable kits.
Speaker #3: Our expanded partnership with thermal fissure scientific to co-market and sell the proteome graph product suite alongside the orbit trap astral mass spectrometer has been progressing well.
Speaker #3: This powerful pairing enables population scale deep unbiased proteomics for the first time with exceptional robustness and reproducibility. In addition, this partnership further strengthens our commercial reach and makes it easier for our customers to access a seamless end-to-end solution for unbiased proteomics.
Speaker #3: We've completed training across thermal fissures US and European sales forces and are beginning to see this partnership translate into advanced stage opportunities. We continue see traction in several regions, and we are actively pursuing additional population scale opportunities together.
Speaker #3: Reinforcing our confidence in the ability of this partnership to drive adoption. I'm deeply proud of the team's execution this quarter as we lay a strong foundation for the rest of the year and beyond.
Speaker #3: With that, I will now turn the call over to David.
Speaker #4: Thanks, Omid. Turning to slide 10, total revenue for the second quarter of 2025 was 4.1 million dollars, representing an increase of 32% compared to 3.1 million dollars in the second quarter of 2024, and was primarily due to higher product and service revenue.
Speaker #4: Revenue recognized primarily consisted of sales of proteome graph instruments consumable kits and service revenue. Product revenue for the second quarter of 2025 was 2.7 million dollars, and consisted of sales of proteome graph instruments and consumable kits.
Speaker #4: We were pleased by the traction we saw in terms of instrument shipments and the purchase consumable kits in the quarter. Despite the continued pressure we are seeing on CapEx budgets, and elongated sales cycles, for the outright purchase of new instruments.
Speaker #4: Service revenue was 1.2 million dollars for the second quarter of 2025, including 409,000 dollars of related party revenue. And primarily consisted of revenue related to stack service projects.
Speaker #4: We remain encouraged by the strong customer interest in running projects through stack, particularly as more users gain access to proteome graph data. Sample volumes increased again this quarter on a year-over-year basis.
Speaker #4: We may continue to support projects for key strategic studies and marketing initiatives that will result in additional presentations and publications in the near term.
Speaker #4: These efforts, while impactful, are offered at a lower price points than our typical stack service projects. Other revenue was 119,000 dollars for the second quarter 2025, and consisted of leasing and shipping revenue.
Speaker #4: Total gross profit was 2.1 million dollars for the second quarter 2025, representing a gross margin of 52%. Compared to 1.7 million dollars in the second quarter of 2024, representing a gross margin of 56%.
Speaker #4: Gross margins were driven by higher consumable and service revenue in the second quarter of 2025, offset by an increase in instrument installation and training costs, relative to the second quarter of 2024.
Speaker #4: We continue to expect variability in our gross margin on a quarter-by-quarter basis, since the proportion of instrument consumable and service revenue fluctuates in any given quarter.
Speaker #4: At scale, we continue to believe our long-term gross margins will be in the range of 70 to 75%. Total operating expenses for the second quarter 2025 were 22.6 million dollars, including 3.7 million dollars of stock-based compensation.
Speaker #4: A decrease of 21% compared to 28.8 million dollars including 7.3 million dollars of stock-based compensation in the second quarter of 2024. Research and development expenses for the second quarter of 2025 were 12 million dollars, a decrease of 6% compared to 12.7 million dollars in the second quarter of 2024.
Speaker #4: The decrease in R&D expenses was primarily due to decreases in stock-based compensation and allocated costs. Selling general and administrative expenses for the second quarter of 2025 were 10.7 million dollars, a decrease of 34% compared to 16.1 million dollars in the second quarter of 2024.
Speaker #4: The decrease in SG&A expenses was primarily due to a decrease in stock-based compensation and professional services expenses. Net loss for second quarter of 2025 was 19.4 million dollars, compared to 22.9 million dollars in the second quarter of 2024.
Speaker #4: Free cash flow loss, defined as net cash used in operating activities in the period less purchases of property and equipment in the period, was approximately 27.3 million dollars for the quarter ended June 30, 2025.
Speaker #4: We continue to expect free cash flow loss to be in the range of 40 to 45 million dollars for the year. In addition, we continued our share repurchase activities in second quarter of 2025, since we continue to believe that there is a ant dislocation in our share price.
Speaker #4: In second quarter, we repurchased approximately 3.9 million class A common shares, at an average price of $1.92 per share. As of June 30, we have repurchased approximately 10.7 million class A common shares, at a VWAP of $1.86 per share.
Speaker #4: Utilizing approximately 20 million dollars of our 25 million dollar share repurchase program authorized in May 2024. As a result, we have reduced our net total shares outstanding by approximately 13%.
Speaker #4: We ended the quarter with approximately 263.3 million dollars in cash, cash equivalents, and investments. Importantly, we believe that with our current cash, cash equivalents, and estments on hand, we have sufficient capital to reach cash flow break-even.
Speaker #4: Turning now to our outlook for the year on slide 11, we continue to expect revenue to be in the range of 70 to 80 million dollars for 2025, representing growth of 24% at the midpoint over the full year 2024.
Speaker #4: Our guidance range reflects the assumption that our ustomers will continue to face headwinds from budget constraints, ongoing uncertainty around government funding, particularly related to the NIH, and broader macroeconomic volatility including potential tariffs.
Speaker #4: In 2025, we believe we will have approximately the same exposure to academic and government entities in terms of our overall revenue, which is in the range of 30% in 2024.
Speaker #4: In the first half of 2025, the majority of our academic and government revenue has come from academic customers. Any changes in their funding may impact their ability to make purchases in 2025.
Speaker #4: Tariff and most favored nation pricing proposals which would affect pharmaceutical companies has introduced uncertainty for our commercial customers, with the full impact yet be determined.
Speaker #4: We were encouraged by our results in the second quarter with launches of new products and multiple population scale studies powered by the proteome graph.
Speaker #4: Increased third-party validation through compelling data and strong instrument shipments. That said, we also saw some customers delaying purchases amid this backdrop. As such, we remain cautious given this macroeconomic uncertainty, but guidance at this time.
Speaker #4: At this point, I would like to turn the call back to Omid for closing comments.
Speaker #3: Thank you, David. Moving on to slide 12, I'm proud of our team's execution in the second quarter as we brought new products to market and drove deep, unbiased population-scale studies in plasma that were not possible before Seer.
Speaker #3: We are operating in a challenging and dynamic macro environment, yet we continue to position ourselves for strength ahead. We remain focused on advancing our four key growth drivers in 2025, and I look forward to keeping you updated on our progress.
Speaker #3: With that, we will now open it up for questions. Operator.
Speaker #1: We will now begin the estion and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys.
Speaker #1: If at any time your question has been addressed and you would like to withdraw your estion, please press star then two. At this time, we will pause momentarily to assemble our roster.
Speaker #4: Prior to our first question, I just wanted to clarify one comment in my prepared remarks. Free cash flow loss of 27.3 million is for the six months ended June 30, 2025, rather than the quarter ended June 30th.
Speaker #1: Our first question comes from Dan Brennan with Cohen. Please go ahead.
Speaker #5: Hey, good noon, guys. This is Kyle on for Dan. Thanks for taking the questions. I guess maybe to start, can you share any early feedback you're getting on the new Proteome Graph One assay?
Speaker #5: I guess what's the uptake and usage, looking like so far in that new assay?
Speaker #3: Yeah, Kyle, thank ou. as you know, we launched the proteome graph one assay and the high-throughput, SP2 100 automation instrument at the ASMS in June.
Speaker #3: it was an important inflection point for us, because, it became possible for customers to do very, very large-scale studies. it doubled the throughput, reduced the assay runtime on the on the instrument to about four and a half hours, so it could easily fit within an eight-hour workday.
Speaker #3: and then the precision excellent, and you could run 80 samples at once, in a four and a f hour run. And because the assay went from two mass spec injection per sample to one, it also then increased the throughput on the mass spec side, the feedback that we received so far, Kyle, has been fantastic.
Speaker #3: KOLs love it. We had done early access, of the, of the instrument, to some KOLs, and they did present some data on the, at the ASMS, the data was great.
Speaker #3: and then importantly, because of the enhanced throughput, this is now enabling large-scale population scale studies to be done, with the mass spec. And of course, you heard that we had done the DLS study that was 10,000 samples.
Speaker #3: and then we just, announced, also the, at the ASMS, a 20,000 sample study. with Korea University, and there's other population scale studies that are on the launchpad, Kyle, and none of it would be possible if we had not increased the throughput.
Speaker #3: the feedback has been great. And the impact of it is already becoming evident.
Speaker #5: Got it. Thanks. And then maybe just moving over to stack, you know, it seems like that's really starting to bear some fruit here. You mentioned half of the instruments replaced in the quarter were, you know, from customers that had used the stack program.
Speaker #5: Can you discuss your pipeline and potential customers, you know, who are currently using the stack program? You know, but are an opportunity to place an instrument, you know, in-house, I guess as a percentage of your expected placements for the rest of the year. You know, how many of these do you think are coming from these stack customers versus, you know, otherwise?
Speaker #3: Yeah, Kyle, it's David. Thanks for the estion. Yeah, you're you're right. Stack continues to be a great, a great pipeline for, for placing instruments.
Speaker #3: And and as well as the the SIP program as well. So the the two together kind of work work really well. You know, hard to hard to quantify.
Speaker #3: I ink, you know, if you look at the first half of the year, it's tainly, was the, was the majority, of shipments were, former stack customers.
Speaker #3: So I ink as as stack continues to build, we get new customers, you know, taking our first step through the stack, doing a project, and then and then you know wanting to to bring the technology in-house.
Speaker #3: I think we'll continue to see the benefits. I I think we'll continue to see, you know, strong benefit of having that stack to to drive the the follow-on instrument shipments.
Speaker #3: And I I would expect, no reason to expect that the second half of the year wouldn't look a little bit like the first half of the year, that the, you know, most of our customers have have first experienced the technology through through a stack project.
Speaker #5: Got it. Thank you.
Speaker #1: Our next question comes from Rachel Bannonsall with JP Morgan. Please go head.
Speaker #6: Hi, this is Jaden on for Rachel. so my first question is regarding your co-marketing partnership with Thermo. Could ou provide a little bit more insight on how much revenue is attributed to this partnership compared to other sources such as your large-scale study revenues?
Speaker #6: And then how meaningful do you ect this partnership and program to become for you in the near future?
Speaker #3: Yeah, thanks, Jaden. I think we're continuing to see, a lot of benefits from from the Thermo partnership. as Omid mentioned, as prepared remarks, not only from a population scale study perspective, but also active opportunities.
Speaker #3: I can say that that we have you ow, have seen some of those opportunities come to fruition. but I will say, you know, that the revenue is still, extremely modest.
Speaker #3: So again, I ink we'll continue to see that, probably pick up in the back half of the year. But, I to date, it's it's been very modest.
Speaker #3: Remember, you know, we we only fully trained the sales force at the end of the first quarter, beginning second quarter. and then it's been rolling out, kind of globally for them.
Speaker #3: So this is kind of right on the timeframe we expected. and so again, I think we'll continue to see that momentum build. But but most of the, most of the revenues coming from, you know, our own direct sales team, as well as some of these, of our population scale study work that we're doing, and so again, I ink, we'll continue to, to to see both our own direct efforts as well as the efforts with Thermo drive revenues in the second half.
Speaker #3: And I would just add, and I and I would just add, I mean, I think you can expect that, for example, in Q3, I will begin to recognize the first revenue from the collaboration come to come to fruition.
Speaker #3: and but importantly, the the pipeline of the opportunities. Remember, they've been only added for, for less than a quarter. it is growing. So I'm very encouraged by that.
Speaker #3: But but we are being, cautious and modest in terms of our assumption for the, for the guide for the year. but I do expect the first revenue from the collaboration to, to to come to fruition in this this quarter.
Speaker #6: Okay. Yeah, that's perfect. And then just on competition, could you discuss the competitive landscape regarding customers choosing to use your technology? In a research setting compared to other existing proteomic technologies.
Speaker #6: that might be more aligned with a biased, proteomic method. Just given that the space has seen more interest from other companies within the past year.
Speaker #3: Yeah, of course. look, I think if you look at the competitive landscape, at a very high level, I always frame them into three buckets.
Speaker #3: There are those that that consider a mass spec not to be a good detector, and therefore they're developing their own novel detector. you know, that includes quantum SI, Nautilus.
Speaker #3: On the public side, Arisian and QWERTY on the private side. and then there's the targeted ones. You know them all too well. On the public side, SOMA, Olink, now part of, part of Thermo.
Speaker #3: On the, and then maybe Quantirix on the private side, Alimar. and then, and then there is, you know, unbiased proteomic and scale. And I think Seer uniquely sits in that space, and that's a space that we pioneered.
Speaker #3: That's the space that we've continued to execute on, and that's the space that is now allowing, large-scale studies to be done. Now, we are relatively new to this game because technologies like Soma scan, or or Olink have been around for for many, years in the case of Soma almost 20 plus years, and and Olink, 10 or 15 years.
Speaker #3: Seer is relatively new, and so the publications and the, and the customer validations are just emerging. Now, before Seer, it was just not possible to do large-scale studies.
Speaker #3: And so biobanks and any investigator that needed do a large-scale study was forced to use the only available tool to them at the time, which was a targeted approach.
Speaker #3: And so those technologies scaled. Seer fundamentally changed the arc of proteomics, making unbiased proteomics deep unbiased proteomics be scalable. Before Seer, the largest deep unbiased proteomic that was published was a study of 48 samples, and the deepest study, by way, from Broad Institute, was was on a study of 16 samples that went to a depth of about 4,500 proteins.
Speaker #3: We've now had, just in the first half of 2025, multiple customers that are now doing large-scale studies, and by that I mean 10,000 plus. So, this Korea University one that we announced is 20,000 samples.
Speaker #3: there's other studies of that scale that are kind of on the launchpad, and we're in ussions with them. And by the way, this followed the Q1 announcement of the discovery life sciences, 10,000 sample study with a ustomer.
Speaker #3: so now it changed. And and it changed not because we could scale, but also in s of our improvements cost went down, depth went up, throughput went up, mass spec utilization time went down, so it's a confluence of a lot of innovation that that we worked on and collaborated with our colleagues that now makes it completely possible to do an unbiased way with proteomics.
Speaker #3: And now the question is, if you're a customer, and you can spend your dollars in a targeted way where the discovery potential is very limited, or in an untargeted or in an unbiased way where the discovery potential is unlimited, which one do you choose?
Speaker #3: And I think the evidence is that customers are leaning toward the untargeted, unbiased. This is not to say that targeted approaches are not good.
Speaker #3: I actually think they're very complementary. No different than the way, arrays were when when next generation sequencing came about. I think targeted approaches are excellent when you know what ou're looking for in small panels; for example, like the Alimar technology or some of the smaller, Olink, platforms, or kits.
Speaker #3: But when you're looking for large content, and you're oking for discovery, the only way to do it and to do it well and to do it effectively is to do it in an untargeted way.
Speaker #3: So I think we are just at the very, very beginning of this massive content generation that is going to be enabled by Seer over the course of the very near term and the coming years.
Speaker #1: disconnect. Good day and welcome to the Seer Inc. second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on our telephone keypad.
Speaker #1: To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Kelly Gora, investor relations.
Speaker #1: Please go head.
Speaker #7: Thank you. Earlier today, Seer released financial results for the quarter ended June 30, 2025. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an email to investor@seer.io.
Speaker #7: In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the events and presentations section of Seer's investor relations website.
Speaker #7: Joining me today from Seer is Omid Verafzad, chief executive officer and chair the board, and David Horn, chief financial officer and president. Before begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.
Speaker #7: 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.
Speaker #7: For a more complete list and description, please see the risk factors section of the company's quarterly report on 10Q for the quarter-ended June 30th, 2025, and in its other filings with the Securities and Exchange Commission.
Speaker #7: Expect as required by law, Seer disclaims any intention or obligation to update or revise any financial projections or forward-looking statements whether because new information, future events, or otherwise.
Speaker #7: This conference call contains time-sensitive information and is accurate only as of the live broadcast, August 6th, 2025. With that, I would like to turn the call over to Omid.
Speaker #3: Thanks, Kelly, and thank you yone for joining us this afternoon. I will begin our call today by providing updates on our business, and I will then turn the call over to David to provide more details on our financial results for the second quarter of 2025 as well as our outlook for the full year.
Speaker #3: Beginning with slide three, Q2 was a pivotal quarter for Seer. As we continue to execute with discipline, advance key commercial and product milestones, and accelerate the validation and impact of our platform.
Speaker #3: The proteome graph product suite is unbiased, meaning it's inherently untargeted. And enabled the scientists to view an unprecedented breadth of the proteome from the most abundant proteins to the least abundant proteins.
Speaker #3: This deep unbiased proteomics platform is based on our proprietary engineered nanoparticles that is core to the proteome graph product suite. In the second quarter, we launched the proteome graph one workflow, announced a landmark 20,000 sample population scale study with Korea University, and continued to build commercial momentum with strong instrument placement and continued traction with our Seer technology access center or stack.
Speaker #3: We also saw increased third-party validation through high-impact publications and compelling data presented at major industry conferences. Back in January, we laid out four core growth catalysts 2025, and I'm proud to share that we've delivered progress across each one.
Speaker #3: We've always believed that our technology would redefine the trajectory of proteomics and make a meaningful impact within the scientific community. We believe our progress in the second quarter is a clear demonstration this impact.
Speaker #3: We ended the quarter with 4.1 million of revenue, representing 32% year-over-year growth and a ong balance sheet of approximately $263 million in cash, cash equivalents, and investments.
Speaker #3: We continue to make highly concentrated and impactful investments in R&D to execute on our product roadmap, and we're continuing our share repurchase program as we believe there is a significant dislocation between our core value proposition and what our stock price reflects today.
Speaker #3: As of June 30th, we have repurchased approximately $20 million of our class A common shares under our $25 million share repurchase program that was authorized in May 2024, reducing our net total shares outstanding by approximately 13%.
Speaker #3: We recognize the policy environment remains fluid, and continue closely monitor how emerging US policy developments may influence our customer base. Near-term macro pressures, including evolving tariffs implementations, and continued uncertainty around government funding, are likely to weigh on market visibility through year-end.
Speaker #3: Despite these headwinds, our customers are facing, our strong performance, in the first half of the year, gives us confidence to reiterate our full year 2025 revenue guidance of 17 to 18 million, representing 24% year-over-year growth at the midpoint.
Speaker #3: Now, I'd like to walk through our recent progress in our core initiatives of validating our platform, enhancing access, driving innovation, and enabling larger core studies in more detail.
Speaker #3: Starting with product innovation on slide four, this quarter marked the major inflection point for Seer with the launch of our high-throughput proteome raph one assay and SP200 automation instrument.
Speaker #3: This is a transformative step forward not just for Seer, but for the entire field of proteomics. Our vision is to enable deep unbiased proteomics research at scale and with this launch, we're empowering researchers to move from poorly powered small studies that may not replicate to larger core studies that are adequately powered to uncover novel biological insights and advance our understanding of human health.
Speaker #3: With the proteome graph one, we've more than doubled throughput to over 1,000 samples per week, with an approximately 30% reduction in runtime to approximately four and a half hours compared to proteome raph XT.
Speaker #3: The proteome graph one enables the identification of up to 10 times more proteins than traditional mass spec workflows, achieving industry-defining precision. In addition to the performance improvements, we believe our customers could achieve a meaningful reduction in cost, for example, for the full workflow.
Speaker #3: As evidenced by the initiation of multiple large-scale studies that I will expand on shortly, the combination of proteome graph one attributes is translating to an increase in the size of the studies that our customers are running which we believe will be an important catalyst for revenue growth.
Speaker #3: We also recently launched the proteome graph direct assay, enabling customers to run cell and tissue samples on our SP200 instrument. This assay was introduced in response to the strong demand from customers to use our automated instrumentation on other workflows that don't leverage our proprietary nanoparticles.
Speaker #3: Proteome graph direct streamlines sample prep by drastically reducing manual processing times to just 60 minutes for AV samples, without compromising depth or reproducibility. Looking ahead, we plan to continue broadening our menu expanding the capabilities of our platform and innovating on our workflow to provide the best solutions for our customers.
Speaker #3: Now, moving on to larger cohort studies on slide five, over the last three years, Seer has helped redefine deep unbiased proteomics by enabling researchers to move from small-scale studies up tens of samples to those involving up to tens of thousands of samples.
Speaker #3: Which were previously only possible using targeted proteomics approaches. This quarter, we announced a landmark population scale study in collaboration with Korea University representing the largest deep plasma proteomics study of its kind.
Speaker #3: This three-year study intends to identify novel biomarkers for young adults in their 20s and 30s using samples from 15,000 cancer patients and 5,000 healthy subjects sourced from Korea's leading cancer institutions.
Speaker #3: blood-based Powered by our newly launched proteome graph one assay, the SP200 automation instrument and thermal fissures orbitrap astral mass spectrometer, this is the first large-scale plasma proteomics studies to leverage mass spectrometry and AI-driven analytics for early cancer detection.
Speaker #3: Korea University selected our platform for its unique ability to deliver the depth, scale, and reproducibility required for such ambitious study. This collaboration highlights our belief that the proteome graph is unlocking the next generation of sensitive scalable and personalized diagnostics laying the foundation for earlier interventions and improved outcomes in young adult cancer patients worldwide.
Speaker #3: Importantly, this follows our announcement on our last earnings call that Discovery Life Sciences, one of our centers of excellence and a leading omics service provider, in collaboration with us, secured a significant contract from a new customer to run a 10,000-sample study on the Proteome Graph product suite and the Orbitrap Astral Mass Spectrometer.
Speaker #3: Taken together, these population scale studies demonstrate our belief that Seer is uniquely positioned as the only truly unbiased scalable and deep proteomics platform to power the next generation of proteomics discovery.
Speaker #3: We expect to see a growing number of population scale studies in the near term. Moving on to the validation of our platform on slide six.
Speaker #3: Validation of our technology continues to grow with 52 customer publications preprints and reviews. Many in high-impact journals, highlighting the unique capabilities of the proteome graph product suite.
Speaker #3: This adds to hundreds of abstracts, presentations, and talks showcasing our platform's differentiated biological insights. At recent industry conferences, an increasing number of studies further demonstrated the proteome graph's ability to generate unique biological insights.
Speaker #3: At the American Society for Mass Spectrometry, or ASMS, our customers collaborators and Seer scientists unveiled new data generated from the proteome graph across 14 poster presentations and multiple researchers presented compelling findings from their early access experience with the recently launched proteome graph one workflow.
Speaker #3: Now, turning to slide seven, at ASMS, Dr. Getty Patty, a professor at Washington University in St. Louis, presented a study using the proteome graph one to analyze the plasma proteomes of metabolically healthy lean metabolically healthy obese, and metabolically unhealthy obese individuals.
Speaker #3: He identified distinct protein signatures in the metabolically healthy obese population, including three novel biologically relevant protein biomarkers undetectable by an affinity-based assay. These biomarkers suggested that metabolically healthy obese individuals may buffer oxidative stress better, regulate their glucose levels better, and clear more lipids from the plasma compared to the other two cohorts.
Speaker #3: Though a study, it highlights the proteome graph one's ability to uncover novel biology and advance metabolic disease research. Dr. Josh Kuhn, a professor at the University of Wisconsin-Madison, presented his findings from the pilot study that validated the high performance of the proteome graph one workflow on monkey samples delivering a meaningful increase in the amount of unique protein groups versus neat methods.
Speaker #3: Turning to slide eight, at the third annual symposium on human proteome and health in Oxford, at the end of June, Dr. Claudia Langenberg and Dr. Mike Peissner from Queen University of London presented compelling data from 1,500 individuals in the genes and health cohort run on the proteome graph XT.
Speaker #3: We believe there are three key takeaways from the proteogenomic study that highlight the power the proteome graph platform. First, the proteome graph detected a high number of proteins previously not found using affinity-based methods.
Speaker #3: Out of the more than 8,000 proteins detected in plasma, over 2,300 of these proteins represented a quote previously unexplored proteome, unquote, according to study lead Dr. Mike Peissner.
Speaker #3: Second, the proteome graph detected a high number of protein quantitative trait loci, or PQTLs, that were previously not found by affinity-based technologies. Over 1,200 PQTLs were detected with over half of them not detected to date by studies up to 40 times larger.
Speaker #3: The proteome graph detected 140 of these novel PQTLs in proteins that were measured by affinity-based methods. However, the PQTLs were not detected by these technologies.
Speaker #3: 690 of the PQTLs were detected were co-localized with strong disease loci from phenotype-wide associations studies or PHEWAS. Third, the proteome graph uniquely confirmed the absence of some proteins in plasma that had lost their function.
Speaker #3: These findings demonstrate the proteome graph's ability to generate meaningful biological insights through a superior depth and unbiased approach. Most recently highlighted by Dr. Claudia Langenberg and Mike Peissner, in the Genome Web webinar.
Speaker #3: We continue to partner with leading investigators and host webinars that showcase how researchers are using our platform to generate novel biological insights further strengthening our growing body of evidence and reinforcing Seer as a trusted partner in the proteomics community.
Speaker #3: Now, moving to slide nine, to take a closer look at the progress with accelerating access to the proteome graph product suite. We continue to see strong demand for stack, which lowers the barrier of adoption of the proteome graph product suite.
Speaker #3: Stack allows a proteome raph user to run samples in their own lab and have Seer run the mass spec, or alternatively, provides end-to-end services from sample to proteomics data and analysis.
Speaker #3: In Q2, over half of our instrument shipments were acquired by customers, who had previously accessed our stack, representing another solid quarter of stack to instrument conversion.
Speaker #3: Stack remains a strong revenue contributor and a strategic asset given users' hands-on experience with the proteome graph and, in some cases, leading to in-house instrument adoption.
Speaker #3: With the increased throughput enabled by the proteome graph one workflow, we have expanded stack's capacity to meet a growing number of demand without additional investments.
Speaker #3: We look forward to serving more customers as they generate critical data for their ongoing studies. Our strategic instrument placement program, or SIP, remains a key driver of adoption.
Speaker #3: By leveraging available operating budgets, SIP helps capital-constrained customers particularly in the current macroeconomic environment access our technology. Under this program, we loan an instrument to a customer with an upfront purchase of a consumable kits.
Speaker #3: Our expanded partnership with thermal fissure scientific to co-market and sell the proteome graph product suite alongside the orbitrap astral mass spectrometer has been progressing well.
We may continue to support projects for key, strategic studies and marketing initiatives that will result in additional presentations in Publications, in the near term. These efforts while impactful are offered at a lower price points than our typical stack service projects.
Other revenue was $119,000 for the second quarter of 2025 and consisted of leasing and shipping revenue.
Total gross profit was 2.1 million for the second quarter of 2025 representing. A gross margin of 52% compared to 1.7 million in the second quarter of 2024, representing a gross margin of 56%.
Gross margins were driven by higher consumable and service revenue in the second quarter of 2025, offset by an increase in instrument installation and training costs, relative to the second quarter of 2024. We continue to expect variability in our gross margin on a quarter-by-quarter basis since the proportion of instrument consumable and service revenue fluctuates in any given quarter. At scale, we continue to believe our long-term gross margins will be in the range of 75% to 78%.
Total operating expenses for the second quarter of 2025 were 22.6 million including 3.7 million of stock-based. Compensation, a decrease of 21% compared to 28.8 million, including 7.3 million of stock-based compensation in the second quarter of 2024.
Research and development expenses. For the second quarter of 2025 were 12 million. A decrease of 6% compared to 12.7% of 2024.
The decrease in R&D expenses was primarily due to decreases in stock-based compensation and allocated costs.
Selling General and administrative expenses for the second quarter of 2025 were 10.7 million. A decrease of 34% compared to 16.1 million in the second quarter of 2024.
A decrease in stock price compensation and Professional Services expenses.
Net loss for the second quarter of 2025 was 19.4 Million compared to 22.9 million in the second quarter of 2024.
Free cash flow loss. Defined as net cash used in operating activities in the period less purchases of property and equipment in the period was approximately 27.3 million for the quarter ended, June 30 2025,
We continue to expect free cash flow loss to be in the range of 40 to 45 million for the year.
In addition, we continued our share purchase activities in the second quarter of 2025 since we continue to believe that there is a significant dislocation in our share price.
In the second quarter, we were purchased approximately 3.9 million class a common shares at an average price of a 1.92 per share.
As of June 30th, we have repurchased approximately 10.7 million Class A common shares at a VWAP of $186 per share, utilizing approximately $20 million of our $25 million share repurchase program authorized in May 2024. As a result, we have reduced our net total shares outstanding by approximately 13%.
we ended the quarter with approximately 263.3 million in cash, cash equivalents and Investments importantly, we believe that with our current Cash Cash equivalents and Investments on hand, we have sufficient Capital to reach cash flow break even
Turning now to our outlook for the year on slide 11, we continue to expect Revenue to be in the range of 17 to 18 million for 2025, representing growth of 24% at the midpoint over the full year. 2024, our guidance range, reflects the assumption that our customers will continue to face Edwin's from budget, constraints ongoing uncertainty around Government funding, particularly related to the NIH, and broader, macroeconomic volatility including potential tariffs in 2025. We believe We will have approximately the same exposure to academic and government entities. In terms of our overall Revenue, which is in the range of 30% in 2024. In the first half of 2025, the majority of our academic and government revenue has come from academic customers.
Any changes in their funding may impact their ability to make purchases in 2025.
Tariff and most favored nation pricing proposals which would affect pharmaceutical. Companies has introduced uncertainty for our commercial customers with the full impact yet to be determined
We were encouraged by our results in the second quarter. The launches of new products in multiple population-scale studies powered by the Protag increased third-party validation through compelling data and strong instrument performance. Shipments said, we also saw some customers delaying purchases amid this backdrop. As such, we remain cautious, given this macroeconomic uncertainty, but we are reaffirming our revenue guidance at this time.
At this point, I would like to turn the call back to aid for closing comments.
Thank you, David.
Moving on to slide 12.
I'm proud of our team's execution in the second quarter, as we brought new products to Market and drove deep, unbiased population scale studies in plasma that were not possible before seir.
We are operating in a challenging and dynamic macro environment. Yet we continue to position ourselves for strength ahead.
We remain focused on advancing our four key growth drivers in 2025, and I look forward to keeping you updated on our progress with that. We will not open it up for questions, operator.
We will now begin the question and answer session to ask a question. You may press star then 1 on your telephone keypad. If you are using a speaker-phone please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question please press star star. Then to at this time, we will pause momentarily to assemble our roster.
Prior to our first question. I just wanted to clarify 1 comment in my prepared, remarks, free cash flow loss of 27.3 million is for the 6 months. Ended June 30 2025 rather than the quarter ended June 30th.
Our first question.
Hey, good afternoon, guys. This is, uh, Kyle on for Dan. Thanks for taking the questions. Um, I guess maybe to start, can you share any early feedback you’re getting on the new Pretty Graph 1 assay? I guess, what’s the uptake in usage looking like so far in that new asset?
Yeah Kyle thank you. Um as you know we launched the product 1 assay and the high throughput sp21. 100 sp200 automation instrument at the asms in June um
um,
It became possible for customers to do very, very large-scale studies. Um, it doubled the throughput.
uh reduce the assay runtime on the, on the instrument, to about 4 and a half hours so it could easily fit within an 8 hour workday
Um, and then the Precision, excellent and you could run 80 samples at once, uh, in a 4 and a half hour run.
And because
The assay went from 2 Mass back injection for sample to 1. It also then increased the throughput. On the mass spec side, um, the feedback that we received so far. K has been fantastic kol's, love it. We had done early access.
Um, of the, uh, of the instrument, uh, uh, to some kol's. And they did present some data on the at the asms and the data was great. Uh, and then importantly um because of the enhanced throughput, this is now enabling large-scale population. Scale studies to be done I would am aspect and of course um you heard that we had done the DLS study, that was 10,000 samples.
Uh, and then we just announced. Uh, also the idea SMS at 20,000 sample study, uh, with Korea University and and there's other population skills studies that are on the Launchpad. Um, Kyle, and, and none of it would be possible if we had not increased their throughput. So the feedback has been great and the impact of it is already becoming evident.
Got it thanks. And then maybe just moving over to to stack. You know, it seems like that's really starting to Bear some fruit. Here you mentioned half of the instruments, you placed in the quarter were you know from customers that had used the stack program. Can you discuss your pipeline and potential customers? You know who are currently using the stack program um you know but but are an opportunity to to place an instrument you know in house. Um I guess as a as a percentage of your expected placements for the rest of the year, you know, how many of these do you think are coming from these stack customers versus you know? Otherwise
Yeah, Kyle, it's David. Thanks for the question. Yeah. You're you're right stack continues to be a great, a great pipeline for uh, for placing instruments and and as well as the the sipp program as well. So, the 2 together kind of work, work really well, you know, hard to hard to quantify. I think, you know, if you look at the first half of the year it's certainly uh was the uh was the majority of shipments were former stack customers. So I think as as stack continues to build we get new customers, you know, taking their first step through the stack, doing a project and then and then you know, wanting to to bring the technology in house. I think we'll continue to see the benefits. I, I think we'll continue to see um, you know, strong benefit of having that stack to to drive the, the following instrument shipments. And I, I would expect no reason to expect that the second half of the Year wouldn't look a little bit, like the first half of the Year and that, you know, most of our customers.
ERS have have first experienced the technology through through a stack project.
Got it. Thank you.
Our next question.
Rachel Bannon saw with JP Morgan, please go ahead.
Hi. This is Jaden on for Rachel. Um, so my first question is regarding your co-marketing partnership with Thermo. Could you provide a little bit more insight on how much revenue is attributed to this partnership compared to other sources, such as your large, scale study revenues. And then how meaningful do you expect this partnership and program to become for you in the near future?
Yeah, thanks Jaden. Um, I think we're continuing to see, uh, a lot of benefits from from the thermal partnership. Um, as Omid mentioned is prepared remarks, um, not only from a population, scale studies perspective, but also, um, active opportunities. I can say that that we have, um, uh, you know, uh, have seen some of those opportunities come to fruition, um, but I will say, you know, that the revenue is still, uh, extremely modest. So again, I think we'll continue to see that, um, probably pick up in the back half of the year but, uh, I to date, it's it's been very modest. Remember, you know, we we only fully trained, the sales force. Uh, you know, at the end of the first quarter beginning of second quarter, uh, and then it's been rolling out uh, kind of globally for them. So,
And I would just add, um, and I, and I would just add, I mean, I think you can expect.
That for example, in Q3, I will begin to recognize the first revenue from the collaboration. Come to come to fruition. Um, and, but importantly, the the pipeline of the opportunities, remember there's been only added for uh, for less than a quarter. Um, it is growing. So I'm very encouraged by that. But but we are being, uh, cautious and modest in terms of our assumption for the um, for the guide for the year. Uh, but I do expect the first revenue from the collaboration to uh, to to come to fruition and this this quarter.
Okay, yeah that's perfect. And then just on competition, could you discuss the competitive landscape regarding customers? Choosing to use your technology in a research setting compared to other existing proteomic Technologies? Um, that might be more aligned with a biased uh proteomic method. Just given that the space has seen more interest from other companies within the past year.
Yeah, of course. Um, look, I think if you look at the competitive landscape at a very high level, um,
Um, I always frame them into three buckets.
Those that that consider a mass spec not to be a good detector and therefore they're developing their own novel detector. Um, you know, that includes Quantum SI Nautilus
On the public side, arisian and codia and the private side.
Um, and then there's a targeted ones. You know, them all too well and the public side Soma uh, olink. Now, part of, uh, part of thermo on the on and then maybe quanterix and the private side Alomar.
Uh, and then uh, and then there is, uh, you know, unbiased port and scale. And I think
Fear uniquely sits in that space and that the space that we pioneered. That's the space that we've continued to execute on. And that's the space. That is now allowing a large scale studies to be done. Now, we are relatively new to this game because Technologies, like so much scan, uh, or or oink have been around for for many, many years, in the case of some of almost 20 plus years. And, and oink, um, uh, 10 or 15 years. Um, fear is relatively new. And so the Publications and the, uh, and the customer validations are just emerging now,
Before fear.
It was just not possible to do large-scale studies and so bio Banks. And any investigator that needed to do a large scale studies was forced to use the only available tool for them at the time, which was a targeted approach. And so those Technologies scaled
Sear fundamentally changed the Arc of proteomics making unbiased Perl, mix deep unbiased periodix be scalable.
before sear the largest
Um, deep unbiased periodic that was published was a study of 48 samples. And the deepest study, by the way, from broad Institute was was was on its study of 16 samples that went to a depth of about 4500 proteins.
We, we've now had in just in 2025, just the first half of the year. Um,
Multiple customers that are now doing large-scale studies. And by that, I mean 10,000 plus. So this Korea University 1, that we announced is 20,000 samples. Um, there's other studies of that scale that are uh, kind of on the launch pad and we're in discussions with them and and by the way this followed the q1 announcement of the Discovery life sciences um 10,000 sample study with a customer. Um so now it changed and and it changed not because we could scale but also in terms of our improvements cost went down.
Depth went up, throughput went up, um, Mass back, utilization time went down. Um, so it's a Confluence of a lot of innovation that, that we worked on and collaborated with our colleagues.
That now makes it completely possible to the large scale studies in an unbiased way with proteomics. And now the question is, if you're a customer and you can spend your dollars in a targeted way where the discovery potential is very limited or in an unregulated or in an unbiased way where the discovery potential is unlimited. Which 1 do you choose? And I think the evidence is that customers are leaning toward the UN targeted unbiased. This is not to say that targeted approaches are not good. I actually think they're very complimentary.
No different than the way arrays were when next-generation sequencing came about.
When you know what you're looking for, in Small panels, for example, like the Alamar technology or some of the smaller uh oink uh uh platforms uh or kits.
But when you're looking for large content and you're looking for Discovery, the only way to do it and to do it well and to do it effectively is to do it in an untargeted way. So I think we are just at the very very beginning of this massive content generation that is going to be enabled by fear over the course of the very near term and the coming years
This concludes our question and answer session.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect