Seer
NasdaqGS:SEER
$
1,73
$
+
$0,03 (1,76%)
1,73
$
+$0,03 (1,76%)
End-of-day quote: 03/25/2026
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Seer Company Info
EPS Growth 5Y
12,39%
Market Cap
$0,10 B
Long-Term Debt
$0,00 B
Short Interest
2,48%
Quarterly earnings
05/08/2026
Dividend
$0,00
Dividend Yield
0,00%
Founded
2017
Industry
Country
ISIN Number
Website
Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
There are currently no price targets available for this stock.
In the last five quarters, Seer’s Price Target has risen from $7,00 to $7,00 - a 0,00% increase. One analysts predict that Seer’s share price will fall in the coming year, reaching $0,00. This would represent a decrease of -100,00%.
Top growth stocks in the health care sector (5Y.)
What does Seer do?
Seer, Inc. operates as a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease.
The company's product, the Proteograph Product Suite (Proteograph), leverages the company's proprietary engineered nanoparticle (NP) technology to provide unbiased, deep, rapid and large-scale access to the proteome. The Proteograph Product Suite is an integrated solution that includes consumables, a...
Seer, Inc. operates as a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease.
The company's product, the Proteograph Product Suite (Proteograph), leverages the company's proprietary engineered nanoparticle (NP) technology to provide unbiased, deep, rapid and large-scale access to the proteome. The Proteograph Product Suite is an integrated solution that includes consumables, an automation instrument and software.
The company is focused on driving adoption of the Proteograph by customers in the proteomics and genomics markets who recognize the value of large-scale, unbiased, and deep proteomics.
The Proteograph's unique capabilities now enable researchers to undertake first-of-their-kind, large-scale unbiased studies, which complement genomics studies by adding critical missing information that can provide functional context to genomic variation. With the advent of next-generation sequencing and improvement in cost and throughput, researchers have sequenced the equivalent of several million human genomes and human exomes. Across these studies, according to the dbSNP database, more than one billion individual genetic variants have been identified as of December 31, 2023; however, less than 0.2% of those variants have been cataloged in the ClinVar database with a reported relationship between variation and phenotype. This gap in functional annotation is in part due to the gross impedance mismatch between access to the proteome and genome. The Proteograph Product Suite will bridge this gap.
Proprietary Engineered Nanoparticle Technology
The Proteograph Product Suite leverages the company's proprietary engineered NP technology to overcome the limitations of existing methods, and enable an easy-to-use workflow for unbiased, deep, rapid and scalable proteomic analysis. The company's proprietary engineered NPs provide unbiased sampling of intact proteins across the dynamic range of the proteome, capturing molecular information at the peptide-level, including protein variants. The NPs eliminate the need for complex workflows required by other unbiased approaches, which will make proteomics more accessible to the broader scientific community.
Typically, nanoparticles have a diameter in the tens to hundreds of nanometers, much smaller than a human hair, which has a diameter of 80,000 nanometers. When nanoparticles come into contact with a biological sample, a thin layer of intact proteins rapidly, selectively and reproducibly adsorbs onto their surface, forming what is called a protein 'corona.' Additional intact proteins can also bind directly to proteins already attached to the nanoparticle through protein-protein interactions (PPIs), and intact protein complexes may also attach to the nanoparticle directly. The company's engineered NPs capture intact proteins across the dynamic range without requiring prior knowledge of proteome composition or designing the assay for specific protein targets. In combination with an unbiased mass spectrometry readout, they reveal molecular information at the peptide level revealing protein variants. At binding equilibrium, which occurs within minutes after the company's NPs encounter a biosample, the selective sampling of proteins by the company's NPs is robust and highly reproducible.
The Proteograph Product Suite
The Proteograph Product Suite is an integrated solution consisting of consumables, an automation instrument, and software to perform unbiased, deep proteomic analysis at scale in a matter of hours. The company designed the Proteograph workflow to be efficient and easy-to-use, and to leverage common laboratory instrumentation to enable adoption in both centralized and decentralized settings, making deep, unbiased proteomics accessible to nearly any lab.
The Proteograph consumables consist of the company's NPs and all other consumables necessary to assay samples in an automated workflow on the company's SP100 automation instrument. The company's automated workflow is custom configured for researchers to assay samples in approximately eight hours, which includes approximately 30 minutes of hands-on time and seven and a half hours of automated instrument time. The output from the Proteograph workflow consists of peptides ready to be processed and evaluated on an MS instrument. The Proteograph Product Suite is detector agnostic and will be adaptable to other protein detection instruments in the future. The MS component of the Proteograph workflow is either provided by the researcher's laboratory or can be outsourced to a third-party provider. The company estimates that there are approximately 16,000 MS instruments with configurations typically used to perform proteomic analysis installed worldwide, and therefore, MS systems are readily accessible to researchers. The Proteograph Analysis Suite, a data analytics software suite, provides quality control and allows researchers to analyze and interpret the output from the system to gain insights from their data.
Consumables
The company launched its second assay, Proteograph XT, in June 2023, which significantly enhanced the sample throughput of the Proteograph Product Suite and MS instrument, while also improving performance as measured by protein group identification.
The Proteograph XT assay employs two wells of NPs, assay buffers and reagents for protein lysis and digestion, peptide purification, peptide quantification and the reconstitution of lyophilized materials. The company designed the performance specifications of the Proteograph Product Suite to meet the core needs of the market in terms of protein coverage and sample throughput required for proteomic experiments that are unbiased and at-scale. The current product allows for the interrogation and processing of up to 40 samples in parallel on a single 96-well plate in approximately eight hours. Each sample incubates separately in two wells, yielding 80 wells of peptides in a 96-well plate. The remaining 16 wells are reserved for integrated quality control samples to ensure consistent process performance and to aid in troubleshooting.
The ready availability of non-particle reagents, combined with the company's ability to efficiently design and fabricate different NPs with different chemical properties, greatly facilitates the development and production of future iterations or additional versions of the Proteograph assays to address potential customer needs, such as expanded protein coverage or specialized assays, including potential assays that can be used with clinical products.
Automation Instrument
The company designed the Proteograph assay to be run in a robust and automated manner on the company's SP100 automation instrument, which is a custom-configured, industry-standard, liquid handling workstation. The company's SP100 instrument is designed to enable studies of hundreds to thousands of samples, with an automated workflow that allows for rapid, highly-parallel sample processing with approximately 30 minutes of set-up time. The flexibility of the company's instrument, coupled with the inherent diversity of the company's NP technology, provides a runway for many future potential applications and workflows.
The Proteograph workflow is driven by the Instrument Control Software (ICS) on the SP100 automation instrument. The workflow has been configured to process one full 96-well plate at a time, in just eight hours, processing 40 samples in parallel. The output of the Proteograph workflow consists of peptides that are quantified, dried, and can be reconstituted when ready for injection into a mass spectrometer. MS provides quantitative unbiased detection, either on an instrument provided by the user, or sent out for MS analysis to a third-party provider.
Software
The Proteograph Analysis Suite (PAS) is designed for ease-of-use and efficiency to help users arrive at insights quickly. To accommodate varying customer needs, the company has designed the PAS to be cloud-based and, in the future, to be available via more localized solutions that accommodate different customer types and geographies. The PAS offers a predefined workflow for data management and analysis, leveraging publicly available MS data analysis tools, as well as the company's own proprietary analysis tools. Without the PAS, proteomics analysis requires expert knowledge and a scalable high-performance computer infrastructure. The PAS can accelerate adoption of the Proteograph among non-experts by providing an intuitive user interface that automates data handling, simplifies processing and analysis and provides access to a scalable infrastructure that can be used by any lab.
The PAS also includes a dedicated proteogenomics workflow that maps peptide-level data to genomic data to identify sample-specific variant peptides not captured in canonical reference databases. The workflow provides interactive tables and plots, enables visualization of identified peptides' relationship to gene structure, protein domain information and functional regions, and creates amino acid-level browsable peptide data maps.
One potential roadblock for researchers is understanding and evaluating the quality of their results. The Proteograph Assay Kit incorporates a series of controls for monitoring assay performance, and an integrated view of the results of these control runs via the PAS. Customers can evaluate trends over time and implement performance boundaries around the expected values that flag unexpected outcomes in the data. Providing a simple, consistent interface to evaluate the control data and generate a quality control (QC) report will help customers understand the company's approach to QC in the Proteograph workflow, simplifying support.
Through a series of updates in 2023, the latest version of the company's PAS introduces significant improvements in the core MS analysis workflow that increase the depth of proteome information users can derive from their data. The improved analysis workflow also includes a new proprietary data processing method that enables the use of higher quality analysis methods at scale, which is valuable for population-scale research studies.
As the company continues to improve and extend its product portfolio, the company expects to continue to expand the capabilities and features in the PAS.
The Applications of the Proteograph Product Suite
The ability to generate unbiased, deep, proteomic data at scale, with rich content at the protein variant level, will have a wide range of applications in proteomics, including basic research and discovery, translational research, diagnostics and applied markets. This data can be used in many of the same application areas as genomics data, as well as proteomics applications that are uniquely possible with unbiased proteomic data, and in new applications that the field will develop in the future.
In addition, the Proteograph Product Suite's versatility allows it to analyze not only plasma and serum, but also other biofluids across humans and model organisms. For example, when the company compared the performance of the Proteograph Product Suite workflow with that of neat biological samples across model organism plasma, urine, cerebral spinal fluid, and conditioned media, the company noted superior protein group identification by the Proteograph of 4x, 1.5x, 1.5x, and 8.6x, respectively. Importantly, in each sample, the company measured tens of thousands of data points at the peptide level, providing information on thousands of proteins. This extensibility offers researchers a powerful and flexible tool to utilize across a variety of applications and sample types.
Basic Research and Discovery Applications
The Proteograph will be a valuable tool for researchers across a wide range of basic research and discovery applications, including cataloging protein diversity, proteogenomics and exploring the interactome. Studies in these areas are limited in scale by the complexity of unbiased methods or the limited set of affinity-based reagents available for biased methods. The Proteograph Product Suite is designed to enable the use of unbiased proteomic data at scale, which will greatly accelerate these areas of basic research and discovery.
Cataloging Protein Diversity
The Proteograph Product Suite is designed to enable researchers to explore the complexity and diversity of the proteome with peptide level resolution. The company anticipates that researchers will use the Proteograph solution to catalog protein variants in a manner similar to the cataloging of genetic variants over the past 15 years, providing functional context at a scale that is not currently accessible with other proteomics methods. Identifying protein variants, including those resulting from PTMs, such as glycosylation and phosphorylation, can significantly transform the life sciences field.
In January 2024, the company launched the Protein Discovery Catalog on the company's website with the goals to remove barriers to access, empower researchers, and drive new lead generation. The Protein Discovery Catalog is a fully-accessible, searchable catalog with over 10,000 proteins across 1,900 expression pathways. This catalog is the company's first published index of the unprecedented depth of empirically observed proteins captured by the Proteograph as of December 31, 2023.
Proteogenomics
Proteogenomics is a rapidly growing field of research that integrates genomic and transcriptomic information with proteomic information, using personalized protein sequence databases to identify novel peptides. The Proteograph generates large-scale unbiased proteomic data at peptide-level resolution, enabling researchers to map protein variants to genomic variants, advancing the field of proteogenomics. The company anticipates that as researchers conduct large-scale proteomics studies with the Proteograph, proteogenomic content will rapidly increase, providing functional information to existing genomics and gene expression information.
In February 2024, in the first such study undertaken and published in Nature Communications (Suhre et al.), genomics researchers at Weill Cornell Medicine-Qatar demonstrated the value of deep, unbiased proteomic information at the peptide level in the identification of protein quantitative trait loci (pQTLs). In proteogenomic studies, pQTLs are loci of genomic variation that affect the level of protein expression. Identification of these loci at the genome level is an important first step in further analyses of biomolecular pathways and has direct application in the study of disease and identification of promising drug targets. These researchers harnessed the Proteograph workflow to perform pQTL analysis in a manner that is not afflicted by potential artifacts that protein variants can cause, as is understood to be the case with existing studies. The researchers demonstrated a MS-specific workflow for performing such analyses, which may facilitate future pQTL analyses of larger cohorts. From a cohort of 345 individuals, the researchers detected approximately 3,000 proteins and more than 18,000 peptides, demonstrating deep visibility into the proteome. In this proof-of-concept study, researchers: (i) confirmed a subset of cis-pQTLs previously identified by affinity-based methods; (ii) identified novel cis signal corresponding to putatively trans-pQTLs identified by affinity-based methods; and (iii) reported additional pQTLs not previously reported by affinity-based methods. With these results, researchers uncovered potential crucial genetic variants linked to GIP and ApoB levels relevant to conditions like Type 2 diabetes and cardiovascular disease.
This paper highlights several key insights, including:
pQTL analysis can be performed using data obtained from the Proteograph workflow.
The Proteograph workflow improves identification of protein variants not measured by affinity-based methods.
Identification of genetic variants associated with pQTLs and confirmation that epitope effects likely impact pQTL results from affinity-based methods.
This study constitutes the first proteogenomic analysis on a human cohort where peptide-level genetic variation has been investigated with a mass-spectrometry approach.
Translational Research Applications
Researchers can use the Proteograph for translational research applications aimed at shortening the time from early discovery research to clinical application. The Proteograph Product Suite allows clinical and translational researchers an opportunity to perform unbiased, deep and large-scale proteomics studies in therapeutic and diagnostic research and clinical trials, which can allow for significant advances in biomarker discovery, target identification and exploration and clinical trial applications.
Biomarker Discovery
De novo biomarker discovery research is limited by the size of unbiased studies or is targeted in nature. These approaches have yet to uncover the large number of potential single biomarkers or combinations of markers for a range of clinical applications. The Proteograph has the potential to enable the discovery of biomarkers through large-scale, unbiased and deep proteomics studies.
Utilizing a SBIR grant to the company and Massachusetts General Hospital (MGH) from the National Institute on Aging (NIA), researchers from the company and MGH conducted a study that analyzed 1,800 plasma samples comprising both controls and individuals diagnosed with cognitive decline, including Alzheimer's Disease (AD) (Lacar et al.). The samples were collected over a 10-year period, allowing the researchers to investigate proteins associated with the progression of, or protection against, cognitive decline. When comparing the AD affected individuals with controls, researchers identified 138 proteins that were up or down regulated in AD individuals. Of these 138 proteins, only 44 have been previously associated with AD. The remaining 94 represent putative biomarkers of AD, potentially highlighting new biological insight.
Researchers used clinical information to identify the point of significant cognitive decline and determined proteins that separated the population into fast and slow decliners. Researchers identified eight such significant proteins and are now investigating how these results may be advanced to develop a score indicating the likelihood of cognitive decline in a particular timeframe. One such example is shown in Figure 13 below. Higher abundance of this protein is associated with greater probability of cognitive decline.
Such studies are uniquely made possible using deep, unbiased proteomics at scale using the Proteograph Product Suite because 55% of these 138 proteins are not present on a commercially available high-plex affinity based panel and there is no other practical way to do a deep unbiased proteomics study on 1,800 plasma samples other than leveraging the Proteograph Product Suite.
Target Identification and Exploration
Large-scale access to protein variant information that map to different states of health and disease, as enabled by the Proteograph and concurrent advances in proteogenomics, could lead to the discovery of personalized drug targets that could number in the hundreds of thousands. The translational application of the Proteograph for potential biomarker development may also be applied to the identification of novel targets for therapeutic development. Components of classifiers may themselves become targets for drug development, or they may point to new knowledge with respect to disease mechanisms, which could then aid in the exploration of additional targets and/or help to elucidate the function of potential targets, particularly if these targets are discovered with genomics approaches, but lack protein functional context.
Clinical Trial Applications
The Proteograph Product Suite provides clinical researchers with the opportunity to perform deep and broad proteomic profiling of subjects in therapeutic clinical trials, enabling the real-time monitoring of protein-related drug effects, distribution and metabolism. These attributes are essential in virtually all clinical drug trials. Methods use biased or targeted panels of proteins. It is impractical to do this type of monitoring with unbiased proteomic methods, given the inability of these methods to scale to the hundreds or thousands of samples that are evaluated in clinical trials.
The Proteograph Product Suite may also enable patient selection and grouping based on patients' proteomics profiles, leading to improved ability to confirm efficacy for novel therapies in complex diseases that involve multiple physiological systems. While genomic approaches are widely used to select patients in cancer and rare genetic disease clinical trials, their use in other indications has been limited by a lack of genetic understanding of these diseases. The Proteograph has the potential to generate useful proteomic signatures that can complement genomic and other patient selection criteria, improving patient selection and segmentation for clinical trials, particularly for indications outside of cancer and rare genetic diseases.
For example, the development of therapies for CLN3 Batten disease, a rare pediatric lysosomal storage disorder, has been hindered by the lack of etiological insights and translatable biomarkers to clinics. Researchers from Sanford Research used a deep multi-omics approach to discover new biomarkers using longitudinal serum samples from a porcine model of CLN3 disease. Comprehensive metabolomics was combined with the Proteograph and LC-MS to generate quantitative data on 769 metabolites and 2,634 proteins, collectively the most exhaustive multi-omics profile conducted on serum from a porcine model, which was previously impossible due a to lack of efficient deep serum proteome profiling technologies compatible with model organisms.
The presymptomatic disease state was characterized by elevations in certain species and proteases, while later timepoints were enriched with species involved in immune cell activation and metabolism. Four specific putative biomarkers captured a large portion of the genotype-correlated variation between healthy and diseased animals, suggesting that an index score based on these analytes could have great utility in the clinic.
Diagnostic Applications
The Proteograph Product Suite also holds significant diagnostic potential. The unbiased, deep and scalable proteomic data generated by the Proteograph has the potential to create ecosystems, similar to the way in which NGS enabled genomics-based diagnostics for cancer and rare genetic diseases. The company expects that companies in the healthcare testing space, including the company's spin-out PrognomiQ, will utilize the Proteograph solution, and the company is committed to supporting all of its customers as the ecosystem grows, not only in their basic research and translational research applications but also as they develop their own diagnostic applications.
As an example, scientists at PrognomiQ conducted a large case/control study that included those at high risk for lung cancer, using deep, unbiased proteomics as part of their development work for multi-omics-based blood test for early-stage lung cancer detection.
The recommendation for patients at high risk for lung cancer is an annual low dose CT scan. The compliance rate for current low dose CT cancer screening is only 5-10%. PrognomiQ is developing a blood test to help close this compliance gap to identify patients at risk for lung cancer and subsequent evaluation.
Researchers from PrognomiQ used the Proteograph to measure over 8,300 proteins from samples from 2,513 individuals, which was then combined with over 200,000 RNA transcripts and 1,000 metabolite measurements to drive a multi-omics classifier.
As illustrated in Figure 14A below, the proteomics data performs extremely well with an AUC of 0.91. Adding the other -omics data increased AUC to 0.96. PrognomiQ believes this classifier represents a potentially best-in-class performance by achieving a sensitivity of 80% for stage 1 and 89% for all stages of lung cancer at 89% specificity.
Figure 14B below shows the top features contributing to the classifier ranked by their importance. The top features are heavily enriched for those derived from unbiased proteomics utilizing the Proteograph assay. Figure 14C indicates where these proteins fall in the standard plasma concentration curve, and indicates that they are across the entire dynamic range. Therefore, the capabilities of the Photograph platform to provide deep, unbiased, proteomics at scale could be used to develop this classifier.
Applied Applications in Agriculture, Animal Health, Environmental Monitoring and Food Safety
The company sees significant opportunities for the Proteograph solution to be applied in areas beyond human health, including areas where broad-scale genomics is being widely applied today, and applications where proteomics can uniquely enable the creation of end-markets. Unbiased, deep and large-scale proteomic information, which can be enabled by the Proteograph, can complement and extend the value of genomics, transcriptomics and metabolomics information in fields such as agriculture, animal health, environmental monitoring and food safety.
Given the robustness of the Proteograph Product Suite and the ability of its core NP technology to work across species, there is significant interest and an attractive market opportunity for implementation of the Proteograph Product Suite in model organisms and the animal health markets to pursue opportunities in diagnostic and therapeutic development. The company has already demonstrated the application of the Proteograph Product Suite in projects in mouse, pig, feline, chicken, canine, baboon and bovine plasmas.
Markets
The Proteograph Product Suite has two primary near-term markets: the approximately $27 billion global proteomics market, and the $28 billion global genomics market, as reported by Allied Market Research and Technavio, respectively. Potential applications of the Proteograph could span several areas, including basic research and discovery, translational research, diagnostics and clinical applications. The company will compete in the proteomics reagent and instrument markets in the near term, while the company's service provider customers and Centers of Excellence (COEs) will access the services component. The company will similarly be able to attract spending on both products and services as genomic customers link genotype to phenotype by supplementing existing genomic data with proteomics data. These applications can be used across basic research, translational research, pharmaceutical, commercial and contract research organization (CRO) customer segments.
The company sells and markets the Proteograph Product Suite for research use only (RUO). However, the capabilities of the Proteograph Product Suite may enable other applications in the future, including clinical and applied applications. Like the commercial impact of broadened access to genomics products, the Proteograph will enable novel applications and insights, leading to new end-markets. For example, non-invasive prenatal testing and precision oncology make up a significant part of the current genomics market, which would have been difficult to predict a decade ago. The company anticipates that the same dynamic of new market creation will occur in proteomics, with one such application for proteomics being early disease detection.
Strategy
The company's growth strategy is to drive adoption of the Proteograph Product Suite to enable researchers to create large-scale unbiased proteomic datasets that generate transformative scientific insights; invest in market development activities to demonstrate the importance of large-scale proteomic data and the ability to access it; innovate continuously to develop and commercialize additional transformative products to access the proteome and accelerate the company's understanding of biology; build the company's commercial infrastructure and manufacturing capabilities to enable expansion of the company's global customer base; foster the creation of an ecosystem of customers, partners and collaborators whose expertise and offerings complement and enhance the power and utility of the company's products; and expand the company's proprietary engineered NP technology to analyze molecules beyond proteins.
Commercial
Commercial Strategy
The company is focused on developing the market for deep, unbiased, rapid proteomics at scale by improving accessibility to the company's technology, growing the number of customer studies and publications, and expanding the installed base of the Proteograph across a wide variety of customer types. Enabling breakthrough science, demonstrating the power of the company's technology and catalyzing new applications and markets will lead to increased utilization of the Proteograph Product Suite by the company's customers. The company is initially focused on research applications for the Proteograph Product Suite and selling and marketing the Proteograph for RUO. The company started broad commercialization of the Proteograph Product Suite in January 2022 and shipped 23 instruments in 2023, bringing the company's total system shipments to 62 as of December 31, 2023.
The company's market development efforts are focused on creating a body of evidence to support unbiased, deep proteomics at-scale by establishing relationships with key thought leaders and driving programs that make it easier for labs of all types to access the Proteograph in order to undertake first-of-their-kind studies. Paving the way with standards, methods and proof in the form of published data empowers the scientific community to move forward more rapidly.
Key Opinion Leader (KOL) relationships: The generation of scientific data, presentations and peer-reviewed publications is a core pillar of the company's market development strategy and is important for establishing validity and utility of new disruptive products in the life sciences community. The company is working with its customers, including KOLs, to generate clear use-cases, as well as peer-reviewed publications, that illustrate the Proteograph's performance and value proposition.
Seer Technology Access Center (STAC): In June 2023, the company announced the formation of the Seer Technology Access Center to provide access to the company's Proteograph workflow, coupled with Thermo Scientific Orbitrap Astral mass spectrometer, on a fee-for-service basis. The STAC's primary purpose is to lower the barriers to access for customers who want access to data produced by these technologies. Customers can access the technology by bringing the Proteograph in-house and then sending the peptide output back to the company for mass spec analysis. Alternatively, customers can send the company samples directly and the company will run the full Proteograph workflow for them and send the data back to them.
Strategic Investment Placement (SIP) Program: The company's Strategic Investment Placement Program is designed to enable access to the company's Proteograph without the need for an upfront capital investment. With an upfront purchase of consumable kits, the company will loan the instrument with an option to purchase for a defined period of time. This allows potential customers to utilize available operating budget without the need to access capital budget in the short term. Having access to the Proteograph and the data it generates will allow customers to see the value of the company's platform and help increase the number of studies and peer-reviewed publications.
Protein Discovery Catalog: In January 2024, the company launched the Protein Discovery Catalog on the company's website as a fully accessible, searchable catalog with the goals of removing barriers to access, empowering researchers, and driving new lead generation. With over 10,000 proteins across 1,900 biological pathways, this catalog provides the company's first published index of the unprecedented depth of empirically observed proteins captured by the company's NP technology as of December 31, 2023. This web tool offers versatile searches by disease associations, reactome pathways, protein names, Uniprot keywords, and more. The catalog includes proteins linked to 150,000+ peptides that can serve as data points for potential biomarkers, including proteins not yet associated with diseases, making it a rich source of biological insights, powered by data from the Proteograph XT and leading mass spectrometers. The company's Protein Discovery Catalog will continue to expand over time as more samples are interrogated by the Proteograph platform and more mass spec-based proteomics data becomes available.
Centers of Excellence (COE) Program: The company has partnered with select service facilities and core labs globally to be Centers of Excellence for the Proteograph. These sites have become the company's customers and provide fee-for-service capabilities that allow interested parties to access and evaluate the Proteograph Product Suite using their own samples. The company expect that these COEs will actively promote the Proteograph solution and its capabilities, help the company further raise awareness, and increase the accessibility of the Proteograph to a wider range of customers.
Commercial Partnerships: The company has partnered with leading mass spectrometry instrumentation providers, including Thermo Fisher Scientific, Bruker Corporation and SCIEX to establish partnerships that include lead sharing, co-marketing, and co-development of end-to-end workflows to enable broad education of the market as well as easy-to-implement workflows.
Geographic Partnerships: The company continues to expand geographically in order to enable access in key markets globally. In addition to the company's existing distributor in China, the company added new distributors and channel partners in Australia, Eastern Europe, Israel and Japan in 2023. These partners will help educate, develop and expand the market for the Proteograph Product Suite in their respective regions.
The company is initially targeting potential customers who value unbiased and deep proteomic information and are performing proteomic or genomic analysis at academic institutions, translational research groups and biopharmaceutical companies. The company's direct sales and marketing efforts are focused on the principal investigators, researchers, department heads, research laboratory directors and core facility directors who control the buying decisions. The company expects these customers to purchase the Proteograph Product Suite and associated consumables in line with typical purchases of other life science instrumentation and consumables. The company has priced the Proteograph Product Suite to be affordable to most researchers who can direct buying decisions, without the need for additional levels of approval, simplifying the company's sales process. For example, the company prices the SP100 automation instrument comparably to other similar automated fluid handling systems available. The company prices the Proteograph consumables, on a per-sample basis, in a range similar to that of other life sciences consumables that provide deep and unbiased -omics information.
To service the company's Proteograph customers, the company provides multiple levels of technical service for the Proteograph Product Suite, depending upon the customer's needs. The company recognizes that excellent customer support can be a critical part of a customer experience, and the company will invest accordingly in its technical and application support to achieve the desired levels of service.
Commercial Organization
The company is building out its commercial organization across Marketing, Sales, and Customer Experience functions to support demand, with the goal of delivering an exceptional customer experience.
In North America, the United Kingdom and select countries of the European Union, the company has direct sales and customer experience personnel, including Regional Business Managers (RBM), Field Application Scientists and Field Service Engineers. In addition to these direct personnel, the company has marketing, customer experience and technical support personnel located in the company's offices in Redwood City and San Diego, California. The RBM are focused on identifying potential customers who have a strong interest in deep, unbiased proteomics and access to sufficient sample cohorts and capital to help drive long-term usage. They work closely with the company's marketing personnel to identify, qualify and close these customer opportunities. The Field Application Scientists also help in the sales process, they are primarily responsible for ensuring that customers have an exemplary experience once a purchase has been made. This ranges from providing customer training to working with each customer to help them optimize their methods and applications. The company's Field Service Engineers perform installation and provide on-site service support for any technical problems or repairs that are needed.
Suppliers and Manufacturing
Automation Instrument
The company designed the SP100 automation instrument and have outsourced its manufacturing to Hamilton Company, a leading manufacturer of automated liquid handling workstations. The company entered a non-exclusive agreement with Hamilton that covers the manufacturing of the SP100 automation instrument and its continued supply on a purchase order basis. The agreement has an initial term that runs for three years following the company's commercial launch. The company has the option to extend the term of the agreement with Hamilton upon written notice at the end of the initial term; provided that prices are only fixed during the initial term of the agreement. Hamilton has represented to the company that it maintains ISO 9001 and ISO 13485 certification.
Intellectual Property
As of December 31, 2023, the company owned or exclusively licensed over 160 issued patents and patent applications worldwide. The company's intellectual property portfolio includes patents and patent applications directed to proteomic assays, nanoparticle chemistry, data analysis and automation instruments. The company's owned or exclusively licensed patents and patent applications, if issued, are expected to expire between 2024 and 2044, in each case without taking into account any possible patent term adjustments or extensions and assuming payment of all appropriate maintenance, renewal, annuity or other governmental fees.
The company exclusively licenses the U.S. patents and patent applications, as well as ex-U.S. patents and pending patent applications from The Brigham and Women's Hospital (BWH). These patents and patent applications are directed to methods for identifying a biological state, including classification and early detection of cancers and other diseases, using nanoparticle and biosensor compositions, as well as other nanoparticle compositions. The company's in-licensed patents and patent applications, if issued, are expected to expire between 2027 and 2037, in each case without taking into account any possible patent term adjustments or extensions and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.
In addition to licensing patents and patent applications from BWH, the company has non-exclusively licensed certain of its patents and patent applications to PrognomiQ for use in the field of human diagnostics. Pursuant to the company's agreement with PrognomiQ, the company also assigned a patent application related to lung cancer biomarkers to PrognomiQ. In connection with the company's agreement with PrognomiQ, the company has granted PrognomiQ a non-exclusive sublicense to certain patents and patent applications that the company licenses from BWH under its license agreement with BWH for use in the field of human diagnostics.
Collaboration and License Agreements
The Brigham and Women's Hospital
In December 2017, the company entered into an exclusive patent license agreement with BWH, pursuant to which the company obtained an exclusive, royalty-bearing, sub-licensable (with approval from BWH) license to certain U.S. and foreign patents and patent applications in one patent family related to methods for identifying a biological state using nanoparticle and biosensor compositions and other nanoparticle compositions to develop, manufacture, use and commercialize products and processes in all fields, including but not limited to therapeutic, diagnostic, or other uses, on a worldwide basis. In addition, the company was also granted an exclusive, royalty-bearing, sub-licensable (with approval from BWH) license to certain U.S. pending patent applications in another patent family to develop, manufacture, use and commercialize products and processes in all fields, including but not limited to therapeutic, diagnostic, or other uses, other than for the treatment of cancer through antigen-specific immune stimulation or the treatment of disease through immune tolerance or immune switching of lymphocyte subclasses.
PrognomiQ
In August 2020, the company entered into an intellectual property transfer and license agreement and, in October 2020, the company entered into an intellectual property sublicense agreement, in each case with PrognomiQ in connection with the spin-out of PrognomiQ. Under the intellectual property transfer and license agreement, the company granted PrognomiQ a non-exclusive, perpetual, irrevocable (subject to termination for breach) license to certain patents and patent applications that the company owns, and under the intellectual property sublicense agreement, the company granted a non-exclusive sublicense to certain patent applications exclusively licensed from BWH, in each case, relating to the company's core technology to develop, manufacture and commercialize licensed products for the field of human diagnostics on a worldwide basis. In addition, the company assigned a patent application relating to lung cancer biomarkers, and transferred certain clinical samples, contracts and other related assets to PrognomiQ. PrognomiQ may extend such licensed and sublicensed rights to customers of licensed products. PrognomiQ is not required to pay the company any royalties or fees pursuant to the intellectual property transfer and license agreement. In consideration of the non-exclusive sublicense to certain patent applications licensed from BWH, PrognomiQ paid the company a low-five digit figure, and would pay a low single digit royalty, in an amount equivalent to what the company would have to pay under its license with BWH, on net sales of sublicensed products beginning with the first commercial sale of a sublicensed product during the term of the intellectual property sublicense agreement.
Research and Development
The company's research and development expenses were $53.0 million in 2023.
History
The company was founded in 2017. It was incorporated in 2017. The company was formerly known as Seer Biosciences, Inc. and changed its name to Seer, Inc. in 2018.
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