Slides
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January 2025 J.P. Morgan Healthcare Conference
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© 2025 Seer, Inc. 2 Certain statements in this presentation and the accompanying oral commentary are forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward-looking. These forward-looking statements relate to future events or results of Seer, Inc. (the “Company”) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “to,” “target,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding the Company's projections of market opportunities and the Company’s business and industry; statements regarding the Company’s business strategy, product development, operations, results of operations, financial needs, and financial condition; and statements regarding the Company’s long-term expectations and future performance. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”) and other documents that the Company subsequently files with the SEC from time to time. You should read these documents for more complete information about us. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, are described more fully in the Company’s filings with the SEC and other documents that the Company subsequently files with the SEC from time to time. These risks are not exhaustive. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. The Company specifically disclaims any intention to update any forward-looking statements included in this presentation, except as required by law. If one or more of these statements is updated or corrected, investors and others should not conclude that additional updates or corrections will be made. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or prediction of future events or making any investment decision about any securities of the Company. Safe harbor disclosures
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© 2025 Seer, Inc. 4 decode the biology of the proteome We imagine and pioneer new ways to to improve human health pioneer © 2025 Seer, Inc.
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© 2025 Seer, Inc. 5 As of December 1, 2024, unless otherwise noted; 1. As of September 30, 2024 AC edits Seer at a glance pioneer $27B 2022 Global Proteomics Market Unparalleled Opportunity 36K+ Proteins across species Differentiated Unbiased Product 120+ Current customers Growing Customer Footprint ~$312M Cash, CE, investments1 Scalable Business Model ~20% Ownership in PrognomiQ1 Investment in Market Expansion ~10% Est. 2022-2027 CAGR Recurring revenue with high gross margins 32 Publications, preprints, reviews 20+ Countries served Developing a test for early lung cancer detection
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© 2025 Seer, Inc. 6 ~20K Genes Full characterization of the proteome is essential Source: Isabell Bludau et al. Proteomic and interactomic insights into the molecular basis of cell functional diversity. Nature Reviews Molecular Cell Biology (2020). >1.3 B genetic variants <0.2% characterized Modest correlation of mRNA to proteins Distinct expression patterns in different cells Static Dynamic ~200K Transcripts Transcriptomics Genomics Protein variants have distinct structure and function Millions of allelic and post-translational variants Millions of Protein Variants Proteomics Transcription RNA processing Translation Post-translational modification (PTM) Protein-protein interactions (PPI) pioneer 455,000 exomes sequenced 6,345,457 potential deleterious variants UKBB 8.9M protein variants Source: Backman, J.D. et al. Exome sequencing and analysis of 454,787 UK Biobank participants. Nature 599, 628–634 (2021)
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© 2025 Seer, Inc. 7 Mass spectrometry is the gold standard for proteomics pioneer Unbiased Seer + MS methods Not restricted to a binding epitope or a known protein Measurements are made along the length of the protein Protein variants are detected and do not confound analysis Broad coverage of proteins of sufficient abundance in sample Targeted ligand-based methods Binding epitope represents < 2% of protein length Changes to the remaining ~98% of the protein are unable to be analyzed Protein variants can impact the binding epitope and result in false measurement Only protein epitopes that are targeted can be measured
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© 2025 Seer, Inc. 8 Breaking bottlenecks to power deep, unbiased proteomics at scale pioneer © 2025 Seer, Inc. 2021 SP100 2023 Proteograph Analysis Suite (PAS) 2.0 2021 RiSE 2023 XT 2024 PAS 3.0 + Instrument AssayBottlenecks Sample Preparation Data Analysis Depth Proteogenomics Robustness
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© 2025 Seer, Inc. 9 Deep, unbiased, high- throughput Able to analyze 10,000+ samples per year 81 Issued patents 140 Patent applications 35+ Countries pioneer As of December 31, 2024
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© 2025 Seer, Inc. 10 Changing the trajectory of deep unbiased proteomics © 2025 Seer, Inc. >6,000 >8,000 19 53 121 8 32 >13,000 Deepest study was 5,300 proteins in 16 samples 8 >3,000 Trusted Partner for high-impact proteomic research Cumulative publications1 3 Protein customer studies Cumulative customers 2021 2023 2024 2022 Pre-Proteograph 2025 1. Includes peer-reviewed articles, preprints and reviews pioneer
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© 2025 Seer, Inc. 11 767 6,033 ~13,000 8x Protein Groups 48 minutes Proteograph XT + Astral 1 sample 33 minutes Proteograph XT + Astral 2,840 samples 48 minutes Astral neat plasma 1 sample 8X Avg proteins detected with Seer compared to neat >10K Proteins reproducibly measured in studies at scale Significantly more proteins detected by mass spec with Seer technology pioneer Proteograph XT + Astral enables the deepest proteomic discovery research Source: Seer, Inc. (2024, June 2). Seer Technology Access Center Provides Unprecedented Scale and Depth of Coverage for PrognomiQ’s Early Cancer Detection Study [Press release].
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© 2025 Seer, Inc. 12 0 1000 2000 4000 3000 5000 6000 7000 TripleTOF 6600 timsTOF Pro 2 OrbitrapTM ExplorisTM 480 TimsTOF HT OrbitrapTM AstralTM 2020 2021 2022 2023 2023 5.1x Average Protein Groups per Sample 5.2x 5.0x 5.7x 7.5x These are representative numbers achieved on these platforms in these years. This is not a direct head-to-head evaluation Neat Plasma + Mass Spec Proteograph + Mass Spec Seer’s Proteograph consistently improves mass spec performance pioneer
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© 2025 Seer, Inc. 13 pioneer Seer has pioneered the method that others are trying to follow pioneer Reproducibility 120 100 80 60 40 20 0 CV Neat Approach A Approach C SeerApproach B Placeholder for preprint cover Source: Joshua J. Coon. A Technical Evaluation of Plasma Proteomics Technologies. Biorxiv. https://doi.org/10.1101/2025.01.08.632035 Protein Group IDs 0 500 1,000 2,000 1,500 2,500 3,000 5,000 3,500 4,000 4,500 Neat Approach A Approach C SeerApproach B 4,5641,2022,263837602 Joshua Coon, Ph.D. Professor of Chemistry and Biomolecular Chemistry at University of Wisconsin-Madison © 2025 Seer, Inc. 8.7 26.6 25.2 12.6 10.4
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© 2025 Seer, Inc. 15 The pioneer of deep, unbiased proteomics at scale has established itself as the trusted partner for discovery and translational research pioneer trusted partner © 2025 Seer, Inc.
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© 2025 Seer, Inc. 16 32 Peer-reviewed articles, preprints and reviews trusted partner 2024: A year of high -impact publications trusted partner
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© 2025 Seer, Inc. 17 BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 17 Lung cancer screening Relative energy deficiency True pQTL identification The Proteograph provides unique capabilities for unbiased proteomics These customer examples demonstrate how the Proteograph generates biological insights that would not be accessible with an alternative technology. Drug discovery and development trusted partnertrusted partner
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© 2025 Seer, Inc. 18 BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 18 Lung cancer screening Relative energy deficiency PrognomiQ is developing an LDT for early lung cancer detection that has best-in-class performance. A key component of PrognomiQ test is protein measurement discovered through unbiased profiling with the Proteograph. Data collected from ~2,500 sample study, and validation cohort for classifier was ~400 89% Specificity (n=187) 89% Overall sensitivity (n=211) VALIDATION COHORT (n=398) STAGE I STAGE II STAGE III & IV True pQTL identification Strong Discovery Classifier Performance Sensitivity (n=69) 80% 0 Sensitivity (n=84) 98-100% Sensitivity (n=25) 88% Our proprietary multi-omics approach, with deep unbiased proteomics at its core, enables best-in- class test performance, and we’re excited to launch our first product in lung cancer detection. Source: Koh B, Lie M, et al. Multi-omics profiling with untargeted proteomics for blood-based early detection of lung cancer. medRxiv 2024.01.03.24300798 Philip Ma CEO, PrognomiQ Drug discovery and development trusted partnertrusted partner
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© 2025 Seer, Inc. 19 trusted partnertrusted partner BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 19 Lung cancer screening Relative energy deficiency of global Top 20 pharma companies already completed a Proteograph study with Evotec The Proteograph technology perfectly matches with Evotec’s vision to generate large omics data sets to drive forward biomarker and drug discovery. Dr. Christoph Schaab SVP Head of Proteomics & Metabolomics at EvotecTrue pQTL identification 35% All in one workflow From human samples to insights ScreenPepTM > 50 mass spectrometry instruments to support your science PanHunter Interactive data analytics Proteograph Human sample management Drug discovery and development
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© 2025 Seer, Inc. 20 BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 20 Lung cancer screening Relative energy deficiency Proteograph is the only deep, unbiased proteomics method capable of working in multiple species. In this study, this capability allowed researchers to study a mouse model at unprecedented depth This work provided new insights into relative energy deficiency (RED), a condition that affects athletes Without an animal model of the syndrome, there was no means to gain an understanding of its mechanisms on a cellular or molecular level. True pQTL identification Satchidananda Panda, PhD Professor, Regulatory Biology Laboratory, Salk Institute Source: Van Rosmalen L, Zhu J, et al. Multi-organ transcriptome atlas of a mouse model of relative energy deficiency in sport. Cell Metabolism, Volume 36, Issue 9, 2015 - 2037.e Drug discovery and development trusted partnertrusted partner
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© 2025 Seer, Inc. 21 BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 21 Lung cancer screening Relative energy deficiency True pQTL identification First large-scale pQTL study using Proteograph for deep, unbiased proteomics with mass spec Up to one third of strongest pQTLs identified with affinity-based proteomics technologies in two cohorts are likely false due to epitope effects Follows Nature Communications publication demonstrating the Proteograph’s ability to properly account for variant peptides Drug discovery and development Sun, B.B., Chiou, J., Traylor, M. et al. Plasma proteomic associations with genetics and health in the UK Biobank. Nature 622, 329–338 (2023). https://doi.org/10.1038/s41586- 023-06592-6 Eldjarn, G.H., Ferkingstad, E., Lund, S.H. et al. Large-scale plasma proteomics comparisons through genetics and disease associations. Nature 622, 348–358 (2023). https://doi.org/10.1038/s41586-023-06563-x trusted partnertrusted partner Source: Suhre K, Venkataraman GR, Guturu, H et al. Nanoparticle enrichment mass-spectrometry proteomics identifies protein-altering variants for precise pQTL mapping. Nat Communications 15, 989.
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© 2025 Seer, Inc. 22 BREADTH SCALE UNBIASED REPRODUCIBILITY SPECIFICITY SPECIES AGNOSTIC 22 Lung cancer screening Relative energy deficiency First large-scale pQTL study using Proteograph for deep, unbiased proteomics with mass spec Up to one third of strongest pQTLs identified with affinity-based proteomics technologies in two cohorts are likely false due to epitope effects Follows Nature Communications publication demonstrating the Proteograph’s ability to properly account for variant peptides True pQTL identification Drug discovery and development Sun, B.B., Chiou, J., Traylor, M. et al. Plasma proteomic associations with genetics and health in the UK Biobank. Nature 622, 329–338 (2023). https://doi.org/10.1038/s41586- 023-06592-6 Eldjarn, G.H., Ferkingstad, E., Lund, S.H. et al. Large-scale plasma proteomics comparisons through genetics and disease associations. Nature 622, 348–358 (2023). https://doi.org/10.1038/s41586-023-06563-x trusted partnertrusted partner Source: Suhre K, Venkataraman GR, Guturu, H et al. Nanoparticle enrichment mass-spectrometry proteomics identifies protein-altering variants for precise pQTL mapping. Nat Communications 15, 989.
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© 2025 Seer, Inc. 23 Market development to broad scale adoption © 2025 Seer, Inc. Content discovery Facilitate scaling Biological insight Widespread adoption and revenue growth Phase 1 Growth Time Phase 2 Phase 3 Phase 4 Revenue inflection point We are here Revenue inflection point 2023 2024 2022 Commercial release
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© 2025 Seer, Inc. 24 Exemplifying the power of the Proteograph XT + Orbitrap Astral LC-MS Strong demand for STAC services 90+ Organizations served 12 Large pharma customers 6x Avg fold improvement over neat plasma 69% Y/Y revenue growth 1 1. Q3 2024 revenue growth
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© 2025 Seer, Inc. 25 Doubled size of commercial team in 2024 Further expansion planned for 2025 6 new channel partners covering Europe, Asia Pacific, Middle East, and Africa Expanded our global commercial footprint DIRECT CHANNEL PARTNER SERVICE PROVIDER STAC
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© 2025 Seer, Inc. 26 Co-marketing and sales agreement Accelerating access to Proteograph Product Suite Thermo Fisher’s global sales force will have the ability to quote and sell the Proteograph Product Suite along with the Orbitrap Astral Create seamless sample-to-data experience Collaborate on joint research and population-scale studies Expanding accessibility to best-in-class deep, unbiased proteomic workflow to life science researchers worldwide Training and launch expected in early 2025 Non-exclusive agreement
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© 2025 Seer, Inc. 27 Reduces data processing time by ~95% with similar performance to DIA-NN Is 95% less expensive for an equivalent study size Is the only commercial solution that can provide depth and scale for large-scale studies Proteograph Analysis Suite… Superior Scalability with Proteograph Analysis Suite 3.0 0 2 4 6 8 10 12 14 10 50 100 500 1000 Processing time (days) # of samples processed Time of Mass Spec Search Seer PAS DIA-NN Time saved with Seer PAS
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© 2025 Seer, Inc. 28 New application: Proteograph XT Cell Lysate Unlock unprecedented depth in intracellular proteomics with the Proteograph XT workflow High-value and difficult to characterize protein compartments can now be studied more extensively Expected to be available in February 2025 Proteograph XT workflow expands coverage of intracellular proteomes, unlocking deeper insights Glycoprotein Cytoplasm Cell membrane Cytoskeleton Receptor Transmembrane Phosphorylation Ubl conjugation GTPase activation Kinase Nucleus Zinc finger DNA binding Protein Groups 96% 50% 99% 67% 53% 99% 48% 53% 355% 338% 223% 106% 114% Values are representative of % improvement in unique protein groups identified compared to conventional cell lysis protocol without NPs. Average from 2 different cell lines.
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© 2025 Seer, Inc. 29 29 $4M $9M $11M $8.1M $2M $5M $4M $1.9M 2021 2022 2023 First Nine Months of 2024 Product & Service Related Party Grant & Other $7M $15M $17M $10.2M Enhancing access to Proteograph Revenue
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© 2025 Seer, Inc. 30 Careful cash management to maximize shareholder value 30 $312.5 million Cash, cash equivalents and investments, no debt as of September 30, 2024 Reduced cash burn with increased cost efficiency 5.7 million shares repurchased at $1.80 per share through open-market share repurchase program, reducing shares outstanding by ~9% to 59.0M1 Continuing to invest in key areas of commercial infrastructure and product innovation 1. As of September 30, 2024
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© 2025 Seer, Inc. 31 Revenue growth External validation of unique + actionable biological insights Continuing to drive innovation Expand user base, continue to enhance access Drive larger cohort studies Growth Catalysts 2025