Slides
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November 6, 2025 Q3 2025 Earnings Call
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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. 3 $4.1M Q3 2025 revenue Q3 2025 highlights ~$251M Cash, cash equivalents, and investments1 1. As of September 30, 2025 Validate Platform Enhance Access Drive Innovation 2025 Cata lysts Delivered third consecutive quarter of strong instrument shipments Record number of third-party publications and preprints demonstrating the value of the Proteograph Enable Larger Studies
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© 2025 Seer, Inc. 4 Strong demand and utilization following the launch of new Proteograph ONE workflow last quarter 10x More protein groups than direct (neat) methods served Identify 1,000+ Samples per week with the Proteograph ONE workflow Analyze Doubles throughput to 80 samples per run, with ~30% reduction in run time to ~4.5 hours compared to Proteograph XT Drive Innovation
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© 2025 Seer, Inc. 5 Changing the arc of proteomics by enabling deep, unbiased population -scale studies 10,000-sample study secured in collaboration with Discovery Life Sciences 20,000-sample proteomics study in partnership with Korea University Validate Platform Large-scale multiomics study funded by the NIH
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© 2025 Seer, Inc. 6 Growing validation of platform makes us a trusted partner for customers Evidence is scaling as Proteograph adoption grows Cumulative peer-reviewed publications2 3 8 31 2022 2023 2024 2025 1. As of November 6, 2025 2. Includes publications, preprints and reviews 66 Validate Platform 66 customer publications, preprints and reviews1 Q3 was a record quarter for third-party publications Nearly half of cumulative publications and preprints were produced in 2025 Researchers are demonstrating differentiated Proteograph insights American Society of Human Genetics (ASHG) Upcoming: Human Proteome Organization (HUPO) World Congress
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© 2025 Seer, Inc. 7 Dr. Sheynkman leveraged the Proteograph’s peptide- level resolution to identify potential biomarkers in IPF Validate Platform Two protein isoforms were identified using the Proteograph that were preferentially expressed in the sicker patient population relative to healthy patient population Uniquely identified isoform differences in these populations using the Proteograph when no significant difference was seen at the protein group level Study demonstrates the critical role that protein isoforms may play in disease and the need for peptide-level resolution to glean important biological insights IPF = idiopathic pulmonary fibrosis Seer Insights Grant Program
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© 2025 Seer, Inc. 8 Accelerating access to the Proteograph Strong instrument shipments throughout 2025 Enhance Access 1. SIPP = Strategic Instrument Placement Program 2. STAC = Seer Technology Access Center Shipped nearly three times as many instruments in the first nine months of 2025 as shipped in all of 2024 More than two thirds of instrument shipments in Q3 were acquired by customers who had previously accessed STAC Consistent demand for STAC2 services Transitioned STAC to recently launched Proteograph ONE workflow A little more than half of instrument shipments this year were part of SIPP1 Continued interest in a broad and diverse set of use cases First joint sale from the co-marketing and sales agreement with Thermo Fisher in Q3
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© 2025 Seer, Inc. 9 ~1.0M shares repurchased in Q3 bringing total shares repurchased to ~11.7M through open-market share repurchase program, and reducing net total shares outstanding by ~14%1 9 Q3 2025 financial overview Q3’25 Q3’24 Revenue $4.1M $4.0M Product & Service Revenue $3.7M $3.6M Related Party Revenue $0.3M $0.4M Other Revenue $0.2M $0.1M Gross Margin 51% 48% Operating Expenses $21.5M $26.3M Stock-Based Compensation $3.5M $6.1M Net Loss $18.2M $21.3M 1. As of September 30, 2025 2. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period First nine months of 2025 First nine months of 2024 Free Cash Flow2 $(35.1M) $(38.8M) ~$251M Cash, cash equivalents and investments, no debt1
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© 2025 Seer, Inc. 10 10 $17M - $18M 24% y/y growth at midpoint Reiterating full year 2025 revenue guidance
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© 2025 Seer, Inc. 11 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