Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call November 6, 2025
Slide 2: Safe harbor disclosures
Safe harbor disclosures 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 statem
Slide 3: Q3 2025 highlights
Q3 2025 highlights $4.1M Q3 2025 revenue ~$251M Cash, cash equivalents, and investments1 Delivered third consecutive quarter of strong instrument shipments Record number of third-party publications and preprints demonstrating the value of the Proteograph 2025 Catalysts Validate Platform Enhance Acce
Slide 4: Strong demand and utilization following the launch of new Proteograph ONE workflow last quarter
Drive Innovation Strong demand and utilization following the launch of new Proteograph ONE workflow last quarter Identify 10x More protein groups than direct (neat) methods served Analyze 1,000+ Samples per week with the Doubles throughput to 80 samples per run, with ~30% reduction Proteograph ONE w
Slide 5: Changing the arc of proteomics by enabling deep, unbiased population-scale studies
Validate Platform Changing the arc of proteomics by enabling deep, unbiased population-scale studies Large-scale multiomics study funded by the NIH 20,000-sample proteomics study in partnership with Korea University 10,000-sample study secured in collaboration with Discovery Life Sciences 5 © 2025 S
Slide 6: Evidence is scaling as Proteograph adoption grows
Validate Platform Evidence is scaling as Proteograph adoption grows Growing validation of Cumulative peer-reviewed Researchers are platform makes us a trusted publications2 demonstrating differentiated partner for customers Proteograph insights 66 customer publications, American Society of Human pre
Slide 7: Dr. Sheynkman leveraged the Proteograph's peptide-level resolution to identify potential biomarkers in IPF
Validate Platform Seer Insights Grant Program Dr. Sheynkman leveraged the Proteograph’s peptide- level resolution to identify potential biomarkers in IPF Two protein isoforms were identified using the Proteograph that were preferentially expressed in the sicker patient population relative to healthy
Slide 8: Accelerating access to the Proteograph
Enhance Access Accelerating access to the Proteograph Strong instrument shipments Consistent demand throughout 2025 for STAC2 services Shipped nearly three times as many More than two thirds of instrument shipments instruments in the first nine months of in Q3 were acquired by customers who had 2025
Slide 9: Q3 2025 financial overview
Q3 2025 financial overview Q3’25 Q3’24 Revenue $4.1M $4.0M ~$251M Product & Service Revenue $3.7M $3.6M Cash, cash equivalents and investments, no debt1 Related Party Revenue $0.3M $0.4M Other Revenue $0.2M $0.1M Gross Margin 51% 48% ~1.0M shares Operating Expenses $21.5M $26.3M repurchased in Q3 St
Slide 10: Reiterating full year 2025 revenue guidance $17M - $18M
Reiterating full year 2025 revenue guidance $17M - $18M 24% y/y growth at midpoint 10 © 2025 Seer, Inc.
Slide 11: Growth Catalysts
2025 External validation of unique + actionable biological insights Drive larger cohort studies Revenue growth Continuing to drive innovation Growth Expand user Catalysts base, continue to enhance access 11 © 2025 Seer, Inc.
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