Seer, Inc. (NASDAQ: SEER)

Seer, Inc. provides researchers with unbiased deep rapid and large scale access to the proteome through its Proteograph Product Suite.

The suite consists of consumable assays, an automation instrument, and data analysis software that together enable unbiased measurement of proteins at peptide level resolution.

Seer’s mission is to imagine and pioneer new ways to decode the biology of the proteome to improve human health.

The company operates in the proteomics segment of the life sciences tools industry where proteins are the functional drivers of biology and the primary targets of most approved drugs.

Unlike DNA which is largely static the proteome is dynamic reflecting real time biological processes disease states and responses to therapeutic intervention.

Traditional proteomic approaches force researchers to choose between depth and throughput but the Proteograph eliminates this trade off by providing peptide level resolution across complex samples such as plasma.

The Proteograph workflow uses proprietary engineered nanoparticles that form a protein corona on their surface enabling unbiased sampling of intact proteins without prior knowledge of proteome composition.

In combination with mass spectrometry readout this approach captures molecular information at the peptide level including protein isoforms, post translational modifications, and variant peptides.

Seer generates revenue primarily from the sale of its Proteograph Product Suite which includes consumable nanoparticle based assays, the SP200 automation instrument, and the Proteograph Analysis Suite software.

All products are sold for research use only meaning they are intended for laboratory investigations and not for diagnostic procedures.

Revenue from consumables arises from repeat purchases of nanoparticle assay kits required for each sample processed.

Revenue from the automation instrument comes from the sale or placement of the SP200 liquid handling workstation which executes the Proteograph workflow in an automated manner.

The software component the Proteograph Analysis Suite is offered as a cloud based solution providing quality control data management and interpretation of proteomic output.

Seer also derives revenue from service offerings such as the Seer Technology Access Center which provides fee for service access to the Proteograph workflow coupled with mass spectrometry instrumentation, and from the Strategic Instrument Placement Program which allows customers to obtain the instrument with minimal upfront capital.

Seer competes in the approximately $30 billion proteomics market where it differentiates itself through an integrated platform that delivers unbiased deep proteomic measurements with peptide level resolution, high throughput, reproducibility, and scalability.

The company’s technology addresses a critical limitation of existing proteomic methods which often require researchers to sacrifice either depth of coverage or sample throughput.

By providing peptide level resolution the Proteograph enables detection of protein isoforms, post translational modifications, and variant peptides that are invisible to affinity based approaches.

Established competitors include Agilent Technologies, Bio Tekne, Bruker, Danaher, DiaSorin, Illumina, and Thermo Fisher Scientific.

Emerging players such as Alamar Biosciences, Nautilus Biotechnology, Quanterix, and Quantum Si also operate in the proteomics space offering alternative technologies for protein analysis.

Seer’s competitive advantages stem from its proprietary engineered nanoparticle technology, its end to end workflow that combines consumables automation and software, and its strong intellectual property portfolio which includes over 230 issued patents and patent applications worldwide.

Seer serves more than 190 customers across over 20 countries.

Its customer base comprises leading academic institutions, biopharmaceutical companies, biobanks, and clinical research organizations.

Specific customers named in the filing include PrognomiQ, Korea University, Discovery Life Sciences, Thermo Fisher Scientific, and LIFE & BRAIN GmbH.

PrognomiQ, a multi omic diagnostic company spun out of Seer in 2020, has leveraged unbiased deep proteomics generated by the Proteograph to develop a blood based test for early lung cancer detection.

Korea University collaborates with Seer, on a 20,000 subject proteomics biomarker discovery study aimed at early detection across multiple cancers.

These customers conduct population scale studies involving tens of thousands of samples, quantifying thousands of proteins and hundreds of thousands of peptides and generating data suitable for large scale statistical analysis and AI driven biological discovery.