Seer Inc (SEER) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Seer, Inc third-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Seer, Inc 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Carrie Mendivil, Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係部門的 Carrie Mendivil。請繼續。

Thank you. Earlier today, Seer released financial results for the quarter ended September 30, 2024. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to investor@seer.bio. Joining me today from Seer is Omid Farokhzad, Chief Executive Officer and Chair; and David Horn, Chief Financial Officer and President.

謝謝。今天早些時候，Seer 發布了截至 2024 年 9 月 30 日的季度財務業績。如果您還沒有收到本新聞稿，或希望將其新增至本公司的通訊群組清單中，請發送電子郵件至investor@seer.bio。今天與我一起參加 Seer 的是執行長兼董事長 Omid Farokhzad；財務長兼總裁 David Horn。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表聯邦證券法含義內的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。

Additional information regarding these risks and uncertainties appears in the section entitled forward-looking statements in the press release Seer issued today. For a more complete list and description, please see the Risk Factors section of the company's quarterly report on Form 10-Q for the quarter ended September 30, 2024, and its other filings with the Securities and Exchange Commission.

有關這些風險和不確定性的更多資訊請參閱 Seer 今天發布的新聞稿中標題為前瞻性陳述的部分。如需更完整的清單和說明，請參閱該公司截至 2024 年 9 月 30 日的季度 10-Q 表格季度報告的風險因素部分，以及向美國證券交易委員會提交的其他文件。

Except as required by law, Seer disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, November 6, 2024. With that, I'll turn the call over to Omid.

除法律要求外，Seer 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是因為新資訊、未來事件或其他原因。本次電話會議包含時效性訊息，僅截至 2024 年 11 月 6 日直播時準確。這樣，我會將電話轉給奧米德。

Thanks, Carrie, and thank you, everyone, for joining us this afternoon. I will begin our call today by providing updates on our business, and I will then turn the call over to David to provide more detail on our financial results for the third quarter of 2024 and our outlook for the remainder of the year.

謝謝嘉莉，也謝謝大家今天下午加入我們。我將在今天的電話會議中介紹我們業務的最新情況，然後將電話轉給 David，提供有關我們 2024 年第三季度財務業績以及對今年剩餘時間的展望的更多詳細信息。

We continue to see growing enthusiasm for the Proteograph Product Suite during the third quarter despite the ongoing macro environment pressures, especially for the adoption of new technology. We ended the third quarter with $4 million in revenue and approximately $312 million in cash, cash equivalents, and investments. In particular, we were pleased to see multiple large orders from government agencies and continued strong interest in our STAC.

儘管宏觀環境壓力持續存在，特別是在採用新技術方面，但我們在第三季仍然看到人們對 Proteograph 產品套件的熱情不斷增長。第三季末，我們的收入為 400 萬美元，現金、現金等價物和投資約為 3.12 億美元。特別是，我們很高興看到來自政府機構的多個大訂單以及對我們的 STAC 的持續濃厚興趣。

While the capital purchasing environment remains challenging and a continuous headwind for us, we believe we're starting to see the flywheel effect and an increasing tailwind that comes with a growing number of customer publications and preprints highlighting the value of the Proteograph.

雖然資本採購環境仍然充滿挑戰，並且對我們來說是持續的逆風，但我們相信，我們已經開始看到飛輪效應，並且隨著越來越多的客戶出版物和預印本強調Proteograph 的價值，順風車子也隨之增加。

In the near term, we expect to see fluctuations in the relative strength of these two vectors. That said, I'm confident that directionally, we're picking up momentum as the data and evidence is strongly supportive of Proteograph's unique value proposition.

在短期內，我們預期這兩個向量的相對強度會出現波動。也就是說，我相信從方向上看，我們正在加速發展勢頭，因為數據和證據強烈支持 Proteograph 獨特的價值主張。

At Seer, we're continuing to push the boundaries of what is possible to provide access to large-scale deep unbiased proteomics and help researchers generate meaningful insights into human health and disease. To that end, we're delighted that Thermo Fisher Scientific, the leading mass spectrometry provider, is partnering with Seer, a pioneer and leader in proteomics, to co-market and sell the Proteograph Product Suite alongside their Orbitrap Astral mass spectrometers.

在 Seer，我們正在繼續突破可能的界限，提供大規模深度、無偏見的蛋白質組學，並幫助研究人員對人類健康和疾病產生有意義的見解。為此，我們很高興領先的質譜供應商 Thermo Fisher Scientific 與蛋白質組學領域的先驅和領導者 Seer 合作，共同行銷和銷售 Proteograph 產品套件及其 Orbitrap Astral 質譜儀。

Under this non-exclusive agreement starting in early 2025, Thermo Fisher's global sales force will have the ability to quote and sell the Proteograph Product Suite, which includes an automation instrument, proprietary engineered nanoparticles, and software analysis suite, enhancing the accessibility of this innovative technology to life science researchers worldwide.

根據這項從2025 年初開始的非獨家協議，Thermo Fisher 的全球銷售團隊將能夠報價和銷售Proteograph 產品套件，其中包括自動化儀器、專有工程奈米顆粒和軟體分析套件，從而增強了這項創新產品的可近性為全球生命科學研究人員提供技術。

We believe Thermo Fisher's Orbitrap Astral sets the gold standard for mass spectrometry. The robustness and performance of the Seer platform and the sensitivity of the Orbitrap Astral make it possible for the first time to do population scale, deep unbiased proteomics with unprecedented power to drive biological insights.

我們相信 Thermo Fisher 的 Orbitrap Astral 為質譜分析設定了黃金標準。Seer 平台的穩健性和性能以及 Orbitrap Astral 的靈敏度使得首次能夠進行群體規模、深度無偏見的蛋白質組學，並具有前所未有的推動生物學見解的能力。

Last year, we collaborated with Thermo Fisher to exclusively use their Orbitrap Astral in our Seer Technology Access Center in the US, and earlier this year, we expanded the program to Europe. We have seen first-hand the highly differentiated and exceptional data that our customers are getting by working with our STAC as well as the exceptional results from a growing number of customers who are using the Orbitrap Astral and the Proteograph Product Suite in their own labs. This new collaboration makes it possible for customers to acquire the Proteograph Product Suite in conjunction with the acquisition of the Orbitrap Astral.

去年，我們與 Thermo Fisher 合作，在我們位於美國的 Seer 技術訪問中心獨家使用他們的 Orbitrap Astral，今年早些時候，我們將該計劃擴展到了歐洲。我們親眼目睹了客戶透過與我們的 STAC 合作獲得的高度差異化和卓越的數據，以及越來越多的客戶在自己的實驗室中使用 Orbitrap Astral 和 Proteograph 產品套件所取得的卓越成果。這項新的合作使客戶能夠在購買 Orbitrap Astral 的同時獲得 Proteograph 產品套件。

We will also conduct joint marketing initiatives, including conference promotions, seminars, and webinars and collaborate on joint research studies, including population scale studies to showcase the combined power of the proteomics platforms. We're excited by the expanded geographic reach and distribution that this partnership with Thermo Fisher will provide.

我們還將開展聯合行銷活動，包括會議推廣、研討會和網路研討會，並合作進行聯合研究，包括人口規模研究，以展示蛋白質體學平台的綜合力量。我們對與 Thermo Fisher 的合作將帶來的地理覆蓋範圍和分銷範圍的擴大感到興奮。

By aligning our technologies, we're providing researchers with a robust solution that enables comprehensive proteomic insights, ultimately driving breakthroughs in understanding human biology and disease.

透過調整我們的技術，我們為研究人員提供了強大的解決方案，能夠實現全面的蛋白質體學見解，最終推動人類生物學和疾病理解的突破。

We continue to serve customers through the Seer Technology Access Center, or STAC, which allows a Proteograph user to run samples in their own lab and have Seer run the mass spec, or alternatively, provide end-to-end study services from sample to data. We continue to see strong demand for STAC and have a strong pipeline heading into the end of the year despite continuing to navigate a challenging funding environment.

我們繼續透過 Seer 技術存取中心 (STAC) 為客戶提供服務，該中心允許 Proteograph 用戶在自己的實驗室中運行樣品並讓 Seer 運行質譜，或提供從樣品到數據的端到端研究服務。儘管我們繼續面臨充滿挑戰的融資環境，但我們仍然看到對 STAC 的強勁需求，並且在年底前擁有強大的管道。

STAC has been successful in enhancing access to the Proteograph and bringing the power of unbiased proteomics data to a growing number of researchers. We believe this increased access will catalyze the generation of third-party data and publications, further highlighting the transformative potential of our technology and facilitating broader adoption.

STAC 成功地增強了對 Proteograph 的訪問，並將公正的蛋白質組學數據的力量帶給越來越多的研究人員。我們相信，這種訪問的增加將促進第三方數據和出版物的產生，進一步凸顯我們技術的變革潛力並促進更廣泛的採用。

Earlier this year, we launched a second STAC lab in Germany, and we're excited to see increasing demand from prominent researchers in Europe that want to access the unique data that the Proteograph provides. We continue to see STAC as a strategic asset to invest in groundbreaking studies and run large sample cohorts for key collaborators, providing STAC services at lower price points.

今年早些時候，我們在德國啟動了第二個 STAC 實驗室，我們很高興看到歐洲著名研究人員的需求增加，他們希望存取 Proteograph 提供的獨特數據。我們繼續將 STAC 視為投資突破性研究並為關鍵合作者運行大型樣本隊列的策略資產，以較低的價格提供 STAC 服務。

We expect these customers will present and publish their studies shortly, further reinforcing the differentiated value proposition of the Proteograph Product Suite and serve as key reference to drive continued adoption of our technology. In addition, we're seeing traction with our Strategic Instrument Placement program, or SIP, which continues to be an important catalyst for adoption, particularly for large pharma customers, many of which have purchased instruments through this program.

我們預計這些客戶很快就會展示並發表他們的研究成果，進一步強化 Proteograph 產品套件的差異化價值主張，並作為推動我們技術持續採用的關鍵參考。此外，我們還看到了我們的戰略儀器安置計劃（SIP）的吸引力，該計劃仍然是採用的重要催化劑，特別是對於大型製藥客戶來說，其中許多客戶已經透過該計劃購買了儀器。

Now moving to the exemplification of our technology. We continue to see a growing number of preprints and publications showcasing the value of the Proteograph Product Suite. Notably, our conversations with potential customers are becoming increasingly productive as more researchers see the value and insights our data provides, and we're seeing the scale of projects getting larger.

現在我們來舉例說明我們的技術。我們不斷看到越來越多的預印本和出版物展示了 Proteograph 產品套件的價值。值得注意的是，隨著越來越多的研究人員看到我們的數據提供的價值和見解，我們與潛在客戶的對話變得越來越富有成效，我們看到專案的規模越來越大。

We had a strong presence at the 23rd Human Proteome Organization or HUPO World Congress in Germany in late October, where our customers, collaborators, and Seer scientists showcased a total of 12 posters and oral presentations. This research revealed new insights into Alzheimer's pathways, population scale plasma analysis, and capture immune dynamics in xenotransplantation.

我們在 10 月底於德國舉行的第 23 屆人類蛋白質組組織或 HUPO 世界大會上表現出色，我們的客戶、合作者和 Seer 科學家在會議上展示了總共 12 幅海報和口頭報告。這項研究揭示了對阿茲海默症途徑、群體規模血漿分析以及異種移植中免疫動態捕獲的新見解。

One of our collaborators, Dr. Mike Snyder from Stanford University, presented data that highlighted the value of the Proteograph Product Suite for deep proteomic analysis in model organisms. In collaboration with Seer, Dr. Snyder and his team are conducting an aging study in a non-human primate model, specifically in pig-tailed macaques.

我們的合作者之一、史丹佛大學的 Mike Snyder 博士提供的數據強調了 Proteograph 產品套件在模型生物體中進行深度蛋白質體分析的價值。史奈德博士和他的團隊與 Seer 合作，正在非人靈長類動物模型（特別是豬尾獼猴）中進行老化研究。

In this study, 230 monkey plasma samples and 25 human plasma samples were analyzed using the Proteograph XT coupled with the Orbitrap Astral. A total of 8,472 unique protein groups were identified across the 230 monkey plasma samples. As a comparison, the Proteograph assay identified 11 times more protein groups in this cohort versus direct digestion workflow using the Orbitrap Astral alone without the Proteograph.

在這項研究中，使用 Proteograph XT 與 Orbitrap Astral 結合分析了 230 個猴子血漿樣本和 25 個人類血漿樣本。在 230 個猴子血漿樣本中總共鑑定了 8,472 個獨特的蛋白質組。作為比較，與單獨使用 Orbitrap Astral（不使用 Proteograph）的直接消化工作流程相比，Proteograph 檢測在該隊列中識別出的蛋白質組多了 11 倍。

Combined with the depth of proteomic coverage and the protein and peptide level resolution that the Seer platform provides, they're now able to investigate shared and species-specific human and macaque biology in a deep and unbiased manner. While they're early in their analysis, they're encouraged by the types of protein biomarkers differentially expressed in male versus female monkeys and across various age groups in the monkey cohort. For example, they have found many interesting biological differences in cytokines or hormones and immune response-related proteins, which can be difficult to detect due to the low abundance in plasma samples.

結合 Seer 平台提供的蛋白質組覆蓋深度以及蛋白質和勝肽水平分辨率，他們現在能夠以深入且公正的方式研究共享的和特定物種的人類和獼猴生物學。雖然他們處於分析的早期階段，但他們對雄性和雌性猴子以及猴群中不同年齡組的蛋白質生物標記類型的差異表達感到鼓舞。例如，他們在細胞激素或激素以及免疫反應相關蛋白質中發現了許多有趣的生物學差異，由於血漿樣本中的豐度較低，這些差異可能很難檢測到。

This is yet another example of the power of the Proteograph to enable unbiased deep proteomics that reveal interesting insights and pathways for further study in nonhuman primate models. I remain incredibly bullish on the long-term value of our differentiated technology and its potential to transform our understanding of the proteome.

這是 Proteograph 強大功能的另一個例子，它能夠實現公正的深層蛋白質體學，揭示有趣的見解和非人靈長類動物模型進一步研究的途徑。我仍然非常看好我們差異化技術的長期價值及其改變我們對蛋白質體理解的潛力。

Looking ahead, we will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the Proteograph, innovate with our products, and expand our applications. With that, I will now turn the call over to David.

展望未來，我們將繼續執行推動證據和出版物的核心策略，繼續增強對 Proteograph 的訪問，創新我們的產品，並擴展我們的應用。現在，我將把電話轉給大衛。

Thanks, Omid. Total revenue for the third quarter of 2024 was $4 million, representing a decrease of 3% compared to $4.2 million in the third quarter of 2023 and was primarily due to a decrease in related party revenue and grant revenue recognized in the quarter.

謝謝，奧米德。2024 年第三季的總收入為 400 萬美元，較 2023 年第三季的 420 萬美元下降 3%，主要是由於該季度確認的關聯方收入和贈款收入減少。

Revenue recognized primarily consisted of sales of the Proteograph SP100 instruments, consumable kits and service revenue, of which $366,000 was attributed to related parties. Product revenue for the third quarter of 2024 was $3.1 million, including $180,000 of related party revenue and consisted of sales of SP100 instruments and consumable kits.

確認的收入主要包括 Proteograph SP100 儀器、耗材套件的銷售和服務收入，其中 366,000 美元歸屬於關聯方。2024 年第三季的產品收入為 310 萬美元，其中包括 18 萬美元的關聯方收入，包括 SP100 儀器和耗材套件的銷售。

Product revenue grew year-over-year, primarily driven by an increase in instrument sales and consumable kit sales. Despite seeing continued pressure on CapEx budget and elongated sales cycles for the outright purchase of new instrumentation in the third quarter, we were encouraged by signs of a more constructive capital purchasing environment.

產品收入年增，主要是由於儀器銷售和耗材套件銷售的成長。儘管第三季資本支出預算持續面臨壓力，並且直接購買新儀器的銷售週期延長，但更具建設性的資本購買環境的跡象令我們感到鼓舞。

Service revenue was $847,000 in the third quarter of 2024, including $186,000 of related party revenue and primarily consisted of revenue related to STAC service projects. We continue to be encouraged by the customer interest in running projects through STAC and their ability to gain access to Proteograph data.

2024 年第三季的服務收入為 847,000 美元，其中關聯方收入為 186,000 美元，主要包括與 STAC 服務項目相關的收入。我們繼續對客戶透過 STAC 運行專案的興趣以及他們存取 Proteograph 資料的能力感到鼓舞。

We also continue to undertake projects for key strategic studies that will result in additional presentations and publications in the near term, but are conducted at a lower price point than our typical STAC service projects. This had the effect of lowering the amount of service revenue that was realized in the third quarter.

我們也繼續進行關鍵策略研究項目，這些項目將在短期內產生更多的簡報和出版物，但其實施價格比我們典型的 STAC 服務項目要低。這導致第三季實現的服務收入減少。

Grant and other revenue was $90,000 for the third quarter of 2024 and consisted of lease and shipping revenue. Total gross profit was $1.9 million for the third quarter of 2024, representing a gross margin of 48%, compared to $2.2 million in the third quarter of 2023, representing a gross margin of 52%.

2024 年第三季的補助金和其他收入為 90,000 美元，包括租賃和運輸收入。2024 年第三季的總毛利為 190 萬美元，毛利率為 48%，而 2023 年第三季的總毛利為 220 萬美元，毛利率為 52%。

Gross margins were driven by higher instrument sales and lack of grant revenue in the third quarter of 2024 relative to the third quarter of 2023. We continue to expect variability in our gross margin on a quarter-by-quarter basis since the proportion of instrument consumable and service revenue will fluctuate in any given quarter.

與 2023 年第三季相比，2024 年第三季儀器銷量增加以及贈款收入減少，推動了毛利率的成長。由於儀器消耗品和服務收入的比例在任何特定季度都會波動，我們仍然預期毛利率會出現季度波動。

Total operating expenses for the third quarter of 2024 were $26.3 million, including $6.1 million of stock-based compensation, a decrease of 6% compared to $28 million, including $7.9 million of stock-based compensation in the third quarter of 2023. Research and development expenses for the third quarter of 2024 were $13 million, a decrease of 2% compared to $13.2 million in the third quarter of 2023. The decrease in R&D expenses was primarily due to a decrease in employee and stock-based compensation expenses.

2024 年第三季的總營運費用為 2,630 萬美元，其中包括 610 萬美元的股票薪酬，比 2023 年第三季的 2,800 萬美元下降了 6%，其中包括 790 萬美元的股票薪酬。2024年第三季的研發費用為1,300萬美元，較2023年第三季的1,320萬美元下降2%。研發費用的減少主要是因為員工和股票薪資費用的減少。

Selling, general, and administrative expenses for the third quarter of 2024 were $13.3 million, a decrease of 10% compared to $14.8 million in the third quarter of 2023. The decrease in SG&A expenses was primarily due to a decrease in employee and stock-based compensation expenses.

2024 年第三季的銷售、一般和管理費用為 1,330 萬美元，比 2023 年第三季的 1,480 萬美元下降 10%。SG&A 費用的減少主要是由於員工和股票薪酬費用的減少。

Net loss for the third quarter of 2024 was $21.3 million compared to $21.1 million in the third quarter of 2023. We ended the quarter with approximately $312 million in cash, cash equivalents, and investments. During the third quarter, we invested $10 million in PrognomiQ Series D financing alongside other existing investors and a new large strategic investor.

2024 年第三季的淨虧損為 2,130 萬美元，而 2023 年第三季的淨虧損為 2,110 萬美元。本季結束時，我們擁有約 3.12 億美元的現金、現金等價物和投資。第三季度，我們與其他現有投資者和新的大型策略投資者一起在 PrognomiQ D 輪融資中投資了 1,000 萬美元。

As previously announced, our Board of Directors authorized a $25 million share repurchase program in May of this year. Under this program, we repurchased approximately 3.7 million shares of Seer Class A common stock at an average cost of $1.78 per share during the third quarter. As of September 30, we had approximately $14.7 million in authorization remaining under this share repurchase program.

正如先前所宣布的，我們的董事會於今年 5 月批准了一項 2500 萬美元的股票回購計畫。根據該計劃，我們在第三季以每股 1.78 美元的平均成本回購了約 370 萬股 Seer A 類普通股。截至 9 月 30 日，該股票回購計畫仍有約 1,470 萬美元的授權剩餘。

Free cash flow loss was approximately $39 million for the nine months ended September 30, 2024. And as previously stated, we estimate that our 2024 free cash flow loss will be less than our free cash flow loss in 2023.

截至 2024 年 9 月 30 日的九個月，自由現金流損失約 3,900 萬美元。如前所述，我們估計 2024 年的自由現金流損失將小於 2023 年的自由現金流損失。

Turning to our outlook for the year. We continue to expect revenue to be in the range of $13 million to $15 million for 2024. At this point, I would like to turn the call back to Omid for closing comments.

轉向我們對今年的展望。我們仍然預計 2024 年收入將在 1300 萬美元至 1500 萬美元之間。此時，我想將電話轉回奧米德以徵求結束意見。

Thank you, David. I'd like to thank our incredible team for their hard work this quarter as we continue navigating through a challenging macro environment for the adoption of new technology. We have made solid progress on a number of initiatives that we established to enhance access to the Proteograph Product Suite and assist our customers to generate novel data.

謝謝你，大衛。我要感謝我們出色的團隊本季的辛勤工作，因為我們繼續在充滿挑戰的宏觀環境中採用新技術。我們為增強對 Proteograph 產品套件的存取並幫助客戶產生新數據而製定的多項舉措取得了紮實的進展。

Looking ahead, we believe these initiatives position us well for growth in 2025 and beyond. I look forward to keeping you updated on our progress. With that, we will now open it up to questions. Operator?

展望未來，我們相信這些舉措將為我們在 2025 年及以後的成長奠定良好的基礎。我期待著向您通報我們的最新進展。至此，我們現在將開放提問。操作員？

(Operator Instructions) Yuko Oku, Morgan Stanley.

（操作員指令）Yuko Oku，摩根士丹利。

Hi, this is Jason on for Yuko Oku. Congratulations on the quarter. So maybe just starting off, given the mid-point of your 2024 guide of $14 million, it seems to imply a flat or slightly negative sequential step-down from 3Q to 4Q, which seems to break with the 4Q seasonality trends for your company in the past few years.

大家好，我是奧優子的傑森。恭喜本季。因此，考慮到2024 年指南的中點為1400 萬美元，這可能只是開始，這似乎意味著從第三季度到第四季度的連續下降或略有下降，這似乎打破了貴公司第四季度的季節性趨勢。

So maybe can you talk a bit about your assumptions surrounding this? So is it mostly conservatism? And what are your assumptions surrounding the budget flush dynamic?

那麼也許您可以談談您對此的假設嗎？那麼這主要是保守主義嗎？您對預算充裕動態有何假設？

Yes. Thanks, Jason. It's David. Yes, in terms of the guidance, given where we are in the quarter, we do have a number of opportunities in our pipeline. And as we look at those, it really just comes down to a timing issue. So if some of those come -- timing of those deals roll in our favor, we'd expect to be at the high end of the range. But if some of them get pushed out, then it's obviously going to be a different outcome.

是的。謝謝，傑森。是大衛。是的，就指導而言，考慮到我們本季的情況，我們確實有很多機會。當我們審視這些問題時，我們發現這實際上只是一個時間問題。因此，如果其中一些交易發生——這些交易的時機對我們有利，我們預計將處於該範圍的高端。但如果其中一些人被趕出去，那麼結果顯然會有所不同。

So it's really just given where we are and given the timing of some of the things and given our revenue base, that could break either way. So we're really just trying to be -- just to continue with that range that we have, just depending on the timing of the deals.

因此，這實際上只是考慮到我們所處的位置、某些事情的時間安排以及我們的收入基礎，這可能會破壞任何一種方式。所以我們真的只是想繼續我們現有的範圍，這取決於交易的時間。

We do continue to see pressure on budgets. And so we're not really forecasting in a budget flush for the fourth quarter. So again, you could do, but it's (technical difficulty) just kind of where we're sitting right now.

我們確實繼續看到預算壓力。因此，我們並沒有真正預測第四季的預算會充裕。再說一遍，你可以這樣做，但這（技術難度）正是我們現在所面臨的。

Got it. And then maybe as a follow-up question. During 2Q, you talked about significantly expanding your sales and marketing team to include the addition of multiple new regional sales managers. So did that initiative drive the beat at all? If it hasn't, then presumably it might take some time to ramp up. So when can you expect benefits from this initiative to flow through to the P&L?

知道了。然後也許作為後續問題。在第二季度，您談到了大幅擴大銷售和行銷團隊，包括增加多位新的區域銷售經理。那麼這個舉措到底有沒有推動這股趨勢呢？如果沒有，那麼可能需要一些時間才能提升。那麼，何時可以預期該計劃帶來的收益會計入損益表呢？

Yes. Jason, this is Omid. As we mentioned at the last earnings call, we had significantly expanded the sales and marketing team. We have added multiple new regional business managers. We had added our new VP of Global Marketing, Zach Crowther, to the team.

是的。傑森，這是奧米德。正如我們在上次財報電話會議上提到的，我們大幅擴大了銷售和行銷團隊。我們新增了多位區域業務經理。我們在團隊中增加了新的全球行銷副總裁 Zach Crowther。

Now, these new team members are ramping up. They're already making good progress. We feel very good about the opportunities that they're creating, getting us to the end of the year and into 2025. I think the additional build that we did to the team was just the right move. And the benefit of it, we should be seeing later this year and into 2025.

現在，這些新的團隊成員正在崛起。他們已經取得了良好的進展。我們對他們創造的機會感到非常滿意，讓我們能夠在今年年底和 2025 年實現這一目標。我認為我們對團隊所做的額外建設是正確的舉措。我們應該會在今年晚些時候和 2025 年看到它的好處。

Got it. And then maybe if I could just sneak one more in. So I think you've also previously commented on your sales channel kind of flipping from a 60-40 mix of commercial and academic historically to now being 60-40 academic and commercial.

知道了。然後也許我可以再偷偷溜進去一個。所以我想您之前也評論過您的銷售管道從歷史上 60-40 的商業和學術混合轉變為現在的 60-40 學術和商業混合。

So I was wondering like what's kind of driving the shift towards academic customers? Like how much would you attribute this shift to benefits from the cadence of publications that you have seen to date versus like headwinds and capital constraints from larger biopharma customers who are maybe like announcing strategic shifts or pruning their portfolio? Thank you.

所以我想知道是什麼推動了向學術客戶的轉變？例如，您將這種轉變在多大程度上歸因於您迄今為止所看到的出版物節奏所帶來的好處，而不是來自大型生物製藥客戶（可能會宣布策略轉變或修剪其投資組合）的逆風和資本限制？謝謝。

Let me take a crack at it, and maybe I'll also have David comment on the back end of it if I leave anything out. So our pipeline of customer and the closed accounts, meaning customers that we actually close, that's different. So we're seeing more and more academic folks end up in our pipeline of customers.

讓我嘗試一下，如果我遺漏了什麼，也許我還會請大衛在它的後端發表評論。因此，我們的客戶管道和已關閉的帳戶（意味著我們實際關閉的客戶）是不同的。因此，我們看到越來越多的學術人士最終進入了我們的客戶管道。

And as I mentioned, an increasing number of academics are coming on board in terms of opportunities. But if I look at our installed base and if I look at the accounts that we're closing, it's still tilted, Jason, toward the commercial, probably exactly the flip ratio, meaning about 60-40 or so tilted towards commercial. You're making an interesting point that whether it's the increased evidence and publications that's driving the academics, I think that's part of it.

正如我所提到的，越來越多的學者正在尋求機會。但如果我看看我們的安裝基礎，如果我看看我們正在關閉的帳戶，傑森，它仍然傾向於商業化，可能正是翻轉率，這意味著大約 60-40 左右傾向於商業化。你提出了一個有趣的觀點，無論是越來越多的證據和出版物推動了學術界的發展，我認為這都是其中的一部分。

The other part of it is that academic need time to get grants. That's different than the commercial budget framework. So the product has been out there, the evidence has been growing, and these academics are beginning to secure the funding for the type of research needed to work with Seer. So I think that's also in part driving it.

另一部分是學術界需要時間才能獲得資助。這與商業預算框架不同。因此，產品已經面世，證據也越來越多，這些學者也開始為與 Seer 合作所需的研究類型獲得資金。所以我認為這也是推動這一趨勢的部分原因。

And then the comment you made about the capital constraints in terms of the commercial customers, and that is correct. I mean, clearly, the macro picture is making it difficult for CapEx purchases, especially for new technologies like Seer. That said, also the increased publications are helping us with those dialogue. And increasingly, we're seeing the size of the studies that we're having conversations with, whether it's for commercial entities or academic entities, to be getting larger and larger.

然後您對商業客戶的資本限制發表的評論是正確的。我的意思是，很明顯，宏觀形勢使資本支出購買變得困難，尤其是像 Seer 這樣的新技術。也就是說，出版物的增加也有助於我們進行這些對話。而且，我們越來越多地看到我們正在對話的研究規模，無論是針對商業實體還是學術實體，都變得越來越大。

We're now in multiple conversations of studies that are 10,000-plus in study size. And I can tell you about a year ago, we were having very, very few of those kinds of conversations. So I think that the data and the evidence is also driving larger and larger studies to become possible for us. David, do you want to add anything?

我們現在正在進行多項研究規模超過 10,000 項的研究對話。我可以告訴你，一年前，我們進行的這類對話非常非常少。因此，我認為數據和證據也正在推動越來越大規模的研究對我們來說成為可能。大衛，你想補充什麼嗎？

Okay, perfect. No, I think you covered it, Omid. I think that was great.

好的，完美。不，我想你已經涵蓋了，奧米德。我認為那太好了。

Great. Thank you, guys.

偉大的。謝謝你們，夥計們。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Hi guys. This is William. I'm for Dan. First question I have is about kind of a competition question. The proteomics space is gaining a lot of attention. And there are other solutions that think to overcome the same problems as Proteograph. Just wondering how we should think about the evolution of the affinity-based proteomics market as more solutions become available? And is growing overall awareness a tailwind?

嗨，大家好。這是威廉.我是為了丹。我的第一個問題是關於競賽問題。蛋白質體學領域正在引起廣泛關注。還有其他解決方案可以克服與 Protograph 相同的問題。只是想知道隨著更多解決方案的出現，我們應該如何思考基於親和力的蛋白質體學市場的演變？整體意識的提高是順風車嗎？

Yeah. William, thank you for the question. So the proteomic market, by the way, I think, is in its infancy, and it's only going to grow. And the growth is going to be among the omics customer or the genomic customers that are going to begin to connect their genomic information functionally to proteomic information and get a ton more value in terms of that content.

是的。威廉，謝謝你的提問。順便說一句，我認為蛋白質體市場還處於起步階段，而且只會成長。組學客戶或基因組客戶將開始將其基因組資訊與蛋白質組資訊功能性地連接起來，並從該內容中獲得更多價值。

The targeted approaches scaled first, and that's because the untargeted approaches like the approach that Seer takes with the Proteograph leveraging a mass spec, those approaches were not available. And so the customer, years ago, had only the optionality to use a targeted approach if they were going to do a study of any size.

有針對性的方法首先進行了擴展，這是因為非針對性的方法（例如 Seer 使用 Proteograph 利用質譜的方法），這些方法不可用。因此，幾年前，如果客戶要進行任何規模的研究，他們只能選擇使用有針對性的方法。

Today, that dynamic is changing. I had predicted, by the way, that in 2025, the first population scale unbiased -- deep unbiased proteomic study will go underway. I actually have increasing visibility for that statement to be correct.

如今，這種動態正在改變。順便說一句，我曾預測，到 2025 年，第一個群體規模的無偏見——深度無偏見的蛋白質組學研究將會進行。事實上，我越來越清楚地認識到該說法是正確的。

I mean, the notion of doing tens of thousands of samples, deep unbiased proteomics on a mass spec would seem like a pipe dream. Today, that is completely a reality because of the Proteograph Product Suite and because the mass specs are getting better and better.

我的意思是，在質譜儀上進行數以萬計的樣本、深度無偏見的蛋白質體學的想法似乎是一個白日夢。如今，由於 Proteograph 產品套件以及質譜規格越來越好，這已完全成為現實。

So the customers are progressively recognizing this. And I think going forward, there is going to be room for targeted approaches to exist and there's going to be a very important role for untargeted approaches to add the content in proteomics that today has not been discovered yet. I think as content is discovered more and more, there's actually the utility and a need for targeted approaches to interrogate those very specific proteins that have been discovered using unbiased approaches.

因此，客戶逐漸認識到這一點。我認為，展望未來，有針對性的方法將會有存在的空間，並且非針對性的方法將發揮非常重要的作用，以添加今天尚未發現的蛋白質組學內容。我認為，隨著越來越多的內容被發現，實際上存在有用性和需要有針對性的方法來詢問那些使用公正方法發現的非常特定的蛋白質。

So both are going to coexist. I think it's a flywheel where more and more untargeted approaches is probably going to drive more and more demand for targeted approaches. I don't see the other side working other than the fact that untargeted approaches were the first to become at scale available.

所以兩者將共存。我認為這是一個飛輪，越來越多的非目標方法可能會推動對目標方法的需求越來越多。除了非針對性方法是第一個大規模可用的事實之外，我沒有看到另一方在起作用。

But I think the way this will work is that untargeted approaches will drive content. Those content will drive value for targeted approaches to exist and then potentially new end markets would get created and existing end markets would expand because of it.

但我認為，這種方式的運作方式是，無針對性的方法將驅動內容。這些內容將推動有針對性的方法的價值存在，然後潛在的新終端市場將被創建，現有的終端市場將因此而擴大。

Thank you. I appreciate the answer. One more question I have is on the on the margins. Just wondering how we should think about margins exceeding the year and into '25. Previously, we're targeting around 50% gross margins. Should next year see a dip in gross margins if instrument placements ramp.

謝謝。我很欣賞你的回答。我還有一個問題是關於邊緣的。只是想知道我們應該如何考慮超出這一年並進入 25 年的利潤率。此前，我們的毛利率目標是 50% 左右。如果儀器投放量增加，明年毛利率是否會下降。

Yes, William, thanks for that. I think for the back half of the year, I think we're still on track to kind of be in that area. We were 48% and I think we're trending for the nine months. I think we're around 49%, 49.5%. So I think we're going to be in that 50% area.

是的，威廉，謝謝你。我認為今年下半年，我們仍然有望進入該領域。我們的比例是 48%，我認為我們是這九個月的趨勢。我認為我們大約是 49%、49.5%。所以我認為我們將處於那 50% 的區域。

We're not giving any guidance right now on next year, and we'll kind of give you an update and more detail on that on our year-end call at the beginning of the year. But again, we'll have more clarity around that and more color to provide you at that time.

我們現在不會就明年提供任何指導，我們將在年初的年終電話會議上向您提供最新情況和更多詳細資訊。但同樣，我們屆時會為您提供更清晰的資訊和更多的顏色。

Thank you. Appreciate it.

謝謝。欣賞它。

Rachel Vatnsdal, JPM.

雷切爾·瓦特斯達爾 (Rachel Vatnsdal)，JPM。

This is Jaden Rismay on for Rachel Vatnsdal from JPMorgan. So first, maybe just to start off, how do you anticipate your recently announced collaboration with Thermo will impact Seer's market reach, customer base, and ultimately, the top line? And are there any specific customers where you expect to see the most growth as a result of this partnership?

我是賈登·里斯梅 (Jaden Rismay) 代表摩根大通 (JPMorgan) 的雷切爾·瓦特斯達爾 (Rachel Vatnsdal)。首先，也許只是首先，您預計您最近宣布的與 Thermo 的合作將如何影響 Seer 的市場覆蓋範圍、客戶群以及最終的營收？您希望透過這種合作關係看到哪些特定客戶的最大成長？

Jaden, thank you for the question. This is Omid. So first of all, let me give you context. I think the timing was just right to do this kind of a partnership. And the reason is that the value proposition of the Proteograph was getting more and more accepted and recognized by KOLs and by customers. And that made it easier for our partners to be able to sell our products versus requiring the very, very experts that reside within Seer to sell our products. So I think that's the timing part of it, and it was perfect.

賈登，謝謝你的提問。這是奧米德。首先，讓我先來跟你介紹一下背景。我認為進行這種合作的時機恰到好處。原因在於Proteograph的價值主張越來越被KOL和顧客接受和認可。這使得我們的合作夥伴能夠更輕鬆地銷售我們的產品，而不是需要 Seer 內部的非常非常專家來銷售我們的產品。所以我認為這就是時機的一部分，而且它是完美的。

Now, we signed the agreement with our partners at Thermo Fisher Scientific. We still need to work through a lot of the implications for 2025. Over the course of the coming weeks, we're going to be in discussion with them to operationalize this partnership and to be able to launch it in Q1. I think I'll have a better idea in terms of what you can expect from a revenue perspective on the top line given this partnership, probably on our next call, on our Q4 call, year-end call.

現在，我們與賽默飛世爾科技的合作夥伴簽署了協議。我們仍然需要解決 2025 年的許多影響。在接下來的幾週內，我們將與他們討論如何實施這項合作關係，並能夠在第一季啟動它。考慮到這種合作關係，我想我會更了解您從收入角度可以期待什麼，可能是在我們的下一次電話會議、第四季電話會議、年終電話會議上。

Now the beauty of the partnership is that Thermo already has a number of opportunities for the placement of their Astral that are at various stages of the sales process. Now, the opportunity for Seer is that we may be able to shorten the Proteograph sales cycle by essentially piggybacking on existing Astral instruments that will be placed.

現在，這種合作關係的美妙之處在於，Thermo 已經在銷售過程的各個階段擁有了許多放置 Astral 的機會。現在，Seer 的機會是，我們可以透過基本上利用現有的 Astral 儀器來縮短 Proteograph 的銷售週期。

Now that said, keep in mind that the length of a typical capital equipment sales cycle is not short. And so I expect that to still exist for the Astral and consequently for the Proteograph that's going to be placed.

儘管如此，請記住，典型的資本設備銷售週期並不短。因此，我預計 Astral 以及將要放置的 Proteograph 仍然存在這種情況。

You asked about what type of a customer would this likely benefit. I think the Astral customers that are likely to do proteomic studies in biofluids and plasma and serum, they're likely the ones that are going to take advantage of a Proteograph immediately. Those that would look at, for example, cells or tissue, they have less of a motivation to do that with the Proteograph.

您詢問什麼類型的客戶可能會受益。我認為 Astral 客戶可能會在生物體液、血漿和血清中進行蛋白質組學研究，他們很可能會立即利用 Proteograph。例如，那些想要觀察細胞或組織的人，他們不太有動力用 Proteograph 來做這件事。

The Astral does a fantastic job on its own without the Proteograph. But if you look at something like a plasma, then the Proteograph adds very significant value. So for example, in plasma, the Astral alone can detect about 750 proteins, whereas the Astral with the Proteograph can detect 6,000 or 7,000 or 8,000 proteins depending on the biological sample that may be different with different people.

在沒有 Protograph 的情況下，Astral 本身就可以完成出色的工作。但如果你觀察等離子體之類的東西，那麼 Proteograph 會增加非常重要的價值。例如，在血漿中，單獨使用 Astral 可以檢測到大約 750 種蛋白質，而帶有 Proteograph 的 Astral 可以檢測到 6,000 或 7,000 或 8,000 種蛋白質，取決於生物樣本，而不同的人可能會有所不同。

So the value proposition in plasma is very significant. And I think those are the customer types that are likely going to benefit from it. But the good news is that that is actually a very significant portion of the Astral placement or exactly that customer profile. So I'm very optimistic about this. And I have to say I'm very happy that we're doing this with Thermo, who's been a great partner to us over the course of the last three years. And I'm thrilled by this partnership expansion.

因此，等離子體的價值主張非常重要。我認為這些客戶類型可能會從中受益。但好消息是，這實際上是星體佈局的一個非常重要的部分，或者確切地說是客戶資料。所以我對此非常樂觀。我必須說，我很高興我們能與 Thermo 合作，在過去的三年裡，Thermo 一直是我們的重要合作夥伴。我對這種合作關係的擴展感到非常興奮。

Yeah, that's perfect. Thank you. And then for my second question, I was wondering, what are you seeing from the STAC program you launched in Germany? And how's the progression of that service been so far? And any expectations for the end of year and into '25? Thank you.

是的，那太完美了。謝謝。對於我的第二個問題，我想知道，您從德國推出的 STAC 計劃中看到了什麼？到目前為止，這項服務的進展如何？對年底和 25 年有什麼期望嗎？謝謝。

Yeah. Thanks a lot, Jay, and I appreciate it. This is David. So yeah, we continue to see good traction, both in our U.S. STAC as well as our EU STAC. We've seen, I think, just in the ramp-up and the operationalizing of the EU STAC, during the third quarter, we've seen good demand from that -- from those customers in Europe to be able to use our service over there.

是的。非常感謝，傑伊，我很感激。這是大衛。所以，是的，我們繼續看到美國 STAC 和歐盟 STAC 的良好牽引力。我認為，我們已經看到，在第三季歐盟 STAC 的啟動和運作過程中，我們看到了來自歐洲的客戶的良好需求，他們希望能夠使用我們的服務在那裡。

So we are very optimistic about that. And I think we'll continue to see the trend of continuing nice steady growth in terms of the service business for the fourth quarter. And then we certainly anticipate continuing that into 2025. Obviously, we can give you more thoughts on that on our year-end call. But we are pleasantly surprised with the amount of interest we've had.

所以我們對此非常樂觀。我認為我們將繼續看到第四季度服務業務持續良好穩定成長的趨勢。我們當然預計這種情況會持續到 2025 年。顯然，我們可以在年終電話會議上向您提供更多對此的想法。但我們對大家的興趣感到驚喜。

We are continuing to also invest strategically. So we'll do some projects at a lower cost for collaborators such that we can get data, and they publish studies and publish papers. So it's actually a strategic asset for us as well as we work to get data out there quickly into the hands of our customers that want to publish and do various studies. So overall, we're very pleased with it, and I think we'll continue to see nice steady growth out of it.

我們也將繼續進行戰略投資。因此，我們將以較低的成本為合作者做一些項目，這樣我們就可以獲得數據，他們可以發表研究並發表論文。因此，它實際上對我們來說是一項策略資產，我們致力於將數據快速傳遞到想要發布和進行各種研究的客戶手中。總的來說，我們對此非常滿意，我認為我們將繼續看到它的穩定成長。

All right. Thank you so much. I am showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

好的。太感謝了。我目前沒有提出任何進一步的問題。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。