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| Statement |
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| We certainly feel like, there's a nice, robust pipeline of publications coming and we hope that will certainly help to drive things |
| So again, we feel pretty good about it |
| With our extremely strong balance sheet and disciplined deployment of capital, we believe we are well funded to execute our strategic plan for many years to come |
| I'm deeply proud of our team's work, and yet there is still much work to be done to translate the incredible performance we're seeing from the Proteograph into widespread commercial adoption |
| We remain confident in our ability to capitalize on the massive opportunity ahead |
| As Omid mentioned, we are seeing good customer interest in our STAC program where we will run mass-spec for our customers and in some cases provide a full workflow solution for customers who would like to access our technology |
| While much work remains, we're excited and inspired by the opportunity that lies in front of us |
| People are excited about the technology and so we feel good about it |
| This allows us substantial clinical opportunity by increasing the chances the proteomics diagnostic assays have utility when launched into the market and is an important pathway to reimbursement for proteomics assays |
| In June, we launched our Proteograph XT Assay Kit and the feedback has been fantastic |
| We have seen incredible interest in the field of proteomics and the value it provides |
| We continue to see strong interest in the Proteograph and its value proposition for customers |
| But what's coming is very exciting and the data is very compelling |
| Tejas, if you look at the STAC where we have seen a robust pipeline, a lot of interest repeat business and quarter-over-quarter, very significant growth in terms of the STAC demand and the STAC pipeline |
| But again, they've been a great partner and they're having great success with the data they're generating |
| This classifier represents a potentially best-in-class performance by achieving a sensitivity of 80% for Stage 1 and 89% for all stages of lung cancer at 89% specificity |
| We are seeing strong demand for STAC with 48 organizations using this service as of year-end, including large pharmaceutical companies |
| These publications demonstrate how our Proteograph Product Suite workflow has superior performance in terms of precision, depth and throughput compared to conventional workflows, and can identify undiscovered links between health and disease, -- peptide level resolution that can illuminate the role of protein variance |
| And your comment about the Astral performance being very well received by the market, I shared that with you and as exemplified by the combination of the XT Astral really demonstrating unprecedented performance complex matrices like plasma, for example, or other complex matrices where the dynamic range is quite wide |
| But again, we're hopeful that and again, the other areas that we see good potential, obviously, STAC, we've got a backlog there, which is great |
| We also received ISO 13485 certification establishing the processes people and systems for quality management and laying the groundwork for the creation of the highest quality, reliable solutions and enabling the utilization of our products in FDA submissions |
| That said, we're seeing great interest in STAC with a robust pipeline of opportunities indicating this was an important step in enabling access to the Proteograph technology, STAC has helped us secure a foothold with several large pharma companies |
| Throughout the year, we made great progress validating our technology and expanding our commercial reach |
| I would also say that we're seeing also extremely good results with the Bruker HD and that is an exceptional instrument and that you can get really, really great data |
| Consequently, these initial cohort of papers are all coming out in great journals, and it's really exciting to see |
| We're starting to see momentum in usage of these large pharma customers with strong ordering and some outsourcing additional work due to internal demand |
| Revenue from STAC grew significantly quarter-over-quarter |
| We also made important strides removing barriers to improve access |
| And again we continue to see good interest from other parties |
| XT improve the throughput of our initial Assay and reduces the mass-spec time for sample by two and a half fold without sacrificing depth |
| Statement |
|---|
| As we have said, the combination of our novel technology, depositi (ph) of a peer reviewed publication as well as conservative budgeting, continues to drive an elongated sales cycles for the Proteograph |
| Total revenue for the fourth quarter of 2023 was $4.4 million, representing a decrease of 4% compared to $4.6 million in the fourth quarter of 2022 |
| We have seen a slowdown in China, and that is and the biopharma spending in terms of the CapEx budget is constrained specifically for these new technology platforms like Seer |
| So we do it, which is why you saw a little bit lower revenue in the fourth quarter |
| Free cash flow was approximately negative $66 million for the full year 2023, and we estimate that our 2024 free cash burn will be less than our free cash burn in 2023 |
| So it's something where just given the lack of visibility and in given the continued challenges that we see in terms of adopting a new technology, we certainly just wanted to be mindful of that as we look forward to this year |
| But that uncertainty isn't because of a lack of desire to acquire |
| Research and development expenses for the fourth quarter of 2023 were $11.2 million, a decrease of 12% compared to $12.6 million in the fourth quarter of 2022 |
| Changing the status quo in this way is an enormous undertaking |
| It's just cautiousness that goes into getting over a threshold before you go, before they bring it in |
| So again, I think the visibility is a little bit less |
| Your guidance, like upside downside |
| Europe, -- Europe also feels pretty good, but again, it's -- it be a little bit more cautious on Europe, relatively speaking |
| There's no doubt about that |
| Selling general and administrative expenses for the fourth quarter of 2023 were $13.1 million, a decrease of 11% compared to $14.6 million in the fourth quarter of 2022 |
| Total operating expenses for the fourth quarter of 2023 were $24.2 million, including $7.6 million of stock-based compensation, a decrease of 11% compared to $27.2 million, including $8.2 million of stock-based compensation in the fourth quarter of 2022 |
| So it was actually a little bit less than the 50 |
| Net loss for the fourth quarter of 2023 was $17.8 million, compared to $22.5 million in the fourth quarter of 2022 |
| So again, we're trying to be mindful there |
| I do expect that this is going to help with traction, but I really want to temper the enthusiasm in that I'm not expecting a hockey stick |
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