Seer (SEER) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39747
Entity Registrant Name	SEER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	SEER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001726445
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,396,964
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,044,969

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 225,334	$ 232,813
Short-term investments	219,892	167,261
Accounts receivable, net	2,793	2,495
Related party receivables	1,126	1,283
Other receivables	540	366
Inventory	3,550	4,145
Prepaid expenses and other current assets	4,221	3,336
Total current assets	457,456	411,699
Long-term investments	26,550	93,186
Operating lease right-of-use assets	28,411	20,142
Property and equipment, net	13,654	13,087
Restricted cash	524	524
Other assets	490	501
Total assets	527,085	539,139
Current liabilities:
Accounts payable	3,291	3,789
Accrued expenses	6,377	8,394
Deferred revenue	394	376
Operating lease liabilities, current	1,090	864
Total current liabilities	11,152	13,423
Operating lease liabilities, net of current portion	29,134	22,459
Other noncurrent liabilities	341	341
Total liabilities	40,627	36,223
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of March 31, 2022 and December 31, 2021; zero shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Additional paid-in capital	638,860	629,981
Accumulated other comprehensive loss	(2,227)	(536)
Accumulated deficit	(150,176)	(126,530)
Total stockholders’ equity	486,458	502,916
Total liabilities and stockholders’ equity	527,085	539,139
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	105,000,000
Common stock, issued (in shares)	62,292,893	62,015,483
Common stock, outstanding (in shares)	62,292,893	62,015,483
Class A common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, issued (in shares)	58,237,703	57,493,005
Common stock, outstanding (in shares)	58,237,703	57,493,005
Class B common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, issued (in shares)	4,055,190	4,522,478
Common stock, outstanding (in shares)	4,055,190	4,522,478

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 3,312,000	$ 62,000
Total cost of revenue	2,068,000	0
Gross profit	1,244,000	62,000
Operating expenses:
Research and development	10,732,000	6,227,000
Selling, general and administrative	14,298,000	10,333,000
Total operating expenses	25,030,000	16,560,000
Loss from operations	(23,786,000)	(16,498,000)
Other income (expense):
Interest income	144,000	69,000
Other expense	(4,000)	0
Total other income	140,000	69,000
Net loss	(23,646,000)	(16,429,000)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(1,691,000)	(26,000)
Comprehensive loss	$ (25,337,000)	$ (16,455,000)
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.38)	$ (0.27)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.38)	$ (0.27)
Weighted-average common shares outstanding, basic (in shares)	62,003,504	59,887,842
Weighted average number of shares outstanding, diluted (in shares)	62,003,504	59,887,842
Product
Revenue:
Total revenue	$ 2,149,000	$ 0
Total cost of revenue	1,660,000	0
Service
Revenue:
Total revenue	79,000	0
Total cost of revenue	14,000	0
Related party
Revenue:
Total revenue	1,070,000	0
Total cost of revenue	394,000	0
Grant and other
Revenue:
Total revenue	$ 14,000	$ 62,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2020	$ 431,609	$ 1	$ 486,915	$ (55,361)	$ 54
Beginning balance (in shares) at Dec. 31, 2020		59,261,051
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units	171		171
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		399,174
Repurchase of Class A common stock	0
Repurchase of Class A common stock (in shares)		(876)
Vesting of early exercised stock options and restricted common stock	44		44
Issuance of Class A common stock	102,959		102,959
Issuance of Class A common stock (in shares)		1,650,000
Return of profit	11,403		11,403
Stock-based compensation	6,039		6,039
Other comprehensive loss	(26)				(26)
Net loss	(16,429)			(16,429)	0
Ending balance at Mar. 31, 2021	535,770	$ 1	607,531	(71,790)	28
Ending balance (in shares) at Mar. 31, 2021		61,309,349
Beginning balance at Dec. 31, 2021	$ 502,916	$ 1	629,981	(126,530)	(536)
Beginning balance (in shares) at Dec. 31, 2021	62,015,483	62,015,483
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units	$ 773		773
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		283,251
Repurchase of Class A common stock	0
Repurchase of Class A common stock (in shares)		(5,841)
Vesting of early exercised stock options and restricted common stock	44		44
Stock-based compensation	8,062		8,062
Other comprehensive loss	(1,691)
Net loss	(23,646)			(23,646)
Ending balance at Mar. 31, 2022	$ 486,458	$ 1	$ 638,860	$ (150,176)	$ (2,227)
Ending balance (in shares) at Mar. 31, 2022	62,292,893	62,292,893

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net loss	$ (23,646)	$ (16,429)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,062	6,039
Depreciation and amortization	875	482
Net amortization of premium on available-for-sale securities	314	152
Non-cash operating lease expense	551	78
Changes in operating assets and liabilities:
Accounts receivable, net	(298)	0
Related party receivables	157	(2)
Other receivables	(174)	(249)
Prepaid expenses and other current assets	(2,850)	(2,589)
Inventory	300	(990)
Other assets	11	30
Accounts payable	(479)	(234)
Deferred revenue	18	6
Accrued expenses	(2,038)	(990)
Operating lease liabilities	46	(93)
Other noncurrent liabilities	0	(83)
Net cash used in operating activities	(19,151)	(14,872)
INVESTING ACTIVITIES
Purchases of property and equipment	(1,080)	(838)
Purchase of available-for-sale securities	0	(30,279)
Proceeds from maturities of available-for-sale securities	12,000	43,000
Net cash provided by investing activities	10,920	11,883
FINANCING ACTIVITIES
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs	0	103,595
Proceeds from return of profit	0	11,403
Repurchase of Class A common stock	(21)	(2)
Proceeds from exercise of Class A common stock options including early exercised options	773	171
Net cash provided by financing activities	752	115,167
Net increase (decrease) in cash, cash equivalents and restricted cash	(7,479)	112,178
Cash, cash equivalents and restricted cash, beginning of period	233,337	333,928
Cash, cash equivalents and restricted cash, end of period	225,858	446,106
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Lease liability obtained in exchange for right-of-use assets	6,855	7,823
Accounts Payable
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Property and equipment purchases included in accounts payable and in accrued expenses	204	9
Offering costs in accounts payable and in accrued expenses	0	158
Accrued Liabilities
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Property and equipment purchases included in accounts payable and in accrued expenses	183	49
Offering costs in accounts payable and in accrued expenses	$ 0	$ 478

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parentheticals) - USD ($) $ in Thousands	Feb. 01, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Offering transaction costs	$ 7,600	$ 7,591

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	ORGANIZATION AND DESCRIPTION OF THE BUSINESS Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California. In December 2020, the Company formed the wholly-owned subsidiary, Seer Securities Corporation, located in Massachusetts. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease. Since inception, the Company has devoted its efforts principally to research, development and commercialization of its technology and products, recruiting management and technical staff, acquiring operating assets, and raising capital. The Company is subject to a number of risks, similar to other early-stage life science companies, including, but not limited to, development and commercialization of its products, market acceptance of its products, development by its competitors of new technological innovations, protection of its intellectual property, and raising additional capital. Public Offering On February 1, 2021, the Company completed an underwritten public offering of 1,650,000 shares of its Class A common stock at a public offering price of $67.00 per share. The Company received net proceeds of $103.0 million after deducting offering costs, underwriting discounts, and commissions of $7.6 million. Liquidity As of March 31, 2022, the Company has incurred significant losses and has had negative cash flows from operations. As of March 31, 2022, the Company had cash, cash equivalents and investments of $471.8 million and an accumulated deficit of $150.2 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents balance as of March 31, 2022 provides sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying unaudited condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company has issued shares of Class A common stock, herein referred to as “Class A common stock” or “Class A,” and Class B common stock, herein referred to as “Class B common stock” or “Class B,” and collectively as “common stock.” The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements of the Company at that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on March 1, 2022. The Company has also made certain presentation changes to retroactively adjust for the effects of Accounting Standards Codification No. 842, Leases (“ASC 842”), the adoption of which was disclosed in our Annual Report on Form 10-K filed on March 1, 2022, with an adoption effective date of January 1, 2021, using the modified retrospective method. The following table shows the affected line items within the unaudited condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2021 As Previously Reported Adjustments As Adjusted Cash flows from operating activities: Non-cash operating lease expense $ — $ 78 $ 78 Deferred rent (15) 15 — Operating lease liabilities — (93) (93) Net cash used in operating activities $ (14,872) $ — $ (14,872) Supplemental disclosure of non-cash activities: Lease liability obtained in exchange for right-of-use assets $ — $ 7,823 $ 7,823 Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Impact of the COVID-19 Pandemic As a result of the COVID-19 pandemic (COVID-19), the Company’s operations experienced disruptions and restrictions on employees’ ability to work and on the hiring of additional personnel, particularly as it relates to the Company’s phased commercial release. The Company’s personnel has experienced delays in accessing customers in certain countries with strict COVID-19 policies to provide installation and training services. Continued disruptions from COVID-19 could harm the Company’s operations and the Company cannot anticipate all the ways in which it could be adversely impacted by health epidemics such as COVID-19. The Company continues to monitor and assess the effects of the COVID-19 pandemic on its business, financial condition, results of operations and cash flows. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2022 and December 31, 2021, all amounts recorded as cash and cash equivalents consist of money market funds and are stated at fair value. Restricted cash as of March 31, 2022 and December 31, 2021 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): March 31, December 31, 2022 2021 Cash and cash equivalents $ 225,334 $ 232,813 Restricted cash 524 524 Total cash and cash equivalents and restricted cash $ 225,858 $ 233,337 Accounts Receivable, Net Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Specific allowance amounts are established to record the appropriate allowance for customers that have an identified risk of default. General allowance amounts are established based upon an assessment of expected credit losses for the Company’s receivables by aging category. Balances are written off when they are ultimately determined to be uncollectible. There was no allowance for credit losses related to accounts receivable as of March 31, 2022 and December 31, 2021. As of March 31, 2022, there were two customers that represented 29% and 18% of the total accounts receivable balance, including related party receivables. As of December 31, 2021, there were three customers that represented 34%, 23%, and 19% of the total accounts receivable balance, including related party receivables. Revenue Recognition The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service. In instances where right of payment or transfer of title is contingent upon the customer’s acceptance of the product, revenue is deferred until all acceptance criteria have been met. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses the incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer. The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Grant and Other Revenue Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant-funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed. The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional. Income Taxes Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the period incurred and requires amortization over five years or fifteen years pursuant to Internal Revenue Code Section 174. Although Congress is considering legislation that would defer the amortization requirement to later years, there is no assurance that the requirement to amortize will be repealed or otherwise modified. The Company is currently assessing the impact of this provision but does not expect it to have a material impact on its financial position, results of operations or cash flows in 2022. Recently Adopted Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (ASC Topic 832): Disclosures by Business Entities about Government Assistance . This standard requires annual disclosures that increase the transparency of transactions involving government grants, including the type of transactions, the accounting for those transactions and the effect of those transactions on an entity’s financial statements. The Company adopted this standard as of January 1, 2022, which did not have a material impact on its financial statements as of the adoption date.

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value of Financial Instruments	FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands). March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Classification: Money market funds Cash and cash equivalents $ 225,334 $ — $ — $ 225,334 U.S. Treasury securities Investments — 246,442 — 246,442 Total assets measured at fair value $ 225,334 $ 246,442 $ — $ 471,776 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Classification: Money market funds Cash and cash equivalents $ 232,813 $ — $ — $ 232,813 U.S. Treasury securities Investments — 260,447 — 260,447 Total assets measured at fair value $ 232,813 $ 260,447 $ — $ 493,260 There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds) as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data. The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate fair value due to their short maturities. The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands): March 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Money market funds $ 225,334 $ — $ — $ 225,334 U.S. Treasury securities 248,669 — (2,227) 246,442 Total $ 474,003 $ — $ (2,227) $ 471,776 December 31, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Money market funds $ 232,813 $ — $ — $ 232,813 U.S. Treasury securities 260,983 — (536) 260,447 Total $ 493,796 $ — $ (536) $ 493,260 As of March 31, 2022 and December 31, 2021, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. No investments have been in a continuous unrealized loss position for 12 months or longer. The Company believes it is more likely than not that investments in an

Other Financial Statement Infor

Other Financial Statement Information	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Other Financial Statement Information	OTHER FINANCIAL STATEMENT INFORMATION Inventory Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 1,866 $ 1,836 Work-in-progress 360 221 Finished goods 1,324 2,088 Total inventory $ 3,550 $ 4,145 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Laboratory equipment $ 14,788 $ 13,823 Computer equipment and software 554 461 Furniture and fixtures 572 478 Leasehold improvements 3,122 2,449 Construction-in-progress 259 784 Property and equipment 19,295 17,995 Less: accumulated depreciation and amortization (5,641) (4,908) Total property and equipment, net $ 13,654 $ 13,087 Depreciation and amortization expense related to property and equipment was $0.9 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued compensation $ 3,045 $ 4,730 Accrued professional services 398 388 Other 2,934 3,276 Total accrued expenses $ 6,377 $ 8,394

Revenue and Deferred Revenue

Revenue and Deferred Revenue	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue and Deferred Revenue	REVENUE AND DEFERRED REVENUE Product revenue consists of an instrument with embedded software essential to the instrument’s functionality, consumables and platform evaluation agreements. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer. Related party revenue is comprised of both the sale of products and services performed for PrognomIQ, as further discussed in Note 9. Grant revenues consist of services performed specifically for the reimbursement of research-related expenses. Product Revenue For the three months ended March 31, 2022 and 2021, the Company recognized $2.1 million and $0 of product revenue to non-related customers. As of March 31, 2022 and December 31, 2021, the Company recorded $0.4 million and $0.4 million of deferred revenue related to product sales. Service Revenue For the three months ended March 31, 2022 and 2021, the Company recognized $0.1 million and $0 of service revenue to non-related customers. As of March 31, 2022, there was $0 of deferred service revenue. Deferred revenue activity for the period ended March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Balance, beginning of period $ 376 $ 250 Additions 167 376 Revenue recognized (149) (250) Balance, end of period $ 394 $ 376 Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. The Company expects to recognize substantially all of the remaining transaction price in the next 12 months. As of March 31, 2022, 25% of our total revenue was generated outside of the United States, primarily from countries in Asia. As of March 31, 2021, no revenues were generated outside of the United States. For the three months ended March 31, 2022, one customer accounted for 32% of the Company’s total revenue. For the three months ended March 31, 2021, total revenue was immaterial. Grant and Other Revenue In August 2019, the Company received a notice of a Small Business Innovation Research grant award from the National Institutes of Health, which will provide funding of approximately $1.1 million to the Company for its development of research applications. In June 2020, the Company received a notice that additional grant consideration of $0.9 million would be awarded. During the three months ended March 31, 2022 and 2021, the Company recognized grant revenue of $14,000 and $62,000, respectively, with respect to the award.

Capital Stock and Stockholders'

Capital Stock and Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Capital Stock and Stockholders' Equity	CAPITAL STOCK AND STOCKHOLDERS’ EQUITYAs of March 31, 2022, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock. Common Stock Common stock issued and outstanding is as follows: March 31, December 31, 2022 2021 Class A common stock 58,237,703 57,493,005 Class B common stock 4,055,190 4,522,478 Total common stock issued and outstanding 62,292,893 62,015,483 Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. Common stock issued and outstanding on the condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders' equity includes shares related to early exercised options and restricted stock that are subject to repurchase. In the first quarter of 2021, the Company received $11.4 million related to the return of short-swing profits from one of its beneficial owners. These proceeds are recognized as a capital contribution from stockholders as an increase to additional paid-in capital on the condensed consolidated statements of changes in stockholders’ equity and as cash provided by financing activities on the condensed consolidated statements of cash flows.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans	EQUITY INCENTIVE PLANS As of March 31, 2022, there are 11,400,396 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, of which 5,009,917 shares are available for issuance in connection with grants of future awards. Stock Options Stock option activity for the three months ended March 31, 2022 is as follows: Options Outstanding Weighted Average Exercise Price Balance at December 31, 2021 9,832,924 $ 12.49 Options granted 1,947,230 16.90 Options exercised (194,207) 3.98 Options cancelled and forfeited (25,943) 29.94 Balance at March 31, 2022 11,560,004 $ 13.34 Vested and exercisable, March 31, 2022 3,732,802 $ 8.43 Restricted Stock Awards Certain stock options granted provide stock option holders the right to exercise unvested stock options in exchange for restricted shares of Class A common stock. The Company has also issued restricted shares of Class A common stock to employees and directors. There were 125,231 shares and 174,300 shares of restricted stock that were unvested and subject to repurchase as of March 31, 2022 and December 31, 2021, respectively. Restricted Stock Units RSU activity for the three months ended March 31, 2022 is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at December 31, 2021 740,366 $ 26.49 Granted 1,310,465 16.55 Vested (89,044) 38.40 Cancelled (2,745) 28.54 Balance at March 31, 2022 1,959,042 $ 19.30 Employee Stock Purchase Plan A total of 1,195,327 shares of Class A common stock are reserved for issuance under the 2020 Employee Stock Purchase Plan (ESPP) as of March 31, 2022. During the three months ended March 31, 2022 and 2021, no shares of Class A common stock were issued under the ESPP. Stock-Based Compensation The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 208 $ — Research and development 2,001 1,492 Selling, general and administrative 5,853 4,547 Total stock-based compensation $ 8,062 $ 6,039

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Facility Lease Agreement The Company leases office and laboratory space in Redwood City, California with a lease term that is set to end on September 30, 2032. The Company has an option to renew for an additional five During the period from June 2020 through May 2021, the Company was provided with temporary space. The Company was not required to pay additional rent for the temporary space, but was required to pay property taxes, insurance and normal maintenance costs with respect to the temporary space. As of March 31, 2022, the remaining weighted-average lease term was 10.5 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 6.2%. The components of lease costs related to the Company’s operating leases were as follows (in thousands): Three Months Ended 2022 2021 Operating lease costs $ 813 $ 185 Variable lease costs 194 133 Short-term lease costs 69 3 Total lease costs $ 1,076 $ 321 Variable lease costs are primarily comprised of common area maintenance and include costs associated with the temporary space. As of March 31, 2022, future minimum commitments under the Company’s non-cancelable facility operating lease are as follows: Years ending December 31, (in thousands) 2022 (remaining nine months) $ 2,005 2023 3,633 2024 3,738 2025 3,846 2026 3,957 Thereafter 25,137 Total undiscounted future minimum lease payments 42,316 Present value adjustment for minimum lease commitments (11,836) Tenant improvement receivable (256) Total operating lease liabilities $ 30,224 Purchase Commitments and Obligations The Company has certain purchase commitments related to its inventory management with certain manufacturing suppliers wherein the Company is required to purchase the amounts forecasted in a blanket purchase order within a certain time period. The contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude orders for goods and services entered into in the normal course of business that are not enforceable or subject to change. These outstanding commitments amounted to $5.7 million and $5.5 million as of March 31, 2022 and December 31, 2021, respectively. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. The Company has entered into indemnification agreements with certain directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of the status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2022 and December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Contingencies From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings.

Prognomiq, Inc.

Prognomiq, Inc.	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Prognomiq, Inc.	PROGNOMIQ, INC. In August 2020, the Company formed a new entity, PrognomIQ, Inc. (PrognomIQ), and entered into a stock purchase agreement with PrognomIQ, pursuant to which the Company transferred to PrognomIQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomIQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomIQ. The Company has concluded that PrognomIQ is a VIE due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomIQ and does not have control over the PrognomIQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomIQ and therefore has accounted for its investment in PrognomIQ using the equity method. PrognomIQ constitutes a related party and, as of March 31, 2022 and December 31, 2021, the Company recorded $1.1 million and $1.3 million in related party receivables, respectively, on the condensed consolidated balance sheets representing amounts due from product sales and services and for general transition services and support provided. Revenue received from PrognomIQ is recorded as related party revenue on the condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables, and services performed.

Net Loss Per Share Attributable

Net Loss Per Share Attributable To Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ (23,646) $ (16,429) Denominator: Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted 62,003,504 59,887,842 Net loss per share attributable to common stockholders, basic and diluted $ (0.38) $ (0.27) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): March 31, 2022 2021 Class A common stock options issued and outstanding 11,560,004 9,839,354 Restricted common stock subject to future vesting 125,231 652,418 Restricted stock units 1,959,042 689,484 Total 13,644,277 11,181,256

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company has issued shares of Class A common stock, herein referred to as “Class A common stock” or “Class A,” and Class B common stock, herein referred to as “Class B common stock” or “Class B,” and collectively as “common stock.” The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements of the Company at that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2022 and December 31, 2021, all amounts recorded as cash and cash equivalents consist of money market funds and are stated at fair value. Restricted cash as of March 31, 2022 and December 31, 2021 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.
Revenue Recognition	Revenue Recognition The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service. In instances where right of payment or transfer of title is contingent upon the customer’s acceptance of the product, revenue is deferred until all acceptance criteria have been met. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses the incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer. The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Grant and Other Revenue Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant-funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed. The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional.
Income Taxes	Income Taxes Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the period incurred and requires amortization over five years or fifteen years pursuant to Internal Revenue Code Section 174. Although Congress is considering legislation that would defer the amortization requirement to later years, there is no assurance that the requirement to amortize will be repealed or otherwise modified. The Company is currently assessing the impact of this provision but does not expect it to have a material impact on its financial position, results of operations or cash flows in 2022.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (ASC Topic 832): Disclosures by Business Entities about Government Assistance . This standard requires annual disclosures that increase the transparency of transactions involving government grants, including the type of transactions, the accounting for those transactions and the effect of those transactions on an entity’s financial statements. The Company adopted this standard as of January 1, 2022, which did not have a material impact on its financial statements as of the adoption date.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): March 31, December 31, 2022 2021 Cash and cash equivalents $ 225,334 $ 232,813 Restricted cash 524 524 Total cash and cash equivalents and restricted cash $ 225,858 $ 233,337
Adoption of Accounting Pronouncement, Affected Line Items within the Statements of Cash Flows	The following table shows the affected line items within the unaudited condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2021 As Previously Reported Adjustments As Adjusted Cash flows from operating activities: Non-cash operating lease expense $ — $ 78 $ 78 Deferred rent (15) 15 — Operating lease liabilities — (93) (93) Net cash used in operating activities $ (14,872) $ — $ (14,872) Supplemental disclosure of non-cash activities: Lease liability obtained in exchange for right-of-use assets $ — $ 7,823 $ 7,823

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands). March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Classification: Money market funds Cash and cash equivalents $ 225,334 $ — $ — $ 225,334 U.S. Treasury securities Investments — 246,442 — 246,442 Total assets measured at fair value $ 225,334 $ 246,442 $ — $ 471,776 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Classification: Money market funds Cash and cash equivalents $ 232,813 $ — $ — $ 232,813 U.S. Treasury securities Investments — 260,447 — 260,447 Total assets measured at fair value $ 232,813 $ 260,447 $ — $ 493,260
Schedule of Debt Securities, Available-for-sale, Unrealized Gain	The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands): March 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Money market funds $ 225,334 $ — $ — $ 225,334 U.S. Treasury securities 248,669 — (2,227) 246,442 Total $ 474,003 $ — $ (2,227) $ 471,776 December 31, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Money market funds $ 232,813 $ — $ — $ 232,813 U.S. Treasury securities 260,983 — (536) 260,447 Total $ 493,796 $ — $ (536) $ 493,260

Other Financial Statement Inf_2

Other Financial Statement Information (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Inventory Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 1,866 $ 1,836 Work-in-progress 360 221 Finished goods 1,324 2,088 Total inventory $ 3,550 $ 4,145
Schedule of Property and Equipment	Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Laboratory equipment $ 14,788 $ 13,823 Computer equipment and software 554 461 Furniture and fixtures 572 478 Leasehold improvements 3,122 2,449 Construction-in-progress 259 784 Property and equipment 19,295 17,995 Less: accumulated depreciation and amortization (5,641) (4,908) Total property and equipment, net $ 13,654 $ 13,087
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued compensation $ 3,045 $ 4,730 Accrued professional services 398 388 Other 2,934 3,276 Total accrued expenses $ 6,377 $ 8,394

Revenue and Deferred Revenue (T

Revenue and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Revenue Activity	Deferred revenue activity for the period ended March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Balance, beginning of period $ 376 $ 250 Additions 167 376 Revenue recognized (149) (250) Balance, end of period $ 394 $ 376

Capital Stock and Stockholder_2

Capital Stock and Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Stock by Class	Common stock issued and outstanding is as follows: March 31, December 31, 2022 2021 Class A common stock 58,237,703 57,493,005 Class B common stock 4,055,190 4,522,478 Total common stock issued and outstanding 62,292,893 62,015,483

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the three months ended March 31, 2022 is as follows: Options Outstanding Weighted Average Exercise Price Balance at December 31, 2021 9,832,924 $ 12.49 Options granted 1,947,230 16.90 Options exercised (194,207) 3.98 Options cancelled and forfeited (25,943) 29.94 Balance at March 31, 2022 11,560,004 $ 13.34 Vested and exercisable, March 31, 2022 3,732,802 $ 8.43
Schedule of Restricted Stock Unit Activity	RSU activity for the three months ended March 31, 2022 is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at December 31, 2021 740,366 $ 26.49 Granted 1,310,465 16.55 Vested (89,044) 38.40 Cancelled (2,745) 28.54 Balance at March 31, 2022 1,959,042 $ 19.30
Summary of Components of Stock-based Compensation Expensed	The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 208 $ — Research and development 2,001 1,492 Selling, general and administrative 5,853 4,547 Total stock-based compensation $ 8,062 $ 6,039

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	The components of lease costs related to the Company’s operating leases were as follows (in thousands): Three Months Ended 2022 2021 Operating lease costs $ 813 $ 185 Variable lease costs 194 133 Short-term lease costs 69 3 Total lease costs $ 1,076 $ 321
Schedule of Future Minimum Commitments Under Facility Operating Lease	As of March 31, 2022, future minimum commitments under the Company’s non-cancelable facility operating lease are as follows: Years ending December 31, (in thousands) 2022 (remaining nine months) $ 2,005 2023 3,633 2024 3,738 2025 3,846 2026 3,957 Thereafter 25,137 Total undiscounted future minimum lease payments 42,316 Present value adjustment for minimum lease commitments (11,836) Tenant improvement receivable (256) Total operating lease liabilities $ 30,224

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ (23,646) $ (16,429) Denominator: Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted 62,003,504 59,887,842 Net loss per share attributable to common stockholders, basic and diluted $ (0.38) $ (0.27)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): March 31, 2022 2021 Class A common stock options issued and outstanding 11,560,004 9,839,354 Restricted common stock subject to future vesting 125,231 652,418 Restricted stock units 1,959,042 689,484 Total 13,644,277 11,181,256

Organization and Description _2

Organization and Description of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Issuance of stock (in shares)	1,650,000
Public offering price (in usd per share)	$ 67
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs	$ 103,000	$ 0	$ 103,595
Offering transaction costs	$ 7,600		$ 7,591
Cash, cash equivalents, and investments		471,800
Accumulated deficit		$ (150,176)		$ (126,530)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Basis of Presentation - Adoption of Accounting Pronouncement, Affected Line Items within the Statements of Cash Flows (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Non-cash operating lease expense		$ 551	$ 78
Deferred rent			0
Operating lease liabilities		46	(93)
Net cash used in operating activities		(19,151)	(14,872)
Supplemental disclosure of non-cash activities:
Lease liability obtained in exchange for right-of-use assets		$ 6,855	$ 7,823
As Previously Reported
Cash flows from operating activities:
Non-cash operating lease expense				$ 0
Deferred rent				(15)
Operating lease liabilities				0
Net cash used in operating activities				(14,872)
Supplemental disclosure of non-cash activities:
Lease liability obtained in exchange for right-of-use assets				$ 0
Adjustments
Cash flows from operating activities:
Non-cash operating lease expense	$ 78
Deferred rent	15
Operating lease liabilities	(93)
Net cash used in operating activities	0
Supplemental disclosure of non-cash activities:
Lease liability obtained in exchange for right-of-use assets	$ 7,823

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 225,334	$ 232,813
Restricted cash	524	524
Total cash and cash equivalents and restricted cash	$ 225,858	$ 233,337	$ 446,106	$ 333,928

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured at Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total assets measured at fair value	$ 471,776	$ 493,260
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Money market funds	225,334	232,813
U.S. Treasury securities	246,442	260,447
Total assets measured at fair value	471,776
Level 1 | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Money market funds	225,334	232,813
U.S. Treasury securities	0	0
Total assets measured at fair value	225,334	232,813
Level 2 | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Money market funds	0	0
U.S. Treasury securities	246,442	260,447
Total assets measured at fair value	246,442	260,447
Level 3 | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Money market funds	0	0
U.S. Treasury securities	0	0
Total assets measured at fair value	$ 0	$ 0

Fair Value Measurements and F_4

Fair Value Measurements and Fair Value of Financial Instruments - Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 474,003	$ 493,796
Unrealized Gains	0	0
Unrealized Losses	(2,227)	(536)
Fair Value	471,776	493,260
Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	225,334	232,813
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	225,334	232,813
U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	248,669	260,983
Unrealized Gains	0	0
Unrealized Losses	(2,227)	(536)
Fair Value	$ 246,442	$ 260,447

Fair Value Measurements and F_5

Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2022USD ($)Securities	Dec. 31, 2021USD ($)Securities
Fair Value Disclosures [Abstract]
Investments in a continuous unrealized loss position, 12 Months or longer | Securities	0	0
Available-for-sale investments with remaining maturities between one and two years	$ 26,550	$ 93,186
Accrued interest receivable	$ 500	$ 300

Other Financial Statement Inf_3

Other Financial Statement Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 1,866	$ 1,836
Work-in-progress	360	221
Finished goods	1,324	2,088
Total inventory	$ 3,550	$ 4,145

Other Financial Statement Inf_4

Other Financial Statement Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 19,295		$ 17,995
Less: accumulated depreciation and amortization	(5,641)		(4,908)
Property and equipment, net	13,654		13,087
Depreciation and amortization expense	900	$ 500
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	14,788		13,823
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	554		461
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	572		478
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	3,122		2,449
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 259		$ 784

Other Financial Statement Inf_5

Other Financial Statement Information - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 3,045	$ 4,730
Accrued Professional Fees, Current	398	388
Other Accrued Liabilities	2,934	3,276
Total accrued expenses	$ 6,377	$ 8,394

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Aug. 31, 2019
Deferred Revenue Arrangement [Line Items]
Revenue	$ 3,312,000	$ 62,000
Deferred revenue	394,000	376,000	$ 376,000	$ 250,000		$ 1,100,000
Revenue recognized	$ 149,000	250,000
Non-US
Deferred Revenue Arrangement [Line Items]
Revenue		0
Revenue Benchmark | Geographic Concentration Risk | Non-US
Deferred Revenue Arrangement [Line Items]
Concentration risk, percentage	25.00%
Revenue Benchmark | Customer Concentration Risk | One Customer
Deferred Revenue Arrangement [Line Items]
Concentration risk, percentage	32.00%
Product
Deferred Revenue Arrangement [Line Items]
Revenue	$ 2,149,000	0
Deferred revenue	400,000		$ 400,000
Service
Deferred Revenue Arrangement [Line Items]
Revenue	79,000	0
Deferred revenue	0
Grant
Deferred Revenue Arrangement [Line Items]
Revenue	14,000	62,000
Grant | National Institutes of Health
Deferred Revenue Arrangement [Line Items]
Deferred revenue					$ 900,000
Revenue recognized	$ 14,000	$ 62,000

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract with Customer Liability [Roll Forward]
Balance, beginning of period	$ 376	$ 250
Additions	167	376
Revenue recognized	(149)	(250)
Balance, end of period	$ 394	$ 376

Capital Stock and Stockholder_3

Capital Stock and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)vote$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / sharesshares
Class of Stock [Line Items]
Common stock, authorized (in shares)	105,000,000
Preferred stock, authorized (in shares)	5,000,000		5,000,000
Proceeds from return of profit | $	$ 0	$ 11,403
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	94,000,000		94,000,000
Common stock, par value (usd per share) | $ / shares	$ 0.00001		$ 0.00001
Voting rights (per share) | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	6,000,000		6,000,000
Common stock, par value (usd per share) | $ / shares	$ 0.00001		$ 0.00001
Voting rights (per share) | vote	10

Capital Stock and Stockholder_4

Capital Stock and Stockholders' Equity - Schedule of Common Stock by Class (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total common stock issued (in shares)	62,292,893	62,015,483
Total common stock outstanding (in shares)	62,292,893	62,015,483
Class A common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	58,237,703	57,493,005
Total common stock outstanding (in shares)	58,237,703	57,493,005
Class B common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	4,055,190	4,522,478
Total common stock outstanding (in shares)	4,055,190	4,522,478

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details)	1 Months Ended	3 Months Ended
	Feb. 28, 2022planParticipantshares	Mar. 31, 2022shares	Mar. 31, 2021shares	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grantees affected by modification | planParticipant	1
Modifications to extend term and timing of vesting, of shares (in shares)	1,330,892
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock (in shares)		174,300		125,231
2020 Employee Stock Purchase Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		1,195,327
Class A common stock | 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		11,400,396
Class A common stock | 2020 Equity Incentive Plan | Share-based payments future awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		5,009,917
Class A common stock | 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued, under ESSP, shares (in shares)		0	0

Equity Incentive Plans - Activi

Equity Incentive Plans - Activity of Stock Options (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Options Outstanding
Beginning balance (in shares) | shares	9,832,924
Options granted (in shares) | shares	1,947,230
Options exercised (in shares) | shares	(194,207)
Options cancelled and forfeited (in shares) | shares	(25,943)
Ending balance (in shares) | shares	11,560,004
Vested and exercisable (in shares) | shares	3,732,802
Weighted Average Exercise Price
Beginning balance (in shares) | $ / shares	$ 12.49
Options granted (in usd per share) | $ / shares	16.90
Options exercised (in usd per share) | $ / shares	3.98
Options cancelled and forfeited (in usd per share) | $ / shares	29.94
Ending balance (in shares) | $ / shares	13.34
Vested and exercisable (in usd per share) | $ / shares	$ 8.43

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity for the Period (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units
Beginning balance (in shares) | shares	740,366
Granted (in shares) | shares	1,310,465
Vested (in shares) | shares	(89,044)
Cancelled (in shares) | shares	(2,745)
Ending balance (in shares) | shares	1,959,042
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in usd per share) | $ / shares	$ 26.49
Granted (in usd per share) | $ / shares	16.55
Vested (in usd per share) | $ / shares	38.40
Cancelled (in usd per share) | $ / shares	28.54
Ending balance (in usd per share) | $ / shares	$ 19.30

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-Based Compensation Allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,062	$ 6,039
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	208	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,001	1,492
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,853	$ 4,547

Commitments and Contingencies -

Commitments and Contingencies - Facility Lease Agreement Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Current renewal term		5 years
Operating lease right-of-use assets	$ 8,800	$ 28,411	$ 20,142
Operating lease liabilities	$ 6,900	$ 30,224
Incremental borrowing rate	7.40%	6.20%
Weighted average remaining lease term		10 years 6 months
Facility Lease Agreement Letter of Credit | Letter of Credit
Other Commitments [Line Items]
Letter of credit issued		$ 500	$ 500

Commitments and Contingencies_2

Commitments and Contingencies - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 813	$ 185
Variable lease costs	194	133
Short-term lease costs	69	3
Total lease costs	$ 1,076	$ 321

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Commitments Under Facility Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 2,005
2023	3,633
2024	3,738
2025	3,846
2026	3,957
Thereafter	25,137
Total undiscounted future minimum lease payments	42,316
Present value adjustment for minimum lease commitments	(11,836)
Tenant improvement receivable	(256)
Total operating lease liabilities	$ 30,224	$ 6,900

Commitments and Contingencies_4

Commitments and Contingencies - Purchase Commitments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations outstanding	$ 5,700,000	$ 5,500,000

Prognomiq, Inc. (Details)

Prognomiq, Inc. (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Related party receivables	$ 1.1	$ 1.3

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (23,646)	$ (16,429)
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares)	62,003,504	59,887,842
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	62,003,504	59,887,842
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.38)	$ (0.27)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.38)	$ (0.27)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,644,277	11,181,256
Class A common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,560,004	9,839,354
Restricted common stock subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	125,231	652,418
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,959,042	689,484