REDWOOD CITY, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Recent Highlights
-- Generated revenue of $4.2 million for the fourth quarter of 2025 and
$16.6 million for the full year 2025
-- Expanded installed base to 82 instruments, representing 67%
year-over-year growth, with 33 total instruments installed during the
full year 2025
-- Seminal customer studies published in Nature and Nature Genetics
highlighting the power of the Proteograph to enable clinically relevant
biomarker discovery and deep biologic insight
-- Strong presence at the 2025 Human Proteome Organization World Congress
with more than a dozen scientific presentations and sixteen posters
presented that highlight the translational power of the Proteograph
-- Ended the year with approximately $240.6 million of cash, cash
equivalents and investments
"2025 was a challenging year as our customers navigated ongoing budgetary pressures, including uncertainty around NIH funding in the fourth quarter," said Omid Farokhzad, Chair and CEO of Seer. "Despite this persistently challenging funding environment, we made meaningful progress across our business. Our installed base grew significantly, consumable kit volume increased, the number of publications expanded throughout the year, and the Proteograph was selected to power multiple population-scale studies. I am more confident than ever in our opportunities in 2026 and beyond."
Fourth Quarter 2025 Financial Results
Revenue was $4.2 million for the fourth quarter of 2025, a 5% increase from $4.0 million for the corresponding prior year period, primarily due to higher product revenue in the quarter. Product revenue for the fourth quarter of 2025 was $2.8 million and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million for the fourth quarter of 2025 and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $128 thousand for the fourth quarter of 2025.
Gross profit was $2.2 million and gross margin was 52% for the fourth quarter of 2025.
Operating expenses were $19.6 million for the fourth quarter of 2025, including $3.2 million of stock-based compensation, a decrease of 23% compared to $25.5 million for the corresponding prior year period, including $6.0 million of stock-based compensation. The decrease in operating expenses was primarily driven by a reduction in stock-based compensation, laboratory expenses, and professional services.
Net loss was $16.0 million for the fourth quarter of 2025, compared to $21.7 million for the corresponding prior year period.
Full Year 2025 Financial Results
Revenue was $16.6 million for the full year 2025, a 17% increase from $14.2 million for the corresponding prior year period, driven by increased product sales and service revenue during the period. Product revenue for the full year 2025 was $11.2 million, including $5 thousand of related party revenue, and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $4.9 million for the full year 2025, including $755 thousand of related party revenue, and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $459 thousand for the full year 2025.
Gross profit was $8.5 million and gross margin was 51% for the full year 2025.
Operating expenses were $86.5 million for the full year 2025, including $15.0 million of stock-based compensation, a decrease of 19% compared to $107.2 million for the corresponding prior year period, including $26.6 million of stock-based compensation. The decrease in operating expenses was primarily driven by a reduction in stock-based compensation, professional services, and laboratory expenses.
Net loss was $73.6 million for the full year 2025, compared to $86.6 million for the corresponding prior year period.
Cash, cash equivalents and investments were approximately $240.6 million as of December 31, 2025.
2026 Guidance
Seer expects full year 2026 revenue to be in the range of $16 million to $18 million, representing growth of approximately 3% at the midpoint over full year 2025.
Webcast Information
Seer will host a conference call to discuss the fourth quarter and full year 2025 financial results on Thursday, February 26, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.
About Seer
Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with scale, speed, precision, and reproducibility previously unattainable by other proteomic methods. Seer's Proteograph Product Suite uniquely integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables, and advanced analytical software to solve challenges conventional methods have failed to overcome. Traditional proteomic technologies have struggled with inconsistent data, limited throughput, and prohibitive complexity, but Seer's robust and scalable workflow consistently reveals biological insights that others do not. Seer's products are for research use only and are not intended for diagnostic procedures. For more information about Seer's differentiated approach and ongoing leadership in proteomics, visit www.seer.bio.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer's beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer's actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer's expectations for future results of operations and its financial position, business strategy, partnerships, adoption of our products and outlook for fiscal year 2026. These and other risks are described more fully in Seer's filings with the Securities and Exchange Commission ("SEC") and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact:
Kelly Gura
investor@seer.bio
Media Contact:
Patrick Schmidt
pr@seer.bio
SEER, INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended
December 31, Year Ended December 31,
2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenue:
Product $ 2,835 $ 2,351 $ 11,207 $ 8,695
Service 1,238 1,209 4,151 2,960
Related party -- 389 761 2,292
Other 128 51 459 223
Total revenue 4,201 4,000 16,578 14,170
Cost of revenue:
Product 1,468 1,200 5,336 4,402
Service 270 566 1,531 1,465
Related party -- 61 224 712
Other 280 148 1,022 536
Total cost of
revenue 2,018 1,975 8,113 7,115
---------- ---------- ---------- ----------
Gross profit 2,183 2,025 8,465 7,055
---------- ---------- ---------- ----------
Operating
expenses:
Research and
development 9,742 12,619 43,874 50,585
Selling,
general and
administrative 9,826 12,894 42,583 56,571
Total
operating
expenses 19,568 25,513 86,457 107,156
---------- ---------- ---------- ----------
Loss from
operations (17,385) (23,488) (77,992) (100,101)
Other income
(expense):
Interest income 2,548 3,565 11,522 16,666
Loss on equity
method
investment (1,084) (1,788) (5,919) (2,649)
Other income
(expense) (45) 67 (1,010) (417)
Total other
income 1,419 1,844 4,593 13,600
---------- ---------- ---------- ----------
Loss before
provision for
income taxes (15,966) (21,644) (73,399) (86,501)
Provision for
income taxes 28 98 201 98
Net loss $ (15,994) $ (21,742) $ (73,600) $ (86,599)
========== ========== ========== ==========
Net loss per share
attributable to
Class A and Class
B common
stockholders,
basic and
diluted $ (0.29) $ (0.37) $ (1.28) $ (1.39)
Weighted-average
shares used in
computing net
loss per share
attributable to
Class A and Class
B common
stockholders,
basic and
diluted 56,019,318 59,091,817 57,447,580 62,348,012
========== ========== ========== ==========
SEER, INC.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
December 31,
---------------------
2025 2024
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 47,285 $ 40,753
Short-term investments 138,612 195,657
Accounts receivable, net 4,282 3,997
Related party receivables 300 379
Other receivables 1,370 1,853
Inventory 7,795 7,436
Prepaid expenses and other current
assets 1,890 3,248
-------- --------
Total current assets 201,534 253,323
Long-term investments 54,686 63,103
Operating lease right-of-use assets 20,488 22,791
Property and equipment, net 14,754 18,575
Restricted cash 524 524
Other assets 4,097 8,281
-------- --------
Total assets $ 296,083 $ 366,597
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,611 $ 4,621
Accrued expenses 7,135 7,937
Deferred revenue 341 408
Operating lease liabilities, current 2,575 2,312
Other current liabilities 29 50
-------- --------
Total current liabilities 15,691 15,328
Operating lease liabilities, net of
current portion 21,077 23,652
Other noncurrent liabilities 8 48
-------- --------
Total liabilities 36,776 39,028
-------- --------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value;
5,000,000 shares authorized as of
December 31, 2025 and 2024; zero
shares issued and outstanding as of
December 31, 2025 and 2024 -- --
Class A common stock, $0.00001 par
value; 94,000,000 shares authorized as
of December 31, 2025 and 2024;
56,219,599 and 55,083,123 shares
issued and outstanding as of December
31, 2025 and 2024, respectively 1 1
Class B common stock, $0.00001 par
value; 134,268 and 6,000,000 shares
authorized as of December 31, 2025 and
2024, respectively; zero and 4,044,969
shares issued and outstanding as of
December 31, 2025 and 2024,
respectively -- --
Additional paid-in capital 724,819 719,804
Accumulated other comprehensive gain 459 136
Accumulated deficit (465,972) (392,372)
-------- --------
Total stockholders' equity 259,307 327,569
-------- --------
Total liabilities and stockholders'
equity $ 296,083 $ 366,597
======== ========
(END) Dow Jones Newswires
February 26, 2026 16:05 ET (21:05 GMT)
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