REDWOOD CITY, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER) ("Seer" or the "Company"), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced financial results for the quarter ended March 31, 2026.
Recent Highlights
-- Achieved revenue of $2.8 million in the first quarter of 2026
-- Achieved a doubling of independent publications year-over-year to 84
total, accelerating third-party validation of Seer's platform
-- Secured a collaboration with Precision Health Research, Singapore to
provide deep, unbiased proteomics on 10,000 samples for their
PRECISE-SG100K study, a landmark multi-ancestry, population-scale cohort
of approximately 100,000 Singapore residents
-- Strengthened the leadership team with the appointment of Anthony (Tony)
Bazarko as Chief Commercial Officer, bringing deep expertise to drive
strategy, partnerships, and market adoption.
-- Successfully defended and reinforced Seer's IP position through a U.S.
Patent and Trademark Office Final Written Decision
-- Repurchased approximately 1.5 million Class A common shares under our
share repurchase program authorization
-- Ended the quarter with approximately $220 million of cash, cash
equivalents, and investments
"Seer executed on several important drivers to advance the long-term trajectory of the business by generating traction on large-scale contracts with biobanks and supporting continued third-party validation of our platform," said Omid Farokhzad, Chair and Chief Executive Officer. "Seer sits at the forefront of deep, unbiased proteomics, a large and expanding market with profound scientific and commercial potential. We are building this market from the ground up, and the foundation we are laying is increasingly recognized by the world's leading scientists and institutions. We look forward to advancing our vision to empower the scientific community with unbiased proteomics solutions while creating value for all stakeholders."
First Quarter 2026 Financial Results
Revenue was $2.8 million for the first quarter of 2026, a 34% decrease from $4.2 million for the corresponding prior year period, primarily due to the continued depressed academic funding environment and competitive activity in the space we have pioneered. Product revenue for the first quarter of 2026 was $2.1 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $596 thousand for the first quarter of 2026, including $56 thousand of related party revenue, and primarily consisting of revenue related to Seer Technology Access Center service projects. Other revenue was $87 thousand for the first quarter of 2026.
Gross profit was $982 thousand and gross margin was 35% for the first quarter of 2026.
Operating expenses were $18.2 million for the first quarter of 2026, including $2.1 million in stock-based compensation, a decrease of 20% compared to $22.8 million for the corresponding prior year period, including $4.5 million in stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee compensation expenses, including stock-based compensation.
Net loss was $16.8 million for the first quarter of 2026, compared to $19.9 million for the corresponding prior year period.
Free cash flow, defined as net cash used in operating activities of approximately $15.4 million, less net purchases of property and equipment of approximately $270 thousand, for the quarter was approximately negative $15.7 million.
Cash, cash equivalents and investments were approximately $220 million as of March 31, 2026.
2026 Guidance
Seer continues to expect full year 2026 revenue to be in the range of $16 million to $18 million, representing growth of 3% at the midpoint over full year 2025.
Webcast Information
Seer will host a conference call to discuss the first quarter 2026 financial results on Wednesday, May 13, 2026, at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.
About Seer, Inc.
Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with a scale, speed, precision and reproducibility previously unattainable. Seer's Proteograph$(R)$ Product Suite integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables and advanced analytical software to overcome the limitations of traditional proteomic methods. Seer's products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio.
For more information, please email us at pr@seer.bio.
Forward Looking Statements
This communication 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 plans and expectations regarding the adoption of Seer's products. 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.
Media Contact:
Patrick Schmidt
pr@seer.bio
Investor Contact:
Marissa Bych
investor@seer.bio
SEER, INC.
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,
--------------------------------
2026 2025
---------------- -------------
Revenue:
Product $ 2,110 $ 2,890
Service 540 1,203
Related party 56 52
Other 87 60
------------ ------------
Total revenue 2,793 4,205
Cost of revenue:
Product 1,395 1,374
Service 170 531
Related party 6 70
Other 240 169
------------ ------------
Total cost of revenue 1,811 2,144
------------ ------------
Gross profit 982 2,061
------------ ------------
Operating expenses:
Research and development 8,806 11,350
Selling, general and
administrative 9,432 11,442
------------ ------------
Total operating expenses 18,238 22,792
------------ ------------
Loss from operations (17,256) (20,731)
Other income (expense):
Interest income 2,225 3,217
Loss on equity method investment (1,728) (1,575)
Other expense (68) (758)
------------ ------------
Total other income 429 884
------------ ------------
Loss before provision for income
taxes (16,827) (19,847)
Provision for income taxes 10 101
------------ ------------
Net loss $ (16,837) $ (19,948)
------------ ------------
Other comprehensive loss:
Unrealized gain (loss) on
available-for-sale securities (523) 169
------------ ------------
Comprehensive loss $ (17,360) $ (19,779)
============ ============
Net loss per share attributable to
Class A and Class B common
stockholders, basic and diluted $ (0.30) $ (0.34)
============ ============
Weighted-average shares used in
computing net loss per share
attributable to Class A and Class
B common stockholders, basic and
diluted 55,995,933 59,408,711
============ ============
SEER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
March 31, December 31,
2026 2025
--------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 47,318 $ 47,285
Short-term investments 119,354 138,612
Accounts receivable, net 3,200 4,282
Related party receivables 56 300
Other receivables 1,000 1,370
Inventory 8,079 7,795
Prepaid expenses and other current
assets 2,586 1,890
-------- ----------
Total current assets 181,593 201,534
Long-term investments 52,848 54,686
Operating lease right-of-use assets 19,890 20,488
Property and equipment, net 13,485 14,754
Restricted cash 524 524
Other assets 3,792 4,097
-------- ----------
Total assets $ 272,132 $ 296,083
======== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,497 $ 5,611
Accrued expenses 4,730 7,135
Deferred revenue 334 341
Operating lease liabilities, current 2,644 2,575
Other current liabilities 38 29
-------- ----------
Total current liabilities 10,243 15,691
Operating lease liabilities, net of
current portion 20,384 21,077
Other noncurrent liabilities 26 8
-------- ----------
Total liabilities 30,653 36,776
-------- ----------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par
value; 5,000,000 shares authorized
as of March 31, 2026 and December
31, 2025; zero shares issued and
outstanding as of March 31, 2026
and December 31, 2025 -- --
Class A common stock, $0.00001 par
value; 94,000,000 shares authorized
as of March 31, 2026 and December
31, 2025; 55,065,984 and 56,219,599
shares issued and outstanding as of
March 31, 2026 and December 31,
2025, respectively 1 1
Class B common stock, $0.00001 par
value; 134,268 shares authorized as
of March 31, 2026 and December 31,
2025; zero shares issued and
outstanding as of March 31, 2026
and December 31, 2025 -- --
Additional paid-in capital 724,351 724,819
Accumulated other comprehensive gain
(loss) (64) 459
Accumulated deficit (482,809) (465,972)
-------- ----------
Total stockholders' equity 241,479 259,307
-------- ----------
Total liabilities and
stockholders' equity $ 272,132 $ 296,083
======== ==========
(END) Dow Jones Newswires
May 13, 2026 16:05 ET (20:05 GMT)
Comments