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1. Company Snapshot

1.a. Company Description

Seer, Inc., a life sciences company, engages in developing and commercializing products to decode the secrets of the proteome.It develops Proteograph Product Suite, an integrated solution that comprises consumables, an automation instrumentation, and software that allows researchers to conduct proteomic studies in therapeutic and diagnostic research, and clinical trials.The company intends to sell its products for research purposes, which cover academic institutions, life sciences, and research laboratories, as well as biopharmaceutical and biotechnology companies for non-diagnostic and non-clinical purposes.


It has a collaboration agreement with Discovery Life Sciences, LLC.and the Salk Institute for Biological Studies.The company was formerly known as Seer Biosciences, Inc.


and changed its name to Seer, Inc.in July 2018.Seer, Inc.


was incorporated in 2017 and is headquartered in Redwood City, California.

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1.b. Last Insights on SEER

Recent drivers behind Seer, Inc.'s performance include: * Strong Q3 revenue growth, driven by increased adoption of its Proteograph Product Suite, which contributed to a 2,440% revenue growth, according to the 2024 Deloitte Technology Fast 500. * The company's participation in investor conferences, such as the J.P. Morgan 43rd Annual Healthcare Conference, and its presence at the ASHG 2024 conference, where it highlighted the capability of deep proteomics to enhance genomic insights into Alzheimer's, lung cancer, and more. * Seer's partnership with DevvStream to monetize insured carbon credits arising out of methane renewable energy, captured oil field well emissions, and other Seer projects, which demonstrates the company's commitment to decarbonization and carbon credit monetization. * The company's recent presentations of new data, including a CoLab session with PrognomiQ and Salk Institute, which offer a firsthand look at multi-omic breakthroughs powered by Seer's Proteograph Product Suite.

1.c. Company Highlights

2. Seer's Q4 2025 Earnings: Navigating Budgetary Pressures

Seer reported fourth quarter 2025 revenue of $4.2 million, bringing the full-year revenue to $16.6 million, a 17% year-over-year growth. However, the results fell short of expectations due to ongoing budgetary pressures, including uncertainty around NIH funding. The company reported a net loss of $73.6 million and a free cash flow loss of approximately $45.6 million. Despite the challenges, Seer demonstrated progress across its business, with a 67% growth in installed base to 82 instruments and a 69% growth in consumable kit volume. The company's total gross profit was $8.5 million, representing a gross margin of 51%, driven by greater consumable kit sales. Seer's EPS loss came out at -$0.29, beating estimates of -$0.32.

Publication Date: Mar -09

📋 Highlights
  • Revenue Growth and Challenges: Full-year revenue reached $16.6M (+17% YoY), but Q4 revenue of $4.2M fell short due to NIH funding uncertainty and budget pressures.
  • Installed Base Expansion: Instruments grew 67% to 82 units (60% under SIPP program), with consumable kit volumes up 69% YoY and total non-related-party revenue rising 33%.
  • Financials and Share Repurchases: Net loss of $73.6M and free cash flow loss of $45.6M; $241M in cash reserves, with $25M additional share repurchase authorization after repurchasing 5.3M shares for $10.2M.
  • Product Launches and Validation: Launched Proteograph ONE (3rd-gen assay) and SP200 automation, driving large-scale studies (20,000 samples with Korea University, 10,000 with Discovery Life Sciences) and doubling publications to 70.
  • 2026 Guidance and Future Plans: Revenue guidance of $16–18M (+3% midpoint growth), with a 4th-gen Proteograph Analysis Suite (AI-enabled) and proteoform profiling kit (2027) in development, alongside end-to-end high-throughput solutions.

Revenue Growth and Product Performance

Seer's product revenue was $11.2 million, consisting of sales of Proteograph automation instruments and consumable kits, with kit sample volumes increasing 69% year-over-year. Service revenue was $4.9 million, and other revenue was $459,000. The company's installed base of instruments grew 67% to 82 instruments, with 60% of installations part of the SIPP program. The growth in instrument installations and consumable kit sales demonstrates the expanding adoption of Seer's technology.

Operational Highlights and Future Outlook

The company launched its third-generation assay, Proteograph ONE, and ONE, and made significant progress in its product pipeline. Seer expects to release a new version of its analysis software and is working on an end-to-end solution for high-throughput biomarker discovery. For 2026, the company expects revenue to be in the range of $16 million to $18 million, representing growth of approximately 3% at the midpoint. Analysts estimate next year's revenue growth at 25.9%, indicating potential for acceleration in growth.

Valuation and Cash Position

Seer ended the year with approximately $241 million in cash, cash equivalents, and investments, providing a solid foundation for future growth. The company's valuation metrics, including a P/S Ratio of 6.04 and an EV/EBITDA of -1.19, suggest that the market is pricing in significant growth expectations. The company's share repurchase program, which includes an additional authorization of $25 million, demonstrates its commitment to returning value to shareholders.

3. NewsRoom

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Seer Confirms Receipt of Unsolicited Proposal and Director Candidate Nominations from Radoff-JEC Group

Apr -13

Source: globenewswire.com

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Seer Shares Jump On Takeover Proposal

Apr -13

Source: feeds.benzinga.com

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The Radoff-JEC Group Submits Non-Binding Proposal to Acquire Seer, Inc.

Apr -13

Source: businesswire.com

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Seer and Precision Health Research, Singapore Sign Collaboration to Provide Deep, Unbiased Proteomics on 10,000 PRECISE SG100K Samples

Apr -09

Source: globenewswire.com

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Patent Board Upholds Seer's Nano and Micro Particle Protein Enrichment Patent in a Challenge by Bruker Subsidiaries

Mar -30

Source: globenewswire.com

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The Radoff-JEC Group Sends Open Letter to Seer, Inc. Unconflicted Independent Directors Meeta Gulyani and Nicolas Roelofs

Mar -04

Source: businesswire.com

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Seer, Inc. (SEER) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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Seer Adopts Limited Duration Tax Benefit Preservation Plan to Protect its Valuable Tax Assets

Feb -26

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.42%)

6. Segments

Proteograph Product Suite

Expected Growth: 11.7%

Proteograph Product Suite from Seer, Inc. growth driven by increasing adoption in biopharma and academic research, leveraging AI-powered proteomics for biomarker discovery and drug development. Rising demand for precision medicine, growing investment in life sciences, and expanding partnerships with key industry players contribute to 11.7% growth.

Related Party

Expected Growth: 11.47%

Seer, Inc.'s 11.47% growth in Related Party segment is driven by increasing adoption of proteomics technology, strategic partnerships, and expansion into new markets. Additionally, growing demand for precision medicine and increasing research and development activities in the life sciences sector contribute to this growth.

Service

Expected Growth: 10.47%

Seer, Inc.'s 10.47% growth is driven by increasing adoption of its proteomics platform in biopharma and academic research, expansion into new markets, and strategic partnerships. Additionally, growing demand for personalized medicine and precision diagnostics, as well as advancements in AI-powered analytics, contribute to the company's rapid growth.

Grant and Other

Expected Growth: 10.47%

Seer, Inc.'s 10.47% growth in Grant and Other is driven by increasing research collaborations, strategic partnerships, and government funding for proteomics research. Additionally, the company's expanding product portfolio and growing adoption of its proprietary technology in the life sciences industry contribute to this growth.

7. Detailed Products

Seer for Enterprise

A comprehensive platform for large-scale data analytics, providing real-time insights and visualization for complex data sets.

Seer for Research

A specialized platform for researchers to collect, analyze, and visualize large datasets, accelerating discovery and innovation.

Seer for IoT

A scalable and secure platform for IoT data processing, providing real-time insights and automation capabilities.

Seer for Healthcare

A HIPAA-compliant platform for healthcare analytics, providing insights into patient outcomes, population health, and operational efficiency.

Seer for Financial Services

A secure and compliant platform for financial data analytics, providing insights into risk management, portfolio optimization, and customer behavior.

8. Seer, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Seer, Inc. faces moderate threat from substitutes due to the availability of alternative technologies and services.

Bargaining Power Of Customers

Seer, Inc. has a high bargaining power of customers due to the concentration of buyers and the availability of alternative suppliers.

Bargaining Power Of Suppliers

Seer, Inc. has a low bargaining power of suppliers due to the availability of multiple suppliers and the lack of concentration in the supplier market.

Threat Of New Entrants

Seer, Inc. faces a moderate threat of new entrants due to the moderate barriers to entry and the availability of resources.

Intensity Of Rivalry

Seer, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.65%
Debt Cost 3.95%
Equity Weight 93.35%
Equity Cost 11.54%
WACC 11.03%
Leverage 7.12%

11. Quality Control: Seer, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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OncoCyte

A-Score: 4.7/10

Value: 7.1

Growth: 5.9

Quality: 3.1

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

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2seventy bio

A-Score: 4.3/10

Value: 7.7

Growth: 4.4

Quality: 4.6

Yield: 0.0

Momentum: 8.5

Volatility: 0.7

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Seer

A-Score: 4.1/10

Value: 8.2

Growth: 4.2

Quality: 4.5

Yield: 0.0

Momentum: 3.5

Volatility: 4.3

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Curis

A-Score: 3.6/10

Value: 9.4

Growth: 3.8

Quality: 5.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

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Vir Biotechnology

A-Score: 3.3/10

Value: 7.8

Growth: 3.6

Quality: 5.0

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

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Pliant Therapeutics

A-Score: 2.6/10

Value: 8.0

Growth: 3.1

Quality: 3.5

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.05$

Current Price

2.05$

Potential

-0.00%

Expected Cash-Flows