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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 Q3 2025 Earnings: A Closer Look

Seer reported revenue of $4.1 million for Q3 2025, representing a 2% year-over-year growth. The revenue was primarily driven by sales of Proteograph instruments, consumable kits, and service revenue. The gross margin for the quarter was 51%, an improvement from 48% in Q3 2024, driven by higher consumable and service revenue. The net loss for the quarter was $18.2 million, compared to $21.3 million in Q3 2024. The actual EPS came in at -$0.32, in line with estimates. The company's cash, cash equivalents, and investments stood at approximately $251 million at the end of Q3 2025.

Publication Date: Nov -23

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue reached $4.1M, a 2% YoY increase, with 9M revenue of $35.1M.
  • Instrument Shipments:: Shipped nearly 3x more instruments in Q1-Q3 2025 compared to full-year 2024.
  • Margin Improvement:: Gross margin rose to 51% (Q3 2025) from 48% (Q3 2024), with long-term targets of 70-75%.
  • Share Repurchases:: Repurchased $22M in shares under the $25M program, reducing shares by 14% and cash to $251M.
  • Partnership & Publications:: Collaborated with Thermo on 2 deals and achieved 13 academic publications, a record for Q3.

Operational Highlights

Seer continued to execute on its core initiatives, validating its platform, enhancing access, driving innovation, and enabling larger core studies. The company shipped just under 3x as many instruments in the first 9 months of 2025 as it did in all of 2024, representing a significant step-up in its installed base. The Proteograph ONE Assay and SP200 Automation Instrument launched in June received positive feedback from customers, and the company is seeing increasing interest from academics and large biobanks.

Partnerships and Future Prospects

Seer partnered with Thermo Fisher Scientific on joint opportunities, with two closed deals during the quarter. The company is working with Thermo on a joint large biobank opportunity and expects good things from this partnership in 2026. Analysts estimate revenue growth of 30.0% for next year, indicating a positive outlook for the company.

Valuation Metrics

Seer's current valuation metrics indicate a relatively high Price-to-Sales Ratio of 6.73, suggesting that the market is pricing in significant revenue growth. The company's Price-to-Book Ratio is 0.41, indicating that the stock may be undervalued relative to its book value. The Free Cash Flow Yield is -41.91%, reflecting the company's current cash burn.

3. NewsRoom

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Nature Genetics Study Validates Seer's Proteograph Platform as Essential for Turning Genetic Signals Into Reliable Drug Targets and Biomarkers

Dec -01

Source: globenewswire.com

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Seer and Collaborators Unveil Broad New Data Demonstrating the Translational Power of Deep Proteomics at HUPO 2025

Nov -07

Source: globenewswire.com

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Seer, Inc. (SEER) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Seer Reports Third Quarter 2025 Financial Results

Nov -06

Source: globenewswire.com

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Seer to Participate in Upcoming November Investor Conferences

Oct -29

Source: globenewswire.com

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Seer to Report Third Quarter 2025 Financial Results on November 6, 2025

Oct -16

Source: globenewswire.com

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RetinalGenix Technologies Contracts with Seer Bio to Explore Early Detection of Neurodegenerative, Systemic, and Retinal Diseases

Oct -16

Source: globenewswire.com

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RetinalGenix Technologies Contracts with Seer Bio to Explore Early Detection of Neurodegenerative, Systemic, and Retinal Diseases

Oct -16

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

Stock-Card
Seer

A-Score: 4.5/10

Value: 8.0

Growth: 4.2

Quality: 4.6

Yield: 0.0

Momentum: 6.5

Volatility: 3.7

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2seventy bio

A-Score: 3.7/10

Value: 7.6

Growth: 4.4

Quality: 4.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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OncoCyte

A-Score: 3.7/10

Value: 7.0

Growth: 6.0

Quality: 3.2

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

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Curis

A-Score: 3.6/10

Value: 9.2

Growth: 3.9

Quality: 6.0

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

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Vir Biotechnology

A-Score: 3.3/10

Value: 7.6

Growth: 3.6

Quality: 5.0

Yield: 0.0

Momentum: 2.0

Volatility: 1.7

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Pliant Therapeutics

A-Score: 2.6/10

Value: 7.8

Growth: 3.2

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

1.92$

Current Price

1.92$

Potential

-0.00%

Expected Cash-Flows