SEER · Seer, Inc.

Seer, Inc. announced first quarter 2026 financial results showing revenue of $2.8 million, a 34% decline from $4.2 million in the prior year quarter, attributed to depressed academic funding and competitive pressures in the proteomics space the company pioneered. Product revenue of $2.1 million came from Proteograph instruments and consumables, while service revenue was $596 thousand, including $56 thousand from related parties, and other revenue $87 thousand. Gross profit stood at $982 thousand with a 35% margin, reflecting cost of revenue at $1.8 million. Operating expenses decreased 20% to $18.2 million from $22.8 million, driven by lower employee compensation including stock-based compensation, resulting in an operating loss of $17.3 million and net loss of $16.8 million, improved from $19.9 million year-over-year. CEO Omid Farokhzad highlighted execution on large-scale contracts like the collaboration with Precision Health Research, Singapore for proteomics on 10,000 samples in the PRECISE-SG100K study, doubling of independent publications to 84, IP defense, leadership addition of CCO Anthony Bazarko, and share repurchases of 1.5 million Class A shares. Free cash flow was negative $15.7 million, with cash, equivalents, and investments at $220 million as of quarter-end, providing runway. The company reaffirmed full year 2026 revenue guidance of $16-18 million, signaling modest 3% growth at the midpoint over 2025 amid building market traction and third-party validation.