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
Fourth Quarter 2025 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Full Year 2025 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were approximately
2026 Guidance
Seer expects full year 2026 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the fourth quarter and full year 2025 financial results on
About Seer
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
Investor Contact:
investor@seer.bio
Media Contact:
pr@seer.bio
Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 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 | |||||||||||
Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| 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, as of | — | — | ||||||
| Class A common stock, as of shares issued and outstanding as of 2024, respectively | 1 | 1 | ||||||
| Class B common stock, authorized as of 4,044,969 shares issued and outstanding as of 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 | ||||
