Seer Reports Second Quarter 2026 Financial Results
and Reaffirms Full Year 2026 Outlook
REDWOOD CITY, Calif. – August 11, 2026 – 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 June 30, 2026.
Recent Highlights
•Achieved revenue of $3.1 million in the second quarter of 2026
•
Our collaborators from Korea University presented preliminary data at the 74th American Society for Mass Spectrometry Conference (ASMS), demonstrating potential of AI-driven plasma proteomics for multi-cancer screening
•
Proteograph leveraged in an independent study published in Nature Genetics, “Nanoparticle-enriched mass spectrometry proteomics in British South Asians identifies links between genetic variants, plasma protein levels and disease risk”
•Initiated enforcement of our intellectual property rights against Nanomics Biotechnology Co., Ltd., with the U.S. International Trade Commission opening an investigation into Nanomics' importation of products believed to infringe Seer’s patents
•Strong patent position exemplified by the European Patent Office concluding that Brigham and Women’s Hospital’s patent, exclusively licensed by Seer, will be maintained on the basis of claims covering particle-based enrichment for proteomics
•Repurchased approximately 200,000 Class A common shares under our share repurchase program authorization as of June 30, 2026
•
Ended the quarter with approximately $209.5 million of cash, cash equivalents, and investments
"I’m proud that our technology is enabling the scientific community to do impactful work previously not possible. An important highlight this quarter was the presentation at the ASMS from our customers on how AI-driven proteomics can impact early detection of cancer,” said Omid Farokhzad, Chair and Chief Executive Officer. “During the quarter, we strengthened our commercial team, positioning Seer to better convert scientific leadership into revenue, and we took action to protect our core intellectual property on two continents."
Second Quarter 2026 Financial Results
Revenue was $3.1 million for the second quarter of 2026, a 23% decrease, compared to $4.1 million for the corresponding prior year period, primarily due to lower product and service revenue as a result of continuing macroeconomic headwinds in academic and government funding and continued elongation of sales cycles in some commercial accounts related to extended customer evaluations. Product revenue for the second quarter of 2026 was $2.3 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $0.7 million for the second quarter of 2026. Other revenue was $0.1 million for the second quarter of 2026.
Gross profit was $1.5 million and gross margin was 49% for the second quarter of 2026.
Operating expenses were $18.3 million for the second quarter of 2026, including $1.5 million in stock-based compensation, a 19% decrease, compared to $22.6 million for the corresponding prior year period, including $3.7 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 $16.9 million for the second quarter of 2026, compared to $19.4 million for the corresponding prior year period.
Free cash flow, defined as net cash used in operating activities of approximately $25.0 million, less net purchases of property and equipment of approximately $265 thousand, for the six months ended June 30, 2026 was approximately negative $25.3 million.
Cash, cash equivalents and investments were approximately $209.5 million as of June 30, 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 second quarter 2026 financial results on Tuesday, August 11, 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® 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, revenue growth, and the enforcement of its intellectual property rights. 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 June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
2,323 |
|
|
$ |
2,726 |
|
|
$ |
4,433 |
|
|
$ |
5,616 |
|
Service |
|
679 |
|
|
|
797 |
|
|
|
1,219 |
|
|
|
2,000 |
|
Related party |
|
— |
|
|
|
409 |
|
|
|
56 |
|
|
|
461 |
|
Other |
|
100 |
|
|
|
119 |
|
|
|
187 |
|
|
|
179 |
|
Total revenue |
|
3,102 |
|
|
|
4,051 |
|
|
|
5,895 |
|
|
|
8,256 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product |
|
1,011 |
|
|
|
1,167 |
|
|
|
2,406 |
|
|
|
2,541 |
|
Service |
|
347 |
|
|
|
395 |
|
|
|
517 |
|
|
|
926 |
|
Related party |
|
— |
|
|
|
69 |
|
|
|
6 |
|
|
|
139 |
|
Other |
|
238 |
|
|
|
309 |
|
|
|
478 |
|
|
|
478 |
|
Total cost of revenue |
|
1,596 |
|
|
|
1,940 |
|
|
|
3,407 |
|
|
|
4,084 |
|
Gross profit |
|
1,506 |
|
|
|
2,111 |
|
|
|
2,488 |
|
|
|
4,172 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
8,209 |
|
|
|
11,985 |
|
|
|
17,015 |
|
|
|
23,335 |
|
Selling, general and administrative |
|
10,138 |
|
|
|
10,656 |
|
|
|
19,570 |
|
|
|
22,098 |
|
Total operating expenses |
|
18,347 |
|
|
|
22,641 |
|
|
|
36,585 |
|
|
|
45,433 |
|
Loss from operations |
|
(16,841 |
) |
|
|
(20,530 |
) |
|
|
(34,097 |
) |
|
|
(41,261 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
2,052 |
|
|
|
2,992 |
|
|
|
4,277 |
|
|
|
6,209 |
|
Loss on equity method investment |
|
(2,088 |
) |
|
|
(1,841 |
) |
|
|
(3,816 |
) |
|
|
(3,416 |
) |
Other income (expense) |
|
(13 |
) |
|
|
3 |
|
|
|
(81 |
) |
|
|
(755 |
) |
Total other income (expense) |
|
(49 |
) |
|
|
1,154 |
|
|
|
380 |
|
|
|
2,038 |
|
Loss before provision for income taxes |
|
(16,890 |
) |
|
|
(19,376 |
) |
|
|
(33,717 |
) |
|
|
(39,223 |
) |
Provision for income taxes |
|
9 |
|
|
|
48 |
|
|
|
19 |
|
|
|
149 |
|
Net loss |
$ |
(16,899 |
) |
|
$ |
(19,424 |
) |
|
$ |
(33,736 |
) |
|
$ |
(39,372 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
(272 |
) |
|
|
2 |
|
|
|
(795 |
) |
|
|
171 |
|
Comprehensive loss |
$ |
(17,171 |
) |
|
$ |
(19,422 |
) |
|
$ |
(34,531 |
) |
|
$ |
(39,201 |
) |
Net loss per share attributable to Class A and Class B
common stockholders, basic and diluted |
$ |
(0.31 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.67 |
) |
Weighted-average shares used in computing net loss per
share attributable to Class A and Class B common
stockholders, basic and diluted |
|
55,164,080 |
|
|
|
58,087,565 |
|
|
|
55,577,709 |
|
|
|
58,744,490 |
|
SEER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
26,075 |
|
|
$ |
47,285 |
|
Short-term investments |
|
|
126,778 |
|
|
|
138,612 |
|
Accounts receivable, net |
|
|
2,136 |
|
|
|
4,282 |
|
Related party receivables |
|
|
56 |
|
|
|
300 |
|
Other receivables |
|
|
1,240 |
|
|
|
1,370 |
|
Inventory |
|
|
7,663 |
|
|
|
7,795 |
|
Prepaid expenses and other current assets |
|
|
2,150 |
|
|
|
1,890 |
|
Total current assets |
|
|
166,098 |
|
|
|
201,534 |
|
Long-term investments |
|
|
56,631 |
|
|
|
54,686 |
|
Operating lease right-of-use assets |
|
|
19,281 |
|
|
|
20,488 |
|
Property and equipment, net |
|
|
12,177 |
|
|
|
14,754 |
|
Restricted cash |
|
|
524 |
|
|
|
524 |
|
Other assets |
|
|
1,927 |
|
|
|
4,097 |
|
Total assets |
|
$ |
256,638 |
|
|
$ |
296,083 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,161 |
|
|
$ |
5,611 |
|
Accrued expenses |
|
|
4,998 |
|
|
|
7,135 |
|
Deferred revenue |
|
|
372 |
|
|
|
341 |
|
Operating lease liabilities, current |
|
|
2,714 |
|
|
|
2,575 |
|
Other current liabilities |
|
|
22 |
|
|
|
29 |
|
Total current liabilities |
|
|
11,267 |
|
|
|
15,691 |
|
Operating lease liabilities, net of current portion |
|
|
19,676 |
|
|
|
21,077 |
|
Other noncurrent liabilities |
|
|
15 |
|
|
|
8 |
|
Total liabilities |
|
|
30,958 |
|
|
|
36,776 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of
June 30, 2026 and December 31, 2025; zero shares issued and
outstanding as of June 30, 2026 and December 31, 2025 |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value; 94,000,000 shares authorized
as of June 30, 2026 and December 31, 2025; 55,300,389 and
56,219,599 shares issued and outstanding as of June 30, 2026 and
December 31, 2025, respectively |
|
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value; 134,268 shares authorized
as of June 30, 2026 and December 31, 2025; zero shares
issued and outstanding as of June 30, 2026 and December 31, 2025 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
725,723 |
|
|
|
724,819 |
|
Accumulated other comprehensive gain (loss) |
|
|
(336 |
) |
|
|
459 |
|
Accumulated deficit |
|
|
(499,708 |
) |
|
|
(465,972 |
) |
Total stockholders’ equity |
|
|
225,680 |
|
|
|
259,307 |
|
Total liabilities and stockholders’ equity |
|
$ |
256,638 |
|
|
$ |
296,083 |
|
