Seer (SEER) Company Report

Seer launched its new Proteograph One assay and SP200 instrument in June 2025, which has driven significant adoption, with instrument shipments nearly tripling in the first nine months of 2025 compared to 2024.
The company was selected as the sole proteomic platform for a $50 million NIH multi-center grant focused on a 50,000-sample multi-omic study.
Seer reported approximately $251 million in cash at the end of Q3 2025 and provided 2025 revenue guidance of $17 million-$18 million, an approximate 24% growth from $14 million in 2024.
Customer publications are accelerating, with 66 papers published as of the end of Q3 2025, including 13 in Q3 2025 alone.

Nov 20, 2025, 9:00 PM

Transcript

Seer Launches New Proteomic Products, Secures Major NIH Grant, and Reports Increased Instrument Placements

SEER

Product Launch

New Projects/Investments

Guidance Update

Seer launched its new Proteograph One assay and SP200 instrument in June 2025, enabling deep, unbiased proteomic analysis at a substantially lower cost per sample and increased throughput.
The company reported significant customer validation, including being selected as the sole proteomic platform for a $50 million NIH multi-center grant for a 50,000-sample study, and an acceleration in customer publications, with 66 papers published as of Q3, 13 of which were in Q3 alone.
Instrument placements have nearly tripled in the first nine months of the year compared to the 11 instruments shipped last year, reaching just under 30, with approximately two-thirds being the new SP200 and Proteograph One.
Seer's partnership with Thermo yielded its first co-sale in Q3, allowing Thermo sales reps to offer the Proteograph alongside their mass specs, enhancing protein detection depth.
Seer ended Q3 with approximately $251 million in cash and reaffirmed its break-even runway. The company is guiding for $17 million-$18 million in revenue for the current year, an increase from $14 million last year.

Nov 20, 2025, 9:00 PM

Transcript

Seer Discusses New Product, Customer Adoption, and Financial Outlook

SEER

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Seer launched its Proteograph ONE Assay and SP200 instrument in June 2025, enabling deep, unbiased proteomic analysis with substantially lower per-sample costs, increased throughput, and decreased assay time.
The company was selected as the sole proteomic platform for a $50 million NIH multi-center grant involving 50,000 samples. As of Q3, 66 customer papers have been published, with 13 in Q3 alone, indicating accelerating scientific validation.
Instrument placements significantly increased, with almost 30 instruments shipped in the first nine months of 2025, nearly tripling the 11 instruments shipped in the prior year, and two-thirds of these were the new SP200 and Proteograph ONE.
Seer ended Q3 with $251 million in cash and reaffirmed its break-even runway. The company guided 2025 revenue to $17 million-$18 million, representing approximately 24% growth from the previous year.
Commercial strategies, including a co-sale agreement with Thermo Fisher Scientific (resulting in two instrument placements in Q3) and programs like the Strategic Instrument Placement (SIP) and Seer Technology Access Center (STACK), are driving adoption, with two-thirds of Q3 instrument placements coming from former STACK customers.

Nov 20, 2025, 9:00 PM

Transcript

Seer Announces Q3 2025 Results and Reiterates Full Year Guidance

SEER

Earnings

Guidance Update

Share Buyback

Seer reported Q3 2025 revenue of $4.1 million and reiterated its full year 2025 revenue guidance of $17 million to $18 million.
The company ended Q3 2025 with approximately $251 million in cash, cash equivalents, and investments, and repurchased approximately 1.0 million shares in Q3, reducing net total shares outstanding by approximately 14%.
Seer delivered its third consecutive quarter of strong instrument shipments, having shipped nearly three times as many instruments in the first nine months of 2025 as in all of 2024.
Q3 2025 was a record quarter for third-party publications, contributing to 66 customer publications, preprints, and reviews in 2025 that validate the Proteograph platform.

Nov 6, 2025, 9:30 PM

Presentation

Seer Reports Q3 2025 Financial Results and Operational Highlights

SEER

Earnings

Guidance Update

Share Buyback

Seer reported Q3 2025 revenue of $4.1 million, an increase of 2% year-over-year, and a net loss of $18.2 million.
The company maintained a strong balance sheet, ending the quarter with approximately $251 million in cash, cash equivalents, and investments as of September 30, 2025.
Seer has utilized approximately $21.9 million of its $25 million share repurchase program, resulting in a 14% reduction in net total shares outstanding.
Operationally, the company achieved a record 13 publications in Q3 2025 and shipped just under three times as many instruments in the first nine months of 2025 as in all of 2024.
Full-year 2025 revenue guidance remains $17-$18 million, but the company anticipates revenue will likely be in the lower half of this range due to ongoing macroeconomic headwinds and government funding uncertainties.

Nov 6, 2025, 9:30 PM

Transcript

Seer Reports Third Quarter 2025 Financial Results

SEER

Earnings

Guidance Update

Revenue Acceleration/Inflection

Seer, Inc. reported revenue of $4.1 million for the third quarter ended September 30, 2025, marking a 2% increase from the corresponding prior year period.
The company recorded a net loss of $18.2 million for the third quarter of 2025.
As of September 30, 2025, Seer held approximately $251.2 million in cash, cash equivalents, and investments.
Seer continues to project full year 2025 revenue to be between $17 million and $18 million, which would represent 24% growth at the midpoint compared to full year 2024.
The company achieved a significant operational milestone, shipping nearly three times as many instruments in the first nine months of 2025 as it did in all of 2024.

Nov 6, 2025, 9:28 PM

8-K

Seer Inc. Discusses Proteomic Advancements and Financial Strategy at Growth Conference

SEER

Product Launch

Share Buyback

Guidance Update

Seer offers the Proteograph product suite for deep unbiased proteomic analysis, which includes an instrument, consumable kits, and software. Since its broad commercial release in 2022, the company has significantly improved its product, enabling the processing of 80 samples in 4.5 hours with the Protograph one and SP 200 instrument, making large population scale proteomics possible.
The company announced a 10,000 sample study in Q1 2025 and a 20,000 sample study in Q2 2025 with Korea University, with a prediction for the first 100,000 sample study on mass spec to become a reality in 2026.
Seer guided revenue of $17 million to $18 million for the current year (2025), representing a 25% increase from last year.
The company maintains a strong financial position with approximately $260 million in cash and cash equivalents and no debt, with a burn rate in the low $40 million range. Seer does not expect to need to raise capital in the future and has bought back about $20 million of its stock, representing approximately 13% of the float, out of a $25 million authorization.

Aug 13, 2025, 1:55 PM

Seer Inc Reports Q1 2025 Earnings Results

SEER

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q1 2025 revenue reached $4.2 million, reflecting a 37% year-over-year increase driven by higher instrument shipments, consumable kit, and service revenue.
Net loss was $19.9 million with improved gross margins at 49%, alongside strategic share repurchases (352K shares at $1.91) and a strong cash position of approximately $285 million.
Management reaffirmed full-year revenue guidance of $17–18 million for 2025 amid ongoing macroeconomic uncertainties and stable academic and government spending trends.
The company highlighted a significant 10,000-sample study with Discovery Life Sciences and its expanding partnership with Thermo Fisher as key strategic growth drivers.