Seer, Inc.
- Open
- 2.06
- Day high
- 2.07
- Day low
- 2.03
- Prev close
- 2.04
- Volume
- 29K
- Mkt cap
- $114M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 8.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$38K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
Seer, Inc. (SEER) is a Healthcare company listed on NASDAQ. The stock is down 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering SEER.
Seer, Inc. (SEER) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SEER earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.27 | $-0.31 | -14.8% | $3M | -12.6% |
| May 13, 2026 | $-0.29 | $-0.30 | -1.7% | $3M | -22.4% |
| Nov 6, 2025 | $-0.32 | $-0.32 | +0.0% | $4M | -10.4% |
| Aug 6, 2025 | $-0.39 | $-0.33 | +15.4% | $4M | +8.0% |
| Feb 27, 2025 | $-0.31 | $-0.34 | -9.7% | $4M | -0.0% |
| Aug 8, 2024 | $-0.36 | $-0.35 | +2.8% | $3M | -4.0% |
| Feb 29, 2024 | $-0.35 | $-0.28 | +20.0% | $4M | +3.2% |
| Mar 2, 2023 | $-0.42 | $-0.36 | +14.3% | $4M | -8.2% |
| May 4, 2022 | $-0.41 | $-0.38 | +7.3% | $3M | +20.8% |
| Feb 28, 2022 | $-0.34 | $-0.32 | +5.9% | $3M | +35.7% |
| Aug 12, 2021 | $-0.28 | $-0.27 | +3.6% | $1M | -8.8% |
| Dec 4, 2020 | — | $-0.17 | — | $71000 | — |
SEER insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Horn David R.officer: PRESIDENT & CFO | Sell | 7,309 | $2.03 |
| Jul 30, 2026 | MCGUIRE TERRANCEdirector | Grant | 16,500 | — |
| Jul 30, 2026 | Gulyani Meetadirector | Grant | 25,000 | $2.14 |
| Jul 30, 2026 | Gulyani Meetadirector | Grant | 16,500 | — |
| Jul 30, 2026 | LANGER ROBERTdirector | Grant | 25,000 | $2.14 |
| Jul 30, 2026 | Ro Isaacdirector | Grant | 12,375 | — |
| Jul 30, 2026 | Ro Isaacdirector | Grant | 18,750 | $2.14 |
| Jul 30, 2026 | Roelofs Nicolas H PHDdirector | Grant | 25,000 | $2.14 |
| Jul 30, 2026 | Roelofs Nicolas H PHDdirector | Grant | 16,500 | — |
| Jul 30, 2026 | MCGUIRE TERRANCEdirector | Grant | 25,000 | $2.14 |
| Jul 30, 2026 | Nishar Dipchanddirector | Grant | 25,000 | $2.14 |
| Jul 30, 2026 | LANGER ROBERTdirector | Grant | 16,500 | — |
| Jul 30, 2026 | Nishar Dipchanddirector | Grant | 16,500 | — |
| Jul 10, 2026 | Nishar Dipchanddirector | Sell | 10,660 | $2.18 |
| May 21, 2026 | Horn David R.officer: PRESIDENT & CFO | Sell | 7,303 | $1.69 |
Source: SEER SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full SEER insider & 13F page →Seer, Inc. company profile
Overview
Seer, Inc. (NASDAQ:SEER) is a life sciences company founded in 2017 and headquartered in Redwood City, California. The company went public in December 2020 and specializes in developing and commercializing advanced proteomics technology to help researchers decode the complexities of the human proteome. Seer has positioned itself as a pioneer in deep, unbiased proteomics analysis at scale, serving over 135 customers across 20 countries through its flagship Proteograph Product Suite.
Business
Seer operates in the proteomics segment of the biotechnology industry, which focuses on the large-scale study of proteins and their functions. The proteome represents the entire set of proteins produced by an organism, and understanding protein behavior is crucial for drug discovery, disease diagnosis, and therapeutic development. Unlike genomics (study of DNA) which remains relatively static, the proteome is dynamic and changes based on disease states, environmental factors, and treatments. The company's core offering is the Proteograph Product Suite, an integrated solution that enables researchers to conduct comprehensive proteomic studies. This suite consists of three main components: specialized consumables (including nanoparticle-based sample preparation kits), automation instrumentation for high-throughput processing, and sophisticated software for data analysis. The technology uses proprietary nanoparticles to capture and analyze proteins from biological samples like blood plasma, enabling researchers to identify thousands of proteins simultaneously. Seer's business operates primarily as a single segment focused on proteomics research tools, with revenue streams including product sales (approximately 72% of revenue), service revenue through their Technology Access Centers (approximately 27%), and grant funding (minimal contribution). The company has also launched the Proteograph XT for cell lysate proteomics, expanding their application beyond plasma samples.
Revenue model
Seer generates revenue through multiple channels within its proteomics platform business model. The primary revenue stream comes from product sales, including both instrument sales and recurring consumable kit purchases. Customers typically make an initial capital investment in the Proteograph instrumentation, followed by ongoing purchases of consumable kits for each study they conduct. The company reports an average consumable pull-through of approximately $174,000 per instrument annually. The secondary revenue stream is service fees through their Seer Technology Access Centers (STAC), where customers can outsource their proteomics studies rather than purchasing equipment. STAC operates in the United States and Germany, providing mass spectrometry services and generating recurring project-based revenue. Additionally, the company receives minimal revenue from government grants and research collaborations. Seer's customers are primarily research institutions, including academic universities, biotechnology companies, pharmaceutical companies, and government research laboratories. These organizations use Seer's technology for therapeutic research, biomarker discovery, and pre-clinical studies, though not for diagnostic or clinical purposes. Several factors influence Seer's margins and profitability. Positive factors include the recurring nature of consumable sales, the high switching costs once customers integrate the platform into their workflows, and the expanding applications for proteomics research. Negative factors include macroeconomic pressures affecting research budgets, elongated sales cycles due to capital budget constraints, competition from traditional proteomics approaches, and the significant upfront R&D investments required to maintain technological leadership. Government funding uncertainties, particularly affecting academic and government customers who represent about 30% of revenue, also create revenue volatility.
Competitive moat
Seer's competitive moat appears moderate but developing, built primarily on technological differentiation and intellectual property. The company has assembled a portfolio of 125 patents around its proprietary nanoparticle technology, which enables deeper protein analysis compared to traditional direct digestion workflows. Their technology can identify 11 times more protein groups than conventional methods, creating a meaningful performance advantage. The company benefits from switching costs once customers integrate the Proteograph platform into their research workflows, as researchers invest significant time in protocol development and data analysis. Additionally, Seer has established partnerships with major players like Thermo Fisher Scientific, which provides distribution leverage and market credibility. However, the moat faces several challenges. The proteomics market is still emerging and highly competitive, with established players like Thermo Fisher, Waters Corporation, and other mass spectrometry companies offering alternative solutions. The technology is complex and requires significant customer education, leading to extended sales cycles. Furthermore, as a relatively young public company with limited commercial history, Seer lacks the established customer relationships and market presence of larger competitors. The company's publication strategy - with 42 customer publications demonstrating platform capabilities - helps build scientific credibility, but widespread adoption remains in early stages. The partnership with Thermo Fisher could strengthen the moat by leveraging their established sales channels, though this relationship also creates dependency risks.
Risks & safety
Seer presents a moderate margin of safety from a balance sheet perspective but faces significant cash burn risks. **Cash and Solvency:** - Strong cash position of $285 million as of Q1 2025 - Current ratio of 19.3x indicating excellent short-term liquidity - Minimal debt with debt-to-equity ratio of 0.08 - Annual free cash flow loss of approximately $40-45 million - At current burn rate, approximately 6-7 years of cash runway **Valuation Metrics:** - Trading at 0.32x price-to-book ratio, suggesting potential asset value - Graham net-net working capital ratio of 3.6x indicates strong asset backing - Negative earnings make P/E ratios less meaningful - Enterprise value reflects significant cash holdings **Other Considerations:** - Revenue growth of 37% year-over-year in Q1 2025 shows commercial traction - Small revenue base ($17-18 million guided for 2025) creates execution risk - Dependence on research spending cycles and macroeconomic conditions - Early-stage commercial adoption with uncertain path to profitability
Recent development
Over the past few years, Seer has executed several strategic initiatives to accelerate commercial adoption and expand market reach. The company launched the Seer Technology Access Center (STAC) program, initially in the United States and later expanding to Germany, allowing customers to access proteomics services without purchasing equipment. This strategy has shown strong conversion rates and helps generate publications that demonstrate platform capabilities. A significant development was the partnership with Thermo Fisher Scientific announced in 2024, creating a co-marketing arrangement that leverages Thermo's established sales force and customer relationships. The partnership completed sales force training in Q1 2025 and is expected to shorten sales cycles, particularly for customers already using Thermo's Astral mass spectrometry systems. Seer has also expanded its product portfolio with the launch of Proteograph XT for cell lysate applications, broadening beyond their original plasma focus. The company introduced the Strategic Instrument Placement Program (SIPP) to lower adoption barriers and has secured several large-scale studies, including a significant 10,000-sample population-scale study with Discovery Life Sciences. The company has prioritized building scientific credibility through publications, growing from 33 customer publications in 2024 to 42 by Q1 2025. They've also expanded their commercial team, doubling their North American sales force and establishing six channel partners globally. Recent protocol expansions have grown their offerings to over 10 different Proteograph protocols, demonstrating platform versatility across various research applications.
SEER company profile · for informational purposes only — not investment advice.
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