Seer Reports First Quarter 2025 Financial Results and Reiterates Full Year 2025 Outlook

Rhea-AI Summary

Seer (NASDAQ: SEER) reported its Q1 2025 financial results, achieving revenue of $4.2 million, a 37% increase from $3.1 million in Q1 2024. The growth was primarily driven by higher product and service revenue. Product revenue reached $2.9 million, while service revenue was $1.2 million. The company reported a gross margin of 49% and a net loss of $19.9 million, improved from $20.7 million in the prior year.

Operating expenses decreased 14% to $22.8 million, including $4.5 million in stock-based compensation. Seer ended Q1 with approximately $285 million in cash and investments. The company secured a significant contract for a 10,000-sample study and maintained its full-year 2025 revenue guidance of $17-18 million, representing 24% growth at the midpoint over 2024.

Positive

• Revenue grew 37% year-over-year to $4.2 million
• Secured significant contract for 10,000-sample study
• Operating expenses decreased 14% to $22.8 million
• Strong cash position of $285 million
• Q1 2025 instrument shipments matched entire 2024 shipments

Negative

• Continued net loss of $19.9 million
• Persistent macroeconomic headwinds affecting the industry
• Expected near-term market volatility

Insights

Financial Analyst

Seer shows strong 37% revenue growth despite industry headwinds, with improving instrument adoption but significant ongoing losses.

Seer's Q1 results demonstrate encouraging momentum in their proteomics platform commercialization despite challenging market conditions. The $4.2 million quarterly revenue represents a 37% year-over-year increase, driven primarily by Proteograph instrument sales and service revenue growth.

The quarterly instrument shipments metric is particularly notable - they've already shipped as many instruments in Q1 2025 as in all of 2024, suggesting accelerating market adoption. The new contract for a 10,000-sample study with Discovery Life Sciences represents exactly the type of large-scale proteomics research their platform is designed to enable.

However, financial fundamentals remain challenging. Despite 49% gross margins, Seer posted a substantial $19.9 million quarterly loss. While this represents a modest improvement from the $20.7 million loss in the same period last year, and operating expenses decreased by 14% to $22.8 million, the burn rate remains significant.

The company's strong cash position of $285 million provides substantial runway at current burn rates. Management's reiterated guidance of $17-18 million for full-year 2025 implies continued growth but also suggests Q1's performance was particularly strong and may not be sustained at the same rate throughout the year.

The reduction in operating expenses primarily from decreased stock-based compensation ($4.5 million vs. $7.2 million year-over-year) and laboratory costs indicates tighter cost management, which is prudent given the current market environment.

Revenue grew 37%, driven by increased product sales and service revenue

REDWOOD CITY, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the first quarter ended March 31, 2025.

Recent Highlights

• Achieved revenue of $4.2 million for the first quarter of 2025
• Secured a significant contract with a new customer to run a 10,000-sample study in collaboration with Discovery Life Sciences
• Accelerated third-party validation of platform through increasing number of customer publications, webinars, preprints and reviews
• Ended the quarter with approximately $285 million of cash, cash equivalents and investments
  
  

“We are proud of our strong first quarter performance, especially in light of the persistent macroeconomic headwinds impacting the life sciences industry,” said Omid Farokhzad, Chair and CEO of Seer. “Momentum around the Proteograph Product Suite continues to build, and we shipped as many instruments in the first quarter of 2025 as we did in all of 2024. Our mission has always been to enable deep, unbiased proteomics at population scale, driven by our belief that the biological insights unlocked would have a meaningful impact on human health. While we expect near-term volatility to persist until the broader macro environment stabilizes, our long-term vision remains unchanged.”

First Quarter 2025 Financial Results

Revenue was $4.2 million for the first quarter of 2025, a 37% increase from $3.1 million for the corresponding prior year period, primarily due to higher product sales and service revenue in the quarter. Product revenue for the first quarter of 2025 was $2.9 million, including $5 thousand of related party revenue, and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million for the first quarter of 2025, including $47 thousand of related party revenue, and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $60 thousand for the first quarter of 2025.

Gross profit was $2.1 million and gross margin was 49% for the first quarter of 2025.

Operating expenses were $22.8 million for the first quarter of 2025, including $4.5 million of stock-based compensation, a decrease of 14% compared to $26.6 million for the corresponding prior year period, including $7.2 million of stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in stock-based compensation and laboratory expenses.

Net loss was $19.9 million for the first quarter of 2025, compared to $20.7 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $285 million as of March 31, 2025.

2025 Guidance
Seer continues to expect full year 2025 revenue to be in the range of $17 million to $18 million, representing growth of 24% at the midpoint over full year 2024.

Webcast Information

Seer will host a conference call to discuss the first quarter 2025 financial results on Tuesday, May 13, 2025 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

Seer is a life sciences company developing transformative products that open a new gateway to the proteome. Seer’s Proteograph™ Product Suite is an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform deep, unbiased proteomic analysis at scale in a matter of hours. Seer designed the Proteograph workflow to be efficient and easy to use, leveraging widely adopted laboratory instrumentation to provide a decentralized solution that can be incorporated by nearly any lab. Seer’s Proteograph Product Suite is for research use only and is not intended for diagnostic procedures. For more information, please visit www.seer.bio.

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 2025. ​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.

Investor Contact:
Carrie Mendivil
investor@seer.bio

Media Contact:
Patrick Schmidt
pr@seer.bio

SEER, INC. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended March 31,
	2025				2024
Revenue:
Product	$	2,890			$	1,668
Service		1,203				408
Related party		52				954
Other		60				36
Total revenue		4,205				3,066
Cost of revenue:
Product		1,374				991
Service		531				269
Related party		70				312
Other		169				133
Total cost of revenue		2,144				1,705
Gross profit		2,061				1,361
Operating expenses:
Research and development		11,350				12,265
Selling, general and administrative		11,442				14,288
Total operating expenses		22,792				26,553
Loss from operations		(20,731	)			(25,192	)
Other income (expense):
Interest income		3,217				4,586
Loss on equity method investment		(1,575	)			—
Other expense		(758	)			(73	)
Total other income		884				4,513
Loss before provision for income taxes		(19,847	)			(20,679	)
Provision for income taxes		101				—
Net loss	$	(19,948	)		$	(20,679	)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities		169				(329	)
Comprehensive loss	$	(19,779	)		$	(21,008	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.34	)		$	(0.32	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		59,408,711				64,586,056

SEER, INC. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)
	March 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	52,445			$	40,753
Short-term investments		187,280				195,657
Accounts receivable, net		4,090				3,997
Related party receivables		52				379
Other receivables		1,212				1,853
Inventory		7,070				7,436
Prepaid expenses and other current assets		3,118				3,248
Total current assets		255,267				253,323
Long-term investments		45,579				63,103
Operating lease right-of-use assets		22,228				22,791
Property and equipment, net		17,039				18,575
Restricted cash		524				524
Other assets		6,624				8,281
Total assets	$	347,261			$	366,597
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,450			$	4,621
Accrued expenses		5,916				7,937
Deferred revenue		413				408
Operating lease liabilities, current		2,376				2,312
Other current liabilities		41				50
Total current liabilities		13,196				15,328
Operating lease liabilities, net of current portion		23,028				23,652
Other noncurrent liabilities		31				48
Total liabilities		36,255				39,028
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of March 31, 2025 and December 31, 2024; zero shares issued and outstanding as of March 31, 2025 and December 31, 2024		—				—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 55,385,066 and 55,083,123 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		1				1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 4,044,969 shares issued and outstanding as of March 31, 2025 and December 31, 2024		—				—
Additional paid-in capital		723,020				719,804
Accumulated other comprehensive gain		305				136
Accumulated deficit		(412,320	)			(392,372	)
Total stockholders’ equity		311,006				327,569
Total liabilities and stockholders’ equity	$	347,261			$	366,597

FAQ

What was Seer's (SEER) revenue growth in Q1 2025?

Seer reported revenue growth of 37% year-over-year, reaching $4.2 million in Q1 2025 compared to $3.1 million in Q1 2024.

How much cash does Seer (SEER) have on its balance sheet?

As of March 31, 2025, Seer had approximately $285 million in cash, cash equivalents and investments.

What is Seer's (SEER) revenue guidance for 2025?

Seer expects full year 2025 revenue to be between $17 million and $18 million, representing 24% growth at the midpoint over 2024.

What was Seer's (SEER) net loss in Q1 2025?

Seer reported a net loss of $19.9 million for Q1 2025, compared to $20.7 million in Q1 2024.

What is Seer's (SEER) gross margin in Q1 2025?

Seer reported a gross margin of 49% for the first quarter of 2025.