Seer Reports First Quarter 2026 Financial Results and Reaffirms Full Year 2026 Outlook
Rhea-AI Summary
Seer (Nasdaq: SEER) reported first quarter 2026 revenue of $2.8 million, down 34% year-over-year, with gross margin of 35% and net loss of $16.8 million. Operating expenses fell 20% to $18.2 million. The company ended the quarter with about $220 million in cash and investments and reaffirmed 2026 revenue guidance of $16–$18 million.
Seer highlighted a major collaboration in Singapore covering 10,000 samples, a doubling of independent publications to 84, a U.S. patent office decision reinforcing its IP position, and repurchase of about 1.5 million Class A shares.
Positive
- Q1 2026 operating expenses decreased 20% to $18.2 million
- Q1 2026 net loss narrowed to $16.8 million from $19.9 million
- Free cash flow approximately negative $15.7 million, indicating reduced cash burn versus net loss
- Cash, cash equivalents and investments totaled about $220 million at March 31, 2026
- Reaffirmed full year 2026 revenue guidance of $16–$18 million
- Repurchased approximately 1.5 million Class A common shares under authorization
- Collaboration to provide proteomics on 10,000 samples in PRECISE-SG100K study
Negative
- Q1 2026 revenue declined 34% year-over-year to $2.8 million
- Academic funding environment and competitive activity pressured revenue performance
- Q1 2026 gross margin was 35% on $982 thousand gross profit
- Q1 2026 free cash flow was approximately negative $15.7 million
News Market Reaction – SEER
In the May 14 session, SEER declined 1.13%, reflecting a mild negative market reaction. Argus tracked a peak move of +19.8% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4/FY25 earnings | Positive | -17.3% | Reported FY25 growth to $16.6M revenue and set cautious 2026 outlook. |
| Nov 06 | Q3 2025 earnings | Positive | -3.2% | Slight revenue growth, strong margins, and reiterated 2025 guidance. |
| Aug 06 | Q2 2025 earnings | Positive | -2.4% | 32% YoY revenue growth and launch of high-throughput Proteograph platform. |
| May 13 | Q1 2025 earnings | Positive | +9.9% | 37% YoY revenue growth with maintained 2025 guidance and new 10,000-sample deal. |
| Feb 27 | Q4/FY24 earnings | Negative | -4.5% | Full-year revenue decline and widened Q4 net loss despite solid cash balance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often see downside volatility: 4 of the last 5 earnings events produced negative next-day moves, even when results and guidance were generally positive.
This announcement continues Seer’s pattern of detailed quarterly updates with modest growth expectations. Prior earnings showed stronger revenue levels around $4–4.2M per quarter in 2025 and a full-year $16.6M in 2025, with improving operating efficiency and ~51% gross margins. Guidance for $16–18M in 2026 was first outlined in February 2026 and is now reaffirmed despite a weaker Q1 2026 revenue base of $2.8M. Cash has trended down from about $285M in early 2025 to $220M at March 31, 2026, but remains substantial.
AI-generated analysis. How Rhea-AI works. Not financial advice.
REDWOOD CITY, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- 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 March 31, 2026.
Recent Highlights
- Achieved revenue of
$2.8 million in the first quarter of 2026 - Achieved a doubling of independent publications year-over-year to 84 total, accelerating third-party validation of Seer’s platform
- Secured a collaboration with Precision Health Research, Singapore to provide deep, unbiased proteomics on 10,000 samples for their PRECISE-SG100K study, a landmark multi-ancestry, population-scale cohort of approximately 100,000 Singapore residents
- Strengthened the leadership team with the appointment of Anthony (Tony) Bazarko as Chief Commercial Officer, bringing deep expertise to drive strategy, partnerships, and market adoption.
- Successfully defended and reinforced Seer's IP position through a U.S. Patent and Trademark Office Final Written Decision
- Repurchased approximately 1.5 million Class A common shares under our share repurchase program authorization
- Ended the quarter with approximately
$220 million of cash, cash equivalents, and investments
"Seer executed on several important drivers to advance the long-term trajectory of the business by generating traction on large-scale contracts with biobanks and supporting continued third-party validation of our platform," said Omid Farokhzad, Chair and Chief Executive Officer. "Seer sits at the forefront of deep, unbiased proteomics, a large and expanding market with profound scientific and commercial potential. We are building this market from the ground up, and the foundation we are laying is increasingly recognized by the world's leading scientists and institutions. We look forward to advancing our vision to empower the scientific community with unbiased proteomics solutions while creating value for all stakeholders."
First Quarter 2026 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Free cash flow, defined as net cash used in operating activities of approximately
Cash, cash equivalents and investments were approximately
2026 Guidance
Seer continues to expect full year 2026 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the first quarter 2026 financial results on Wednesday, May 13, 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. 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 March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenue: | |||||||
| Product | $ | 2,110 | $ | 2,890 | |||
| Service | 540 | 1,203 | |||||
| Related party | 56 | 52 | |||||
| Other | 87 | 60 | |||||
| Total revenue | 2,793 | 4,205 | |||||
| Cost of revenue: | |||||||
| Product | 1,395 | 1,374 | |||||
| Service | 170 | 531 | |||||
| Related party | 6 | 70 | |||||
| Other | 240 | 169 | |||||
| Total cost of revenue | 1,811 | 2,144 | |||||
| Gross profit | 982 | 2,061 | |||||
| Operating expenses: | |||||||
| Research and development | 8,806 | 11,350 | |||||
| Selling, general and administrative | 9,432 | 11,442 | |||||
| Total operating expenses | 18,238 | 22,792 | |||||
| Loss from operations | (17,256 | ) | (20,731 | ) | |||
| Other income (expense): | |||||||
| Interest income | 2,225 | 3,217 | |||||
| Loss on equity method investment | (1,728 | ) | (1,575 | ) | |||
| Other expense | (68 | ) | (758 | ) | |||
| Total other income | 429 | 884 | |||||
| Loss before provision for income taxes | (16,827 | ) | (19,847 | ) | |||
| Provision for income taxes | 10 | 101 | |||||
| Net loss | $ | (16,837 | ) | $ | (19,948 | ) | |
| Other comprehensive loss: | |||||||
| Unrealized gain (loss) on available-for-sale securities | (523 | ) | 169 | ||||
| Comprehensive loss | $ | (17,360 | ) | $ | (19,779 | ) | |
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.30 | ) | $ | (0.34 | ) | |
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 55,995,933 | 59,408,711 | |||||
| SEER, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 47,318 | $ | 47,285 | ||||
| Short-term investments | 119,354 | 138,612 | ||||||
| Accounts receivable, net | 3,200 | 4,282 | ||||||
| Related party receivables | 56 | 300 | ||||||
| Other receivables | 1,000 | 1,370 | ||||||
| Inventory | 8,079 | 7,795 | ||||||
| Prepaid expenses and other current assets | 2,586 | 1,890 | ||||||
| Total current assets | 181,593 | 201,534 | ||||||
| Long-term investments | 52,848 | 54,686 | ||||||
| Operating lease right-of-use assets | 19,890 | 20,488 | ||||||
| Property and equipment, net | 13,485 | 14,754 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 3,792 | 4,097 | ||||||
| Total assets | $ | 272,132 | $ | 296,083 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,497 | $ | 5,611 | ||||
| Accrued expenses | 4,730 | 7,135 | ||||||
| Deferred revenue | 334 | 341 | ||||||
| Operating lease liabilities, current | 2,644 | 2,575 | ||||||
| Other current liabilities | 38 | 29 | ||||||
| Total current liabilities | 10,243 | 15,691 | ||||||
| Operating lease liabilities, net of current portion | 20,384 | 21,077 | ||||||
| Other noncurrent liabilities | 26 | 8 | ||||||
| Total liabilities | 30,653 | 36,776 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 1 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 724,351 | 724,819 | ||||||
| Accumulated other comprehensive gain (loss) | (64 | ) | 459 | |||||
| Accumulated deficit | (482,809 | ) | (465,972 | ) | ||||
| Total stockholders’ equity | 241,479 | 259,307 | ||||||
| Total liabilities and stockholders’ equity | $ | 272,132 | $ | 296,083 | ||||
