Seer Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Full Year 2026 Outlook
Seer (Nasdaq: SEER) reported fourth-quarter and full-year 2025 results, with $4.2M revenue in Q4 and $16.6M for full year 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Seer (Nasdaq: SEER) reported fourth-quarter and full-year 2025 results, with $4.2M revenue in Q4 and $16.6M for full year 2025. Installed base grew to 82 instruments (67% YoY) and year-end cash, cash equivalents and investments were approximately $240.6M.
Gross margin was ~51% for 2025, operating expenses fell to $86.5M, and net loss narrowed to $73.6M. Seer expects 2026 revenue of $16M–$18M (midpoint ~3% growth).
Positive
- Installed base grew to 82 instruments, +67% year-over-year
- Full-year revenue increased 17% to $16.6M
- Cash reserve of approximately $240.6M at year-end
Negative
- Net loss of $73.6M for full year 2025
- Operating expenses remained high at $86.5M in 2025
- 2026 revenue guidance implies modest ~3% growth at midpoint
Details
News Market Reaction – SEER
On Feb 27, the first trading day after this news, SEER closed 17.31% below the previous close.
Data tracked by StockTitan Argus for the Feb 27 session.
Key Figures
- Q4 2025 revenue
- $4.2 million
- Fourth quarter 2025; 5% increase from prior-year quarter
- Full-year 2025 revenue
- $16.6 million
- Full year 2025; 17% increase vs. 2024
- Q4 2025 gross margin
- 52%
- Fourth quarter 2025 gross margin
- Full-year 2025 gross margin
- 51%
- Full year 2025 gross margin
- Full-year 2025 net loss
- $73.6 million
- Full year 2025 net loss vs. $86.6M prior year
- Cash & investments
- $240.6 million
- Cash, cash equivalents and investments as of Dec 31, 2025
- Installed instrument base
- 82 instruments
- Total installed Proteograph instruments; 67% year-over-year growth
- 2026 revenue guidance
- $16–$18 million
- Full year 2026 guidance; ~3% growth at midpoint vs. 2025
Previous Earnings Reports
-
Modest revenue growth, reiterated 2025 guidance and strong cash balance.
-
32% revenue growth, new high-throughput products, reiterated 2025 outlook.
-
37% revenue growth, lower expenses, strong cash and large new contract.
-
Revenue declines and wider losses despite new applications and buyback.
-
Slight revenue decline but solid margin and strategic agreements highlighted.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
REDWOOD CITY, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Recent Highlights
- Generated revenue of
$4.2 million for the fourth quarter of 2025 and$16.6 million for the full year 2025 - Expanded installed base to 82 instruments, representing
67% year-over-year growth, with 33 total instruments installed during the full year 2025 - Seminal customer studies published in Nature and Nature Genetics highlighting the power of the Proteograph to enable clinically relevant biomarker discovery and deep biologic insight
- Strong presence at the 2025 Human Proteome Organization World Congress with more than a dozen scientific presentations and sixteen posters presented that highlight the translational power of the Proteograph
- Ended the year with approximately
$240.6 million of cash, cash equivalents and investments
“2025 was a challenging year as our customers navigated ongoing budgetary pressures, including uncertainty around NIH funding in the fourth quarter," said Omid Farokhzad, Chair and CEO of Seer. "Despite this persistently challenging funding environment, we made meaningful progress across our business. Our installed base grew significantly, consumable kit volume increased, the number of publications expanded throughout the year, and the Proteograph was selected to power multiple population-scale studies. I am more confident than ever in our opportunities in 2026 and beyond.”
Fourth Quarter 2025 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Full Year 2025 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were approximately
2026 Guidance
Seer expects full year 2026 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the fourth quarter and full year 2025 financial results on Thursday, February 26, 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
Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with scale, speed, precision, and reproducibility previously unattainable by other proteomic methods. Seer’s Proteograph Product Suite uniquely integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables, and advanced analytical software to solve challenges conventional methods have failed to overcome. Traditional proteomic technologies have struggled with inconsistent data, limited throughput, and prohibitive complexity, but Seer’s robust and scalable workflow consistently reveals biological insights that others do not. Seer’s products are for research use only and are not intended for diagnostic procedures. For more information about Seer’s differentiated approach and ongoing leadership in proteomics, 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 2026. 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:
Kelly Gura
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 December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 2,835 | $ | 2,351 | $ | 11,207 | $ | 8,695 | |||||||
| Service | 1,238 | 1,209 | 4,151 | 2,960 | |||||||||||
| Related party | — | 389 | 761 | 2,292 | |||||||||||
| Other | 128 | 51 | 459 | 223 | |||||||||||
| Total revenue | 4,201 | 4,000 | 16,578 | 14,170 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 1,468 | 1,200 | 5,336 | 4,402 | |||||||||||
| Service | 270 | 566 | 1,531 | 1,465 | |||||||||||
| Related party | — | 61 | 224 | 712 | |||||||||||
| Other | 280 | 148 | 1,022 | 536 | |||||||||||
| Total cost of revenue | 2,018 | 1,975 | 8,113 | 7,115 | |||||||||||
| Gross profit | 2,183 | 2,025 | 8,465 | 7,055 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 9,742 | 12,619 | 43,874 | 50,585 | |||||||||||
| Selling, general and administrative | 9,826 | 12,894 | 42,583 | 56,571 | |||||||||||
| Total operating expenses | 19,568 | 25,513 | 86,457 | 107,156 | |||||||||||
| Loss from operations | (17,385 | ) | (23,488 | ) | (77,992 | ) | (100,101 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 2,548 | 3,565 | 11,522 | 16,666 | |||||||||||
| Loss on equity method investment | (1,084 | ) | (1,788 | ) | (5,919 | ) | (2,649 | ) | |||||||
| Other income (expense) | (45 | ) | 67 | (1,010 | ) | (417 | ) | ||||||||
| Total other income | 1,419 | 1,844 | 4,593 | 13,600 | |||||||||||
| Loss before provision for income taxes | (15,966 | ) | (21,644 | ) | (73,399 | ) | (86,501 | ) | |||||||
| Provision for income taxes | 28 | 98 | 201 | 98 | |||||||||||
| Net loss | $ | (15,994 | ) | $ | (21,742 | ) | $ | (73,600 | ) | $ | (86,599 | ) | |||
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.29 | ) | $ | (0.37 | ) | $ | (1.28 | ) | $ | (1.39 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 56,019,318 | 59,091,817 | 57,447,580 | 62,348,012 | |||||||||||
| SEER, INC. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 47,285 | $ | 40,753 | ||||
| Short-term investments | 138,612 | 195,657 | ||||||
| Accounts receivable, net | 4,282 | 3,997 | ||||||
| Related party receivables | 300 | 379 | ||||||
| Other receivables | 1,370 | 1,853 | ||||||
| Inventory | 7,795 | 7,436 | ||||||
| Prepaid expenses and other current assets | 1,890 | 3,248 | ||||||
| Total current assets | 201,534 | 253,323 | ||||||
| Long-term investments | 54,686 | 63,103 | ||||||
| Operating lease right-of-use assets | 20,488 | 22,791 | ||||||
| Property and equipment, net | 14,754 | 18,575 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 4,097 | 8,281 | ||||||
| Total assets | $ | 296,083 | $ | 366,597 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,611 | $ | 4,621 | ||||
| Accrued expenses | 7,135 | 7,937 | ||||||
| Deferred revenue | 341 | 408 | ||||||
| Operating lease liabilities, current | 2,575 | 2,312 | ||||||
| Other current liabilities | 29 | 50 | ||||||
| Total current liabilities | 15,691 | 15,328 | ||||||
| Operating lease liabilities, net of current portion | 21,077 | 23,652 | ||||||
| Other noncurrent liabilities | 8 | 48 | ||||||
| Total liabilities | 36,776 | 39,028 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, December 31, 2025 and 2024; zero shares issued and outstanding as of December 31, 2025 and 2024 | — | — | ||||||
| Class A common stock, as of December 31, 2025 and 2024; 56,219,599 and 55,083,123 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1 | 1 | ||||||
| Class B common stock, authorized as of December 31, 2025 and 2024, respectively; zero and 4,044,969 shares issued and outstanding as of December 31, 2025 and 2024, respectively | — | — | ||||||
| Additional paid-in capital | 724,819 | 719,804 | ||||||
| Accumulated other comprehensive gain | 459 | 136 | ||||||
| Accumulated deficit | (465,972 | ) | (392,372 | ) | ||||
| Total stockholders’ equity | 259,307 | 327,569 | ||||||
| Total liabilities and stockholders’ equity | $ | 296,083 | $ | 366,597 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.