Seer Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Seer (Nasdaq: SEER) reported third-quarter 2025 results for the period ended September 30, 2025. Revenue was $4.1 million, up 2% year-over-year, with product revenue $2.8 million and service revenue $1.2 million (including $300k related-party). Gross profit was $2.1 million and gross margin 51%. Operating expenses were $21.5 million; net loss was $18.2 million. Cash, cash equivalents and investments totaled approximately $251.2 million as of September 30, 2025. Seer reiterated full-year 2025 revenue guidance of $17–$18 million (midpoint +24% vs. 2024). The company noted nearly three times more instrument shipments year-to-date vs. 2024 and a record >60 third-party publications.

A webcast and conference call are scheduled for November 6, 2025 at 1:30 PM PT.

Positive

• Cash, cash equivalents and investments of $251.2 million
• Operating expenses decreased by 18% year-over-year
• Full-year 2025 revenue guidance of $17–$18 million (midpoint +24%)
• Nearly 3x instrument shipments year-to-date versus all of 2024

Negative

• Net loss of $18.2 million in Q3 2025
• Revenue growth only 2% year-over-year to $4.1 million

Insights

Commercial/Revenue Analyst

Revenue growth is minimal, losses narrowed, and cash runway appears healthy; results show gradual commercial traction.

Seer's third quarter shows modest top-line progress with revenue of $4.1 million, a 2% year-over-year increase driven by higher instrument and consumable sales and service work. Product revenue of $2.8 million and service revenue of $1.2 million indicate the business still leans on mixed income streams rather than recurring high-margin subscriptions.

The company shipped substantially more instruments year-to-date and reported a record number of third-party publications, which supports adoption claims but is not a direct revenue metric. Gross margin at 51% shows healthy unit economics for reported sales, while operating expenses fell to $21.5 million, helping reduce net loss to $18.2 million. Watch the full-year revenue guide of $17–18 million for 2025 and quarterly shipment cadence over the next 12 months to confirm commercial momentum.

Corporate Finance Analyst

Strong liquidity cushions ongoing losses; expense reduction narrowed the loss but sustainability depends on revenue scaling.

Cash, cash equivalents and investments of approximately $251.2 million provide substantial runway relative to the quarterly operating loss, giving management flexibility to invest in commercialization. The operating expense decline, largely from lower stock-based compensation, reduced the quarterly net loss versus last year, which improves near-term cash burn dynamics without implying profitability.

Key items to monitor include actual revenue execution against the 2025 full-year guide and the sustainability of reduced operating expenses beyond discretionary compensation cuts; expect clarity after the next few quarterly reports and the archived webcast for additional guidance detail over the coming 3–6 months.

REDWOOD CITY, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today reported financial results for the third quarter ended September 30, 2025.

Recent Highlights

• Generated revenue of $4.1 million for the third quarter of 2025
• Achieved a record quarter for third-party publications and preprints, with more than 60 total to date
• Ended the quarter with approximately $251.2 million of cash, cash equivalents and investments
  
  

“In Q3, we saw robust demand and utilization for our recently launched Proteograph ONE workflow, resulting in another strong quarter for instrument shipments. Notably, we have shipped nearly three times as many instruments in the first nine months of this year as we did in all of 2024,” said Omid Farokhzad, Chair and CEO of Seer. “We also saw a record number of third-party publications demonstrating the value of the Proteograph and further validating its performance across a range of applications. Together, these achievements highlight the growing adoption of our technology and reinforce our leadership in enabling deep, unbiased proteomics at scale. I’m proud of our team’s execution as we advance the reach and impact of the Proteograph Product Suite.”

Third Quarter 2025 Financial Results

Revenue was $4.1 million for the third quarter of 2025, a 2% increase from $4.0 million for the corresponding prior year period, primarily due to higher product sales and service revenue in the quarter. Product revenue for the third quarter of 2025 was $2.8 million and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million for the third quarter of 2025, including $300 thousand of related party revenue, and primarily consisted of revenue related to Seer Technology Access Center service projects. Other revenue was $152 thousand for the third quarter of 2025.

Gross profit was $2.1 million and gross margin was 51% for the third quarter of 2025.

Operating expenses were $21.5 million for the third quarter of 2025, including $3.5 million of stock-based compensation, a decrease of 18% compared to $26.3 million for the corresponding prior year period, including $6.1 million of stock-based compensation. The decrease in operating expenses was primarily driven by a reduction in stock-based compensation, business expenses, and allocated costs.

Net loss was $18.2 million for the third quarter of 2025, compared to $21.3 million for the corresponding prior year period.

Cash, cash equivalents and investments were approximately $251.2 million as of September 30, 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 third quarter 2025 financial results on Thursday, November 6, 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, 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 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. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Revenue:
Product	$	2,756			$	2,915			$	8,372			$	6,344
Service		913				661				2,913				1,751
Related party		300				366				761				1,903
Other		152				90				331				172
Total revenue		4,121				4,032				12,377				10,170
Cost of revenue:
Product		1,327				1,510				3,868				3,202
Service		335				268				1,261				899
Related party		85				183				224				651
Other		264				133				742				388
Total cost of revenue		2,011				2,094				6,095				5,140
Gross profit		2,110				1,938				6,282				5,030
Operating expenses:
Research and development		10,797				12,967				34,132				37,966
Selling, general and administrative		10,659				13,296				32,757				43,677
Total operating expenses		21,456				26,263				66,889				81,643
Loss from operations		(19,346	)			(24,325	)			(60,607	)			(76,613	)
Other income (expense):
Interest income		2,765				4,082				8,974				13,101
Loss on equity method investment		(1,419	)			(861	)			(4,835	)			(861	)
Other expense		(210	)			(224	)			(965	)			(484	)
Total other income		1,136				2,997				3,174				11,756
Loss before provision for income taxes		(18,210	)			(21,328	)			(57,433	)			(64,857	)
Provision for income taxes		24				—				173				—
Net loss	$	(18,234	)		$	(21,328	)		$	(57,606	)		$	(64,857	)
Other comprehensive loss:
Unrealized gain on available-for-sale securities		124				1,415				295				981
Comprehensive loss	$	(18,110	)		$	(19,913	)		$	(57,311	)		$	(63,876	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.32	)		$	(0.35	)		$	(0.99	)		$	(1.02	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		56,312,290				61,186,324				57,928,898				63,441,333

SEER, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)
		September 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	44,973			$	40,753
Short-term investments			154,262				195,657
Accounts receivable, net			3,502				3,997
Related party receivables			300				379
Other receivables			1,355				1,853
Inventory			8,126				7,436
Prepaid expenses and other current assets			1,845				3,248
Total current assets			214,363				253,323
Long-term investments			51,950				63,103
Operating lease right-of-use assets			21,077				22,791
Property and equipment, net			15,474				18,575
Restricted cash			524				524
Other assets			5,220				8,281
Total assets		$	308,608			$	366,597
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	4,261			$	4,621
Accrued expenses			7,770				7,937
Deferred revenue			486				408
Operating lease liabilities, current			2,507				2,312
Other current liabilities			18				50
Total current liabilities			15,042				15,328
Operating lease liabilities, net of current portion			21,742				23,652
Other noncurrent liabilities			10				48
Total liabilities			36,794				39,028
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2025 and December 31, 2024; zero shares issued and outstanding as of September 30, 2025 and December 31, 2024			—				—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 51,759,773 and 55,083,123 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			1				1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 4,026,571 and 4,044,969 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			—				—
Additional paid-in capital			721,360				719,804
Accumulated other comprehensive gain			431				136
Accumulated deficit			(449,978	)			(392,372	)
Total stockholders’ equity			271,814				327,569
Total liabilities and stockholders’ equity		$	308,608			$	366,597

FAQ

What were Seer (SEER) third-quarter 2025 revenues and profit margins?

Seer reported $4.1 million revenue for Q3 2025 and a 51% gross margin.

How much cash did Seer (SEER) hold at September 30, 2025?

Seer held approximately $251.2 million in cash, cash equivalents and investments.

What guidance did Seer (SEER) give for full-year 2025 revenue?

Seer reiterated full-year 2025 revenue guidance of $17 million to $18 million (midpoint +24% vs 2024).

What was Seer’s (SEER) Q3 2025 net income or loss?

Seer reported a net loss of $18.2 million for Q3 2025.

What operational highlights did Seer (SEER) report for Q3 2025?

Seer said it shipped nearly three times as many instruments year-to-date versus all of 2024 and recorded >60 third-party publications.

When is Seer (SEER) holding the Q3 2025 earnings webcast and how to access it?

The conference call is on November 6, 2025 at 1:30 PM PT and the webcast is available at the company's investor website with a 90-day archive.