Seer Reports Third Quarter 2026 Financial Results and Updates Full Year 2026 Revenue Guidance
Lower spending narrowed the quarterly loss, while funding pressure pushed several sales opportunities later than planned.
Sentiment and the balance of points
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Rhea-AI Summary
Seer (Nasdaq: SEER) reported third-quarter 2026 revenue of $4.0 million and lowered its full-year revenue outlook amid extended sales cycles. Revenue rose from $3.1 million in the second quarter but fell 3% year over year. Seer now expects 2026 revenue of $13.5 million to $14.5 million, versus $16 million to $18 million previously, citing academic and government funding pressure and later expected closings of several opportunities.
Quarterly gross margin was 47%. Operating expenses declined 23% to $16.5 million, while net loss narrowed to $13.7 million, or $0.25 per share, from $18.2 million, or $0.32 per share. Cash, cash equivalents and investments totaled approximately $198.1 million at September 30. Nine-month operating cash use was approximately $34.5 million. A board special committee completed its review, and Seer will remain an independent public company.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQuarterly net loss narrowed to $13.738 million from $18.234 million; loss per share improved to $0.25 from $0.32.
- Moderate pointOperating expenses fell 23% year over year to $16.5 million, primarily reflecting lower employee compensation.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Seer believes existing capital is sufficient to reach cash flow breakeven under its current operating plan.
- Minor pointService revenue rose to $1.064 million from $0.913 million in the prior-year quarter.
- Minor pointProduct revenue increased to $2.760 million from $2.756 million in the prior-year quarter.
3 minor points
- Minor pointNine-month net loss narrowed to $47.474 million from $57.606 million; loss per share improved to $0.85 from $0.99.
- Minor pointNew large pharmaceutical customers purchased instruments and consumables this year; established customers continued repeat consumables purchases.
- Minor pointApproximately $25 million remained under share-repurchase authorizations after approximately 13.5 million shares repurchased through September 30.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance cut to $13.5–$14.5 million from $16–$18 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Funding pressure extended sales cycles; several late-stage opportunities are now expected to close later than planned.
- Moderate pointQuarterly revenue fell 3% year over year to $4.0 million, despite rising from $3.1 million sequentially.
- Moderate pointGross profit declined to $1.879 million from $2.110 million in the prior-year quarter; current gross margin was 47%.
- Moderate pointNine-month free cash flow was approximately negative $34.8 million, including approximately $311,000 of net equipment purchases.
- Moderate pointCash, cash equivalents and investments totaled approximately $198.1 million, versus $240.583 million at December 31, 2025.
6 minor points
- Minor pointRelated-party revenue declined to $90,000 from $300,000 in the prior-year quarter.
- Minor pointOther revenue declined to $67,000 from $152,000 in the prior-year quarter.
- Minor pointNine-month revenue declined to $9.876 million from $12.377 million in the corresponding 2025 period.
- Minor pointNine-month gross profit declined to $4.367 million from $6.282 million in the corresponding 2025 period.
- Minor pointQuarterly interest income declined to $1.961 million from $2.765 million in the prior-year quarter.
- Minor pointNine-month equity-method investment loss increased to $5.208 million from $4.835 million in the corresponding 2025 period.
News Explained
Through
Key Figures
- Q3 revenue
- $4.0M
- 3Q26; $4.1M in 3Q25
- FY2026 revenue guidance
- $13.5M–$14.5M
- Updated from prior range of $16M–$18M
- Operating expenses
- $16.5M
- 3Q26; decreased 23% from $21.5M in 3Q25
- Net loss
- $13.7M
- 3Q26; compared with $18.2M in 3Q25
- Free cash flow
- Approximately -$34.8M
- Nine months ended September 30, 2026
- Cash, cash equivalents and investments
- Approximately $198.1M
- As of September 30, 2026
- Gross margin
- 47%
- 3Q26
Previous Earnings Reports
-
Q2 revenue was $3.1M; Seer reaffirmed FY2026 revenue guidance of $16M–$18M.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
free cash flow financial
cis-pqtls medical
mass spectrometry technical
proteome medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
REDWOOD CITY, Calif., Nov. 10, 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 September 30, 2026.
Seer reported third-quarter revenue of
“This quarter, our customers continued to demonstrate what Proteograph makes possible, from new discoveries in population-scale research to emerging applications in AI, while established customers returned to purchase consumables and new pharmaceutical customers adopted the platform,” said Omid Farokhzad, Chair and Chief Executive Officer. “Proteograph fundamentally expands the biology researchers can see with mass spectrometry. Our focus is to translate that differentiated value into sustained revenue growth by expanding sample volume within customer accounts and building relationships that support repeat use. With a strong balance sheet and growing evidence of the platform’s value, I remain confident in Seer’s opportunity and committed to building long-term value for our shareholders.”
Recent Business and Corporate Highlights
- Established customers continued to purchase consumables, including accounts with purchases across multiple consecutive quarters. Several new large pharmaceutical customers purchased instruments and consumables this year, supporting opportunities for larger studies and broader use within customer accounts.
- Announced on October 29 that the Special Committee of Seer’s Board of Directors completed its review and Seer will remain an independent public company, reinforcing the Company’s continued commitment to innovation, service and customer support.
- Announced on November 5 that, following Nanomics Biotechnology Co., Ltd.’s withdrawal from defending the U.S. International Trade Commission (“ITC”) investigation brought by Seer and Brigham and Women’s Hospital, the ITC’s investigative staff recommended granting the full exclusion and cease-and-desist orders requested. The Commission’s final determination remains pending and is expected by year-end.
Scientific Highlights
- Publications, preprints and reviews describing research conducted using Proteograph reached 116, up from 95 at the last quarterly update, highlighting the discoveries researchers are advancing across a broad range of applications.
- PRECISE-SG100K investigators presented preliminary findings at HUPO 2026 from 9,658 plasma samples. Using Proteograph with Thermo Fisher’s Orbitrap Astral mass spectrometer, they quantified approximately 8,800 protein groups across the study and 88,000 peptides per sample.
- Proteograph’s nanoparticle enrichment substantially expands the plasma proteome available for discovery. Published studies and customer presentations using matched plasma samples have repeatedly shown that conventional mass spectrometry workflows without Proteograph achieve approximately 10–
15% of the protein coverage achieved with Proteograph. The Proteograph makes thousands of additional proteins accessible for biological investigation. - PRECISE investigators identified more than 4,200 proteins with significant associations between nearby genetic variation and protein abundance, or cis-pQTLs. They reported 2,762 genetic–protein associations not previously reported across 12 reference studies and linked proteins to 71 health-related traits, illustrating the discovery potential of deep proteomics at population scale.
- In an independent study published in Clinical Proteomics, CHA University researchers compared seven plasma preparation approaches. Proteograph XT delivered the greatest coverage, averaging approximately 6,060 proteins per sample, and the lowest rate of missing protein measurements, at
1.9% . - Korea University Professors Sang-Won Lee and Jaewoo Kang presented preliminary findings from more than 5,500 plasma samples at ASMS and HUPO 2026. Their ID-Free AI Proteomics approach used identified and unidentified spectral signals generated with Proteograph and mass spectrometry, improving overall cancer-classification performance compared with models using identified-peptide features alone.
Third Quarter 2026 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
For the nine months ended September 30, 2026, net cash used in operating activities was approximately
Cash, cash equivalents and investments were approximately
Capital Allocation
Through September 30, 2026, Seer had repurchased approximately 13.5 million Class A common shares at a weighted average price of
Seer’s capital allocation approach combines investment in commercial adoption and product innovation with disciplined spending and share repurchases. Based on its current operating plan, the Company believes it has sufficient capital to reach cash flow breakeven.
2026 Guidance
Seer now expects full-year 2026 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the third quarter 2026 financial results on Tuesday, November 10, 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 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 revenue guidance; the adoption and use of Seer’s products; expansion within customer accounts, sample volumes, repeat purchases and revenue growth; anticipated sample shipments under customer agreements; the potential applications of proteomic data in AI-driven research; capital allocation, share repurchases and the sufficiency of capital to reach cash flow breakeven under the current operating plan; and the enforcement of intellectual property rights, including the expected timing and outcome of the ITC proceeding. 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 2,760 | $ | 2,756 | $ | 7,193 | $ | 8,372 | |||||||
| Service | 1,064 | 913 | 2,283 | 2,913 | |||||||||||
| Related party | 90 | 300 | 146 | 761 | |||||||||||
| Other | 67 | 152 | 254 | 331 | |||||||||||
| Total revenue | 3,981 | 4,121 | 9,876 | 12,377 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 1,411 | 1,327 | 3,817 | 3,868 | |||||||||||
| Service | 392 | 335 | 909 | 1,261 | |||||||||||
| Related party | 82 | 85 | 88 | 224 | |||||||||||
| Other | 217 | 264 | 695 | 742 | |||||||||||
| Total cost of revenue | 2,102 | 2,011 | 5,509 | 6,095 | |||||||||||
| Gross profit | 1,879 | 2,110 | 4,367 | 6,282 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 6,439 | 10,797 | 23,454 | 34,132 | |||||||||||
| Selling, general and administrative | 10,107 | 10,659 | 29,677 | 32,757 | |||||||||||
| Total operating expenses | 16,546 | 21,456 | 53,131 | 66,889 | |||||||||||
| Loss from operations | (14,667 | ) | (19,346 | ) | (48,764 | ) | (60,607 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,961 | 2,765 | 6,238 | 8,974 | |||||||||||
| Loss on equity method investment | (1,392 | ) | (1,419 | ) | (5,208 | ) | (4,835 | ) | |||||||
| Other income (expense) | 365 | (210 | ) | 284 | (965 | ) | |||||||||
| Total other income | 934 | 1,136 | 1,314 | 3,174 | |||||||||||
| Loss before provision for income taxes | (13,733 | ) | (18,210 | ) | (47,450 | ) | (57,433 | ) | |||||||
| Provision for income taxes | 5 | 24 | 24 | 173 | |||||||||||
| Net loss | $ | (13,738 | ) | $ | (18,234 | ) | $ | (47,474 | ) | $ | (57,606 | ) | |||
| Other comprehensive loss: | |||||||||||||||
| Unrealized gain (loss) on available-for-sale securities | (410 | ) | 124 | (1,205 | ) | 295 | |||||||||
| Comprehensive loss | $ | (14,148 | ) | $ | (18,110 | ) | $ | (48,679 | ) | $ | (57,311 | ) | |||
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.25 | ) | $ | (0.32 | ) | $ | (0.85 | ) | $ | (0.99 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 55,562,071 | 56,312,290 | 55,572,439 | 57,928,898 | |||||||||||
| SEER, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 29,316 | $ | 47,285 | ||||
| Short-term investments | 126,581 | 138,612 | ||||||
| Accounts receivable, net | 2,717 | 4,282 | ||||||
| Related party receivables | 146 | 300 | ||||||
| Other receivables | 964 | 1,370 | ||||||
| Inventory | 6,396 | 7,795 | ||||||
| Prepaid expenses and other current assets | 1,777 | 1,890 | ||||||
| Total current assets | 167,897 | 201,534 | ||||||
| Long-term investments | 42,190 | 54,686 | ||||||
| Operating lease right-of-use assets | 18,663 | 20,488 | ||||||
| Property and equipment, net | 11,031 | 14,754 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 1,494 | 4,097 | ||||||
| Total assets | $ | 241,799 | $ | 296,083 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,583 | $ | 5,611 | ||||
| Accrued expenses | 4,070 | 7,135 | ||||||
| Deferred revenue | 482 | 341 | ||||||
| Operating lease liabilities, current | 2,786 | 2,575 | ||||||
| Other current liabilities | 21 | 29 | ||||||
| Total current liabilities | 9,942 | 15,691 | ||||||
| Operating lease liabilities, net of current portion | 18,956 | 21,077 | ||||||
| Other noncurrent liabilities | 10 | 8 | ||||||
| Total liabilities | 28,908 | 36,776 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 1 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 727,082 | 724,819 | ||||||
| Accumulated other comprehensive gain (loss) | (746 | ) | 459 | |||||
| Accumulated deficit | (513,446 | ) | (465,972 | ) | ||||
| Total stockholders’ equity | 212,891 | 259,307 | ||||||
| Total liabilities and stockholders’ equity | $ | 241,799 | $ | 296,083 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Seer's updated 2026 revenue guidance?
Seer now expects full-year 2026 revenue of $13.5 million to $14.5 million, down from $16 million to $18 million. The company attributes the revision to continued academic and government funding pressure that extended sales cycles, with several late-stage opportunities expected to close later than planned.
What were Seer's third-quarter 2026 revenue and net loss?
Seer reported third-quarter revenue of $4.0 million and a net loss of $13.7 million. Revenue increased from $3.1 million in the second quarter but decreased 3% year over year. Net loss narrowed from $18.2 million in the corresponding prior-year quarter.
How much stock has Seer repurchased under its buyback authorizations?
Through September 30, 2026, Seer had repurchased approximately 13.5 million Class A shares at a weighted average price of $1.85 per share, using approximately $25 million. The combined authorizations totaled $50 million. During the third quarter, Seer repurchased approximately 61,000 shares at a weighted-average price of $1.64 per share.