Nasdaq

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

13-05-2025

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