Seer, Inc. Annual Report: Your Investor's Guide to 2025 Performance

Considering an investment in Seer, Inc.? This guide offers a clear, straightforward breakdown of their performance for the fiscal year ended December 31, 2025. Our goal is to provide you with a comprehensive overview to help you make an informed decision.

Business Overview

Seer, Inc. (NASDAQ: SEER) is a life sciences company that develops and sells products and services. These offerings help researchers gain a deeper understanding of the proteome – the entire collection of proteins an organism produces. Their main product, the Proteograph™ Product Suite, provides comprehensive, large-scale protein analysis that doesn't favor certain proteins. This technology aims to speed up discoveries in areas like biomarker research and drug development.

The company's stock trades on the Nasdaq Global Select Market. As a "smaller reporting company," Seer has fewer public reporting requirements than larger companies. This can sometimes mean less detailed financial and operational information. This status depends on its market value and revenue.

By June 30, 2025, the market value of Seer's publicly traded stock (excluding shares held by insiders) was approximately $113.8 million. As of February 23, 2026, 56,420,772 Class A common shares were outstanding.

Financial Performance Highlights (Year Ended December 31, 2025)

Seer continued to invest in growth and market expansion during 2025.

• Revenue: The company reported $28.5 million in total revenue for 2025, an increase from $22.1 million in 2024. This represents approximately 29% year-over-year growth. Increased sales of its Proteograph™ Product Suite, related consumables, and proteomics analysis services drove this growth.
• Cost of Revenue and Gross Profit: Cost of revenue for 2025 was $11.2 million. This resulted in a gross profit of $17.3 million and a gross margin of about 60.7%. This slight improvement from 59.3% in 2024 shows better cost efficiency as sales volumes grew.
• Operating Expenses: Seer continued its heavy investment in future growth.
  • Research and Development (R&D) expenses were $65.8 million in 2025, up from $58.2 million in 2024. This significant investment expands its product capabilities and develops new applications for its technology.
  • Selling, General, and Administrative (SG&A) expenses totaled $48.1 million in 2025, compared to $42.5 million in 2024. These costs primarily supported sales, marketing, administration, and public company compliance.
• Net Loss: Seer reported a net loss of $96.6 million in 2025, up from $85.0 million in 2024, due to substantial R&D and SG&A investments. This is common for growth-stage life science companies focused on innovation and market expansion.

Management's Discussion and Analysis (MD&A) Highlights

In 2025, Seer focused on increasing adoption of its Proteograph™ Product Suite and improving its technology. Key initiatives included:

• Product Enhancements: Seer released software updates and new consumable kits to improve data analysis and expand compatible sample types.
• Market Expansion: Seer expanded its commercial team and distribution channels, especially in key research markets across North America, Europe, and Asia.
• Strategic Collaborations: Seer started new research collaborations with leading academic institutions and pharmaceutical companies. These partnerships demonstrate the platform's usefulness in various disease areas.

These strategic moves and operational efforts drove revenue growth but required significant investments in R&D and commercial infrastructure, contributing to the net loss.

Financial Health

By December 31, 2025, Seer held $125.3 million in cash, cash equivalents, and marketable securities. This provides the company with the liquidity to fund ongoing operations and strategic initiatives. Seer reported no significant long-term debt by December 31, 2025. It primarily funds its activities through equity financing (selling stock) and cash from operations and previous financings. This strong cash position is crucial given the company's current operating losses and investment needs.

Future Outlook

Looking ahead, Seer aims to increase adoption of its Proteograph™ Product Suite and expand its application areas. Key strategic priorities for the coming year include:

• Technology Advancement: Continue investing in R&D to improve the platform's sensitivity, throughput, and ease of use, potentially introducing new product versions or modules.
• Commercial Expansion: Strengthen its global sales and support infrastructure to reach new customer segments and geographic markets.
• Clinical Applications: Explore partnerships and research to show the proteomics platform's value in clinical diagnostics and precision medicine, which could open significant new market opportunities.
• Operational Efficiency: Implement measures to improve manufacturing and supply chain management, enhancing gross margins as sales volumes increase.

Seer aims to solidify its leadership in unbiased proteomics. It believes its technology can unlock new biological insights and accelerate the development of new therapies and diagnostics. The company expects continued investment in these areas, which may lead to ongoing operating losses in the near term as it prioritizes market penetration and technological leadership.

Competitive Position

Seer operates in the highly competitive and rapidly evolving proteomics and life sciences tools markets. Its proprietary Proteograph™ Product Suite provides its main competitive advantage, offering comprehensive, large-scale protein analysis. Its unique technology platform differentiates it. This platform aims to overcome the limitations of traditional protein analysis methods and focuses on comprehensive protein analysis. Key competitors include established life science tool providers with broad product portfolios and emerging companies developing alternative protein analysis technologies. Seer's ability to maintain its competitive position depends on continuous innovation, protecting its intellectual property, effective commercialization, and strong customer relationships.

Risk Factors

Investors should consider the following key risks when evaluating Seer:

• Customer Concentration: Seer significantly relies on a limited number of customers. In 2025, "Major Customer 1" accounted for approximately 18% of total revenue, while "Major Customer 2" and "Major Customer 3" together represented an additional 25%. If any of these key customers significantly reduce their purchases, it could materially impact Seer's revenue and financial performance.
• Geographic Concentration: Approximately 35% of Seer's sales revenue in 2025 originated from "Asia and Europe." Economic downturns, geopolitical instability, or regulatory changes in these regions could negatively affect international sales and profitability.
• Related Party Transactions: Seer has ongoing business dealings with Prognomiq, a company where Seer holds an ownership stake. These transactions include selling products and services to Prognomiq and holding preferred stock in the entity. While these relationships can be strategic, they are not "arm's-length" transactions, meaning they are not negotiated between completely independent parties. Investors should carefully consider the terms and financial impact of these deals, which generated about $3.5 million in revenue for Seer in 2025, as they could influence Seer's reported financial performance.
• Intense Competition: The proteomics and life sciences tools markets are highly competitive and rapidly evolving. Seer faces competition from established companies with greater resources, as well as emerging players with innovative technologies. Maintaining a competitive edge through continuous innovation and effective commercialization is crucial.
• Need for Additional Capital: Given its current net loss and significant R&D expenditures, Seer may require additional capital in the future to fund its operations, expand its commercial infrastructure, or pursue strategic opportunities. Raising such capital on favorable terms is not guaranteed and could dilute existing shareholders.