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SEER

Seer, Inc.

SEER

Seer, Inc. • NASDAQ
$1.92 ▼ -1.54% (-0.03)
Market Cap $107.12 M
52w High $2.59
52w Low $1.62
Dividend Yield 0%
P/E -1.41
Volume 24.11K
Outstanding Shares 55.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.121M ▲ $21.456M ▼ $-18.234M ▲ -442.465% ▲ $-0.32 ▲ $-15.289M ▲
Q2-2025 $4.051M ▼ $22.641M ▼ $-19.424M ▲ -479.487% ▼ $-0.33 ▲ $-17.832M ▲
Q1-2025 $4.205M ▲ $22.792M ▼ $-19.948M ▲ -474.388% ▲ $-0.34 ▲ $-18.249M ▲
Q4-2024 $3.949M ▲ $23.905M ▼ $-21.742M ▼ -550.57% ▼ $-0.35 $-20.036M ▲
Q3-2024 $3.942M $26.173M $-21.328M -541.045% $-0.35 $-22.753M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $199.235M ▼ $308.608M ▼ $36.794M ▲ $271.814M ▼
Q2-2025 $209.826M ▼ $322.487M ▼ $34.195M ▼ $288.292M ▼
Q1-2025 $239.725M ▲ $347.261M ▼ $36.255M ▼ $311.006M ▼
Q4-2024 $236.41M ▼ $366.597M ▼ $39.028M ▲ $327.569M ▼
Q3-2024 $247.6M $383.424M $38.697M $344.727M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.234M ▲ $-7.566M ▲ $16.598M ▲ $-1.99M ▲ $7.042M ▲ $-7.849M ▲
Q2-2025 $-19.424M ▲ $-14.658M ▼ $7.363M ▼ $-7.219M ▼ $-14.514M ▼ $-15.226M ▼
Q1-2025 $-19.948M ▲ $-11.417M ▲ $24.611M ▲ $-1.502M ▼ $11.692M ▲ $-12.071M ▼
Q4-2024 $-21.742M ▼ $-11.457M ▲ $15.846M ▼ $-1.258M ▲ $3.131M ▼ $-10.921M ▲
Q3-2024 $-21.328M $-14.127M $26.439M $-6.637M $5.675M $-16.319M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Grant
Grant
 $0 ▲$0 ▲$0 ▲$0 ▲
Grant and Other
Grant and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Related Party
Related Party
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Seer still looks very much like an early‑stage platform company: tiny, uneven revenue and no clear upward trend yet. The business is built almost entirely around one main technology suite, and sales so far do not cover the cost of running the company. Operating losses and net losses have been steady and sizable for several years. That suggests a deliberate strategy of investing heavily in talent, R&D, and commercial build‑out ahead of revenue, rather than a focus on near‑term profitability. Earnings per share have remained clearly negative, showing that profitability is still a long way off and highly dependent on future adoption of the platform.

Balance Sheet

Balance Sheet The balance sheet is equity‑funded and relatively simple. The company carries very little debt, which reduces financial pressure from interest payments and gives some flexibility. However, total assets and cash balances have been trending down as cash is used to fund operations. Shareholders’ equity remains positive and still makes up the bulk of the capital structure, but the gradual erosion of the asset base underlines the importance of eventually growing revenue or accessing new capital. Overall, the balance sheet is clean but clearly being drawn down over time.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting the gap between limited revenue and ongoing spending on people, R&D, and commercialization. Free cash flow is also negative, but capital spending is modest, so the main driver of cash burn is operating costs, not heavy equipment or facility investments. This points to an “asset‑light but cash‑consuming” model typical of young life‑science tools companies. Unless the revenue profile changes meaningfully or expenses are adjusted, the company will likely need to rely periodically on its cash reserves or external funding to support operations.

Competitive Edge

Competitive Edge Seer operates in a fast‑moving, highly technical niche of proteomics, where it aims to stand out with its nanoparticle‑based Proteograph platform. Its edge comes from a combination of proprietary nanoparticle chemistry, an integrated instrument‑plus‑software workflow, and a focus on unbiased, deep protein discovery rather than predefined panels. This positioning is differentiated from targeted proteomics firms and from some still‑emerging single‑molecule players. At the same time, the field is crowded with well‑funded competitors, and switching costs in research tools can be meaningful once labs standardize on a platform. Seer’s commercial traction, reference customers, and recurring consumable usage will be key to how strong its competitive position ultimately becomes.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Seer’s story. The company is pioneering a nanoparticle‑based approach to proteomics and is expanding its ecosystem with new assays, instruments like the SP200 for higher throughput, and supporting analysis software. The strategy is to enable large, unbiased, scalable proteomic studies that traditional methods struggle with. This requires high and sustained R&D investment, which contributes to continuing losses but also deepens the technology moat and intellectual property portfolio. The big uncertainty is how rapidly this innovation converts into broad market adoption and durable, recurring revenue.

Summary

Overall, Seer looks like a science‑driven, early‑commercial company: technologically ambitious, but still very early in monetizing its platform. Financials show a clear pattern of small revenue, persistent losses, and ongoing cash burn, offset by a relatively clean, low‑debt balance sheet that provides some room to execute. The company’s core technology and integrated platform give it a distinct identity within proteomics, but the commercial and competitive outcomes are far from settled. The main variables to watch are growth in platform placements, recurring consumable and software revenue, the pace of cash use, and the extent to which scientific validation translates into a durable business franchise.

NEWS

November 7, 2025 · 7:00 AM UTC

Seer and Collaborators Unveil Broad New Data Demonstrating the Translational Power of Deep Proteomics at HUPO 2025

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November 6, 2025 · 4:05 PM UTC

Seer Reports Third Quarter 2025 Financial Results

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October 29, 2025 · 4:05 PM UTC

Seer to Participate in Upcoming November Investor Conferences

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October 16, 2025 · 4:05 PM UTC

Seer to Report Third Quarter 2025 Financial Results on November 6, 2025

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October 16, 2025 · 5:01 AM UTC

RetinalGenix Technologies Contracts with Seer Bio to Explore Early Detection of Neurodegenerative, Systemic, and Retinal Diseases

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