Seer (SEER) AI Stock Analysis

• Market Cap: $98.17M
• Dividend Yield: N/A
• Average Volume (3M): 113.15K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.27
• Revenue Growth: 13.77%
• EPS Growth: -4.76%
• Country: US
• Employees: 134
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.29
• Shares Outstanding: 56,420,773
• 10 Day Avg. Volume: 70,395
• 30 Day Avg. Volume: 113,152
• PEG Ratio: 0.18
• Price to Book (P/B): 0.41
• Price to Sales (P/S): 6.34
• P/FCF Ratio: -2.27
• Enterprise Value/Market Cap: 0.76
• Enterprise Value/Revenue: 4.50
• Enterprise Value/Gross Profit: 8.81
• Enterprise Value/Ebitda: -1.16
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.36
• Revenue Forecast (FY): $22.10M

• Rating: 46 Neutral
• Price Target: $1.50 ▼(-15.73% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by persistent operating and free-cash-flow losses (despite improvement) and a bearish technical setup with the stock below key moving averages. Offsetting factors include low leverage, improving margins and cash-burn trajectory, and an earnings-call outlook that balances conservative near-term revenue guidance with strong operational milestones and a solid cash runway.

Positive Factors

Installed base & consumable pull‑through

Rapid installed‑base growth and strong consumable volume indicate a rising recurring revenue stream from consumables and services. Durable pull‑through economics imply the Proteograph platform can generate sustainable, annuity‑like revenues as instruments scale in research and population studies.

Margin expansion potential & scalable products

Material gross margin improvement and a clear long‑term margin target, combined with higher‑throughput instrument launches, suggest the business model can become structurally more profitable. Scale advantages from automation and higher throughput support sustainable margin expansion as volume grows.

Low leverage and solid cash runway

A large cash balance, substantial NOLs and minimal debt give the company financial flexibility to fund product rollouts and large cohort studies without near‑term refinancing. This runway supports continued R&D and commercialization while pursuing breakeven, reducing execution risk over 2–6 months.

Negative Factors

Persistent operating losses & cash burn

Despite improving trends, the company remains materially cash‑burning and unprofitable, requiring ongoing external capital or sustained cash reserves to fund operations. Continued negative cash generation limits strategic optionality and raises execution risk if revenue growth stalls or costs reaccelerate.

Revenue lumpy and funding‑dependent sales

Sales remain sensitive to customer CapEx cycles and government/NIH funding, producing elongated sales cycles and binary large contract impacts. This structural dependence makes revenue timing volatile and forecasting fragile, slowing sustainable topline predictability as commercialization scales.

Eroding equity base & negative returns on equity

Ongoing losses have materially eroded shareholders' equity, reducing the balance‑sheet cushion and signaling dilution or value attrition over time. Negative ROE and shrinking net worth constrain capital strategy and increase the importance of returning to profitability to restore shareholder value.

Seer Business Overview & Revenue Model

Company Description

Seer, Inc., a life sciences company, engages in developing and commercializing products to decode the secrets of the proteome. It develops Proteograph Product Suite, an integrated solution that comprises consumables, an automation instrumentation, and software that allows researchers to conduct proteomic studies in therapeutic and diagnostic research, and clinical trials. The company intends to sell its products for research purposes, which cover academic institutions, life sciences, and research laboratories, as well as biopharmaceutical and biotechnology companies for non-diagnostic and non-clinical purposes. It has a collaboration agreement with Discovery Life Sciences, LLC. and the Salk Institute for Biological Studies. The company was formerly known as Seer Biosciences, Inc. and changed its name to Seer, Inc. in July 2018. Seer, Inc. was incorporated in 2017 and is headquartered in Redwood City, California.

How the Company Makes Money

Seer generates revenue primarily through the sale of its proteomic analysis platforms and related consumables to research institutions and pharmaceutical companies. Additionally, the company may earn revenue through service contracts where it conducts custom proteomic analyses for clients. Key partnerships with academic institutions and collaborations with pharmaceutical companies enhance its market presence and provide opportunities for joint research projects, which can also contribute to its earnings. Furthermore, grants and funding from governmental and private entities aimed at advancing proteomic research can serve as additional revenue sources.

Seer Financial Statement Overview

Summary

Improving trends (stronger 2025 revenue growth, ~51% gross margin, reduced losses and cash burn) and low leverage support flexibility, but operating losses and free-cash-flow burn remain large and the equity base has been eroding over time.

Income Statement

Revenue is growing off a small base, with 2025 revenue up strongly versus 2024 (after a decline in 2024). Profitability remains the key issue: despite a materially improved gross margin in 2025 (~51% vs ~49% in 2024 and very low levels in 2022–2023), operating losses are still very large and net margins remain deeply negative. Bottom-line losses improved from 2024 to 2025, but the business is still far from breakeven.

Balance Sheet

Leverage is low (debt-to-equity ~0.09 in 2025), providing financial flexibility relative to many cash-burning biotech peers. However, the equity base is trending down meaningfully from 2021 to 2025, consistent with ongoing losses, and returns on equity remain firmly negative. Overall: solid capitalization with limited debt risk, but continued erosion in net worth is a clear longer-term concern.

Cash Flow

Cash generation remains negative: operating cash flow and free cash flow are still materially cash-burning in every year shown. The trajectory is improving (2025 cash burn is lower than 2024 and 2023, and free cash flow growth is positive), but the company is not yet self-funding. Free cash flow is roughly in line with net losses (close to 1x in 2024–2025), suggesting reported losses broadly reflect real cash outflows rather than being primarily non-cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.58M	13.95M	15.18M	14.69M	6.39M
Gross Profit	8.46M	6.83M	1.45M	384.00K	-374.00K
EBITDA	-66.15M	-93.92M	-80.70M	-87.06M	-67.61M
Net Income	-73.60M	-86.60M	-86.28M	-92.97M	-71.17M
Balance Sheet
Total Assets	296.08M	366.60M	436.27M	487.93M	539.14M
Cash, Cash Equivalents and Short-Term Investments	185.90M	236.41M	316.22M	421.24M	400.07M
Total Debt	23.65M	25.96M	28.26M	29.87M	23.32M
Total Liabilities	36.78M	39.03M	39.37M	40.94M	36.22M
Stockholders Equity	259.31M	327.57M	396.90M	446.99M	502.92M
Cash Flow
Free Cash Flow	-46.24M	-49.69M	-66.37M	-71.05M	-53.27M
Operating Cash Flow	-44.45M	-46.11M	-59.06M	-60.78M	-46.35M
Investing Cash Flow	61.55M	65.86M	37.90M	-122.72M	-170.88M
Financing Cash Flow	-10.57M	-11.49M	452.00K	3.89M	116.63M

Seer Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEER, the sentiment is Negative. The current price of 1.78 is below the 20-day moving average (MA) of 1.87, below the 50-day MA of 1.88, and below the 200-day MA of 2.03, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.76 is Neutral, neither overbought nor oversold. The STOCH value of 29.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SEER.

Seer Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IKT	54 Neutral	$221.92M	-3.06	-131.71%	―	-100.00%	79.01%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$220.11M	-0.39	―	―	-63.96%	-28.50%
TCRX	49 Neutral	$60.88M	-1.00	-71.28%	―	-10.03%	11.06%
CGTX	47 Neutral	$97.10M	-5.34	-109.73%	―	―	50.39%
SEER	46 Neutral	$98.17M	-1.64	-26.04%	―	13.77%	-4.76%
TIL	44 Neutral	$56.56M	-2.22	-53.02%	―	―	1.40%

Seer Corporate Events

Seer Adopts Tax Benefit Plan to Protect NOLs

On February 26, 2026, Seer’s board adopted a Tax Benefit Preservation Plan and declared a dividend of one right for each outstanding share of Class A common stock to stockholders of record as of March 9, 2026, with each right allowing the holder to purchase a fraction of a share of Series A Participating Preferred Stock at an exercise price of $11.00. The plan is structured as a so‑called NOL rights plan that discourages any investor from acquiring 4.9% or more of Seer’s common stock without board approval, aiming to prevent an ownership change under Section 382 of the U.S. tax code that could significantly limit the use of Seer’s net operating losses and other tax attributes, thereby protecting a key financial asset for existing shareholders.

Under the plan, if an investor crosses the 4.9% threshold, other stockholders would be entitled to purchase shares at a substantial discount, diluting the would‑be acquirer, while the board retains the ability to redeem or exchange the rights and to amend the plan’s terms within specified limits. The rights, which are attached to common shares until they become separately exercisable upon certain triggering events, are set to expire no later than February 25, 2029, or earlier if stockholders fail to ratify the plan by February 25, 2027 or if the board later concludes that preserving tax benefits is no longer necessary or in the best interests of the company and its investors.

The most recent analyst rating on (SEER) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Seer stock, see the SEER Stock Forecast page.

Seer Retires Class B Common Stock Shares

On December 12, 2025, Seer Company filed a Certificate of Retirement with the Delaware Secretary of State to retire its Class B Common Stock shares that were issued but not outstanding. This action reduces the company’s authorized shares of capital stock and Class B Common Stock. The Class A Common Stock will continue trading on Nasdaq under the symbol ‘SEER’ with the same CUSIP number.

The most recent analyst rating on (SEER) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Seer stock, see the SEER Stock Forecast page.