Seer (SEER)
NASDAQ:SEER
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Seer
(NASDAQ:SEER)
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Rating:48Neutral
Price Target:
$2.00
▲(4.17% Upside)
Action:ReiteratedDate:03/31/26
The score is held back primarily by persistent losses and cash burn (despite improving margins) and bearish technicals with the stock trading below major moving averages. Conservative 2026 guidance and funding uncertainty add pressure, partially offset by low leverage, disciplined expense reductions, and management’s expectation of continued free-cash-flow improvement supported by its stated cash position.
Positive Factors
Intact patent protection
The PTAB decision left core Proteograph claims in force, strengthening legal barriers to entry for competitors. Durable IP protection supports commercialization, licensing optionality and defends technical differentiation in deep proteomics over multiple years.
Negative Factors
Persistent cash burn and losses
Despite year-over-year improvement, sizable net and free-cash-flow losses mean the company is not yet self-funding. Continued cash burn erodes equity and requires reliance on cash reserves or capital actions until revenue scale or margin targets concretely materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Intact patent protection
The PTAB decision left core Proteograph claims in force, strengthening legal barriers to entry for competitors. Durable IP protection supports commercialization, licensing optionality and defends technical differentiation in deep proteomics over multiple years.
Read all positive factors
Seer (SEER) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$108.33M
Dividend YieldN/A
Average Volume (3M)113.15K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth13.77%
EPS Growth-4.76%
CountryUS
Employees134
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.29
Shares Outstanding56,420,773
10 Day Avg. Volume70,395
30 Day Avg. Volume113,152
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.41
Price to Sales (P/S)6.34
P/FCF Ratio-2.27
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue5.18
Enterprise Value/Gross Profit10.14
Enterprise Value/Ebitda-1.34
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.36
Revenue Forecast (FY)$22.10M
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,...
How the Company Makes Money
null...
Seer Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong commercial and scientific momentum (notably 67% installed base growth, ~69% consumable growth, doubling of publications, product launches, and a solid cash runway of ~$241M) alongside persistent headwinds from customer funding uncertainty, elongated sales cycles, modest 2026 guidance (~3% midpoint growth) and continued sizable net losses. Management emphasized innovation and long-term upside from large population studies and product roadmap milestones, while taking a conservative near-term view given NIH-related and macro funding risks.Positive Updates
Full Year Revenue Growth
Total revenue for 2025 was $16.6 million, representing 17% year-over-year growth versus $14.2 million in 2024; when excluding related party revenue, total revenue growth was approximately 33% year-over-year.
Negative Updates
Revenue Lumpy and Binary Upside
Management highlighted that a small number of large opportunities (population-scale studies) can materially move reported revenue between quarters, making results volatile and dependent on a few binary deal outcomes.
Read all updates
Q4-2025 Updates
Positive
Negative
Full Year Revenue Growth
Total revenue for 2025 was $16.6 million, representing 17% year-over-year growth versus $14.2 million in 2024; when excluding related party revenue, total revenue growth was approximately 33% year-over-year.
Read all positive updates
Company Guidance
Seer guided 2026 revenue of $16–18 million (midpoint ~3% growth versus 2025), noting the range assumes continued pressure on instrument placements and customer funding (NIH uncertainty) and excludes upside from any additional population‑scale studies; management expects to further reduce free cash‑flow loss in 2026 and believes its cash position (~$241 million) and NOLs (~$262 million) provide sufficient capital to reach cash‑flow breakeven. Key 2025 metrics referenced alongside the guidance: full‑year revenue $16.6M (+17% YoY; ~+33% excluding related‑party revenue), Q4 revenue $4.2M, full‑year gross margin ~51% (Q4 52%), installed base 82 instruments (+67% YoY), consumable kit volume +69% YoY with pull‑through per instrument ≈$113k (year‑end basis), FY net loss $73.6M, and free‑cash‑flow loss ≈$45.6M (improved from $49.4M in 2024). Management also reiterated a long‑term gross margin target of 70–75% and highlighted ongoing capital actions including repurchasing 5.3M shares in 2025 (~$10.2M) and a total of 11.7M shares bought at a VWAP of $1.87 (~$22M used of a $25M program) with an additional $25M repurchase authorization.Seer Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
41
Neutral
| 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
Positive
1.92
Price Trends
1.81
Positive
1.85
Positive
2.00
Negative
Market Momentum
-0.02
Negative
67.14
Neutral
69.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEER, the sentiment is Positive. The current price of 1.92 is above the 20-day moving average (MA) of 1.72, above the 50-day MA of 1.81, and below the 200-day MA of 2.00, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 67.14 is Neutral, neither overbought nor oversold. The STOCH value of 69.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SEER.
Seer Risk Analysis
Seer disclosed 67 risk factors in its most recent earnings report. Seer reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Seer Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $225.78M | -4.18 | -46.90% | ― | -100.00% | 79.01% | |
50 Neutral | $87.07M | -8.98 | -109.73% | ― | ― | 50.39% | |
49 Neutral | $58.04M | -1.00 | -71.28% | ― | -10.03% | 11.06% | |
48 Neutral | $108.33M | -1.64 | -26.04% | ― | 13.77% | -4.76% | |
47 Neutral | $342.99M | -0.70 | ― | ― | -63.96% | -28.50% | |
43 Neutral | $56.66M | -2.28 | -55.88% | ― | ― | 1.40% |
* Healthcare Sector Average
SEER
Seer
1.94
-0.16
-7.62%
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Seer Corporate Events
Business Operations and StrategyM&A TransactionsShareholder Meetings
Seer Receives Unsolicited Takeover Proposal, Eyes Proxy Battle
Neutral
Apr 13, 2026
On April 13, 2026, Seer, Inc. confirmed that it had received a highly contingent, non-binding and unsolicited proposal from the Radoff-JEC Group to acquire all outstanding shares of its Class A common stock for $2.25 per share in cash plus a conti...
Business Operations and StrategyLegal Proceedings
Seer Strengthens Proteograph IP Following Favorable Patent Ruling
Positive
Mar 30, 2026
On March 30, 2026, Seer, Inc. reported that the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board issued a March 23, 2026 Final Written Decision in an inter partes review of U.S. Patent No. 11,435,360, which underpins its Prot...
Business Operations and StrategyLegal Proceedings
Seer Amends Tax Benefit Plan After Stockholder Challenge
Neutral
Mar 16, 2026
On March 13, 2026, Seer, Inc. amended its Tax Benefit Preservation Plan to clarify the definition of “Beneficial Ownership” and its interaction with Treasury rules governing changes in stock ownership. The move follows legal challenges...
Business Operations and Strategy
Seer Adopts Tax Benefit Plan to Protect NOLs
Positive
Feb 26, 2026
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 ho...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.