10-K: Seer Reports 17% Revenue Growth, Reduced Net Loss in 2025

Seer, Inc. announced a 17% increase in total revenue to $16.6 million and a 15% reduction in net loss to $73.6 million for the fiscal year ended December 31, 2025, driven by strong product and service sales.

Summary

• Total revenue increased by 17% to $16.6 million in fiscal year 2025, up from $14.2 million in 2024.
• Net loss decreased by 15% to $73.6 million in fiscal year 2025, compared to $86.6 million in 2024.
• Cash used in operating activities improved slightly to $44.4 million in 2025 from $46.1 million in 2024.
• Research and development expenses decreased by 13% to $43.9 million in 2025.
• Selling, general and administrative expenses decreased by 25% to $42.6 million in 2025.
• Launched the Proteograph ONE assay and SP200 automation instrument in May 2025, improving throughput tenfold to over 1,000 samples per week.
• Served over 190 customers across more than 20 countries since commercial launch in 2021.
• PrognomiQ, a related party, accounted for 5% of revenue in 2025, down from 17% in 2024.
• The company holds $240.6 million in cash, cash equivalents, and investments as of December 31, 2025.
• Achieved ISO 27001 certification for cybersecurity systems and processes in 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing positively due to significant revenue growth, reduced net losses, and successful product launches, despite ongoing operating losses and the need for future capital. The strategic focus on AI-driven biology and strong intellectual property position are favorable.

Positives

• Total revenue increased by 17% year-over-year, driven by higher product sales (29% increase) and service revenue (40% increase).
• Net loss significantly reduced by 15% from $86.6 million in 2024 to $73.6 million in 2025.
• Operating expenses decreased by 19% overall, with R&D down 13% and SG&A down 25%, reflecting cost management efforts.
• Successful launch of next-generation products, Proteograph ONE assay and SP200 automation instrument, in May 2025, offering a tenfold improvement in throughput (over 1,000 samples per week).
• Strong customer adoption with over 190 customers in more than 20 countries since 2021.
• Growing body of third-party evidence, including 70 peer-reviewed publications, demonstrating the differentiation and performance of the Proteograph.
• PrognomiQ's ProVue Lung test, leveraging Proteograph data, achieved 85% sensitivity for lung cancer detection and 81% for Stage I lung cancer, with a clinically informative negative predictive value (NPV) of over 99.8%.
• Maintained a strong liquidity position with $240.6 million in cash, cash equivalents, and investments as of December 31, 2025.
• Achieved ISO 27001 certification for cybersecurity systems and processes in 2025, indicating robust security posture.
• Board authorized an additional $25.0 million for share repurchases on February 25, 2026, signaling confidence in the company's value.

Negatives

• Continued to incur significant net losses ($73.6 million in 2025) and negative cash flows from operations ($44.4 million in 2025), with an accumulated deficit of $466.0 million.
• Interest income decreased by 31% to $11.5 million in 2025, primarily due to lower interest rates on investments.
• Loss on equity method investment in PrognomiQ increased by 123% to $5.9 million in 2025, indicating a larger share of losses from this related party.
• Related party revenue from PrognomiQ decreased by 67% in 2025, from $2.3 million to $0.8 million.
• The company has a limited operating history, making future performance predictions highly uncertain.
• Reliance on single suppliers for some components and a single contract manufacturer (Hamilton Company) for instruments poses supply chain risks.
• The company has previously announced reductions in force and may announce additional ones, which could yield unintended consequences and costs.
• The market for proteomics technologies is evolving, and the size of the addressable market may be smaller or develop slower than estimated.

Risks

• Continued net losses and negative cash flows from operations, with no assurance of achieving or sustaining profitability.
• Limited operating history makes it difficult to evaluate future viability and predict performance.
• Operating results may fluctuate significantly due to various factors, including demand, sales cycle length, and macroeconomic conditions.
• The estimated size of the addressable market for the Proteograph Product Suite may be smaller than anticipated, and new market opportunities may not develop as quickly as expected.
• Inability to successfully execute commercialization plans for the Proteograph Product Suite due to factors like customer adoption, sales cycle delays, or manufacturing ramp-up issues.
• Failure to achieve broad scientific and market acceptance of the Proteograph Product Suite, which is crucial for commercial success.
• Inability to continuously improve the Proteograph Product Suite or introduce compelling new products and services, potentially harming revenues and prospects.
• Health epidemics could adversely impact business operations, customer access to laboratories, and government funding for research.
• Unfavorable U.S. or global economic conditions (e.g., inflation, interest rates, government shutdowns, bank failures) could affect capital raising and demand for products.
• Adverse developments in the financial services industry could impair access to cash, cash equivalents, and investments.
• Failure to sustain or successfully manage growth or financial resources could harm the business.
• Dependence on key personnel, and the inability to recruit, train, and retain them, could hinder goal achievement.
• Reliance on revenue generated from the sale of the Proteograph Product Suite and related services for the foreseeable future, with risks if sales fail to materialize or assumptions about study sizes are incorrect.
• Concentration of sales in a small number of customers, including PrognomiQ, poses a risk if these customers terminate or reduce orders.
• Dependence on research and development spending by academic and other research institutions, which is subject to external funding changes.
• Reliance on single suppliers for some components and a single contract manufacturer (Hamilton Company) for instruments, risking supply chain disruptions.
• Products could have defects or errors, leading to claims, affecting market adoption, and damaging reputation.
• Risks related to using, handling, storing, importing, exporting, and transferring biological samples and hazardous materials, and compliance with environmental health and safety regulations.
• Failure to successfully deploy and implement enhancements to Instrument Control Software and Proteograph Analysis Suite could harm commercialization efforts.
• International business exposes the company to various risks, including regulatory compliance, trade restrictions, and difficulties in enforcing agreements.
• Reliance on third-party distributors for international sales, with risks if relationships deteriorate or distributors fail to perform.
• Highly competitive life sciences technology market, with larger competitors having significant advantages.
• Potential need to raise additional capital in the future, which could result in dilution or restrictive debt terms.
• Acquisitions or strategic investments could divert management attention, result in dilution, or disrupt operations.
• Uncertainty regarding the realization of benefits from the investment in PrognomiQ.
• Risks related to maintaining effective internal controls over financial reporting and compliance with Sarbanes-Oxley Act.
• Potential for products to become subject to government regulation as medical devices by the FDA, even if not intended for diagnostic purposes, leading to significant time and expense for approval.
• Inability to obtain, maintain, and enforce sufficient intellectual property protection, or if the scope is not broad enough, allowing competitors to develop similar products.
• Uncertainty and rapid changes in U.S. law regarding patentability in the life sciences technology industry.
• Inability to protect intellectual property rights throughout the world, especially in countries with less extensive protection.
• Issued patents could be found invalid or unenforceable if challenged (e.g., IPR petition against U.S. Patent No. 11,435,360, nullity action against European Patent EP3554681, opposition to European Patent 4,056,263).
• Risk of not being aware of all third-party intellectual property rights, leading to infringement claims.
• Inability to protect the confidentiality of trade secrets, potentially harming the value of technology.
• Claims challenging the inventorship of patents and other intellectual property.
• Inability to protect and enforce trademarks and trade names.
• Patent terms may be inadequate to protect competitive position for a sufficient amount of time.
• Involvement in lawsuits to defend against third-party claims of infringement or to protect intellectual property, which could be expensive and time-consuming.
• Reliance on licenses from third parties (e.g., BWH), with risks of losing these licenses or being unable to obtain additional necessary licenses on reasonable terms.
• Certain in-licensed patents may be subject to government march-in rights, limiting exclusivity.
• Use of third-party open source software components, with risks of non-compliance with licenses or disclosure of proprietary software.
• Intellectual property rights do not necessarily address all potential threats.
• Risks related to ownership of Class A Common Stock, including sustained active trading market, compliance with Nasdaq listing requirements, and stock price volatility.
• Increased costs and management resources due to operating as a public company.
• Environmental, social, and governance (ESG) matters are subject to evolving expectations and may expose the company to reputational, cost, and other risks.
• Disruption of facilities or third-party manufacturers' facilities due to natural disasters, public health crises, or catastrophic events.
• Significant disruption in information technology systems or breaches of data security, leading to reputational damage, litigation, and financial liability.
• Subject to international and U.S. federal and state laws and regulations imposing obligations on personal information collection, storage, and processing (e.g., GDPR, CCPA, CPRA, CDPA, CPA, UCPA, CTDPA).

Future Outlook

The company expects to continue incurring significant losses and negative cash flows from operations for the foreseeable future as it makes investments to support anticipated growth, including commercialization, R&D, and infrastructure. It believes its current cash, cash equivalents, and investments provide sufficient capital resources to continue operations for at least the next twelve months. The company's growth strategy focuses on expanding its addressable market through new product innovation, winning additional population-scale cohort programs, growing and driving utilization of its rapidly expanding installed base, and establishing a leadership position as the preferred proteomic data platform for AI-driven biology. It intends to pursue strategic ecosystem partnerships to enable new biological insights from large, multimodal datasets.

Management Comments

• Our mission is to imagine and pioneer new ways to decode the biology of the proteome to improve human health.
• With our pioneering proprietary engineered nanoparticle (NP) technology and the Proteograph Product Suite, we provide the most complete, precise, and scalable platform for deep, unbiased proteomics to power population-scale studies and data-driven biology.
• We believe these collaborations highlight the role of unbiased proteomics as a foundational input for multi-omics, AI-driven precision medicine.
• With a growing installed base, increasing utilization, expanding population-scale studies, and continued investment in product innovation, we believe Seer is well positioned to play a central role in enabling the next generation of data-driven biology and AI-driven precision medicine.
• We believe understanding protein variation at this level could revolutionize how we diagnose, treat, and monitor diseases.
• We believe that AI-driven biological foundation models require dense, high-resolution proteomic datasets that include multiple measurements per protein and sufficient scale to support robust statistical learning.
• We believe this approach makes deep, unbiased proteomics accessible to a broad range of laboratories.
• We believe that our integrated solution is the only product in the market that combines all these technical and operational capabilities.
• We believe the Proteograph Product Suite and its underlying NP technology have unique advantages.
• We believe the ability to generate unbiased, deep, proteomic data at scale, with rich content at the protein variant level, has a wide range of applications in proteomics.
• We believe that broader access to the proteome is essential, not only to understanding its complexity and accelerating biological insights, but also to expanding end-markets.
• We expect a highly efficient sales model because our workflow integrates with most existing proteomics laboratories workflows and it also complements large-scale genomics research.
• Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth.

Industry Context

StockSavvy.ai notes that Seer operates in the highly dynamic and competitive $30 billion proteomics market, which is undergoing a paradigm shift towards AI-driven biological discovery. The company's focus on unbiased, deep, and scalable proteomic analysis positions it to address the unmet need for high-quality proteomic data to complement genomic information and power emerging biological AI foundation models. The launch of the Proteograph ONE and SP200, offering a tenfold throughput improvement, is a significant step in enabling population-scale studies, a key trend in data-driven biology. The company's strategy to expand its addressable market through innovation and strategic partnerships aligns with the industry's move towards multi-omics and precision medicine, as exemplified by PrognomiQ's lung cancer diagnostic test.

Comparison to Industry Standards

• The Proteograph ONE assay detects approximately 7x more proteins compared to neat plasma on the Orbitrap Astral MS from Thermo Scientific, demonstrating superior depth of coverage.
• In a customer study of over 800 samples, approximately 9,000 proteins were identified on Proteograph ONE, and in another study by PrognomiQ across 2,840 plasma samples, approximately 13,000 proteins were identified, indicating high-throughput and deep analysis capabilities.
• The Proteograph produces multiple peptide-level measurements per protein (averaging approximately 11 measurements per protein), yielding over 77,000 data measurements per sample, which is substantially more than other commonly used proteomic technologies.
• A 2024 comparative study by Dr. Joshua Coon (University of Wisconsin) published in the Journal of Proteome Research showed the Proteograph XT assay provided the greatest proteomic depth among six tested plasma proteomic technologies, while maintaining high reproducibility.
• The Proteograph's peptide-level resolution has been shown to reveal biologically meaningful signals obscured or mischaracterized by affinity-based proteomic methods, distinguishing true pQTLs from false positives, as demonstrated in a November 2025 Nature Genetics study by Suhre et al.
• The ProVue Lung test, developed by PrognomiQ using Proteograph data, achieved an AUC of 0.91 with proteomics alone, improving to 0.96 when combined with transcriptomic and metabolomic measurements, demonstrating high performance for early lung cancer detection.
• The Proteograph ONE workflow provides excellent precision and experimental reproducibility, with intra-plate and inter-plate CVs for protein group intensity at 13.4% and 16.1% respectively, which are similar to or better than other methods and commercial platforms.

Management Changes

Corporate Governance

Legal Proceedings

• On October 7, 2024, PreOmics GmbH and Biognosys AG filed a petition for Inter Partes Review before the USPTO (Case No. IPR2024-01473), challenging the validity of select claims of U.S. Patent No. 11,435,360, which is exclusively licensed from The Brigham and Women's Hospital, Inc. (BWH). The Patent Trial and Appeal Board (PTAB) of the USPTO instituted Inter Partes Review of certain claims on April 17, 2025.
• On November 18, 2024, an anonymous third party initiated a nullity action against European Patent EP3554681, exclusively licensed from BWH, in Germany.
• On January 13, 2025, an anonymous third party initiated a cancellation request against Utility Model No. 202017007363, exclusively licensed from BWH, in Germany.
• On May 27, 2025, an anonymous third party filed an Opposition to European Patent 4,056,263, exclusively licensed from BWH.
• A lawsuit filed on December 28, 2023, by Giulio Caracciolo and Dipartimento di Medicina Molecolare Sapienza Universita di Roma against the company, BWH, and other inventors, alleging wrongful exclusion as an inventor on certain licensed patents, was dismissed with prejudice on October 25, 2024.
• The company is not currently a party to any other material legal proceedings.

Related Party Transactions

• PrognomiQ, Inc., a pioneering multiomics diagnostic company spun out of Seer in 2020, accounted for 5% of total revenue in 2025 and 17% in 2024.
• Related party receivables from PrognomiQ were $0.3 million as of December 31, 2025, and $0.4 million as of December 31, 2024.
• The company made an additional $1.9 million investment in PrognomiQ's Series D Preferred Stock on July 31, 2025, and a further $1.5 million investment in January 2026.
• As of December 31, 2025, the company held approximately 24% of the outstanding capital stock of PrognomiQ.
• The company granted PrognomiQ a non-exclusive, perpetual, irrevocable license to certain owned patents and a non-exclusive sublicense to certain BWH-licensed patent applications for use in the field of human diagnostics.

Stakeholder Impact

• Shareholders: Potential for increased value from revenue growth, reduced losses, and share repurchase program. However, continued net losses and potential future dilution from capital raises pose risks. The conversion of Class B to Class A common stock simplifies the capital structure.
• Employees: Reductions in force have occurred and may continue, impacting job security and morale. The company emphasizes attracting, retaining, and motivating qualified personnel.
• Customers: Benefit from new product innovations (Proteograph ONE, SP200) offering increased throughput and deeper insights. The Strategic Instrument Placement Program (SIPP) and Seer Technology Access Centers (STAC) aim to lower access barriers.
• Suppliers: Hamilton Company is a key single-source manufacturer for instruments, creating mutual dependence. Other components are sourced from limited or sole suppliers, posing supply chain risks.
• Creditors: The company's strong cash and investment position ($240.6 million) provides liquidity for at least 12 months, reducing immediate credit risk.

Next Steps

• Continuously innovate and develop new products, applications, workflows, and analysis tools.
• Win additional population-scale cohort programs, including discussions with key biobanks.
• Grow and drive utilization of the rapidly expanding installed base.
• Establish a leadership position as the preferred proteomic data platform for AI-driven biology.
• Pursue strategic ecosystem partnerships to enable new biological insights from large, multimodal datasets.
• Continue to build sales, marketing, support, and product distribution capabilities, especially internationally.
• Continue to build out in-house NP manufacturing capabilities.
• Expand PAS functionality as the product portfolio extends.
• Monitor and assess the impact of changing regulatory landscape on the business.
• Potentially seek regulatory clearance or approval for products as clinical diagnostics or medical devices in the future.
• Pursue additional intellectual property protection.
• Evaluate the impact of new accounting pronouncements (ASU 2024-03, ASU 2025-05, ASU 2025-06).
• Repurchase up to an additional $25.0 million of Class A common stock under the authorized program.
• PrognomiQ made an additional $1.5 million investment in Series D Preferred Stock in January 2026.

Key Dates

Recommendation

While Seer demonstrated strong revenue growth and a significant reduction in net loss, indicating operational improvements and market traction for its innovative Proteograph Product Suite, the company continues to operate at a net loss and negative cash flow. The increased loss from its equity investment in PrognomiQ and the competitive landscape warrant caution. The recent share repurchase authorization is a positive signal, but the company's long-term profitability remains unproven. A 'hold' recommendation reflects the promising technology and market potential balanced against ongoing financial challenges and execution risks in a rapidly evolving industry.

Keywords

Proteomics, Nanoparticle Technology, Proteograph Product Suite, Mass Spectrometry, Biomarker Discovery, AI-driven Biology, Precision Medicine, Life Sciences Technology, Diagnostic Development, SEC Filing, 10-K, SEER, Proteograph ONE, SP200, Research Use Only, Clinical Diagnostics, Intellectual Property, Corporate Governance, Financial Performance