olivLaw · US equity research
Seer, Inc. SEER
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Seer, Inc. develops the Proteograph platform, a deep and unbiased proteomics system based on engineered nanoparticles, aimed at academic and industrial researchers. The company matters now because demand for population-scale proteomic data is rising alongside AI-driven analysis, yet its revenue remains modest, around 16.6 million USD in 2025, and losses continue.
At the close of 04 Nov 2026, Seer, Inc. (SEER) stock was 1.70 USD (−1.73% on the day), with market capitalisation 94.1 m USD, dividend yield 0.00%, beta 0.68, 52-week range 1.62–2.33 USD. Latest reported quarter (Q2 2026): revenue of 3.1 m USD (−23.4% YoY), net income of -16.9 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.8
- weak (30–45)
- Bollinger (20, 2)
- 1.67 – 2.27
- in the lower half of the band · %B 0.05 · band width 30.2%
- SMA 50 / 200
- 1.99 / 1.92
- mixed trend
- MACD (12, 26, 9)
- -0.08 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.0% | −1.1% | −25.9 pp | — |
| 3 months | −22.4% | −0.5% | −21.9 pp | — |
| 6 months | −10.1% | +4.4% | −14.4 pp | — |
| Year to date | −7.1% | +12.3% | −19.4 pp | — |
| 1 year | −22.4% | +13.5% | −35.9 pp | +15.7% |
| 3 years | −6.6% | +76.4% | −83.0 pp | −8.6% |
| 5 years | −95.2% | +63.7% | −158.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 m | 4.0 m | 4.2 m | 4.1 m | 4.1 m | 4.2 m | 2.8 m | 3.1 m |
| Cost of revenue | 2.1 m | 2.0 m | 2.1 m | 1.9 m | 2.0 m | 2.0 m | 1.8 m | 1.6 m |
| Gross profit | 1.9 m | 2.0 m | 2.1 m | 2.1 m | 2.1 m | 2.2 m | 982.0 k | 1.5 m |
| Research & development | 13.0 m | 12.6 m | 11.4 m | 12.0 m | 10.8 m | 9.7 m | 8.8 m | 8.2 m |
| SG&A | 13.3 m | 12.9 m | 11.4 m | 10.7 m | 10.7 m | 9.8 m | 9.4 m | 10.1 m |
| Operating income | -24.3 m | -23.5 m | -20.7 m | -20.5 m | -19.3 m | -17.4 m | -17.3 m | -16.8 m |
| Depreciation & amortisation | 1.5 m | 1.5 m | 1.4 m | 1.3 m | 1.2 m | 1.2 m | 1.2 m | 1.1 m |
| Pre-tax income | -21.3 m | -21.6 m | -19.8 m | -19.4 m | -18.2 m | -16.0 m | -16.8 m | -16.9 m |
| Income tax | 0 | 98.0 k | 101.0 k | 48.0 k | 24.0 k | 28.0 k | 10.0 k | 9.0 k |
| Net income | -21.3 m | -21.7 m | -19.9 m | -19.4 m | -18.2 m | -16.0 m | -16.8 m | -16.9 m |
| Diluted EPS | -0.35 | — | — | — | — | — | — | — |
| Operating cash flow | -14.1 m ≈ | -11.5 m | -11.4 m | -14.7 m ≈ | -7.6 m ≈ | -10.8 m | -15.4 m | -9.6 m ≈ |
| Capex | 2.2 m ≈ | -536.0 k | 654.0 k | 568.0 k ≈ | 283.0 k ≈ | 292.0 k | 270.0 k | 9.0 k ≈ |
| Share repurchases | -3.7 m ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 656.0 k | 6.6 m | 15.5 m | 16.7 m | 14.2 m | 16.6 m |
| Revenue YoY | unavailable | +908.7% | +134.1% | +7.5% | −15.0% | +17.0% |
| Net income | -32.8 m | -71.2 m | -93.0 m | -86.3 m | -86.6 m | -73.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.48 | -1.17 | -1.49 | -1.35 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -4,996.2% | -1,075.5% | -600.1% | -517.8% | -611.1% | -444.0% |
| Free cash flow | -25.4 m | -53.3 m | -71.0 m | -66.4 m | -49.7 m | -46.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 259.3 m USD
- Total assets
- 296.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 12.84x
- ROE
- -25.1%
- ROA
- -22.2%
- FCF margin
- -279.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 656.0 k | 6.6 m | 15.5 m | 16.7 m | 14.2 m | 16.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 0 | 3.2 m | 8.4 m | 8.2 m | 7.1 m | 8.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 656.0 k | 3.4 m | 7.1 m | 8.5 m | 7.1 m | 8.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 18.9 m | 29.1 m | 45.8 m | 53.0 m | 50.6 m | 43.9 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 15.4 m | 45.8 m | 58.5 m | 59.0 m | 56.6 m | 42.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -33.6 m | -71.5 m | -97.2 m | -103.5 m | -100.1 m | -78.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | — | — | — | 5.4 m | 5.8 m | 5.1 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | — | — | — | -98.1 m ≈ | -94.3 m ≈ | -72.9 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 0 | 22.0 k | 0 | — | — | — | SEC (XBRL)· 06 Mar 2023verified |
| Pre-tax income | — | — | — | -86.3 m | -86.5 m | -73.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 98.0 k | 201.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -32.8 m | -71.2 m | -93.0 m | -86.3 m | -86.6 m | -73.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -2.48 | -1.17 | -1.49 | -1.35 | — | — | SEC (XBRL)· 04 Mar 2024verified |
| Weighted average diluted shares | 13.2 m | 60.9 m | 62.4 m | 63.9 m | — | — | SEC (XBRL)· 04 Mar 2024verified |
| Dividend per share | — | — | — | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 333.6 m | 232.8 m | 53.2 m | 32.5 m | 40.8 m | 47.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 0 | 2.5 m | 4.3 m | 4.8 m | — | — | SEC (XBRL)· 08 May 2024verified |
| Inventories | 551.0 k | 4.1 m | 4.6 m | 4.5 m | 7.4 m | 7.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 433.1 m | 411.7 m | 435.0 m | 330.5 m | 253.3 m | 201.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 8.4 m | 13.1 m | 19.4 m | 22.2 m | 18.6 m | 14.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 442.3 m | 539.1 m | 487.9 m | 436.3 m | 366.6 m | 296.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 8.1 m | 13.4 m | 12.6 m | 13.2 m | 15.3 m | 15.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 10.7 m | 36.2 m | 40.9 m | 39.4 m | 39.0 m | 36.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 431.6 m † | 502.9 m † | 447.0 m † | 396.9 m † | 327.6 m † | 259.3 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -20.8 m | -46.3 m | -60.8 m | -59.1 m | -46.1 m | -44.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 4.5 m | 6.9 m | 10.3 m | 7.3 m | 3.6 m | 1.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -25.4 m ≈ | -53.3 m ≈ | -71.0 m ≈ | -66.4 m ≈ | -49.7 m ≈ | -46.2 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -34.6 m | -170.9 m | -122.7 m | 37.9 m | 65.9 m | 61.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 371.5 m | 116.6 m | 3.9 m | 452.0 k | -11.5 m | -10.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 13.0 k | 35.0 k | 20.0 k | 13.0 k | 0 | — | SEC (XBRL)· 03 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 94.1 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -478.0% | 11 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.3% | 19 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.7x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -47.0% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial19/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SEER, INC. (SEER). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.6 m USD in 2025; YoY growth 17.0%; net margin -478.0%; ROE -26.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 14.7x
What contradicts it
- Net margin: -478.0%
- Revenue CAGR 3Y: 2.3%
- FCF yield: -47.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −22% / −7% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for SEER from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Seer, Inc. develops the Proteograph platform, a deep and unbiased proteomics system based on engineered nanoparticles, aimed at academic and industrial researchers. The company matters now because demand for population-scale proteomic data is rising alongside AI-driven analysis, yet its revenue remains modest, around 16.6 million USD in 2025, and losses continue.
SWOT
Strengths
- The platform measures proteins at peptide level, an advantage supported by peer-reviewed publications and independent studies.
- The company holds a patent base and exclusive licences, and the European Patent Office maintained an important patent.
- Recurring consumable sales could turn the installed base into a more predictable revenue stream.
Weaknesses
- The company has not yet reached profitability and expects continued losses in the near term.
- Revenue is small relative to operating expenses, and the operating history is short.
- Long sales cycles and dependence on academic funding make revenue hard to forecast.
Opportunities
- If demand for large-scale proteomic data grows, the company could expand adoption in clinical research and diagnostics.
- Partnerships with diagnostics companies and AI researchers could create new revenue sources.
- Markets outside the United States, including Europe and Asia-Pacific, could support growth if the commercial strategy succeeds.
Threats
- Reduced research funding could slow purchases and lengthen evaluation cycles.
- Competitors developing alternative platforms or challenging patents could limit the company's position.
- If the proteomics market develops more slowly than estimated, the company could remain with limited revenue.
Risks
- Persistent losseshigh
The company has reported net losses every year since formation and does not expect positive operating cash flows in the foreseeable future. Without a change in scale, cash burn could reduce reserves.
- Declining saleshigh
Revenue in the second quarter of 2026 fell from the prior year due to macroeconomic pressure and longer customer evaluations. If the trend persists, the annual guidance could become hard to reach.
- Market sizemedium
The company acknowledges that markets for its products could be smaller or different from estimates, and new opportunities could take years to develop.
- Intellectual property disputesmedium
Actions against competitors can be costly and lengthy, and the outcome is uncertain. If patents were successfully challenged, the competitive position could be affected.
- Supplier dependencelow
The automation instrument is manufactured by an outside partner, and some reagents come from a single supplier. Supply chain disruptions could delay deliveries.
Investment thesis
What would need to be true (bull case)
- If peptide-level measurement becomes a standard in population studies, the company could benefit from a growing installed base and recurring consumable revenue.
- Demand for quality proteomic data needed by AI models could support adoption of the platform in research and diagnostics.
- If the company's patents remain robust, its competitive position could be maintained over the long term.
What would break the thesis
- The company has not reached profitability and does not expect positive cash flows, so cash reserves could become a concern.
- Revenue fell in the second quarter of 2026, and if academic funding remains under pressure, the stated growth could be hard to achieve.
- The proteomics market could develop more slowly than expected, and mass adoption could be delayed.
What to watch
- Revenue progress against the annual guidance of 16 to 18 million USDQ3 2026
- Trend in net loss and available cashQ3 2026
- Outcome of the US International Trade Commission investigation into Nanomics2027
- Adoption of Proteograph ONE and SP200 measured by customer count and samples processednext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Seer, Inc. aims to decode the biology of the proteome through the Proteograph Product Suite, which combines consumable assays, an automation instrument (SP200) and analysis software. Unlike antibody-based methods, the platform measures proteins at peptide level, which allows detection of isoforms, post-translational modifications and variants. The company says it has served more than 190 customers in over 20 countries since its 2021 commercial launch, including academic institutions, biopharmaceutical companies and biobanks.
The business model relies on instrument sales but mainly on consumables used with each run, so the installed base drives revenue. Seer also offers services through the Seer Technology Access Center (STAC), which give researchers access without their own equipment investment. Nanoparticle manufacturing is done in-house in Redwood City, California, while the automation instrument is produced by an outside partner.
Segments
Consumables
Engineered nanoparticles and the reagents needed for the automated workflow generate recurring revenue as the number of processed samples grows, and the company notes that consumables volume drove higher cost of revenue in 2025.
Services
Services include generating and analysing proteomic data for customers, including through STAC. Service revenue was 4,151 thousand USD in 2025, up 40%, but fell to 679 thousand USD in the second quarter of 2026.
Instruments and products
Sales of instruments and consumable kits formed product revenue, which rose in 2025 and then declined in the first half of 2026 under pressure from academic funding and longer evaluation cycles.
Market context
The market for large-scale proteomics is still forming, and the company says its size may be smaller than current estimates. Demand is supported by the need for data to train AI models and by population-scale genetic association studies, but academic and government funding, key for buyers, is uncertain.
The company compares proteomics with the growth of genomics after next-generation sequencing, yet it explicitly says proteomics may develop more slowly or differently. If adoption stays limited, revenue could remain small relative to losses.
Trends
- AI models for biologytailwind
Research is shifting from hypothesis-driven experiments to data-driven discovery, and foundation models need dense proteomic data. This could increase demand for the Seer platform.
- Academic and government fundingheadwind
The company cites macroeconomic pressure on academic and government funding, which contributed to lower sales in the second quarter of 2026. If these conditions persist, purchasing cycles could remain long.
- Large-scale genetic studiestailwind
The large number of genetic variants identified calls for functional protein data. Pqtl studies using mass spectrometry measurements could support adoption of the platform.
- Intellectual property enforcementmixed
The company has begun enforcing its patent rights, and an investigation at the US International Trade Commission targets imports allegedly infringing Seer patents. The outcome could influence competition over the long term.
Competitive position
Seer competes with affinity-based proteomics technologies, widely used in large population studies, which the company considers susceptible to epitope effects. The Seer platform differentiates itself by measuring at peptide level without reliance on predefined binding epitopes.
Competition also includes mass spectrometry instrument suppliers and companies developing proteomic diagnostic tests. The company has also started action against Nanomics Biotechnology Co., Ltd., which it considers to infringe its patents.
- Affinity-based proteomics platforms
Antibody-based protein measurement platforms used in large population studies, which Seer criticises for epitope effects.
- Nanomics Biotechnology Co., Ltd.
Company against which Seer began patent enforcement, with an investigation opened at the US International Trade Commission.
- Mass spectrometry instrument suppliers
Manufacturers of mass spectrometry instruments used in proteomics, against which Seer compares its deep proteome analysis.
- PrognomiQ
Diagnostics company spun out of Seer in 2020, developing a blood-based lung cancer test using Proteograph data.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Other events · Financial statements and exhibits
- Current report18 Sept 2026Departure or appointment of officers
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Shareholder vote
- Current report31 Jul 2026Other events · Financial statements and exhibits
- Current report20 Jul 2026Other events · Financial statements and exhibits
- Current report02 Jul 2026Other events · Financial statements and exhibits
- Current report22 May 2026Other events · Financial statements and exhibits
- Quarterly report13 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Seer, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Seer, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Seer, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.