Seer, Inc. SEER
Our mission is to imagine and pioneer new ways to decode the biology of the proteome to improve human health. Through our product, the Proteograph® Product Suite (Proteograph), we provide researchers with unbiased, deep, rapid and large-scale access to the proteome, enabling biological discovery that has historically been impractical. 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.
Proteins are the functional drivers of biology and the primary targets of most approved drugs. Unlike DNA, which is largely static over an individual's lifetime, the proteome is dynamic, reflecting real-time biological processes, disease states, and responses to therapeutic intervention. However, the molecular diversity of the proteome, arising from transcription, RNA processing, translation, post-translational modifications (PTMs), and protein–protein interactions, has historically limited researchers' ability to comprehensively characterize protein biology at scale. Traditional proteomic approaches have forced researchers to choose between depth and throughput: unbiased methods that lack scalability, or scalable methods that are targeted, epitope-dependent, and unable to resolve protein variants with sufficient precision.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $16.6M | $14.2M | $16.7M | $15.5M | $6.6M | $656.0K | — |
| Cost of revenue | $8.1M | $7.1M | $8.2M | $8.4M | $3.2M | $0 | — |
| Gross profit | $8.5M | $7.1M | $8.5M | $7.1M | $3.4M | $656.0K | — |
| R&D | $43.9M | $50.6M | $53.0M | $45.8M | $29.1M | $18.9M | — |
| SG&A | $42.6M | $56.6M | $59.0M | $58.5M | $45.8M | $15.4M | — |
| Total operating expenses | $86.5M | $107.2M | $112.0M | $104.3M | $74.9M | $34.3M | — |
| Operating income | -$78.0M | -$100.1M | -$103.5M | -$97.2M | -$71.5M | -$33.6M | — |
| Interest expense | — | — | — | $0 | $22.0K | $0 | — |
| Pre-tax income | -$73.4M | -$86.5M | -$86.3M | -$93.0M | -$71.2M | -$32.8M | — |
| Income tax | $201.0K | $98.0K | $0 | $0 | $0 | $0 | — |
| Net income | -$73.6M | -$86.6M | -$86.3M | -$93.0M | -$71.2M | -$32.8M | — |
| EPS, basic | — | — | -1.35 | -1.49 | -1.17 | -2.48 | — |
| EPS, diluted | — | — | -1.35 | -1.49 | -1.17 | -2.48 | — |
| Shares, diluted (wtd. avg.) | — | — | $63.9M | $62.4M | $60.9M | $13.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $47.3M | $40.8M | $33.0M | $53.7M | $233.3M | $333.9M | $17.8M |
| Short-term investments | $138.6M | $195.7M | $283.7M | $368.0M | $167.3M | $98.3M | — |
| Receivables | — | — | — | $4.3M | $2.5M | $0 | — |
| Inventory | $7.8M | $7.4M | $4.5M | $4.6M | $4.1M | $551.0K | — |
| Total current assets | $201.5M | $253.3M | $330.5M | $435.0M | $411.7M | $433.1M | — |
| Property, plant and equipment | $14.8M | $18.6M | $22.2M | $19.4M | $13.1M | $8.4M | — |
| Total assets | $296.1M | $366.6M | $436.3M | $487.9M | $539.1M | $442.3M | — |
| Total current liabilities | $15.7M | $15.3M | $13.2M | $12.6M | $13.4M | $8.1M | — |
| Total liabilities | $36.8M | $39.0M | $39.4M | $40.9M | $36.2M | $10.7M | — |
| Retained earnings | -$466.0M | -$392.4M | -$305.8M | -$219.5M | -$126.5M | -$55.4M | — |
| Total equity | $259.3M | $327.6M | $396.9M | $447.0M | $502.9M | $431.6M | $87.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$44.4M | -$46.1M | -$59.1M | -$60.8M | -$46.3M | -$20.8M | — |
| Depreciation and amortisation | $6.1M | $6.2M | $5.6M | $3.9M | $2.6M | $1.6M | — |
| Stock-based compensation | $15.4M | $28.2M | $34.4M | $33.7M | $25.9M | $7.3M | — |
| Capital expenditure | $1.8M | $3.6M | $7.3M | $10.3M | $6.9M | $4.5M | — |
| Investing cash flow | $61.5M | $65.9M | $37.9M | -$122.7M | -$170.9M | -$34.6M | — |
| Financing cash flow | -$10.6M | -$11.5M | $452.0K | $3.9M | $116.6M | $371.5M | — |
| Buybacks | — | $0 | $13.0K | $20.0K | $35.0K | $13.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-255770.
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