Seer, Inc. Reports Q3 2025 Revenue of $4.1 Million, Net Loss of $18.2 Million

Seer, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $4.1 million, a slight increase of 2% from $4.0 million in the same period last year. For the nine months ending September 30, 2025, revenue reached $12.4 million, up 22% from $10.2 million in the prior year. The growth was primarily driven by a 32% increase in product revenue, which totaled $8.4 million, and a 66% rise in service revenue, amounting to $2.9 million. However, the company also reported a net loss of $18.2 million for the quarter, an improvement from the $21.3 million loss in Q3 2024, and a net loss of $57.6 million for the nine-month period, compared to a loss of $64.9 million in the previous year.

The company’s operating expenses decreased significantly, with total operating expenses for the third quarter falling to $21.5 million from $26.3 million a year earlier, marking an 18% reduction. This decline was attributed to lower research and development costs, which decreased by 17% to $10.8 million, and a 20% reduction in selling, general, and administrative expenses, which totaled $10.7 million. The decrease in expenses reflects Seer’s ongoing efforts to streamline operations and manage costs effectively.

In terms of strategic developments, Seer launched the Proteograph Product Suite in May 2025, which includes the Proteograph ONE Assay and SP200 Automation Instrument. This new offering aims to enhance scalability and affordability in proteomic analysis, addressing previous limitations in the industry. The company is focused on expanding its market presence both domestically and internationally, leveraging a direct sales model in the U.S. and a combination of direct and distributor channels abroad. As of September 30, 2025, Seer reported a cash position of $45.5 million, which includes cash, cash equivalents, and restricted cash, providing sufficient liquidity to support its operations for at least the next twelve months.

Operationally, Seer has seen a notable increase in its international revenue, which accounted for 48% of total revenue in Q3 2025, compared to 29% in the same quarter of 2024. The company continues to build its sales and marketing infrastructure to support the commercialization of its products. As of the end of September 2025, Seer had a total employee headcount of 200, reflecting its commitment to expanding its workforce to support growth initiatives.

Looking ahead, Seer anticipates continued investment in its commercialization efforts and product development, with expectations of ongoing operating losses in the near term. The company remains focused on achieving broader market acceptance of the Proteograph Product Suite and expanding its customer base, which it believes will ultimately drive revenue growth and improve financial performance.