Seer, Inc. Reports 34% Revenue Decline and $16.8 Million Net Loss in Q1 2026

Seer, Inc. reported a significant decline in its financial performance for the first quarter of 2026, with total revenue of $2.8 million, a decrease of 34% from $4.2 million in the same period last year. The drop was primarily attributed to lower product and service sales, which fell by 27% and 55%, respectively. The company incurred a net loss of $16.8 million, an improvement from the $19.9 million loss reported in the first quarter of 2025. This resulted in a net loss per share of $0.30, compared to $0.34 in the prior year.

In terms of operational metrics, Seer’s total assets decreased to $272.1 million as of March 31, 2026, down from $296.1 million at the end of 2025. The company’s cash and cash equivalents remained relatively stable at $47.3 million, while short-term investments decreased to $119.4 million from $138.6 million. The total stockholders' equity also saw a decline, dropping to $241.5 million from $259.3 million at the end of the previous fiscal year. The company’s accumulated deficit increased to $482.8 million, reflecting ongoing investments in research and development and commercialization efforts.

Strategically, Seer has focused on enhancing its Proteograph Product Suite, which includes the Proteograph ONE assay and SP200 automation instrument. The company aims to expand its market presence by increasing adoption among researchers in both academic and commercial settings. Seer has also initiated a share repurchase program, authorizing up to $25 million for the repurchase of its Class A common stock, with $25.5 million remaining available for future purchases as of March 31, 2026.

Operationally, Seer reported a decrease in customer engagement, with one customer accounting for 13% of total revenue in the latest quarter. The company continues to face challenges in scaling its manufacturing capabilities and ensuring the quality of its products. As of March 31, 2026, Seer employed approximately 300 individuals, reflecting a strategic focus on building its workforce to support growth initiatives.

Looking ahead, Seer anticipates continued investment in its commercialization strategy and expects to incur significant expenses as it seeks to drive adoption of the Proteograph Product Suite. The company remains optimistic about its long-term growth potential, although it acknowledges the risks associated with market acceptance and competition in the life sciences technology sector. Seer’s management believes that its current cash and investments will provide sufficient resources to support operations for at least the next twelve months, despite ongoing losses.