SEER

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 4:30 p.m. ET Chief Executive Officer and Chair of the Board - Omid Farokhzad Chief Financial Officer and President - David Horn Operator: Good day, and welcome to the Seer, Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Marissa Bych with Gilmartin Group. Please go ahead. Marissa Bych: Thank you. Earlier today, Seer released financial results for the quarter ended June 30, 2026. If you have not received this news release or if you would like to be added to the company's distribution list, please send an e-mail to [email protected]. In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the Events and Presentations section of Seer's Investor Relations website. Participating today from Seer is Omid Farokhzad, Chief Executive Officer and Chair of the Board; and David Horn, Chief Financial Officer and President. Before we begin, I would like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section titled Forward-Looking Statements in the press release Seer issued today. For a more complete list and description, please see the Risk Factors section of the company's quarterly report on Form 10-Q for the quarter ended June 30, 2026, and its other filings with the Securities and Exchange Commission. Except as required by law, Seer disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today. With that, I would like to turn the call over to Omid. Omid Farokhzad: Thank you, Marissa, and thank you all for joining us this afternoon. I want to begin by acknowledging the ongoing efforts of the entire Seer team whose daily contributions propel us towards a future where proteomics can deliver a revolutionary impact for patients around the world. I've never been more excited than I am today about the differentiated value proposition of our Proteograph technology, the impact we will have and the market opportunities in front of us. Now let me walk you through where we stand. In the second quarter, we delivered a total revenue of $3.1 million, a step-up from our first quarter revenue and reflecting the ongoing pressures on academic funding. I want to be direct. Revenue at this stage does not reflect the value of what we're building. In nascent markets, technological advancement precedes commercial inflection. That is exactly where we are. The science and technology at Seer are delivering tangible value to customers and reinforcing our conviction in the opportunity ahead. With $209.5 million on the balance sheet, we have the runway to see this through and enable us to make strategic investments, including opportunistic share repurchases. The repurchases reflect our continued belief that there is a significant dislocation in our share price. As of June 30, 2026, we have repurchased approximately 13.4 million Class A common shares over the life of our share repurchase program, reducing our net total common share outstanding by approximately 15%. We have approximately $25.1 million available for future share repurchases under our existing authorization. Turning to Slide 3 to discuss the validation of our platform. We now have over 95 publications, preprints and reviews validating the Proteograph Product Suite, an approximately 80% increase in the last 12 months, spanning independent researchers at leading academic medical centers, biobanks and pharmaceutical companies. In our field, scientific publications are the currency of credibility. Each one moved us closer to becoming the standard for deep unbiased proteomics. And as that recognition builds, we expect it will translate directly into revenue. Turning to Slide 4. One publication I'd like to highlight is an independent head-to-head comparison from Roche titled Nanoparticle Protein Enrichment Competition Heats Up Within Broader Plasma Proteomics Space, and published in the Journal of Proteome Research. The study evaluated Seer against 5 other plasma proteomics workflows, some of which we believe are trying to enter the field we invented, which I will address shortly. The study moved the discussion beyond protein counts to examine biological origin, robustness and signal interpretability and concluded that nanoparticle enrichment delivers substantially deeper plasma proteome coverage than conventional approaches with Proteograph demonstrating an exceptional balance of depth, reproducibility and resilience to pre-analytical variability. Importantly, the findings reinforce that the value of proteomics platform is not simply how many proteins they can measure, but how confidently those measurements reflect underlying disease biology under real-world sample variability. That ability to generate more reliable biological insight is central to helping researchers make better biomarker and therapeutic development decisions, and we believe this publication provides meaningful third-party validation of that value proposition. Now turning to Slide 5. I'd also like to highlight an independent study published in Nature Genetics titled Nanoparticle-enriched mass spectrometry proteomics in British South Asians identifies links between genetic variants, plasma protein levels and disease risk . Researchers compared our Proteograph platform against 2 affinity-based assays, Olink HT and SomaLogic 11K in a study of about 1,400 individuals of British South Asian ancestry. The results are compelling, and they speak directly to what makes the Proteograph different. Using machine learning models trained on assay characteristics, the researchers found that only 13.5% of Proteograph targets were unlikely to achieve cross-platform concordance, speaking to the robustness of our platform, compared to 39% for SomaLogic and over 45% for Olink. The study also found that the Proteograph measured more than 3,400 proteins that neither Olink nor SomaLogic could detect and drove the discovery of more than 600 new genetic protein associations. Remarkably, 143 of the newly discovered genetic protein associations were not included in previous Olink and SomaScan studies that were up to 30x larger, and this is a direct quote. In terms of sample numbers, as noted by the authors, that is a real proof point. In this study, the Proteograph uniquely delivered depth of coverage, reliability and unique biomolecular discovery, and that combination is exactly why researchers are turning to us to find novel biology that is not possible with others. In fact, the data density that Proteograph delivers is exactly what AI foundation models need for their algorithms to learn rules, recognize patterns and make predictions. A typical assay run identifies 77,000 protein measurements per sample, 7x more data points and 11x more average measurements per protein at peptide level resolution when compared to the highest-plex targeted assay. More important than the sheer quantity of data points generated is that these data help us get to the depth of the proteome where content remains completely undiscovered today. This is where potential new biomarkers exist that can inform new therapeutic innovation. No other platform can deliver this at scale. We are uniquely positioned to advance AI biological models at this critical stage of the field development, and we have concrete plans to go after that opportunity. I want to highlight a milestone that speaks directly to where this company is headed. At ASMS 2026 in June, Seer and Korea University presented preliminary data demonstrating the potential of AI-driven plasma proteomics for multi-cancer screening. Dr. Sang-Won Lee and Dr. Jaewoo Kang, professors at Korea University and CEOs of TargetX and AIGEN Sciences, respectively, presented at our breakfast symposium to a packed room. The question being asked reflected a scientific community that understands exactly what this data could mean. This work is significant because it illustrates what becomes possible when you combine the right data with the right computational tools. By integrating the Proteograph into the plasma proteomics workflow, the team profiled the plasma proteome at remarkable depth and scale across thousands of patient samples. The data quality unlocks something beyond conventional analysis. Combining deep proteomic data sets generated on the Proteograph and Orbitrap Astral with an ID-Free AI framework, the team can learn directly from a substantially larger portion of the underlying data and uncover biological patterns that traditional workflow cannot access. The early findings from Dr. Lee and Kang offer a compelling glimpse into how deep proteomics and advanced AI can open entirely new approaches to disease detection. This is exactly the science that Proteograph was designed to enable, and we're just getting started. The market we're building continues to attract new entrants, but we believe the Proteograph remains differentiated by its depth, standardization, throughput and reproducibility. Just as importantly, we have built a strong intellectual property portfolio, protecting the core innovation underlying our technology. Our portfolio includes more than 250 patents and patent applications, including 84 issued patents covering nanoparticle protein enrichment and automated deep proteomics. Recent developments further reinforce the strength of that portfolio. In March, the U.S. PTAB upheld key commercially relevant patent claims challenged by subsidiaries of Bruker. In June, the European Patent Office upheld comparable patent claims following a challenge by an unnamed opponent. And after we, together with Brigham and Women's Hospital, filed a patent infringement complaint against Nanomics, the ITC formally opened an investigation. And taken together, these developments reinforce our confidence in the strength of our foundational intellectual property, and we remain committed to protecting the innovations that underpin the Proteograph platform. While defending our IP is foundational to our vision of building deep unbiased proteomics market, realizing that vision also depends on strong commercial execution, which we believe has sharpened under Tony Bazarko, our Chief Commercial Officer. He has been driving momentum across these customer prospects and his impact is already visible. Revenue grew sequentially from Q1 to Q2, a positive early development. What's more important is that Tony has already spent the last 2 months on the road meeting with approximately 20% of our North American customers and also many potential new customers. His interactions with our customers have validated his confidence in our commercial opportunity that lies ahead. Tony has built and scaled commercial organizations inside private equity-backed companies where lean execution, capital discipline and shareholder value creation are nonnegotiable. He has also held leadership commercial and business roles at several larger organizations, including most recently at bioMerieux. That combination has given him fluency in both the operating rigor of big company commercial infrastructure and the speed and resourcefulness of an entrepreneurial environment. He's bringing the same discipline to Seer. During Tony's short tenure, he has provided a focus that has made commercial engagement more efficient, our customer interactions more targeted and our resources increasingly concentrated on large accounts that drive meaningful recurring revenue. While the full impact of Tony's leadership will take several months to fully materialize, and we expect the ramp to build over time, the underlying trajectory and the discipline behind our commercial engine are exactly what we want to see. I'm deeply convinced we have built a product that matters and that Tony will optimize the commercial infrastructure to maximize its value. Now an update on the Seer Insights program. We received a strong set of project applications to access the Proteograph Product Suite through our Insight program this year. We're pleased to announce that we have secured an exciting new collaboration with the Mayo Clinic in translational research, further validating academic interest in our platform. We're applying these learnings to sharpen our commercial approach as we continue expanding Proteograph adoption within the biopharma market. Turning to Slide 6. Moving to an update on our population scale studies, which represent one of the most important long-term value drivers for Seer. Our progress continues to build. For PRECISE-SG-100K, the team completed running the 10,000 samples from the prospective 100,000 sample cohort in May. The PRECISE team is currently analyzing the data and is scheduled to present preliminary data during the breakfast symposium at HUPO in September. We believe the data coming out of PRECISE will be the kind of proof point that drives 100,000-plus sample biobank commitments. This is the inflection point we have seen unlock flywheel dynamics for companies building new markets. We're having active conversations with multiple population scale cohorts across both public and private entities. These partnerships take time to close, but the trajectory is clear. Demand for deep large-scale unbiased proteomics is growing and no platform is positioned to meet it the way Proteograph is. I will now turn the call over to David to walk through the financial results for the second quarter. David Horn: Thank you, Omid. Turning to Slide 7. Total revenue for the second quarter of 2026 was $3.1 million compared to $4.1 million in the second quarter of 2025 and to $2.8 million in the first quarter of 2026. The decrease in revenue was due to lower product and service revenue as a result of continuing macroeconomic headwinds in academic and government funding and continued elongation of sales cycles in some commercial accounts related to extended customer evaluations. We were encouraged by the uptick in revenue from the first quarter as we saw increased consumable pull-through and STAC service revenue in the second quarter. Product revenue for the second quarter of 2026 was $2.3 million and consisted of sales of Proteograph instruments and consumable kits. Service revenue was $700,000 for the second quarter of 2026. We continue to see steady customer interest in running projects through STAC, which we view as an important leading indicator of future instrument placements. In addition, customers continue to appreciate the flexibility of accessing our technology through our SIP program. Of total instrument shipments in the first half of 2026, 1/3 were previous STAC customers and 1/3 were part of our SIP program. Other revenue was $100,000 for the second quarter of 2026 and consisted of lease and shipping revenue. Total gross profit was $1.5 million for the second quarter of 2026, representing a gross margin of 49% compared to 52% in the second quarter of 2025 and a 1,300 basis point improvement sequentially. The decline in gross margin was due to lower product sales in the second quarter of 2026 versus the second quarter of 2025. We continue to expect variability in our gross margin on a quarter-by-quarter basis as the proportion of instrument consumable and service revenue fluctuates. At scale, we continue to believe our long-term gross margins will be in the range of 70% to 75%. Total operating expenses for the second quarter of 2026 were $18.3 million, including $1.5 million of stock-based compensation compared to $22.6 million, including $3.7 million of stock-based compensation in the second quarter of 2025. Research and development expenses were $8.2 million in the second quarter of 2026 compared to $12 million in the second quarter of 2025. The decrease in R&D expense is a result of lower employee compensation expense, including stock-based compensation, laboratory and professional service expenses. Selling, general and administrative expenses were $10.1 million in the second quarter of 2026 compared to $10.7 million in the second quarter of 2025. The decrease in SG&A expenses is due to lower employee compensation expense, including stock-based compensation, partially offset by higher professional service expenses. We incurred elevated legal and other professional service expenses in the second quarter. Net loss for the second quarter of 2026 was $16.9 million compared to $19.4 million in the second quarter of 2025. Free cash flow, defined as net cash used in operating activities less net purchases of property and equipment for the 6 months ended June 30, 2026, was approximately negative $25.3 million. Our opportunistic share repurchases in the quarter reflect our continued belief that there is a significant dislocation in our share price. In the second quarter, we repurchased approximately 200,000 Class A common shares at an average price of $1.68 per share. As of June 30, 2026, we have repurchased approximately 13.4 million Class A common shares at a VWAP of $1.86 per share, utilizing approximately $24.9 million under our share repurchase program authorization. As a result, we have reduced our net total common shares outstanding by approximately 15%. We have approximately $25.1 million available for future share repurchases under our existing authorization. We ended the quarter with approximately $209.5 million in cash, cash equivalents and investments. We believe that with our current cash on hand, we have sufficient capital to reach cash flow breakeven. Turning to Slide 8. Despite a softer second quarter, we continue to see positive trends in customer interest and discussions that we believe will lead to revenue growth in the second half of 2026. We are reaffirming our full year 2026 revenue guidance of $16 million to $18 million, representing approximately 3% growth at the midpoint over the full year 2025. As a reminder, that guidance reflects our ongoing expectation that the challenging academic and government funding environment would persist through 2026, impacting customer behavior. Despite the challenging funding backdrop and the impact on the length of our sales cycle, we believe the continued ramp in publications, data from population scale studies and our new commercial leadership will drive increased instrument utilization and consumable pull-through throughout the second half of the year. At this point, I would like to turn the call back to Omid for closing comments. Omid Farokhzad: Thank you, David. Turning to Slide 9. The proteomics revolution is underway and Seer is at the center of it. This quarter, we defended our foundational IP on 2 continents, presented pioneering AI-driven cancer screening data to a standing room-only audience at ASMS and added commercial leadership to convert years of scientific credibility into revenue traction. We are building a new market from the ground up, and we're winning on the dimensions that matter most at this stage, scientific validation, the quality of our collaboration and the IP we defend. To our shareholders, thank you for your continued support and confidence in Seer. We appreciate the trust you demonstrated at our recent annual meeting with the reelection of all of our director nominees. We will continue to focus on delivering shareholder value for you. And to our employees, thank you for staying focused on our mission over the past few months. With that, we will now open the call for questions. Operator? Operator: [Operator Instructions] Our first question comes from Kyle Mikson with Canaccord. Kyle Mikson: I wanted to ask about instrument placement trends first. So in the first quarter, I think 40% were previous STAC customers and 20% were from the SIP program. This quarter, both were at 30%. So I think I understand on the STAC side, but on the SIP side, does that just mean you're having more SIP customers that mature and turn into like direct real instrument purchasing customers. Just explain that -- continue would be helpful. David Horn: Kyle, it's David. You're exactly right. There is a kind of a push and pull, if you will. We did ship some additional SIP instruments, and we also had some conversions in the first half. So some of those SIPs turned into owned instruments, if you will. So it's kind of an ebb and flow between the 2 as you move through time. Kyle Mikson: All right. That's helpful. And then I know this is very small as part of the business, but related party revenue and COGS were nominal in the quarter, I guess, 0. So maybe -- I didn't know there was an update there. What happened with PrognomIQ even though they had decent data, I think, a few months ago? David Horn: Yes. As we've said, they've become an increasingly small part of our revenue and that they are squarely focused now on their lab-developed test. And so they are doing kind of the discovery work that was driving a lot of the revenue earlier. So not surprising, we continue to talk to them about smaller projects, but they're clearly focused on the LDT that they've developed the ProVue Lung. Kyle Mikson: Awesome. And then Omid, you talked a lot about AI during the prepared remarks. I guess I'm just kind of curious how you think Seer and other proteomics tools, detection tools maybe kind of flow into that world. So when you think about the identification, quantification and then perturbation proteomics, if that's sort of in your wheelhouse and what you think about as it relates to the complexity and maturity of this area? Like just how do you think that ultimately, we can kind of get to a point where we're seeing AI models being trained on protein data, like we're seeing in the genomics world today? Omid Farokhzad: Yes. Thank you. I think the presentation that happened at the ASMS by the professors from Korea University is probably be a perfect example of how this will work. When you do proteomic studies using deep unbiased approaches, of which obviously, Seer is the one that pioneered it. What you end up with is a significant number of data points on a per protein basis and then a large number of proteins get detected at the same time. So what that means is that you're able to actually interrogate the proteome not just at the level of a protein group, but at the level of the variant of the protein group. And that's relevant. I mean, I think a perfect example of it is the value proposition that Alamar brought to the table where you're looking at a particular variant of tau, and those variants are what drives biology. So now the reason I think the future of proteome in an unbiased way is actually uniquely positioned well to fit the needs of the AI models is that what's going to drive a lot of that learning is large-scale adequately powered studies where you're looking at these variants of proteins during the spectrum of health to disease. And I think a lot of that is then going to translate in new biomarkers for diagnostic, new therapeutic targets. And I think that study from ASMS is a good example of that. Now could you drive AI models using targeted approaches? Absolutely. If the goal and the objective is to interrogate a defined set of proteins or protein variants, then you can absolutely do large-scale studies using that. But the point that I've always made in terms of where we are in proteomics is that the universe of the proteome is very large. And what we have identified to date is just a tip of the needle. So we need to identify the content first at scale, and that is what becomes possible using untargeted approaches that Seer offers, and that uniquely fits the large-scale data analysis that AI enables. Operator: Our next question comes from Kyle Boucher with TD Cowen. Kyle Boucher: I wanted to ask a question on guidance and just what's sort of implied for the back half of the year. I think the low end of the guide implies the second half growth is somewhere just north of 20%, and that's after being down about 30% in the first half. I guess, can you just walk us through some of the customer dynamics you're seeing that sort of support the ramp? And I guess, any further commentary on your orders or sales funnel? David Horn: Yes. Thanks, Kyle. Yes. So we are reaffirming guidance again because we do feel confidence in terms of what we're seeing in terms of the positive customer conversations and what we see out there in terms of potential for both commercial and biobank folks doing large-scale studies. And that's several factors. One, we're kind of having the question, the conversations both across academic, biopharma, biobank and other research organizations. And it's not just here but also globally. And so that's certainly a positive. Certainly, we see that with the presentation of the data, both from the Korea University data at ASMS and then we're very excited about the PRECISE data that's coming up that's going to be presented at HUPO in September. And I think that's -- these are just that's a really kind of foundational study that I think will be very positive. And so I think that just helps catalyze folks to understanding the power of the technology. And then finally, as we talked about, we have our new Chief Commercial Officer, Tony Bazarko, and he's really doing a great job in refocusing the commercial organization on the large opportunities and advancing conversations with top customers and really driving things. So we're seeing a lot of good traction from him as well in terms of what he's doing with the commercial organization. So when you put all that together, we do feel like that we feel good about the second half of the year. Kyle Boucher: Got it. And then maybe can you just talk a little bit about what you're seeing from U.S. academic customer budget dynamics perspective? I guess did you see any improvement Q-over-Q among U.S. A&G customers? There have been some others in the space that have talked about strong support for proteomics more broadly, despite sort of the challenging funding backdrop. But I guess what are you seeing there? Omid Farokhzad: Kyle, Omid here. I think if you look at the academic and government, you also have to kind of break it down into therapeutic areas. I mean, neurology and neuroscience, '25, '26 seen an increase in NIH budget increase of about 7%. The other areas anywhere between down about 0.5% to maybe up about 1.8%. So if you happen to be in the neuro space, then you're a beneficiary of a very directed increase -- sequential increase in funding opportunities. That doesn't really apply to the other therapeutic areas. We continue to see a significant amount of caution among our customer base that are academic. Now mind you, we don't have a heavy presence in the neuro space. But we have customers that have worked on AD and others, but that is not a lion's share of our customer base. So we continue to actually see, Kyle, some hesitancy from the academic customers just by virtue of grant funding delays they may have received a fundable score, but the funds haven't come yet. And that creates a degree of caution that we continue to observe, and I'm not seeing that ending the balance of 2026. Kyle Boucher: Got it. And maybe I can sneak one more in here. But can you just talk about what you're seeing from a customer pull-through perspective? I think last quarter, you sort of talked about a lag between the instruments that were placed last year, maybe early this year and then consumables repurchases, just given that there was a big upfront sort of consumables purchase when those instruments were placed. I guess how is consumable pull-through trending for these instruments? And would you expect repurchases to start picking up later on this year? David Horn: Yes, Kyle. We did see an uptick in pull-through from the first quarter. So that was encouraging on the installed base. And we do expect some of the customers that we brought online in the back half of last year to really -- it's kind of a 6- to 9-month kind of get up and going, run your first project and then start to repeat. So that's certainly something that we've seen and you would expect to see in the second half and is partially of what's driving our belief that we should see the business pick up. Operator: This concludes our question-and-answer session and the Seer, Inc. second quarter conference call. Thank you for attending today's presentation. You may now disconnect. 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Interested in Seer, Inc.? Here are five stocks we like better. Seer’s second-quarter revenue fell year over year to $3.1 million from $4.1 million, pressured by academic and government funding constraints and longer commercial sales cycles. The company nevertheless reaffirmed 2026 revenue guidance of $16 million to $18 million. The company ended the quarter with $209.5 million in cash, equivalents and investments and reduced operating expenses to $18.3 million, though it still posted a $16.9 million net loss and negative first-half free cash flow of $25.3 million. Management highlighted expanding scientific validation and commercial efforts, including more than 95 Proteograph-related publications, progress on the 100,000-sample PRECISE-SG100K study, and a sales strategy focused on larger accounts and recurring consumable revenue. Seer (NASDAQ:SEER) reported second-quarter revenue of $3.1 million, down from $4.1 million a year earlier but up from $2.8 million in the first quarter, as the proteomics company cited continued pressure on academic and government funding and longer sales cycles among some commercial customers. Chief Executive Officer and Chair Omid Farokhzad said the company believes its current revenue does not yet reflect the value of its Proteograph technology or the market it is seeking to develop. Seer ended the quarter with $209.5 million in cash, cash equivalents and investments, which Chief Financial Officer and President David Horn said the company believes is sufficient to reach cash-flow breakeven. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Seer reaffirmed its full-year 2026 revenue guidance of $16 million to $18 million, representing roughly 3% growth at the midpoint compared with 2025. Management said it expects customer interest, publications, population-scale study data and changes to its commercial organization to support stronger revenue in the second half. Second-quarter product revenue was $2.3 million, consisting of Proteograph instrument and consumable-kit sales, while service revenue totaled $700,000. Other revenue, including lease and shipping revenue, was $100,000. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Horn said revenue declined year over year because of lower product and service revenue amid macroeconomic headwinds in academic and government funding. He also cited extended customer evaluations that have lengthened sales cycles for certain commercial accounts. Still, the company saw higher consumable pull-through and STAC service revenue from the prior quarter. Seer views STAC, its service offering, as a potential leading indicator of future instrument placements. Of instruments shipped during the first half of 2026, one-third went to prior STAC customers and another one-third involved the company’s SIP program. → Is Wingstop's Growth Story Losing Steam? In response to an analyst question, Horn said the SIP figures reflect both new instruments placed through the program and conversions of SIP instruments into customer-owned instruments. Total gross profit was $1.5 million, translating to a 49% gross margin. That compared with 52% in the year-earlier quarter, although gross margin improved 1,300 basis points sequentially. Horn said quarterly margins can vary with the mix of instrument, consumable and service revenue, while the company continues to target long-term gross margins of 70% to 75% at scale. Operating expenses fell to $18.3 million from $22.6 million a year earlier. Research and development expense declined to $8.2 million from $12 million, while selling, general and administrative expense decreased to $10.1 million from $10.7 million. Seer reported a net loss of $16.9 million, compared with a $19.4 million loss in the second quarter of 2025. Free cash flow for the first six months of 2026 was negative $25.3 million, defined by the company as net cash used in operating activities less purchases of property and equipment. Seer repurchased approximately 200,000 Class A shares during the second quarter at an average price of $1.68 per share. As of June 30, the company had repurchased about 13.4 million Class A shares at a volume-weighted average price of $1.86, using approximately $24.9 million of its authorization. The repurchases reduced net total common shares outstanding by approximately 15%, according to management. Seer had about $25.1 million remaining under its existing authorization. Farokhzad said newly appointed Chief Commercial Officer Tony Bazarko has been focusing the company’s sales resources on larger accounts that could produce recurring revenue. Bazarko had met with roughly 20% of Seer’s North American customers during his first two months, according to Farokhzad. Management said the full impact of the commercial changes will take several months to materialize. Horn added that the company expects customers brought online in the second half of 2025 to begin generating additional repeat consumable purchases after an initial six- to nine-month period of launching and completing their first projects. Farokhzad said Seer now has more than 95 publications, preprints and reviews involving its Proteograph Product Suite, an approximately 80% increase over the past 12 months. He highlighted an independent Roche comparison published in the Journal of Proteome Research, which evaluated Seer’s workflow against five other plasma-proteomics workflows. Farokhzad said the study concluded that nanoparticle enrichment provided deeper plasma proteome coverage than conventional approaches and found Proteograph offered a balance of depth, reproducibility and resilience to pre-analytical variability. Farokhzad also discussed a Nature Genetics study of about 1,400 British South Asian participants that compared Proteograph with Olink Explore HT and SomaLogic 11K assays. According to Farokhzad, researchers found that Proteograph measured more than 3,400 proteins not detected by either of the two affinity-based assays and led to the discovery of more than 600 new genetic-protein associations. The company also pointed to preliminary work presented with Korea University at the ASMS 2026 meeting involving AI-driven plasma proteomics for multi-cancer screening. Farokhzad said the work combined Proteograph-generated data with an identification-free AI framework to analyze a larger portion of the underlying proteomic data. Separately, Seer said it completed processing 10,000 samples from the prospective 100,000-sample PRECISE-SG100K cohort in May. The PRECISE team is analyzing the results and is scheduled to present preliminary data at the HUPO meeting in September. Management said it continues to encounter caution among academic customers because of grant-funding delays. Farokhzad noted that funding conditions vary by therapeutic area, adding that Seer does not have a heavy customer presence in neurology despite stronger funding trends in that field. The company said it does not expect the academic funding caution to end during the remainder of 2026. Seer also emphasized its intellectual-property portfolio, which includes more than 250 patents and patent applications, including 84 issued patents related to nanoparticle protein enrichment and automated deep proteomics. The company said the U.S. Patent Trial and Appeal Board upheld certain patent claims challenged by Bruker subsidiaries in March, while the European Patent Office upheld comparable claims in June. Seer and Brigham and Women’s Hospital also filed a patent-infringement complaint against Nanomics, after which the International Trade Commission opened an investigation. Seer, Inc is a life sciences company focused on pioneering next-generation proteomics, the large-scale study of proteins and their functions in complex biological systems. By leveraging proprietary nanoparticle-based technology, Seer's platform enables high-throughput, unbiased protein analysis from biological samples, addressing a critical bottleneck in drug discovery, biomarker research and precision medicine. The company's flagship Proteograph Product Suite combines engineered nanoparticle assays with advanced mass spectrometry and bioinformatics pipelines to deliver deep proteomic coverage in a scalable workflow. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Seer Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Revenue: $3.1 million in Q2 2026, compared to $4.1 million in Q2 2025 and $2.8 million in Q1 2026. Product Revenue: $2.3 million, consisting of Proteograph instruments and consumable kits. Service Revenue: $700,000 for Q2 2026. Other Revenue: $100,000, from lease and shipping revenue. Gross Profit: $1.5 million, representing a gross margin of 49% (down from 52% in Q2 2025, but up 1,300 basis points sequentially). Operating Expenses: $18.3 million, including $1.5 million of stock-based compensation (down from $22.6 million, including $3.7 million of stock-based compensation, in Q2 2025). R&D Expenses: $8.2 million in Q2 2026, down from $12 million in Q2 2025. SG&A Expenses: $10.1 million in Q2 2026, down from $10.7 million in Q2 2025. Net Loss: $16.9 million in Q2 2026, compared to $19.4 million in Q2 2025. Free Cash Flow: Approximately negative $25.3 million for the six months ended June 30, 2026. Cash Position: Approximately $209.5 million in cash, cash equivalents, and investments at the end of the quarter. Share Repurchases: Repurchased approximately 200,000 Class A common shares in Q2 at an average price of $1.68 per share; approximately 13.4 million shares repurchased over the program's life, reducing net total common shares outstanding by approximately 15%. Full Year 2026 Revenue Guidance: Reaffirmed at $16 million to $18 million. Warning! GuruFocus has detected 6 Warning Signs with SEER. Is SEER fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Seer Inc (NASDAQ:SEER) reported sequential revenue growth from Q1 to Q2 2026, indicating early positive momentum under new commercial leadership. The company has a strong cash position of $209.5 million, providing sufficient runway to reach cash flow breakeven and support strategic investments. Seer Inc (NASDAQ:SEER) has significantly expanded its scientific validation with over 95 publications, including independent studies from Roche and Nature Genetics that highlight the Proteograph's superior depth and reliability. The company is making progress in AI-driven proteomics, with promising early data for multi-cancer screening presented at ASMS 2026, positioning it for future growth in this emerging field. Seer Inc (NASDAQ:SEER) has successfully defended its intellectual property, with key patent claims upheld by the US PTAB and European Patent Office, and an ITC investigation opened against a competitor. Seer Inc (NASDAQ:SEER) experienced a year-over-year revenue decline in Q2 2026, from $4.1 million to $3.1 million, due to ongoing academic and government funding headwinds. The company faces elongated sales cycles in commercial accounts, as customers extend evaluations, which could delay revenue recognition. Gross margin decreased to 49% in Q2 2026 from 52% in the prior year, reflecting lower product sales and potential volatility in the near term. Seer Inc (NASDAQ:SEER) continues to incur elevated legal and professional service expenses related to IP defense, which could pressure profitability. The challenging academic funding environment is expected to persist through 2026, potentially limiting growth in a key customer segment. Q: Can you walk us through the customer dynamics supporting the implied revenue ramp in the second half of 2026, given the first half was down about 30%?A: David Horn (CFO) reaffirmed the full-year 2026 revenue guidance of $16 million to $18 million, citing confidence from positive customer conversations across academic, biopharma, biobank, and other research organizations globally. He highlighted several catalysts, including the presentation of pioneering AI-driven cancer screening data from Korea University at ASMS, the upcoming PRECISE data presentation at HUPO in September, and the impact of new Chief Commercial Officer Tony Bazarko, who is refocusing the commercial organization on large opportunities and advancing conversations with top customers. Q: What are you seeing from US academic customer budget dynamics, and has there been any improvement quarter-over-quarter despite the challenging funding backdrop?A: Omid Farokhzad (CEO) noted that the academic and government funding environment remains cautious, with the exception of neurology and neuroscience, which saw an NIH budget increase of about 7% in '25-'26. Other therapeutic areas saw budgets ranging from down 0.5% to up 1.8%. He stated that Seer continues to observe hesitancy from academic customers due to grant funding delays, where fundable scores have been received but funds have not yet arrived, and he does not expect this to change through the balance of 2026. Q: How is consumable pull-through trending for instruments placed last year, and would you expect repurchases to pick up later this year?A: David Horn (CFO) confirmed that Seer saw an uptick in consumable pull-through from the first quarter, which was encouraging for the installed base. He explained that customers brought online in the back half of last year typically take six to nine months to get up and running, complete their first project, and then start to repeat. This expected pattern is partially driving the company's belief that the business should pick up in the second half of the year. Q: Can you explain the shift in instrument placement trends, where both previous STAC customers and SIP program customers were at 30% in Q2, compared to 40% and 20% respectively in Q1?A: David Horn (CFO) clarified that the shift reflects an ebb and flow between the two programs. Seer shipped some additional SIP instruments and also had some conversions in the first half, where SIP customers turned into owned instrument customers. This dynamic explains the changing proportions between the two categories over time. Q: What happened with PrognomIQ, given that related party revenue and COGS were nominal in the quarter?A: David Horn (CFO) explained that PrognomIQ has become an increasingly small part of Seer's revenue as they are squarely focused on developing their lab-developed test, ProVue Lung. The discovery work that previously drove revenue has diminished, and while Seer continues to discuss smaller projects with them, their focus has clearly shifted to the LDT. Q: How do you think Seer and other proteomics tools flow into the AI world, and how can we get to a point where AI models are trained on protein data like in genomics?A: Omid Farokhzad (CEO) cited the ASMS presentation from Korea University as a perfect example. Deep unbiased proteomics generates a significant number of data points per protein and detects a large number of proteins simultaneously, allowing interrogation at the variant level, which drives biology. He emphasized that the future of unbiased proteomics is uniquely positioned for AI models because large-scale, adequately powered studies looking at protein variants across the health-to-disease spectrum will drive learning, translating into new biomarkers and therapeutic targets. While targeted approaches can also drive AI models for defined protein sets, the universe of the proteome is vast, and untargeted approaches like Seer's are needed to identify the content first at scale. Q: Can you provide more detail on the independent head-to-head comparison from Roche published in the Journal of Proteome Research?A: Omid Farokhzad (CEO) highlighted that the Roche study evaluated Seer against five other plasma proteomics workflows and concluded that nanoparticle enrichment delivers substantially deeper plasma proteome coverage than conventional approaches. The Proteograph demonstrated an exceptional balance of depth, reproducibility, and resilience to pre-analytical variability. The findings reinforce that the value of a proteomics platform is not just how many proteins it can measure, but how confidently those measurements reflect underlying disease biology under real-world sample variability, which is central to helping researchers make better biomarker and therapeutic development decisions. Q: What were the key findings from the independent study published in Nature Genetics comparing the Proteograph against Olink and SomaLogic?A: Omid Farokhzad (CEO) detailed that in a study of about 1,400 individuals of British South Asian ancestry, researchers found that only 13.5% of Proteograph targets were unlikely to achieve cross-platform concordance, compared to 39% for SomaLogic and over 45% for Olink. The Proteograph measured more than 3,400 proteins that neither Olink nor SomaLogic could detect and drove the discovery of more than 600 new genetic protein associations. Remarkably, 143 of these newly discovered associations were not included in previous Olink and SomaScan studies that were up to 30 times larger, demonstrating the Proteograph's unique depth of coverage, reliability, and biomolecular discovery capabilities. Q: Can you provide an update on the PRECISE-SG-100K population scale study and its significance?A: Omid Farokhzad (CEO) announced that the team completed running the 10,000 samples from the prospective 100,000 sample cohort in May. The PRECISE team is currently analyzing the data and is scheduled to present preliminary data at the breakfast symposium at HUPO in September. He believes this data will be the kind of proof point that drives 100,000-plus sample biobank commitments, representing the inflection point that can unlock flywheel dynamics for companies building new markets. Seer is having active conversations with multiple population scale cohorts across both public and private entities. Q: What is the status of Seer's intellectual property portfolio and recent legal developments?A: Omid Farokhzad (CEO) stated that Seer's portfolio includes more than 250 patents and patent applications, including 84 issued patents covering nanoparticle protein enrichment and automated deep proteomics. Recent developments include the US PT For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue grew $0.3 million sequentially from Q1, reaching a total of $3.1 million for the quarter reflects early commercial stabilization despite persistent academic and government funding pressures. Management attributes the current revenue level to the 'nascent' stage of the deep proteomics market, where scientific validation precedes commercial inflection. The platform is being positioned as a critical data source for AI foundation models, providing 7x more data points and 11x more peptide-level measurements than high-plex targeted assays. Third-party validation from Roche and Nature Genetics studies confirms the Proteograph's superior depth and reproducibility compared to affinity-based competitors like Olink and SomaLogic. Strategic focus has shifted toward large accounts and population-scale studies to drive meaningful, recurring revenue through high-volume consumable pull-through. The company is aggressively defending its intellectual property, citing recent favorable rulings from the U.S. PTAB and European Patent Office against competitors. Full-year 2026 revenue guidance of $16 million to $18 million is reaffirmed, targeting revenue growth in the second half of 2026 to meet full-year revenue guidance of $16 million to $18 million. Guidance assumes that the challenging academic and government funding environment will persist through the remainder of 2026. Management expects the release of PRECISE-SG-100K data at the HUPO conference in September to serve as a catalyst for large-scale biobank commitments. The commercial ramp is expected to build over several months as the new Chief Commercial Officer optimizes infrastructure for lean execution and capital discipline. Current cash reserves of $209.5 million are deemed sufficient to reach cash flow breakeven without requiring additional external capital. The share repurchase program has reduced net total common shares outstanding by approximately 15% to address perceived stock price dislocation. Gross margins improved 1,300 basis points sequentially to 49%, though management expects continued quarterly variability based on product mix. Related party revenue from PrognomIQ has declined to nominal levels as they pivot toward lab-developed tests rather than discovery work. Legal and professional service expenses remained elevated due to ongoing patent infringement litigation and intellectual property defense. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted a shift in placement mix, with 1/3 of instruments coming from the Seer Insights Program (SIP) and 1/3 from previous service customers. The transition reflects a maturing pipeline where initial service projects are successfully converting into direct instrument ownership. Omid Farokhzad emphasized that untargeted approaches are uniquely suited for AI because they capture protein variants and 'undiscovered content' at scale. Unlike targeted assays, Seer's platform provides the peptide-level resolution necessary for AI to recognize complex biological patterns in health and disease. Management highlighted a divergence in funding, noting that while neuroscience budgets have increased by 7%, other areas remain flat or down. Seer continues to observe significant hesitancy and grant delays among its core academic customer base outside of the neurology space.

REDWOOD CITY, Calif., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER) (“Seer” or the “Company”), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced financial results for the quarter ended June 30, 2026. Recent Highlights Achieved revenue of $3.1 million in the second quarter of 2026 Our collaborators from Korea University presented preliminary data at the 74th American Society for Mass Spectrometry Conference (ASMS), demonstrating potential of AI-driven plasma proteomics for multi-cancer screening Proteograph leveraged in an independent study published in Nature Genetics, “Nanoparticle-enriched mass spectrometry proteomics in British South Asians identifies links between genetic variants, plasma protein levels and disease risk” Initiated enforcement of our intellectual property rights against Nanomics Biotechnology Co., Ltd., with the U.S. International Trade Commission opening an investigation into Nanomics' importation of products believed to infringe Seer’s patents Strong patent position exemplified by the European Patent Office concluding that Brigham and Women’s Hospital’s patent, exclusively licensed by Seer, will be maintained on the basis of claims covering particle-based enrichment for proteomics Repurchased approximately 200,000 Class A common shares under our share repurchase program authorization as of June 30, 2026 Ended the quarter with approximately $209.5 million of cash, cash equivalents, and investments "I’m proud that our technology is enabling the scientific community to do impactful work previously not possible. An important highlight this quarter was the presentation at the ASMS from our customers on how AI-driven proteomics can impact early detection of cancer,” said Omid Farokhzad, Chair and Chief Executive Officer. “During the quarter, we strengthened our commercial team, positioning Seer to better convert scientific leadership into revenue, and we took action to protect our core intellectual property on two continents." Second Quarter 2026 Financial ResultsRevenue was $3.1 million for the second quarter of 2026, a 23% decrease, compared to $4.1 million for the corresponding prior year period, primarily due to lower product and service revenue as a result of continuing macroeconomic headwinds in academic and government funding and continued elongation of sales cycles in some commercial accounts related to extended customer evaluations. Product revenue for the second quarter of 2026 was $2.3 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $0.7 million for the second quarter of 2026. Other revenue was $0.1 million for the second quarter of 2026. Gross profit was $1.5 million and gross margin was 49% for the second quarter of 2026. Operating expenses were $18.3 million for the second quarter of 2026, including $1.5 million in stock-based compensation, a 19% decrease, compared to $22.6 million for the corresponding prior year period, including $3.7 million in stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee compensation expenses, including stock-based compensation. Net loss was $16.9 million for the second quarter of 2026, compared to $19.4 million for the corresponding prior year period. Free cash flow, defined as net cash used in operating activities of approximately $25.0 million, less net purchases of property and equipment of approximately $265 thousand, for the six months ended June 30, 2026 was approximately negative $25.3 million. Cash, cash equivalents and investments were approximately $209.5 million as of June 30, 2026. 2026 GuidanceSeer continues to expect full year 2026 revenue to be in the range of $16 million to $18 million, representing growth of 3% at the midpoint over full year 2025. Webcast InformationSeer will host a conference call to discuss the second quarter 2026 financial results on Tuesday, August 11, 2026, at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event. About Seer, Inc.Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with a scale, speed, precision and reproducibility previously unattainable. Seer’s Proteograph® Product Suite integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables and advanced analytical software to overcome the limitations of traditional proteomic methods. Seer’s products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio. For more information, please email us at [email protected]. Forward Looking StatementsThis communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s plans and expectations regarding the adoption of Seer’s products, revenue growth, and the enforcement of its intellectual property rights. These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (“SEC”) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Media Contact:Patrick [email protected] Investor Contact:Marissa [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was impacted by a persistent downturn in academic and government funding, which has constrained customer budgets for several quarters. Management attributes revenue pressure to increased competition from 'imitator' products that use aggressive low-pricing strategies to offset what Seer characterizes as inferior performance. The company is pivoting its commercial strategy under a new Chief Commercial Officer to translate scientific validation into consistent sales momentum. Strategic focus has shifted toward population-scale studies, as these large-scale mandates are viewed as the primary 'flywheel' for long-term platform adoption. The evidence base for the Proteograph platform doubled year-over-year to 84 publications, which management views as the critical foundation for becoming the 'trusted partner' for biobanks. Operational discipline resulted in a significant reduction of total operating expenses from $22.8 million to $18.2 million year-over-year while maintaining R&D investment. Full-year 2026 revenue guidance of $16 million to $18 million was reaffirmed, assuming the challenging NIH funding environment persists throughout the year. Management expects a 'second-half weighted' revenue recovery as customers from the 2025 instrument cohort reach their 9-to-12-month reorder cycle for consumables. A data showcase for the next-generation detector is anticipated later this year, aimed at expanding the market to the broader multi-omic community beyond mass spectrometry users. The PRECISE-SG100K study is expected to share public data at the HUPO World Congress in September, which management believes will serve as a pivotal inflection point for 100,000-plus sample studies. Long-term gross margins are projected to reach 70% to 75% at scale, though near-term variability is expected based on the mix of instruments and consumables. Seer initiated a patent infringement lawsuit against Nanomix Biotechnology to protect its nanoparticle protein enrichment intellectual property. The Patent Trial and Appeal Board (PTAB) upheld 23 of 29 claims in a key nanoparticle patent, which management cites as a successful defense against Bruker's IPR process. The Seer Insight grant program was restructured into two tracks—translational research and biopharma development—to lower barriers for pharma teams to adopt the workflow. The company reduced its net total common shares outstanding by approximately 15% through an aggressive share repurchase program, citing a 'significant dislocation' in share price. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Confidence is driven by visibility into the Q2 pipeline and the expected timing of consumable reorders from the large 2025 instrument install base. Management noted that customers typically take a large stocking order at purchase, leading to a 9-to-12-month gap before significant pull-through begins. Management characterized competitors as 'copycat' products with inferior performance that risk undermining the integrity of nanoparticle enrichment technology. Stated that biobanks are unlikely to use inferior products for 'priceless' clinical samples, favoring Seer's validated platform for large-scale unbiased proteomics. The decline was attributed to the 'lumpiness' of large projects; Q1 lacked a major project comparable to the one completed in Q4 2025. Management remains unconcerned about long-term service momentum, citing a strong pipeline of samples currently in the queue. The Q1 margin decline to 35% was primarily due to lower volume leading to poor absorption of fixed period costs. Margins are expected to return to the low-50s range as revenue volumes bounce back in the second half of the year.

Seer (NASDAQ:SEER) held its first-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/. The full earnings call is available at https://edge.media-server.com/mmc/p/krwrnxpf Seer reported Q1 2026 total revenue of $2.8 million, a decline from $4.2 million in Q1 2025, mainly due to macroeconomic headwinds in academic funding and increased competition. The company reaffirmed its full-year 2026 revenue guidance of $16 to $18 million, indicating confidence in future growth driven by large-scale opportunities and new leadership. Seer continues to expand its proteomics platform, adding new biobank collaborations and enhancing its product offerings, while also defending its intellectual property against imitators. Operational highlights include the appointment of a new Chief Commercial Officer, ongoing population-scale studies, and a focus on cost control, reducing operating expenses from $22.8 million to $18.2 million. Management emphasized strategic investments in innovation, particularly in developing a next-generation detector and expanding software capabilities, as well as maintaining a disciplined approach to capital management. OPERATOR Good day and welcome to Seer first quarter 2026 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the Star key followed by zero. After today's presentation, there will be an opportunity to ask question. To ask a question, you may press Star then one on a touchtone phone. To withdraw your question, please press Star then two. Please note this event is being recorded. I would now like to turn the conference over to Marissa Beish from Gilmartin Group. Please go ahead. Marissa Beish Thank you. Earlier today, Seer released financial results for the quarter ended March 31, 2026. If you have not received this news release, or if you would like to be added to the company's distribution list, please send an email to investorSeer Bio. In addition, during today's conference call, we will be referencing a slide presentation that can be accessed on the Events and presentations section of Seer's investor relations website. Participating today from Seer is Omid Farakhzad Farakhzad, Chief Executive Officer and Chair of the Board, and David Horn, Chief Financial Officer and President, Chief Financial Officer and President. Before we begin, I would like to remind you that management will make statements during this call that are forward looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section titled Forward Looking Statements in the press release here issued today. For a more complete list and description, please see the Risks Factors section of the Company's Quarterly report on Form 10Q for the quarter ended March 31, 2026 and in its other filings with the securities and Exchange Commission. Except as required by law, Seer disclaims any intention or obligation to update or revise any financial projections or forward looking statements, whether because of new information, future events or otherwise. This conference call contains time sensitive information and is accurate only as of the live broadcast today. With that, I would like to turn the call over to omid. Omid Farakhzad (Chief Executive Officer and Chair of the Board) Thank you Marissa and thank you all for joining us this afternoon at Seer. We're making significant progress on our innovation, roadmap, commercial position and strategic objectives as we start the year. We have said that our progress may not be linear quarter to quarter, but my conviction and Seer, the impact of our technology and the market we're building has never been stronger. Let me start by summarizing for you our vision and the progress we made in Q1. Then focus on recent developments and our outlook going forward, starting with our vision and the promise of our platform we imagined and pioneered the first solution for standardized, robust, deep, unbiased proteomics at scale. We have been focused on the steps we need to take to advance our solution both near and longer term. This quarter we accomplished the following in pursuit of this vision, we continue to expand our evidence base, doubling the body of independent publications validating our platform year over year. We announced another biobank collaboration with Precision Health Research Singapore and Thermo Fisher, further advancing our population scale studies effort. We appointed a new Chief Commercial Officer to drive momentum in our sales organization, we successfully defended our patents with the recent PTAP verdict and we remain committed to protecting our foundational technology. We evolved our Insight Grant program to engage pharma and biotech teams directly in the workflows where proteomics can have the most immediate impact and we continue to invest in product and technological innovation including our next generation detector and additional innovations in our scalable cloud based software analytical suites while maintaining tight cost control. Taken together, our accomplishments this quarter advance our mission of imagining and pioneering new ways to decode the biology of the proteome to improve human health. Moreover, we maintain our leadership in and continue to build the market for deep, unbiased proteomics, which ultimately drives value creation in the long run for our stakeholders. In terms of financial performance, our first quarter total revenue was $2.8 million, reflecting the ongoing depressed academic funding environment that has been pressuring customer budgets over the last several quarters, compounded by increased competitive activity from inferior product imitators. In this space we have pioneered. However, the progress we made this quarter that I previously detailed and the underlying momentum in the business give us confidence for the rest of 2026. Consequently, we are reaffirming our full year 2026 revenue guidance of 16 to 18 million, representing approximately 3% growth at the midpoint over full year 2025. Now I will walk through our Q1 execution and how it advances our trajectory. Turning to Slide 3 Peer reviewed validation of our platform continues to build. There are now 84 peer reviewed publications, preprints and reviews validating the Proteograph product suite. This compares to three publications in 2022 at the time of our broad commercial Launch and and 42 publications as of March 2025 only one year ago. We expect to see additional publications and a broadening impact as we look forward. This includes a growing impact through innovative companies like Prognomic, who just this week announced breakthrough results for the early detection of lung cancer in an ongoing real world study of its novel blood test leveraging the Proteograph for its proteomic biomarker discovery efforts, Prognomic launched Provu Lung in November 2025 to support the early detection of lung cancer in high risk individuals. Yesterday, Prognomic announced that in the first cohort of 78 high risk adults, the Proviu Lung Blood Test accurately detected eight lung cancers. Notably, five of the eight cancers were provisionally categorized at stage one and all cancers were confirmed via tissue biopsy. These early findings translate to a performance of 89% sensitivity to detect all stages of lung cancer at 54% specificity, including 83% sensitivity for stage one lung cancer. These results represent breakthrough performance for the early detection of lung cancer and could meaningfully enhance the current standard of care, which is a low dose CT scan with a very low patient compliance rate. We are very excited for what this means for the applicability of proteomics in early cancer detection. Turning to Slide 4, I want to highlight one paper in particular from this quarter. In January 2026, an article titled Cross ancestry comparison of aptamer and antibody protein measures by Nicholas et al. Was published in Nature Communication. This study demonstrated that a meaningful fraction of protein associations in large scale affinity proteomics may be influenced by protein altering genetic variants, particularly across genetically diverse populations. Importantly, the authors showed that ancestry associated variants such as the inflammatory biomarker SUPAR and and Alzheimer's disease linked pilra protein could create discordant biological interpretation across platforms, with interpretations improving substantially after accounting for the underlying variant. The paper highlights the importance of variant aware proteomics to properly understand the unique role different variants play in health and disease across populations. As biobank scale and multiancestry studies continue to expand globally, the ability to correctly interpret protein biology, including ancestry specific variants becomes a differentiator. The proteograph provides the ability to perform this analysis and we believe this capability will become increasingly important as proteomics moves toward larger translational studies. This further supports our strategy of building a differentiated evidence base through high impact peer reviewed publication. Turning to Slide 5 to discuss our population scale studies as our technology has performed exceptionally well in the hands of our customers, we have become the trusted partner of choice in deep unbiased proteomics at scale. Without Seer, conventional mass spectrometry would be unable to provide the depth and scale that biobanks are looking for. Last year marked an inflection point as we initiated landmark population scale studies and with Career University and Discovery Life Sciences followed by the NIH funded Multi Omics study, we built on this success when we announced the precise SG100K population scale study last month. In collaboration with PRECISE and Thermo Fisher Scientific, the PRECISE team is generating deep, unbiased proteomics data for 10,000 participants and we believe this study may eventually encompass 100,000 participants to generate one of the largest multi omics datasets in the world. We believe the data from these biobank studies will drive broader adoption in the existing proteomics market in the near term. Professor Lee from Korea University will be presenting initial data from a subset of his 20,000 patient cohort at the American Society of Mass Spectrometry Conference in June. He will also be joined by Dr. Kang, who is training a foundation AI model using data from the cohort. Additionally, we expect the PRECISE team to share their data publicly at the HUPA World Congress in September. When precise SG100K data is made public, it will demonstrate what the proteograph makes possible at the population scale and and we believe that is a pivotal inflection point to drive 100,000 plus sample Biobank studies, the types of which have historically been the inflection point for the flywheel to begin turning for our peers. We're having ongoing dialogues with potential partners globally, including academic institutions, national health initiatives and leading research organizations, and the emerging data sets from Korea University and PRECISE will help advance these discussions. When it comes to robust, standardized, deep, unbiased proteomics at population scale, we believe the proteograph is the only commercial solution that exists. We earned the trust of the scientific community by establishing a robust base of scientific validation. As a result, we expect revenue growth to increasingly reflect the true scale of the opportunity in front of us. We have an update about our commercial organization that we're very excited about. We recently appointed Tony Bazarco as our Chief Commercial Officer and I want to take a moment on the strategic importance of this hire. We are at a pivotal moment in our growth journey. Our science is validated, the biobank mandates are coming in and seminal data resells are on the horizon. What we need now is the commercial leadership to go from the massive opportunity in front of us with the same conviction and rigor that has defined our work to date. We believe Tony is that leader. Tony brings two decades of commercial leadership across life sciences, diagnostics and biotechnology with a demonstrated track record of scaling go to market organizations. He most recently served as president and CEO of BioLogis, overseeing its acquisition by and Capital Partners, and prior to that he was a CCO of Specific Diagnostic which was acquired by biomarrieu he understands what it takes to translate scientific credibility into commercial momentum, and he's joining at the moment when that translation matters most. I'm confident that his leadership will be transformative for how we engage customers, pursue biobank partnerships, and capture the market opportunity we have spent years building toward. Now spending a moment on our intellectual property the success and power of our technology have also fueled imitators to enter the markers. We have a robust patent portfolio and we plan to defend our core technology that underpins the automated, deep, unbiased proteomics at scale that empowers our customers. In March, the Patent Trial and appeal board upheld 23 of 29 claims in one of our nanoparticle protein enrichment patents, serving as an example of the strength of the portfolio of more than 250 patents and patent applications, including 84 issued patents that we have built to date. Earlier this morning we we announced that we have filed a patent infringement suit against Nanomix Biotechnology. These asserted patents protect SEER's intellectual property in the field of nanoparticle protein enrichment. Brigham and Women's Hospital is joining this lawsuit as well. We believe in preserving the integrity of our products and the trust that researchers place in us. Products that we believe are technologically inferior do not just threaten our leadership position, but they also risk undermining our broader goal of eliminating the obstacles to mainstream proteomic adoption and unlocking the full complexity of the proteome for human health. We have made enormous investments to date and we will vigorously defend what we have built. Protecting our intellectual property is, in my view, protecting the future of proteomics. Turning to slide 6 to discuss changes to our SEER Insight grant program in Q1, we evolved the program into a more targeted initiative with two distinct tracks. The first is a translational research track, continuing the work that has consistently generated strong scientific returns and high impact publication. The second is a new biopharma development track designed to engage pharma and biotech teams directly in the workflows where proteomics can have the most immediate impact, such as mechanism of action studies, resistance biology and biomarker strategy by providing streamlined access to the proteograph platform alongside integrated mass spectrometry and bioinformatic support. The program lowers the barrier to entry for new customers while generating the kind of high quality data that drives publications, deepens engagement and builds long term relationships. We have also expanded the program's geographic reach this year with a deliberate focus on segments where the proteograph remains underpenetrated. We see this as an important catalyst for biopharma adoption. Finally, turning to Slide 7 to discuss innovation. Innovation is core to who we are at SEER and how we will extend our leadership. I remain focused on maintaining a responsible but robust innovation effort, including the continuous build out of our technologies capabilities as we seek to establish our leadership position as the preferred proteomic data platform for AI driven biology. We are making concentrated, high conviction investment in the next generation of our platform while maintaining cost discipline and the progress is meaningful across every layer of the stack on assay to solve the bottleneck of upstream workflow, we introduced the SP 200 and Proteograph 1 assay which made large scale studies including biobacks possible for the first time. We have additional panels in development designed for more focused applications, expanding the menu and utility of the protograph for the broader range of research. Our next generation detector, which we have been developing for four years, is designed to bring deep, unbiased proteomics to a much wider audience beyond existing mass spectrometry users and into the broader multiomics community. We are working to enter the era of what I call next generation proteomics where a robust, standardized and easy to use proteomic detector can be used broadly and cost effectively by a range of scientists. We anticipate a data showcase later this year and I look forward to sharing more as that milestone Approaches on software and analytics we're continuing to expand the capabilities of our Proteograph analysis suite which allows researchers to interact with large scale proteomic data intuitively and dynamically. Most recently we launched an update to pos, which allows users to interface with a chat box and notebooks for easy, rapid and stable data analysis, and we anticipate additional features to be launched later this year. In addition, we recently filed a preprint article on BioRxiv titled Rabian Dia, a fast, sensitive and accurate Search engine for Quantitative Proteomics. As the scale of proteomics studies continues to grow, in large part credited to the innovations we have made at Seer, the analytical infrastructure has to keep pace with to be able to scale with the increasing amount and complexity of the data being generated. Existing tools like Diane were not built for that volume and struggle to scale, which creates a real constraint on throughput cost and accessibility. Radian DIA is a faster, more sensitive and more cost effective solution for rapid and scalable proteomic data analysis. It is purpose built for the large cohort and biopharma workflows that are increasingly defining how our customers use the platform. We will have an oral presentation discussing Rabian DIA at the upcoming ASMS conference, and we look forward to sharing additional details at that time. Before I turn the call over to David, I want to take a moment to highlight our continued commitment to cost discipline. The progress we made this quarter, expanding our evidence base, winning landmark biobank mandates, strengthening our ip, appointing transformative commercial leadership, and continuing to push boundaries of what our platform can do was all achieved while reducing total operating expenses from 22.8 million in Q1 of 2025 to 18.2 million this quarter. That reflects a deliberate and deeply held conviction that building a great company means being as disciplined with capital as we are with ambitions with science. We are at an inflection point and we are building the commercial, technological and financial infrastructure to meet this moment. With that, I will turn the call over to David. David Horn (Chief Financial Officer and President) Thanks Omid turning to Slide 8 Total revenue for the first quarter of 2026 was $2.8 million compared to $4.2 million in the first quarter of 2025. The decrease in revenue was due to lower product and service revenue from continuing macroeconomic headwinds in academic and government funding, increased competitive activity from Invitation products, and a leadership transition as we brought on a new Chief Commercial Officer. Product revenue for the first quarter of 2026 was $2.1 million and consisted of sales of proteograph instruments and consumable kits. Service revenue was $0.6 million for the first quarter of 2026, including related party revenue of $0.1 million and primarily consisted of revenue related to Stack projects. We continue to see steady customer interest in running projects through Stack, which we view as an important leading indicator of future instrument placements. In addition, customers continue to appreciate the flexibility by assessing our technology through our SIP program. Of total instrument shipments in the first quarter, 40% were previous stack customers and 20% were through our SIP program. Other revenue was $0.1 million for the first quarter of 2026 and consisted of lease and shipping revenue. Total gross profit was approximately $1 million for the first quarter of 2026, representing a gross margin of 35 compared to 49% in the first quarter of 2025. The decline in gross margin was due to lower absorption of fixed period costs in the first quarter of 2026 versus the first quarter of 2025. We continue to expect variability in our gross margin on a quarter by quarter basis as the proportion of instrument consumable and service revenue fluctuates at scale. We continue to believe our long term gross margins will be in the range of 70 to 75%. Total operating expenses for the first quarter of 2026 were $18.2 million including $2.1 million of stock based compensation compared to $22.8 million including $4.5 million of stock based compensation in the first quarter of 2025. Research and development expenses were $8.8 million in the first quarter of 2026 compared to $11.4 million in the first quarter of 2025. The decrease in R and D expense is a result of lower employee compensation expense including stock based compensation and professional services costs. Selling general and Administrative expenses were $9.4 million in the first quarter of 2026 compared to $11.4 million in the first quarter Of 2025. The decrease in SGA expenses is due to lower employee compensation expense including stock based compensation. We incurred additional legal and other professional service expenses in the first quarter and anticipate they will continue into the second quarter. Net loss for the first quarter of 2026 was $16.8 million compared to $19.9 million in the first quarter of 2025. Free cash flow defined as net cash used in operating activities of approximately $15.4 million less. Net purchases of property and equipment of approximately $270,000 in the quarter was approximately negative $15.7 million. Our opportunistic share repurchases in the quarter reflect our continued belief that there is a significant dislocation in our share price. In the first quarter, we repurchased approximately 1.5 million Class A common shares at an average price of $1.78 per share. As of March 31, we have repurchased approximately 13.2 million Class A common shares and at a VWAP of $1.86 per share, utilizing approximately $24.5 million of our $25 million share repurchase program authorized in May 2024. As a result, we have reduced our net total common shares outstanding by approximately 15%. As a reminder, in February 2026 the Board of Directors authorized a new repurchase program of up to $25 million. We ended the quarter with approximately $219.5 million in cash. Cash Equivalents and investments. We believe that with our current cash on hand, we have sufficient capital to reach cash flow at breakeven. Turning to slide 9 and our outlook for the full year. Despite a softer first quarter, we continue to see positive developments in progress as a business and are reaffirming our full year 2026 revenue guidance of 16 to $18 million representing approximately 3% growth at the midpoint of our full year 2025. As a reminder that guidance reflects our ongoing expectation that the challenging NIH funding environment would persist through 2026, impacting customer behavior. While the challenging funding backdrop and the presence of imitators in the market creates continued uncertainty, we remain confident that instrument utilization and consumable pull through will build throughout the year. At this point I would like to turn the call back to Omid for closing comments. Omid Farakhzad (Chief Executive Officer and Chair of the Board) Thank you David. Moving on to slide 10, the Proteomics Revolution is underway and Seer is leading it. The independent researchers have now published 84 studies using our platform, doubling from a year ago. Population scale studies are underway in multiple countries. Our next generation detector will bring deep, unbiased proteomics to the genomics and multiomics scientific community, meaningfully expanding the end market for proteomics. And when Precise and other biobanks began to share the data later this year, we believe the strength of the flywheel will begin to turn in earnest. We're in the early stages of building something that will matter enormously, not just for Seer shareholders, but for human health. We are more committed than ever to our vision of enabling the generation of proteomics data at a scale and depth that was previously unimaginable. With that, we will now open the call for questions. Operator OPERATOR thank you. We will now begin the question and answer session. To ask a question, you may press star 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star 2. Please limit to one question and one follow up. this time we will pause momentarily to assemble our roster. The first question comes from Kyle Mixon with Canaccord. Kyle Mixon Hey guys, thanks for the questions. I want to start with David's last point there about the guidance, I guess and basically what could be confident to still meet the higher end of the guidance range? I think like on the last earnings update call you mentioned a customer had delayed some instruments to maybe, you know, 2026 from 4Q. So maybe was there any insurance pushouts in the first quarter that haven't committed to being completed later in 26 or anything of that sort and services or the other segments. David Horn (Chief Financial Officer and President) Yeah, Kyle, thanks for the question. It's David. Yeah, look, we do still feel confidence in the guidance and our confidence in the momentum that we're seeing starting to build, including the large scale opportunities like Precise and others and just our visibility now in the second quarter around the conversations we're having with both academics and the biobanks and the, the biopharmas. And so that does give us conviction to kind of continue to drive the business. The other thing to keep in mind is we did have a very good year of instrument shipments and installs last year. And what we found over time is that it takes about nine to 12 months before we see customers reorder, given that they generally take a nice stocking order with their instrument purchase or with the loaner. And so we're now coming up on that one year anniversary and we have seen that trend start to kick in. So we feel confident in the driving of the pull through for those instruments that were installed last year. And then finally we've got Tony Bazarco on board now who has great experience and really we expect him to continue to drive things. So we do feel like it will be kind of more second half than first half. But we do still feel confident in being able to hit the guidance range. Kyle, does that answer your question? Kyle Mixon Yeah, thank you for that. Thanks. David Omid, I had a question for you about your referencing competitors and indicators. I think is the word that was referenced. Just first like just dive into what that kind of means and how that's affecting, you know, the business and the progress and all that. And additionally, when you think about the population scale cohort programs, is that you know, just truly on the unbiased side or are you seeing kind of affinity based competition as well? Omid Farakhzad (Chief Executive Officer and Chair of the Board) Thanks for that, Kyle. So let me first comment on the competitors or the imitators of our product. So first of all, I appreciate that what these imitators mean is that it's a strong validation of the market that we built, the technology platform that we built from scratch, you know, and the space that we really pioneered. I mean obviously having been doing this now for many years, we have a portfolio of 250 patent patent applications and 80 plus that are now issued, including one that is now battle tested through PTAB with the Bruker ITR process. So we are now seeing an emergence of these copycat products. They have inferior performance and their approach to the market is to basically just price these products significantly lower than SEER in order to compete. Now we filed a lawsuit, Kyle, because we want to make sure that our customers are serve appropriately customers. The most valuable commodity that they have is their samples. In the case of clinical samples, some can be priceless, but some can cost thousands of dollars. And so to use a sample with an inferior product that gives you Data that is not appropriate really undermines not only that study, but more broadly the confidence in the nanoparticle enrichment technology that SEER has developed. So we are going to vigorously protect our IP against infringers. We started with nanomics because they were very clearly infringing in a very vocal and visible way, copying a lot of our marketing material and putting material out there that just frankly was not valid. But we'll continue to monitor the space and we'll continue to protect our product going forward. We've invested in building this platform, we've invested in creating this patent portfolio and for our customers sake, we will also protect the integrity of what it stands for going forward. Now, in terms of the biobanks, that's a very good example of valuable samples. Biobanks are very careful about the choice of provider that they use to use their precious samples. And the fact that SEER is being selected to do unbiased proteomics for these biobanks really is a reflection of the publications from experts like Josh Kuhn, Claudio Langenberg, Carson Suri, Nate Basisi, many, many more. There's now 84 plus publications, many and top journals that validate SEER. And so these biobanks are selecting SEER and the Proteograph because we have become the trusted partners to them. I am not actually aware of any biobank that would ever consider a product like Nanomix Biotechnology or one of the other ones like it that are the copycat imitators. And the robustness by which SEER builds products stems from 20 plus years of my life in being in the nanoparticle application for medical uses. And a lot of these companies literally have no expertise in this space and they just copy our products. So I'm not seeing that impacting our biobank customers. And my expectation is that our relationship with the biobanks will continue to grow and I'll be able to announce more, more and more of those over time. Kyle Mixon Thanks Amit for that. And then just really quick one to cap it off here on service revenue. So that was, I think it was like almost half of what the kind of the quarterly run rate was. And obviously there were some macro headwinds and challenges and all that, but I would have thought that service was much more insulated than, you know, product revenue. And you have the stack which should have helped out I guess as well. So if you just kind of elaborate upon what happened on that line item in the quarter. David Horn (Chief Financial Officer and President) Yeah, stack is especially prone to some bigger projects, Kyle. And there simply wasn't a huge project in Q1. We did have a big project in Q4. So really it's just a lumpiness of revenue. We're not worried about the interest or continued momentum there. We've got some interesting things in the pipeline there. And so it's really just a question of when customers can get us their samples and drive that. And a lot of times it takes a little longer than you expect. But really it's just a function of our service lab and the size of projects. We just didn't have a particularly big project in the first quarter. Kyle Mixon Okay. All right, makes sense. Thanks, guys. OPERATOR Thank you. The next question comes from Kyle Boucher with TD Cowan. Kyle Boucher Hey, good afternoon. Thanks for taking my questions. I wanted to go back to sort of the sales side. Can you just take a minute to discuss your order funnel and I guess what you're seeing from a customer perspective, I mean, where do you see more of the growth opportunity this year between your population scale studies and then maybe just smaller individual customers? David Horn (Chief Financial Officer and President) Yes. Thanks, Kyle. Look, I think we continue to have good momentum with the biobanks, that's for sure. It's a question of just timing of those. And so I think it will certainly, you know, we don't have much in terms of additional biobank in for this year, although there may be some towards the the back half of the year. I think it's really going to. We see the opportunity with some of the larger projects from both biopharma as well as some academic projects that we're in discussions about. And really that's just a function of they just tend to move a little bit faster. Obviously the commercial folks move the fastest and then you have the academics and then finally the biobanks. So I would see that really what we see in terms of the breakdown is that in terms of the opportunities for the back half of the year. Kyle Boucher Got it. And maybe just on the instrument utilization trends, I know you ended last year with, I believe, 82 instruments installed. You just mentioned that it can take nine to 12 months for those newer placements to sort of reorder on the consumable side. But I guess can you discuss the trends you're seeing from utilization perspective across your older installed base? David Horn (Chief Financial Officer and President) Yeah, I mean, we're continuing to see those folks use the instruments in a regularly pretty consistent way, but also in a way that is project driven, if you will. So folks generally will order when they have a new project. They'll run the project, they'll analyze the data, and then it'll be a minute before they repurchase so we continue to see some utilization. Obviously utilization in the biopharma as a group is a little bit more consistent than academic because they tend to have more projects, consistent projects and academics are a little lumpier. So again, I think it's really, we're excited to have that big cohort of customers coming online from 25 when they hit their 12 month mark and really start to kind of drive things. But again, it's something that we expect to have an uptake in the back half of the year. Obviously Q1 was down a little bit from a pull through perspective, but installations, we did have some good number of installations in Q1 as well. Kyle Boucher Got it. Maybe if I can sneak one more quick one. And just on the margin side, gross margin was a little weaker than we had modeled in the first quarter. I guess going forward, just based on your guidance, would you expect that gross margin can creep back towards that sort of low 50s range like you saw last year as revenue sort of ramps? David Horn (Chief Financial Officer and President) Yes. Thanks, Kyle. Yes, we certainly feel like that's the case. I tell you, the reason for the decline in gross margin was just the lower volume of kit and instruments. And so we have, with the lower volume and the lower revenue that leads to lower absorption of our fixed costs right in the period. So I think if you see, when you see revenue bounce back, gross margins will bounce back as well. So we still feel that as you mentioned, kind of that's the right neighborhood in terms of where our gross margins should be. Kyle Boucher Got it. Thanks guys. David Horn (Chief Financial Officer and President) Thanks, Kyle. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice. UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga: SEER (SEER): Free Stock Analysis Report This article Full Transcript: Seer Q1 2026 Earnings Call originally appeared on Benzinga.com ﾩ 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Interested in Seer, Inc.? Here are five stocks we like better. Seer’s Q1 revenue fell to $2.8 million from $4.2 million a year ago, as management blamed a weak academic funding environment and competitive pressure. Gross margin also dropped to 35% from 49%, though operating expenses were lower and the net loss narrowed to $16.8 million. The company reaffirmed full-year 2026 revenue guidance of $16 million to $18 million, saying it expects more demand in the second half of the year from consumables tied to 2025 instrument placements and from ongoing conversations with academic, biobank and biopharma customers. Management highlighted scientific momentum and IP defense, citing 84 publications tied to its Proteograph platform, progress in large population-scale studies, and a patent fight against Nanomics. Seer also advanced product development and share repurchases, including a new $25 million buyback authorization. Seer (NASDAQ:SEER) reported lower first-quarter revenue but reaffirmed its full-year 2026 outlook, with management pointing to population-scale proteomics studies, an expanding publication base and expected second-half consumables demand as supports for the year. Total revenue for the quarter ended March 31, 2026, was $2.8 million, down from $4.2 million in the first quarter of 2025. Chief Executive Officer and Chair Omid Farokhzad said the quarter reflected “the ongoing depressed academic funding environment” that has pressured customer budgets, as well as increased competitive activity from what he described as “inferior product imitators.” → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? Despite the softer quarter, Seer reaffirmed full-year 2026 revenue guidance of $16 million to $18 million, which Chief Financial Officer and President David Horn said represents about 3% growth at the midpoint compared with full-year 2025. Horn said product revenue was $2.1 million in the first quarter, consisting of Proteograph instruments and consumable kits. Service revenue was $0.6 million, including $0.1 million of related-party revenue, and primarily reflected projects run through Seer’s Technology Access Center, or STAC. Other revenue was $0.1 million from lease and shipping revenue. → MP Materials Is Quietly Building a Rare Earth Powerhouse Gross profit was about $1 million, representing a gross margin of 35%, compared with 49% a year earlier. Horn said the decline was driven by lower absorption of fixed period costs as revenue volumes fell. He added that gross margin is expected to vary from quarter to quarter depending on the mix of instrument, consumable and service revenue, while reiterating Seer’s long-term gross margin target of 70% to 75% at scale. Operating expenses declined to $18.2 million from $22.8 million in the prior-year period. Research and development expenses fell to $8.8 million from $11.4 million, while selling, general and administrative expenses declined to $9.4 million from $11.4 million. Horn said the reductions were primarily due to lower employee compensation expense, including stock-based compensation, though the company incurred additional legal and professional services expenses in the quarter and expects those to continue into the second quarter. → Micron Investors Face a High-Stakes Moment After the Latest Rally Seer posted a net loss of $16.8 million, compared with a net loss of $19.9 million in the first quarter of 2025. Free cash flow was negative $15.7 million. The company ended the quarter with approximately $219.5 million in cash equivalents and investments, which Horn said Seer believes is sufficient to reach cash flow breakeven. Horn said Seer’s confidence in its 2026 outlook is supported by conversations with academic, biobank and biopharma customers, as well as expected consumable pull-through from instruments placed in 2025. He noted that customers typically place a stocking order at the time of an instrument purchase and may reorder after nine to 12 months. “We do feel like it will be kind of more second half than first half,” Horn said during the question-and-answer session, while adding that the company remains confident in its ability to hit the guidance range. Horn said service revenue was lower in the quarter because STAC revenue can be “especially prone to some bigger projects,” and the first quarter did not include a large project. He said the company was not concerned about interest in STAC, describing the issue as timing-related and dependent on when customers provide samples. Farokhzad said Seer continues to build scientific validation for its Proteograph Product Suite, with 84 peer-reviewed publications, preprints and reviews now referencing the platform. That compares with 42 as of March 2025 and three at the time of Seer’s broad commercial launch in 2022. He highlighted the PRECISE-SG100K population-scale study in Singapore, announced in collaboration with Precision Health Research, Singapore and Thermo Fisher Scientific. Farokhzad said the PRECISE team is generating deep, unbiased proteomics data for 10,000 participants and that Seer believes the study may eventually encompass 100,000 participants. The company also pointed to existing population-scale studies with Korea University and Discovery Life Sciences, as well as an NIH-funded multi-omic study. Farokhzad said Professor Lee from Korea University is expected to present initial data from a subset of a 20,000-patient cohort at the American Society for Mass Spectrometry Conference in June, and that the PRECISE team is expected to share data publicly at the HUPO World Congress in September. Farokhzad also cited recent results from PrognomiQ, which uses the Proteograph for proteomic biomarker discovery. According to Farokhzad, PrognomiQ announced results from the first cohort of 78 high-risk adults in an ongoing real-world study of its ProVue Lung blood test, including detection of eight lung cancers. Management devoted part of the call to competition and intellectual property protection. Farokhzad said the emergence of competing products validates the market Seer has built, but argued that some products are copycats with inferior performance and lower pricing. In March, Farokhzad said, the Patent Trial and Appeal Board upheld 23 of 29 claims in one of Seer’s nanoparticle protein enrichment patents. He said Seer has more than 250 patents and patent applications, including 84 issued patents. Farokhzad also said Seer filed a patent infringement lawsuit against Nanomics Biotechnology, with Brigham and Women’s Hospital joining the suit. He said Seer intends to “vigorously protect” its intellectual property and argued that the integrity of proteomics research could be undermined if researchers use inferior sample preparation products. Seer appointed Anthony Bazarko as chief commercial officer during the quarter. Farokhzad said Bazarko brings two decades of commercial leadership experience across life sciences, diagnostics and biotechnology, including roles at Biologos and Specific Diagnostics. The company also modified its Seer Insight Grants program into two tracks: a translational research track and a biopharma development track. Farokhzad said the new biopharma track is intended to engage pharmaceutical and biotech teams in areas such as mechanism-of-action studies, resistance biology and biomarker strategy. On the product side, Farokhzad said Seer is continuing to invest in its next-generation detector, which is intended to expand deep, unbiased proteomics beyond current mass spectrometry users and into the broader multi-omics research community. He said the company anticipates a data showcase later this year. Seer also continues to develop its Proteograph Analysis Suite and recently posted a bioRxiv preprint on Radiant DIA, which Farokhzad described as a faster, more scalable search engine for quantitative proteomics. The company expects to discuss Radiant DIA at the upcoming ASMS Conference. In the first quarter, Seer repurchased about 1.5 million Class A common shares at an average price of $1.78 per share. Horn said the company has repurchased approximately 13.2 million shares at a volume-weighted average price of $1.86, using about $24.5 million of a $25 million repurchase authorization from May 2024. The board authorized a new repurchase program of up to $25 million in February 2026. Seer, Inc is a life sciences company focused on pioneering next-generation proteomics, the large-scale study of proteins and their functions in complex biological systems. By leveraging proprietary nanoparticle-based technology, Seer's platform enables high-throughput, unbiased protein analysis from biological samples, addressing a critical bottleneck in drug discovery, biomarker research and precision medicine. The company's flagship Proteograph Product Suite combines engineered nanoparticle assays with advanced mass spectrometry and bioinformatics pipelines to deliver deep proteomic coverage in a scalable workflow. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Seer Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

REDWOOD CITY, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER) (“Seer” or the “Company”), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced financial results for the quarter ended March 31, 2026. Recent Highlights Achieved revenue of $2.8 million in the first quarter of 2026 Achieved a doubling of independent publications year-over-year to 84 total, accelerating third-party validation of Seer’s platform Secured a collaboration with Precision Health Research, Singapore to provide deep, unbiased proteomics on 10,000 samples for their PRECISE-SG100K study, a landmark multi-ancestry, population-scale cohort of approximately 100,000 Singapore residents Strengthened the leadership team with the appointment of Anthony (Tony) Bazarko as Chief Commercial Officer, bringing deep expertise to drive strategy, partnerships, and market adoption. Successfully defended and reinforced Seer's IP position through a U.S. Patent and Trademark Office Final Written Decision Repurchased approximately 1.5 million Class A common shares under our share repurchase program authorization Ended the quarter with approximately $220 million of cash, cash equivalents, and investments "Seer executed on several important drivers to advance the long-term trajectory of the business by generating traction on large-scale contracts with biobanks and supporting continued third-party validation of our platform," said Omid Farokhzad, Chair and Chief Executive Officer. "Seer sits at the forefront of deep, unbiased proteomics, a large and expanding market with profound scientific and commercial potential. We are building this market from the ground up, and the foundation we are laying is increasingly recognized by the world's leading scientists and institutions. We look forward to advancing our vision to empower the scientific community with unbiased proteomics solutions while creating value for all stakeholders." First Quarter 2026 Financial Results Revenue was $2.8 million for the first quarter of 2026, a 34% decrease from $4.2 million for the corresponding prior year period, primarily due to the continued depressed academic funding environment and competitive activity in the space we have pioneered. Product revenue for the first quarter of 2026 was $2.1 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $596 thousand for the first quarter of 2026, including $56 thousand of related party revenue, and primarily consisting of revenue related to Seer Technology Access Center service projects. Other revenue was $87 thousand for the first quarter of 2026. Gross profit was $982 thousand and gross margin was 35% for the first quarter of 2026. Operating expenses were $18.2 million for the first quarter of 2026, including $2.1 million in stock-based compensation, a decrease of 20% compared to $22.8 million for the corresponding prior year period, including $4.5 million in stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee compensation expenses, including stock-based compensation. Net loss was $16.8 million for the first quarter of 2026, compared to $19.9 million for the corresponding prior year period. Free cash flow, defined as net cash used in operating activities of approximately $15.4 million, less net purchases of property and equipment of approximately $270 thousand, for the quarter was approximately negative $15.7 million. Cash, cash equivalents and investments were approximately $220 million as of March 31, 2026. 2026 Guidance Seer continues to expect full year 2026 revenue to be in the range of $16 million to $18 million, representing growth of 3% at the midpoint over full year 2025. Webcast Information Seer will host a conference call to discuss the first quarter 2026 financial results on Wednesday, May 13, 2026, at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event. About Seer, Inc. Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with a scale, speed, precision and reproducibility previously unattainable. Seer’s Proteograph® Product Suite integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables and advanced analytical software to overcome the limitations of traditional proteomic methods. Seer’s products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio. For more information, please email us at [email protected]. Forward Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s plans and expectations regarding the adoption of Seer’s products. These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (“SEC”) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Media Contact: Patrick Schmidt [email protected] Investor Contact: Marissa Bych [email protected]