Seer, Inc.

What they do

Seer sells the Proteograph Product Suite, an integrated workflow comprising proprietary engineered nanoparticles, the SP200 automation instrument, consumables, and software. The platform is marketed to academic and commercial researchers for proteomic studies. The company manufactures nanoparticles at its Redwood City facility and outsources instrument manufacturing to Hamilton Company. Revenue comes from instrument sales, consumable kits, and services, including the Seer Technology Access Center (STAC).

Revenue drivers

• Product revenue — Sales of Proteograph instruments and consumable kits; product revenue was $2.3 million in Q2 2026, down from $3.3 million in Q2 2025.
• Service revenue — Includes STAC service offerings; service revenue was $0.7 million in Q2 2026.
• Other revenue — Minimal, at $0.1 million in Q2 2026.

Recent performance

In Q2 2026, revenue was $3.1 million, down 23% year-over-year from $4.1 million, reflecting lower product and service revenue. Gross margin was 49%. Operating expenses decreased 19% to $18.3 million, and net loss narrowed to $16.9 million from $19.4 million in the prior-year quarter. Cash, cash equivalents, and investments were approximately $209.5 million as of June 30, 2026. Full-year 2025 revenue was $16.6 million with a net loss of $73.6 million.

Strategy

Management is focused on expanding adoption of the Proteograph in academic and commercial settings, increasing instrument installed base and consumable utilization. They launched a new Proteograph Product Suite in May 2025 with improved assay (Proteograph ONE) and SP200 automation to address scalability and reproducibility. The company is building direct sales in the U.S. and distributor channels internationally, and offering STAC services to lower access barriers. They are also aggressively protecting intellectual property, as shown by an ITC investigation against Nanomics and European Patent Office proceedings.

Risks

• Funding headwinds — Academic and government funding constraints are pressuring revenue, as cited in Q2 2026 results.
• Commercial adoption — Sales cycles are elongating in some commercial accounts due to extended customer evaluations.
• Single-supplier components — Some reagents and components are sourced from single suppliers, though management says these are readily available elsewhere.
• Manufacturing concentration — Instrument manufacturing is outsourced to Hamilton Company under a non-exclusive agreement.

Outlook

Management reaffirmed full-year 2026 revenue guidance of $16 million to $18 million, implying approximately 3% growth at the midpoint over 2025. They expect continued headwinds from academic and government funding but are investing in commercial team expansion to convert scientific leadership into revenue. The company also continues share repurchases, having bought back about 200,000 shares as of June 30, 2026.