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.
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.
Revenue Mix and Expenses
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.
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.
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.
Buybacks and Commercial Efforts
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.
Scientific Validation and Population Studies
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.
Funding Environment and Intellectual Property
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.
About Seer (NASDAQ:SEER)
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 contact@marketbeat.com.
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