Seer, Inc. (SEER): Results of Operations and Financial Condition
Seer, Inc. (SEER) filed an SEC Form 8-K — Results of Operations and Financial Condition. Seer Reports Second Quarter 2026 Financial Results and Reaffirms Full Year 2026 Outlook REDWOOD CITY, Calif. – August 11, 2026 – Seer, Inc. (Nasdaq: SEER) (“Seer” or the “Company”), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced financial r
How this was made
The 30-second read
Why it matters
Traders can update models using the reported revenue, gross margin, operating expense trend, net loss, free cash flow, and cash/investment balance, and reassess risk around sales-cycle elongation and macro headwinds. The IP enforcement actions add a separate catalyst stream that may influence expectations for future competitive and licensing outcomes.
Market read
Fresh quarterly financials and reiterated FY revenue range are the primary drivers, with IP enforcement developments as secondary catalysts.
What to watch
The ITC investigation initiation and the European Patent Office decision are potentially meaningful IP catalysts that could improve competitive positioning even if near-term revenue is pressured.
Seer Reports Second Quarter 2026 Financial Results and Reaffirms Full Year 2026 Outlook
Revenue was $3.1 million, a 23% decrease from the corresponding prior-year period, amid macroeconomic headwinds in academic and government funding and longer sales cycles in some commercial accounts. Operating expenses declined 19% and the company reaffirmed full-year revenue guidance of $16 million to $18 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue (in thousands)GAAP | $ 3,102 | – | 23% decrease |
| Product revenue (in thousands)GAAP | $ 2,323 | – | – |
| Service revenue (in thousands)GAAP | 679 | – | – |
| Related party revenue (in thousands)GAAP | — | – | – |
| Other revenue (in thousands)GAAP | 100 | – | – |
| Total cost of revenue (in thousands)GAAP | $ 1,596 | – | – |
| Product cost of revenue (in thousands)GAAP | $ 1,011 | – | – |
| Service cost of revenue (in thousands)GAAP | 347 | – | – |
| Related party cost of revenue (in thousands)GAAP | — | – | – |
| Other cost of revenue (in thousands)GAAP | 238 | – | – |
| Gross profit (in thousands)GAAP | $ 1,506 | – | – |
| Gross marginGAAP | 49% | – | – |
| Research and development expense (in thousands)GAAP | $ 8,209 | – | – |
| Selling, general and administrative expense (in thousands)GAAP | 10,138 | – | – |
| Total operating expenses (in thousands)GAAP | $ 18,347 | – | 19% decrease |
| Stock-based compensationGAAP | $1.5 million | – | – |
| Loss from operations (in thousands)GAAP | $ (16,841) | – | – |
| Interest income (in thousands)GAAP | $ 2,052 | – | – |
| Loss on equity method investment (in thousands)GAAP | $ (2,088) | – | – |
| Other income (expense) (in thousands)GAAP | $ (13) | – | – |
| Total other income (expense) (in thousands)GAAP | $ (49) | – | – |
| Loss before provision for income taxes (in thousands)GAAP | $ (16,890) | – | – |
| Provision for income taxes (in thousands)GAAP | 9 | – | – |
| Net loss (in thousands)GAAP | $ (16,899) | – | – |
| Net loss per share attributable to Class A and Class B common stockholders, basic and dilutedGAAP | $ (0.31) | – | – |
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and dilutedGAAP | 55,164,080 | – | – |
| Comprehensive loss (in thousands)GAAP | $ (17,171) | – | – |
| Free cash flow for the six months ended June 30, 2026other | approximately negative $25.3 million | – | – |
| Net cash used in operating activities for the six months ended June 30, 2026GAAP | approximately $25.0 million | – | – |
| Net purchases of property and equipment for the six months ended June 30, 2026GAAP | approximately $265 thousand | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ProductSales of Proteograph instruments and consumable kits. Product and service revenue was lower 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. | $ 2,323 (in thousands) | – | – |
| ServiceProduct and service revenue was lower 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. | 679 (in thousands) | – | – |
| Related partyNo separate driver was reported. | — (in thousands) | – | – |
| OtherNo separate driver was reported. | 100 (in thousands) | – | – |
Full year 2026 outlook
- Revenue$16 million to $18 million
- Notegrowth of 3% at the midpoint over full year 2025
Capital returns
- Repurchased approximately 200,000 Class A common shares under the share repurchase program authorization as of June 30, 2026.
What drove it
- Revenue declined primarily due to lower product and service revenue resulting from continuing macroeconomic headwinds in academic and government funding.
- Sales cycles continued to elongate in some commercial accounts because of extended customer evaluations.
- Operating expenses decreased primarily due to lower employee compensation expenses, including stock-based compensation.
- The company strengthened its commercial team during the quarter.
- Korea University collaborators presented preliminary data at ASMS on AI-driven plasma proteomics for multi-cancer screening.
- Seer initiated enforcement of intellectual property rights against Nanomics Biotechnology Co., Ltd., and the U.S. International Trade Commission opened an investigation.
Concerns
- Total revenue decreased 23% from the corresponding prior-year period.
- The company reported a net loss of $16.9 million.
- Free cash flow for the six months ended June 30, 2026 was approximately negative $25.3 million.
- Continuing macroeconomic headwinds in academic and government funding and extended customer evaluations affected revenue.
- Loss on equity method investment was $ (2,088) (in thousands).
What to watch
- Progress converting scientific leadership and the strengthened commercial team into revenue.
- Academic and government funding conditions and the duration of commercial customer evaluations.
- Execution against full-year 2026 revenue guidance of $16 million to $18 million.
- Developments in the intellectual property enforcement action involving Nanomics Biotechnology Co., Ltd.
- Cash usage following approximately negative $25.3 million of free cash flow for the six months ended June 30, 2026.
Balance sheet and cash flow
- Cash, cash equivalents and investments were approximately $209.5 million as of June 30, 2026.
- Cash and cash equivalents were $ 26,075 (in thousands) as of June 30, 2026, compared to $ 47,285 (in thousands) as of December 31, 2025.
- Short-term investments were 126,778 (in thousands) as of June 30, 2026, compared to 138,612 (in thousands) as of December 31, 2025.
- Long-term investments were 56,631 (in thousands) as of June 30, 2026, compared to 54,686 (in thousands) as of December 31, 2025.
- Total liabilities were 30,958 (in thousands) as of June 30, 2026, compared to 36,776 (in thousands) as of December 31, 2025.
- Free cash flow for the six months ended June 30, 2026 was approximately negative $25.3 million.
Analysis
Seer reported $3.1 million of second-quarter 2026 revenue, a 23% decrease compared to $4.1 million in the corresponding prior-year period. The company attributed the decline to lower product and service revenue amid continuing macroeconomic headwinds in academic and government funding, as well as elongating sales cycles in some commercial accounts related to extended customer evaluations. Product revenue was $2.3 million, service revenue was $0.7 million, and other revenue was $0.1 million.
Profitability remained negative despite lower costs. Gross profit was $1.5 million and gross margin was 49%. Operating expenses were $18.3 million, including $1.5 million in stock-based compensation, and were down 19% from $22.6 million in the corresponding prior-year period. The company reported a net loss of $16.9 million, compared with $19.4 million in the corresponding prior-year period, while interest income was $2.1 million and loss on equity method investment was $2.1 million.
Capital allocation included the repurchase of approximately 200,000 Class A common shares under the authorization as of June 30, 2026. Cash, cash equivalents and investments totaled approximately $209.5 million at quarter end. 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, was approximately negative $25.3 million for the six months ended June 30, 2026.
Seer reaffirmed full-year 2026 revenue guidance of $16 million to $18 million, representing growth of 3% at the midpoint over full year 2025. The release did not provide prior-quarter operating results, so quarter-over-quarter changes cannot be assessed from the filing. Areas requiring attention are the pace of commercial conversion following the strengthened commercial team, persistence of academic and government funding pressure, extended customer evaluations, cash usage, and execution of the stated revenue outlook.
The company also highlighted customer and collaborator activity around AI-driven plasma proteomics and an independent Nature Genetics study using Proteograph. Management emphasized intellectual property actions against Nanomics Biotechnology Co., Ltd. and the European Patent Office conclusion concerning a patent exclusively licensed by Seer. These developments support the company’s technology and intellectual property positioning, but the reported quarter showed that scientific activity had not yet prevented lower product and service revenue.
Management, verbatim
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. 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.
Omid Farokhzad, Chair and Chief Executive Officer
Not in the filing
stated, not guessed- Previous quarterly outlook was not provided, so no comparison of actual results with prior guidance is available.
- Prior-quarter revenue, gross profit, gross margin, operating expenses, operating loss, net loss, EPS, and segment revenue were not reported.
- Non-GAAP revenue, gross profit, gross margin, operating income, net income, and EPS were not reported.
- Quarterly operating cash flow and quarterly free cash flow were not reported.
- Debt was not reported.
- Dividend information was not reported.
- Full-year 2026 gross margin, operating expense, tax-rate, EPS, cash-flow, and capital-return guidance were not reported.
- Prior-year gross margin and percentage changes for individual revenue categories, gross profit, operating loss, net loss, EPS, and cash flow were not reported.
- CFO commentary was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Seer’s SEC Form 8-K (Item 2.02) with Q2 2026 results, cash position, and reaffirmed full-year 2026 revenue guidance, plus IP enforcement updates.
Ticker impact
Seer reported Q2 2026 revenue of $3.1M (down 23% YoY) and reaffirmed full-year 2026 revenue guidance of $16M to $18M.
Likely near-term downside bias if investors focus on YoY revenue decline and negative free cash flow, partially offset by cash balance and guidance reaffirmation.
The filing includes concrete datapoints: revenue decline, net loss, free cash flow of about negative $25.3M for six months, and cash/investments of about $209.5M, plus an unchanged FY revenue range.
Market effects
Reinforces ongoing funding and sales-cycle pressure in academic and government proteomics spending, a read-through for similar research-instrument vendors.
Limited, primarily US-listed biotech and life-science tools sentiment.
Moderate, given the ITC investigation and European patent office outcome, which can affect cross-border IP enforcement expectations.
Counterpoint
Investors may look past the YoY revenue decline to the reaffirmed FY range and sizable cash balance, treating the quarter as a temporary macro-driven trough.
Key entities
- companySeer, Inc.
Nasdaq-listed proteomics instrumentation and analytics company reporting Q2 2026 results and reaffirming FY 2026 revenue guidance.
- regulatorU.S. International Trade Commission
Opened an investigation into Nanomics’ importation of products believed to infringe Seer’s patents.
- regulatorEuropean Patent Office
Concluded that a Brigham and Women’s Hospital patent exclusively licensed by Seer will be maintained.
- companyNanomics Biotechnology Co., Ltd.
Named as the respondent in Seer’s initiated IP enforcement action before the ITC.
