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• Illumina for proteins
• 10x Genomics for proteomics

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• Proteograph SP100 Instrument: An automated liquid handler designed for high-throughput preparation of samples for deep, unbiased proteomic analysis using mass spectrometry.
• Proteograph Assay Kits: Proprietary consumable kits containing nanoparticles and reagents used with the SP100 instrument for unbiased protein enrichment from various biological samples.
• Proteograph Analysis Software: Software for controlling the SP100 instrument, managing data acquisition, and analyzing complex proteomic datasets generated by the system.

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Seer (SEER) Major Customers

• Biopharmaceutical companies
• Academic institutions and universities
• Contract Research Organizations (CROs)
• Government laboratories
• Other research institutions

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Omid Farokhzad, Chair & Chief Executive Officer

Omid Farokhzad founded Seer in 2017 and also serves as its Chief Executive Officer and Chair. He previously founded BIND Therapeutics (acquired by Pfizer), Selecta Biosciences (NASDAQ: SELB), Tarveda Therapeutics, and PrognomiQ, a spin-off from Seer, where he is also the Chair of the Board. Prior to his entrepreneurial ventures, he was a Professor at Harvard Medical School and directed the Center for Nanomedicine at Brigham and Women's Hospital. Dr. Farokhzad is an inventor on over 250 issued and pending patents.

David R. Horn, President & Chief Financial Officer

David R. Horn joined Seer as Chief Financial Officer after more than 20 years at Morgan Stanley, where he was a Managing Director in the firm's Global Healthcare Group. At Morgan Stanley, he was responsible for the global Life Science Tools and Diagnostics practice. Earlier in his career, Mr. Horn served as Vice President of Business Development in the medical device and life science sectors at RITA Medical Systems and Chemdex Corporation.

Serafim Batzoglou, Chief Data Officer

Before joining Seer, Serafim Batzoglou was the Chief Data Officer at Insitro and served as VP of Applied and Computational Biology at Illumina. He co-founded DNAnexus Inc. in 2009 and spent 15 years as a Professor of Computer Science and Biomedical Data Sciences at Stanford University.

Marissa Dixon, Chief People Officer

Marissa Dixon brings over 20 years of human resources leadership experience in the biotech industry to Seer. Prior to Seer, she was Vice President of Human Resources at CareDx, where she contributed to significant business and employee growth. Her experience also includes various HR roles at companies such as Metabiota and DuPont Industrial Biosciences.

Kenny Ross, Chief Operations & Product Officer

Before joining Seer, Kenny Ross was the Vice President, Factory of the Future at Illumina. In that role, his responsibilities included Global Manufacturing Strategy, Operational Excellence, Automation, Operations Technology, Data Analytics, and Process Development and Transfer for Consumables New Product Introduction.

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The key risks to Seer's (NASDAQ: SEER) business are:

1. Financial Instability and Market Adoption Challenges: Seer, an early-stage life sciences technology company, has a history of persistent net losses and is projected to continue experiencing them. Its limited operating history makes it difficult to evaluate future performance, and the company maintains a high cash burn rate, with current reserves potentially offering only 3-4 years of operational runway. A significant risk factor is the market acceptance and adoption of its core product, the Proteograph Product Suite, which has experienced slower-than-expected adoption rates and declining revenue. The technology is also considered unproven with no clear competitive advantages in a market with established players.
2. Intense Competition and Substitution Risks: Seer operates in a highly competitive proteomics market, facing off against well-established companies such as Thermo Fisher, as well as emerging firms. The company also contends with high substitution risks from traditional mass spectrometry and other emerging sequencing technologies that offer alternative solutions.
3. Regulatory Compliance Challenges: The company has recently encountered regulatory compliance issues, specifically a challenge with Nasdaq's listing rules. This was due to a board resignation that left its Audit Committee with fewer than the required three members and without a member possessing the necessary financial experience.

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The acquisition of Olink Proteomics by Thermo Fisher Scientific represents a clear emerging threat. This strategic move provides Olink's established proteomics platform with the substantial resources, global distribution network, and vast customer relationships of Thermo Fisher, a dominant player in the life sciences tools market. This significantly strengthens a key competitor to Seer, potentially accelerating Olink's expansion into new capabilities or market segments, and increasing competitive pressure on Seer's Proteograph product suite for deep, unbiased proteomic analysis.

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Seer (NASDAQ: SEER) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Increased Sales of Proteograph Instruments and Consumable Kits: A primary driver of revenue growth is expected to come from the continued sales of Seer's Proteograph instruments and the associated consumable kits. The company reported a 32% year-over-year increase in revenue in Q2 2025, largely attributed to higher product and service sales. In the first nine months of 2025, Seer shipped nearly three times as many instruments as in all of 2024, significantly expanding its installed base.
2. Growth from Recently Launched Products, particularly the Proteograph One (SP200 Automation Instrument): The launch and adoption of new products, such as the Proteograph One workflow and SP200 automation instrument, are significant catalysts. These innovations are designed to enhance proteomics capabilities, doubling throughput and improving precision, which is expected to drive further instrument shipments and revenue growth.
3. Expansion of Strategic Partnerships, notably with Thermo Fisher Scientific: Seer's expanded partnership with Thermo Fisher Scientific is poised to contribute to future revenue. The company expects revenue from this collaboration to increase, particularly in the latter half of 2025 and beyond, with the first joint sale from this co-marketing agreement already occurring in Q3 2025.
4. Conversion of Seer Technology Access Center (STAC) Projects to Instrument Sales: The Seer Technology Access Center (STAC) serves as a crucial pathway for customer acquisition. Over two-thirds of instrument shipments in Q3 2025 were to customers who had previously utilized STAC services, indicating a successful strategy of converting service users into instrument purchasers. This conversion model is expected to continue contributing to revenue growth.
5. External Validation of Technology and Expansion of User Base through Large Cohort Studies: Seer's strategy emphasizes the external validation of its technology and driving larger cohort studies. A record number of third-party publications validating the Proteograph platform's performance has generated increased interest and adoption, which is vital for expanding the company's user base and ultimately its revenue.

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Share Repurchases

• Seer authorized a $25 million share repurchase program on May 8, 2024.
• As of the third quarter of 2025, Seer had repurchased $10.1 million of shares year-to-date, with $3.1 million remaining under the authorized program.
• In the full year 2024, approximately 6.5 million shares of Class A common stock were repurchased at an average cost of $1.82 per share, amounting to roughly $11.83 million and reducing shares outstanding by about 10%.

Share Issuance

• On February 1, 2021, Seer completed an underwritten public offering, selling 1,650,000 shares of Class A common stock at $67.00 per share, generating approximately $110.55 million in gross proceeds for the company.
• Immediately following its initial public offering, Fidelity Management & Research Company LLC, SoftBank, T. Rowe Price Associates, Inc., and aMoon Fund collectively purchased $135.0 million of Class A common stock in a private placement at the IPO price.
• Class B common stock is scheduled to automatically convert into Class A common stock on December 9, 2025.

Inbound Investments

• Immediately subsequent to its initial public offering, a private placement of $135.0 million of Class A common stock was made to Fidelity Management & Research Company LLC, SoftBank, T. Rowe Price Associates, Inc., and aMoon Fund.

Outbound Investments

• Seer invested in PrognomiQ, holding approximately 15% of its outstanding capital stock as of December 31, 2022. This followed two equity financings of PrognomiQ totaling $102 million.
• The investment in PrognomiQ aimed to foster the growth of ecosystems leveraging proteomic information, allowing Seer to concentrate on its core strategy as a provider of proteomics solutions.

Capital Expenditures

• Property and equipment purchases included in accounts payable and accrued expenses amounted to approximately $455,000 in 2021.
• In 2022, property and equipment purchases included in accounts payable and accrued expenses totaled approximately $354,000.
• Seer's future funding requirements include financing capital expenditures.