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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number 001-39747

SEER, INC.

(Exact name of Registrant as specified in its charter)


Delaware		82-1153150
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

3800 Bridge Parkway, Suite 102

Redwood City, California 94065

650-453-0000

(Address, including zip code and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to section 12(b) of the Act:

Copies to:


Title of each class	Trading Symbol(s)	Name of Exchange on which registered
Common Stock, par value $0.00001	SEER	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

		Smaller reporting company	☒

Non-accelerated filer	☒	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, the registrant had 51,761,273 shares of Class A common stock, $0.00001 par value per share, and 4,026,571 of Class B common stock, $0.00001 par value per share, outstanding.

Table of Contents

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	3
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II.	OTHER INFORMATION	29
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities	86
Item 3.	Defaults Upon Senior Securities	86
Item 4.	Mine Safety Disclosure	86
Item 5.	Other Information	86
Item 6.	Exhibits	87
	Signatures

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (Quarterly Report) contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, commercial activities and costs, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond our control and may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:

•

estimates of our addressable market, market growth, key performance indicators, capital requirements and our needs for additional financing;

•

our expectations regarding our financial performance, including among others, revenue, cost of revenue, gross profit, operating expenses, loss from operations and net losses;

•

our ability to successfully execute our commercial strategy and attract customers, including our plans for international expansion;

•

the implementation of our business model, strategic plans and pricing for the Proteograph™ Product Suite;

•

our expectations regarding the rate and degree of market acceptance of the Proteograph Product Suite;

•

the impact of the Proteograph Product Suite on the field of proteomics and the size and growth of the addressable proteomics market;

•

competitive companies and technologies and our industry;

•

our ability to manage and grow our business;

•

our ability to develop and commercialize new products;

•

our ability to establish and maintain intellectual property protection for our products or avoid or defend claims of infringement;

•

the performance of third-party manufacturers and suppliers;

•

the potential effects of government regulation and legislation;

•

our ability to hire and retain key personnel and to manage our future growth effectively;

•

the volatility of the trading price of our Class A common stock;

•

the benefits and risks of our investment in PrognomiQ, Inc.;

•

the impact of local, regional, and national and international economic conditions and events;

Table of Contents

•

the impact of macroeconomic factors, such as tariffs and trade relations, pandemics, inflation, supply chain interruptions and foreign hostilities, on our business; and

•

our expectations about market trends.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this Quarterly Report, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

SEER, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)


	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	44,973		$	40,753
Short-term investments		154,262			195,657
Accounts receivable, net		3,502			3,997
Related party receivables		300			379
Other receivables		1,355			1,853
Inventory		8,126			7,436
Prepaid expenses and other current assets		1,845			3,248
Total current assets		214,363			253,323
Long-term investments		51,950			63,103
Operating lease right-of-use assets		21,077			22,791
Property and equipment, net		15,474			18,575
Restricted cash		524			524
Other assets		5,220			8,281
Total assets	$	308,608		$	366,597
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,261		$	4,621
Accrued expenses		7,770			7,937
Deferred revenue		486			408
Operating lease liabilities, current		2,507			2,312
Other current liabilities		18			50
Total current liabilities		15,042			15,328
Operating lease liabilities, net of current portion		21,742			23,652
Other noncurrent liabilities		10			48
Total liabilities		36,794			39,028
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2025 and December 31, 2024; zero shares issued and outstanding as of September 30, 2025 and December 31, 2024		—			—
Class A common stock, $0.00001 par value; 94,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 51,759,773 and 55,083,123 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		1			1
Class B common stock, $0.00001 par value; 6,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 4,026,571 and 4,044,969 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		—			—
Additional paid-in capital		721,360			719,804
Accumulated other comprehensive gain		431			136
Accumulated deficit		(449,978	)		(392,372	)
Total stockholders’ equity		271,814			327,569
Total liabilities and stockholders’ equity	$	308,608		$	366,597

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SEER, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue:
Product	$	2,756		$	2,915		$	8,372		$	6,344
Service		913			661			2,913			1,751
Related party		300			366			761			1,903
Other		152			90			331			172
Total revenue		4,121			4,032			12,377			10,170
Cost of revenue:
Product		1,327			1,510			3,868			3,202
Service		335			268			1,261			899
Related party		85			183			224			651
Other		264			133			742			388
Total cost of revenue		2,011			2,094			6,095			5,140
Gross profit		2,110			1,938			6,282			5,030
Operating expenses:
Research and development		10,797			12,967			34,132			37,966
Selling, general and administrative		10,659			13,296			32,757			43,677
Total operating expenses		21,456			26,263			66,889			81,643
Loss from operations		(19,346	)		(24,325	)		(60,607	)		(76,613	)
Other income (expense):
Interest income		2,765			4,082			8,974			13,101
Loss on equity method investment		(1,419	)		(861	)		(4,835	)		(861	)
Other expense		(210	)		(224	)		(965	)		(484	)
Total other income		1,136			2,997			3,174			11,756
Loss before provision for income taxes		(18,210	)		(21,328	)		(57,433	)		(64,857	)
Provision for income taxes		24			—			173			—
Net loss	$	(18,234	)	$	(21,328	)	$	(57,606	)	$	(64,857	)
Other comprehensive loss:
Unrealized gain on available-for-sale securities		124			1,415			295			981
Comprehensive loss	$	(18,110	)	$	(19,913	)	$	(57,311	)	$	(63,876	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.32	)	$	(0.35	)	$	(0.99	)	$	(1.02	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		56,312,290			61,186,324			57,928,898			63,441,333

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SEER, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in thousands, except share amounts)


	Class A and Class B Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive
	Shares			Amount		Capital			Deficit			Gain		Total
Balance at December 31, 2024		59,128,092		$	1	$	719,804		$	(392,372	)	$	136	$	327,569
Issuance of Class A common stock from release of restricted stock units, net of shares settled for tax withholding		653,943			—		(827	)		—			—		(827	)
Repurchases of Class A common stock under share repurchase program		(352,000	)		—		(675	)		—			—		(675	)
Stock-based compensation		—			—		4,718			—			—		4,718
Other comprehensive gain		—			—		—			—			169		169
Net loss		—			—		—			(19,948	)		—		(19,948	)
Balance at March 31, 2025		59,430,035			1		723,020			(412,320	)		305		311,006
Issuance of Class A common stock from exercise of options and release of restricted stock units		653,506			—		23			—			—		23
Repurchases of Class A common stock under share repurchase program		(3,874,486	)		—		(7,453	)		—			—		(7,453	)
Issuance of Class A common stock in connection with employee stock purchase plan		119,484			—		211			—			—		211
Stock-based compensation		—			—		3,927			—			—		3,927
Other comprehensive gain		—			—		—			—			2		2
Net loss		—			—		—			(19,424	)		—		(19,424	)
Balance at June 30, 2025		56,328,539			1		719,728			(431,744	)		307		288,292
Issuance of Class A common stock from exercise of options and release of restricted stock units		464,205			—		23			—			—		23
Repurchases of Class A common stock under share repurchase program		(1,006,400	)		—		(2,013	)		—			—		(2,013	)
Stock-based compensation		—			—		3,622			—			—		3,622
Other comprehensive gain		—			—		—			—			124		124
Net loss		—			—		—			(18,234	)		—		(18,234	)
Balance at September 30, 2025		55,786,344		$	1	$	721,360		$	(449,978	)	$	431	$	271,814

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SEER, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in thousands, except share amounts)


	Class A and Class B Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive
	Shares			Amount		Capital			Deficit			Gain (Loss)			Total
Balance at December 31, 2023		64,298,676		$	1	$	702,868		$	(305,773	)	$	(192	)	$	396,904
Issuance of Class A common stock from release of restricted stock units		638,004			—		—			—			—			—
Vesting of early exercised stock options and restricted common stock		—			—		4			—			—			4
Stock-based compensation		—			—		7,655			—			—			7,655
Other comprehensive loss		—			—		—			—			(329	)		(329	)
Net loss		—			—		—			(20,679	)		—			(20,679	)
Balance at March 31, 2024		64,936,680			1		710,527			(326,452	)		(521	)		383,555
Issuance of Class A common stock from release of restricted stock units		200,944			—		—			—			—			—
Issuance of Class A common stock in connection with employee stock purchase plan		117,399			—		147			—			—			147
Repurchases of Class A common stock under share repurchase program		(2,029,429	)		—		(3,747	)		—			—			(3,747	)
Stock-based compensation		—			—		7,699			—			—			7,699
Other comprehensive loss		—			—		—			—			(105	)		(105	)
Net loss		—			—		—			(22,850	)		—			(22,850	)
Balance at June 30, 2024		63,225,594			1		714,626			(349,302	)		(626	)		364,699
Issuance of Class A common stock from exercise of options and release of restricted stock units		69,439			—		—			—			—			—
Repurchases of Class A common stock under share repurchase program		(3,710,180	)		—		(6,637	)		—			—			(6,637	)
Stock-based compensation		—			—		6,578			—			—			6,578
Other comprehensive gain		—			—		—			—			1,415			1,415
Net loss		—			—		—			(21,328	)		—			(21,328	)
Balance at September 30, 2024		59,584,853		$	1	$	714,567		$	(370,630	)	$	789		$	344,727

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SEER, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine Months Ended September 30,
	2025			2024
OPERATING ACTIVITIES
Net loss	$	(57,606	)	$	(64,857	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		12,128			21,768
Depreciation and amortization		4,597			4,568
Loss on disposal of property and equipment		986			270
Net amortization of premium on available-for-sale securities		1,466			2,559
Provision for inventory excess and obsolescence		87			127
Non-cash operating lease expense		(1	)		72
Loss on equity method investment		4,835			861
Changes in operating assets and liabilities:
Accounts receivable, net		1,072			266
Prepaid expenses and other assets		1,575			226
Inventory		(2,424	)		(1,977	)
Accounts payable		(200	)		(327	)
Deferred revenue		78			148
Accrued liabilities and other liabilities		(234	)		1,644
Net cash used in operating activities		(33,641	)		(34,652	)
INVESTING ACTIVITIES
Purchases of property and equipment		(1,505	)		(4,120	)
Proceeds from disposal of property and equipment		646			—
Purchases of available-for-sale securities		(145,805	)		(209,214	)
Proceeds from maturities of available-for-sale securities		197,181			273,346
Purchase of equity security		(1,945	)		(10,000	)
Net cash provided by investing activities		48,572			50,012
FINANCING ACTIVITIES
Proceeds from exercise of Class A common stock options	46				—
Repurchases of Class A common stock under share repurchase program		(10,141	)		(10,384	)
Taxes paid related to net settlement of restricted stock units		(827	)		—
Proceeds from issuance of Class A common stock in connection with employee stock purchase plan		211			147
Net cash used in financing activities		(10,711	)		(10,237	)
Net increase in cash, cash equivalents and restricted cash		4,220			5,123
Cash, cash equivalents and restricted cash, beginning of period		41,277			33,023
Cash, cash equivalents and restricted cash, end of period	$	45,497		$	38,146

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Capitalized stock-based compensation related to internal-use software development	$	139		$	164
Property and equipment purchases included in accounts payable and accrued expenses	$	85		$	47
Inventory transferred to property and equipment	$	1,647		$	—
Property and equipment transferred to inventory	$	—		$	594

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease.

Liquidity

The Company has incurred significant losses and has had negative cash flows from operations since inception. As of September 30, 2025, the Company had cash and cash equivalents and investments of $251.2 million and an accumulated deficit of $450.0 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents and investments as of September 30, 2025 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of the accompanying unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 3, 2025. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods.

The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.

For the three months ended September 30, 2025, the Company recognized revenue from two customers, that accounted for 15% and 10% of the Company's total revenue. For the nine months ended September 30, 2025, no single customer accounted for 10% or more of the Company's total revenue. For the three and nine months ended September 30, 2024, the Company recognized revenue from a related party that accounted for 14% and 20%, respectively, of the Company’s total revenue.

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three and nine months ended September 30, 2025, 48% and 39%, respectively, of the Company's total revenue, was generated outside of the United States, primarily from countries in Asia and Europe. For the three and nine months ended September 30, 2024, 29% and 32%, respectively, of the Company's total revenue, was generated outside of the United States, primarily from countries in Asia and Europe.

As of September 30, 2025, there were two customers, which represented 16% and 11% of the Company's total accounts receivable balance. As of December 31, 2024, no single customer accounted for 10% or more of the total accounts receivable balance, including related party receivables.

Significant Accounting Policies

There have been no material changes to the significant accounting policies as of and for the three and nine months ended September 30, 2025, as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation and immediate deduction of domestic research and development costs, among other tax changes. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. The Company evaluated the potential impact of the OBBBA legislation on its financial position, results of operations and cash flows. However, due to the Company’s valuation allowance position on its deferred tax assets, the OBBBA did not have a material impact on the Company’s effective tax rate or cash flow in the current fiscal year.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds, U.S. Treasury securities, commercial paper, and corporate debt securities and are stated at fair value.

Restricted cash represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the total amount presented in the unaudited condensed consolidated statements of cash flows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	44,973	$	37,622
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	45,497	$	38,146

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation and amortization expense for each caption on the income statement where such expenses are included. The update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The update is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, on a prospective basis, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	39,847	$	—	$	—	$	39,847
Commercial paper		—		2,992		—		2,992
Total cash equivalents		39,847		2,992		—		42,839
Investments:
U.S. Treasury securities		—		88,030		—		88,030
Commercial paper		—		17,139		—		17,139
Corporate debt securities		—		101,043		—		101,043
Total investments		—		206,212		—		206,212
Total assets measured at fair value	$	39,847	$	209,204	$	—	$	249,051

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—	$	36,097
Commercial paper		—		4,191		—		4,191
Total cash equivalents		36,097		4,191		—		40,288
Investments:
U.S. Treasury securities		—		150,116		—		150,116
Commercial paper		—		12,239		—		12,239
Corporate debt securities		—		96,405		—		96,405
Total investments		—		258,760		—		258,760
Total assets measured at fair value	$	36,097	$	262,951	$	—	$	299,048

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	September 30, 2025
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	39,847	$	—	$	—		$	39,847
Commercial paper		2,992		—		—			2,992
Total cash equivalents		42,839		—		—			42,839
Investments:
U.S. Treasury securities		87,809		222		(1	)		88,030
Commercial paper		17,123		16		—			17,139
Corporate debt securities		100,849		203		(9	)		101,043
Total investments		205,781		441		(10	)		206,212
Total assets measured at fair value	$	248,620	$	441	$	(10	)	$	249,051

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements


	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—		$	36,097
Commercial paper		4,191		—		—			4,191
Total cash equivalents		40,288		—		—			40,288
Investments:
U.S. Treasury securities		150,095		121		(100	)		150,116
Commercial paper		12,227		12		—			12,239
Corporate debt securities		96,302		209		(106	)		96,405
Total investments		258,624		342		(206	)		258,760
Total assets measured at fair value	$	298,912	$	342	$	(206	)	$	299,048

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. As of September 30, 2025, the Company does not have investments that have been in a continuous unrealized loss position for twelve months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or until the recovery of the amortized cost basis of the investment. To date, the Company has not recorded any credit loss charges on marketable securities related to other-than-temporary declines in market value. As of September 30, 2025, $52.0 million of available-for-sale investments had remaining maturities primarily between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of September 30, 2025 and December 31, 2024, the Company recorded $1.4 million and $1.9 million, respectively, of accrued interest related to its available-for-sale investments and is presented as other receivables on the unaudited condensed consolidated balance sheets.

OTHER FINANCIAL STATEMENT INFORMATION

Inventory

Inventory consists of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	3,305	$	3,164
Work-in-progress		80		76
Finished goods		4,741		4,196
Total inventory	$	8,126	$	7,436

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	September 30, 2025			December 31, 2024
Laboratory equipment	$	26,494		$	28,723
Computer equipment and software		3,128			1,984
Furniture and fixtures		681			681
Leasehold improvements		3,626			3,577
Construction-in-progress		84			424
Property and equipment		34,013			35,389
Less: accumulated depreciation and amortization		(18,539	)		(16,814	)
Total property and equipment, net	$	15,474		$	18,575

For the three and nine months ended September 30, 2025, the Company recognized depreciation and amortization expense of $1.5 million and $4.6 million, respectively. For the three and nine months ended September 30, 2024, the Company recognized depreciation and amortization expense of $1.6 million and $4.6 million, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation	$	6,041	$	5,972
Accrued professional services		604		320
Accrued taxes		213		471
Other		912		1,174
Total accrued expenses	$	7,770	$	7,937

REVENUE AND DEFERRED REVENUE

Product revenue consists of instruments with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 10. Other revenue consists of shipping revenue and lease arrangements.

Deferred revenue activities consist of the following (in thousands):


	Nine Months Ended September 30,
	2025			2024
Deferred revenue, current and noncurrent, as of the beginning of period	$	456		$	270
Additions		637			523
Revenue recognized		(597	)		(380	)
Deferred revenue, current and noncurrent, as of the end of period	$	496		$	413

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

The transaction price allocated to remaining performance obligations relates to amounts allocated to products, services and lease arrangements for which revenue has not yet been recognized. A significant portion of these performance obligations relate to service obligations that will be satisfied and recognized as revenue in future periods. As of September 30, 2025, the Company had $0.5 million of remaining performance obligations, of which 85% is expected to be recognized within twelve months.

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of September 30, 2025, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. The Class B common stock is set to automatically convert into Class A common stock on December 9, 2025. On October 10, 2025, the Company filed a preliminary proxy statement with the SEC to seek stockholder approval of a proposed amendment to the Company's certificate of incorporation that would extend the automatic conversion date of the Class B common stock to December 9, 2030. On November 5, 2025, the Company determined to not pursue this action further and allow the Class B common stock to automatically convert into Class A common stock pursuant to the Company’s current certificate of incorporation, due to being informed by Nasdaq of its position, in a departure from recent precedent and related guidance, that the proposed amendment would violate Nasdaq’s listing standards. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

Share Repurchase Program

The following table summarizes the Company's share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Number of shares repurchased		1,006,400		3,710,180		5,232,886		5,739,609
Total cost (1)	$	2,013	$	6,637	$	10,141	$	10,385
Average per share cost (2)	$	1.99	$	1.78	$	1.93	$	1.80

(1)

Includes broker commissions and excludes excise tax.

(2)

Average price paid per share is calculated on a settlement basis and excludes broker commissions and excise tax.

As of September 30, 2025, the Company has a total of $3.1 million, excluding broker commissions and excise tax, available under the current authorization for additional share repurchases.

EQUITY INCENTIVE PLANS

As of September 30, 2025, there are 17,785,881 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, 3,183,434 shares of which are available for issuance in connection with grants of future awards.

Stock Options

Stock option activity for the nine months ended September 30, 2025 is as follows:


	Options Outstanding			Weighted-Average Exercise Price
Balance at December 31, 2024		13,198,232		$	2.86
Options granted		937,366			2.18
Options exercised		(22,717	)		2.03
Options forfeited		(578,011	)		6.67
Balance at September 30, 2025		13,534,870		$	2.74
Vested and exercisable, September 30, 2025		8,272,121		$	3.18

Restricted Stock Units

Restricted stock unit activity for the nine months ended September 30, 2025 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2024		4,450,441		$	4.26
Granted		1,298,983			2.29
Vested		(2,108,601	)		5.41
Forfeited		(369,484	)		2.89
Balance at September 30, 2025		3,271,339		$	2.89

In connection with the vesting of restricted stock units, the Company withheld shares of Class A common stock to satisfy tax withholding and remittance obligations. As of September 30, 2025, the Company withheld 359,664 shares of Class A common stock, which were retired, for $0.8 million.

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SEER, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

Employee Stock Purchase Plan

A total of 2,138,712 shares of Class A common stock are reserved for issuance under the employee stock purchase plan (ESPP) as of September 30, 2025. During the nine months ended September 30, 2025, 119,484 shares of Class A common stock were issued under the ESPP.

Stock-Based Compensation

The following table summarizes the components of stock-based compensation recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	116	$	402	$	374	$	1,189
Research and development		1,360		2,127		4,809		6,381
Selling, general and administrative		2,117		3,994		6,945		14,198
Total stock-based compensation	$	3,593	$	6,523	$	12,128	$	21,768

LEASES

As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of September 30, 2025 and December 31, 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease.

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease costs	$	959	$	1,025	$	2,877	$	3,101
Variable lease costs		229		298		693		761
Short-term lease costs		26		14		122		26
Total lease costs	$	1,214

Seer, Inc. 10-Q