Seer, Inc.
SEERHealthcare|Biotechnology|US
$1.63
+0.00 (+0.00%)
Tangible Book / Share
$4.09
Cash / Share
$2.77
Financials
Financial Snapshot
Market Cap
$90.3M
Enterprise Value
$86.6M
Revenue (TTM)
$13.8M
Net Income (TTM)
-$68.0M
Cash & Investments
$152.9M
Net Cash
$130.5M
Free Cash Flow (TTM)
-$44.2M
Operating CF (TTM)
-$43.4M
Debt/Equity
0.10
Cash Runway & Burn Rate
Cash on Hand
$152.9M
Quarterly Burn
$10.8M
Monthly Burn
$3.6M
Est. Runway
~14.1 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $31.0M | $86.0M | $431.9M | $400.1M | $421.2M | $316.2M | $236.4M | $185.9M | $152.9M | |
| Operating Cash Flow | -$4.7M | -$13.1M | -$20.8M | -$46.3M | -$60.8M | -$59.1M | -$46.1M | -$44.4M | -$43.4M | |
| Free Cash Flow | -$4.8M | -$17.2M | -$25.4M | -$53.3M | -$71.0M | -$66.4M | -$49.7M | -$46.2M | -$44.2M | |
| Capital Expenditure | -$168.0K | -$4.1M | -$4.5M | -$6.9M | -$10.3M | -$7.3M | -$3.6M | -$1.8M | -$854.0K | |
| Financing Cash Flow | $29.9M | $72.3M | $371.5M | $116.6M | $3.9M | $452.0K | -$11.5M | -$10.6M | -$4.7M |
R&D Spending
R&D (TTM)
$37.6M
R&D Intensity
271.1%
R&D Growth vs Prior
-14.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $116.0K | $656.0K | $6.4M | $14.7M | $15.2M | $13.9M | $16.1M | $13.8M | |
| R&D Expense | $3.7M | $11.7M | $17.3M | $29.1M | $45.8M | $47.4M | $50.6M | $43.9M | $37.6M | |
| R&D % of Revenue | — | 10079.3% | 2642.7% | 455.4% | 311.9% | 312.5% | 362.7% | 272.2% | 271.1% | |
| SG&A | $3.0M | $4.6M | $15.4M | $42.2M | $52.6M | $59.0M | $56.6M | $42.6M | $40.1M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $116.0K | $656.0K | $6.4M | $14.7M | $15.2M | $13.9M | $16.1M | $13.8M | |
| Cost of Revenue | $100.0K | $701.0K | $1.6M | $6.8M | $14.3M | $13.7M | $7.1M | $8.1M | $7.4M | |
| Gross Profit | -$100.0K | -$585.0K | -$950.0K | -$374.0K | $384.0K | $1.4M | $6.8M | $8.0M | $6.4M | |
| R&D | $3.7M | $11.7M | $17.3M | $29.1M | $45.8M | $47.4M | $50.6M | $43.9M | $37.6M | |
| SG&A | $3.0M | $4.6M | $15.4M | $42.2M | $52.6M | $59.0M | $56.6M | $42.6M | $40.1M | |
| Operating Income | -$6.8M | -$16.9M | -$33.6M | -$71.7M | -$98.0M | -$104.9M | -$100.1M | -$78.0M | -$70.8M | |
| Interest Expense | $0.00 | $5.0K | $0.00 | $22.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$6.3M | -$16.0M | -$32.8M | -$71.2M | -$93.0M | -$86.3M | -$86.5M | -$73.4M | -$67.9M | |
| Net Income | -$6.3M | -$16.0M | -$32.8M | -$71.2M | -$93.0M | -$86.3M | -$86.6M | -$73.6M | -$68.0M | |
| EPS (Diluted) | -0.29 | -0.26 | -0.51 | -1.13 | -1.42 | -1.35 | -1.39 | -1.28 | -1.22 | |
| EBITDA | -$6.3M | -$15.3M | -$31.2M | -$68.6M | -$89.0M | -$80.7M | -$80.3M | -$71.9M | -$62.7M | |
| Shares Out. (M) | 21.45 | 60.91 | 60.91 | 60.86 | 62.43 | 63.85 | 62.35 | 57.45 | 55.16 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.0M | $17.5M | $333.6M | $232.8M | $53.2M | $32.5M | $40.8M | $47.3M | $26.1M | |
| Short-Term Investments | $0.00 | $68.5M | $98.3M | $167.3M | $368.0M | $283.7M | $195.7M | $138.6M | $126.8M | |
| Total Current Assets | $31.2M | $86.8M | $433.1M | $411.7M | $435.0M | $330.5M | $253.3M | $201.5M | $166.1M | |
| Total Assets | $33.7M | $93.2M | $442.3M | $539.1M | $487.9M | $436.3M | $366.6M | $296.1M | $256.6M | |
| Total Current Liabilities | $3.7M | $3.8M | $8.1M | $13.4M | $12.6M | $13.2M | $15.3M | $15.7M | $11.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $21.1M | $0.00 | |
| Total Liabilities | $3.7M | $5.6M | $10.7M | $36.2M | $40.9M | $39.4M | $39.0M | $36.8M | $31.0M | |
| Stockholders' Equity | $30.0M | $87.7M | $431.6M | $502.9M | $447.0M | $396.9M | $327.6M | $259.3M | $225.7M | |
| Retained Earnings | -$6.5M | -$22.6M | -$55.4M | -$126.5M | -$219.5M | -$305.8M | -$392.4M | -$466.0M | -$499.7M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.7M | -$13.1M | -$20.8M | -$46.3M | -$60.8M | -$59.1M | -$46.1M | -$44.4M | -$43.4M | |
| Capital Expenditure | -$168.0K | -$4.1M | -$4.5M | -$6.9M | -$10.3M | -$7.3M | -$3.6M | -$1.8M | -$854.0K | |
| Free Cash Flow | -$4.8M | -$17.2M | -$25.4M | -$53.3M | -$71.0M | -$66.4M | -$49.7M | -$46.2M | -$44.2M | |
| Investing Cash Flow | -$168.0K | -$72.4M | -$34.6M | -$170.9M | -$122.7M | $37.9M | $65.9M | $61.5M | $36.2M | |
| Financing Cash Flow | $29.9M | $72.3M | $371.5M | $116.6M | $3.9M | $452.0K | -$11.5M | -$10.6M | -$4.7M | |
| Issuance of Stock | $51.0K | $0.00 | $315.3M | $103.0M | $0.00 | $0.00 | $0.00 | $458.0K | $354.0K | |
| Repurchase of Stock | $0.00 | -$6.0K | -$13.0K | -$35.0K | -$20.0K | -$13.0K | -$11.8M | -$10.2M | -$5.0M | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $672.0K | $1.6M | $7.3M | $25.9M | $33.7M | $34.4M | $28.2M | $15.4M | $10.6M | |
| Net Change in Cash | $25.1M | -$13.1M | $316.1M | -$100.6M | -$179.6M | -$20.7M | $8.3M | $6.5M | -$11.9M |
Dilution Tracker
Shares Outstanding
55M
5-Year Share Growth
-5.7%
Stock Issuance (TTM)
$354.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 21.45 | 60.91 | 60.91 | 60.86 | 62.43 | 63.85 | 62.35 | 57.45 | 55.16 | |
| Change vs Prior % | — | 183.9% | 0.0% | -0.1% | 2.6% | 2.3% | -2.4% | -7.9% | -4.0% | |
| Stock Issuance | $51.0K | $0.00 | $315.3M | $103.0M | $0.00 | $0.00 | $0.00 | $458.0K | $354.0K | |
| Stock Repurchase | $0.00 | -$6.0K | -$13.0K | -$35.0K | -$20.0K | -$13.0K | -$11.8M | -$10.2M | -$5.0M | |
| Stock Based Comp. | $672.0K | $1.6M | $7.3M | $25.9M | $33.7M | $34.4M | $28.2M | $15.4M | $10.6M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -504.3% | -144.8% | -5.8% | 2.6% | 9.5% | 49.0% | 49.7% | 46.3% | |
| Operating Margin % | — | -14554.3% | -5129.4% | -1121.3% | -667.6% | -691.2% | -717.7% | -483.9% | -511.4% | |
| Net Margin % | — | -13825.9% | -4996.2% | -1113.1% | -633.1% | -568.3% | -620.9% | -456.6% | -490.7% | |
| EBITDA Margin % | — | -13217.2% | -4751.4% | -1073.1% | -606.2% | -531.5% | -575.9% | -446.0% | -453.1% | |
| FCF Margin % | — | -14831.0% | -3866.2% | -833.1% | -483.8% | -437.2% | -356.3% | -286.9% | -319.4% | |
| ROE % | -21.0% | -18.3% | -7.6% | -14.2% | -20.8% | -21.7% | -26.4% | -28.4% | -27.2% | |
| ROA % | -18.7% | -17.2% | -7.4% | -13.2% | -19.1% | -19.8% | -23.6% | -24.9% | -26.5% | |
| ROIC % | -22.5% | -18.9% | -7.7% | -13.6% | -20.5% | -24.7% | -28.3% | -27.6% | -28.5% | |
| R&D / Revenue % | — | 10079.3% | 2642.7% | 455.4% | 311.9% | 312.5% | 362.7% | 272.2% | 271.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 465.5% | 874.7% | 129.7% | 3.4% | -8.1% | 15.6% | |
| Gross Profit | 0.0% | -485.0% | -62.4% | 60.6% | 202.7% | 277.3% | 371.5% | 17.2% | |
| Operating Income | 0.0% | -149.8% | -99.3% | -113.1% | -36.7% | -7.0% | 4.6% | 22.1% | |
| Net Income | 0.0% | -154.3% | -104.4% | -117.1% | -30.6% | 7.2% | -0.4% | 15.0% | |
| EPS (Diluted) | 0.0% | 10.3% | -96.2% | -121.6% | -25.7% | 4.9% | -3.0% | 7.9% | |
| Operating Cash Flow | 0.0% | -181.1% | -59.3% | -122.5% | -31.1% | 2.8% | 21.9% | 3.6% | |
| Free Cash Flow | 0.0% | -257.0% | -47.4% | -110.0% | -33.4% | 6.6% | 25.1% | 6.9% | |
| R&D Expense | 0.0% | 218.1% | 48.3% | 68.0% | 57.3% | 3.6% | 6.6% | -13.3% | |
| SG&A Expense | 0.0% | 54.5% | 233.5% | 174.7% | 24.7% | 12.0% | -4.0% | -24.7% | |
| Total Assets | 0.0% | 176.7% | 374.4% | 21.9% | -9.5% | -10.6% | -16.0% | -19.2% | |
| Book Value / Share | 0.0% | 3.0% | 392.3% | 16.6% | -13.4% | -13.2% | -15.5% | -14.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 28.1% | -5.4% | -8.1% | -8.9% | |
| Diluted Shares | 0.0% | 183.9% | 0.0% | -0.1% | 2.6% | 2.3% | -2.4% | -7.9% |
Valuation
P/E (TTM)At Loss
P/S6.52
10Y Low / Med / High6.52 / 24.66 / 29646.88
P/B0.40
10Y Low / Med / High0.31 / 2.76 / 40.41
EV/EBITDAAt Loss
EV/Revenue6.25
10Y Low / Med / High5.06 / 23.07 / 29496.15
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$4.09
Net Current Assets / Share
$2.44
Graham Net-Net
$2.33
Cash / Share
$2.77
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -194.69 | -217.15 | -110.08 | -20.19 | -4.08 | -1.44 | -1.66 | -1.43 | -1.34 | |
| P/S Ratio | 0.00 | 29646.88 | 5212.72 | 217.13 | 24.66 | 8.16 | 10.33 | 6.52 | 6.52 | |
| P/B Ratio | 40.41 | 39.22 | 7.92 | 2.76 | 0.81 | 0.31 | 0.44 | 0.41 | 0.40 | |
| EV/EBITDA | -188.08 | -223.16 | -99.01 | -17.18 | -3.81 | -1.48 | -1.61 | -1.13 | -1.38 | |
| EV/Revenue | 0.00 | 29496.15 | 4704.21 | 184.36 | 23.07 | 7.88 | 9.27 | 5.06 | 6.25 |
Analyst Estimates & Quality
Altman Z-Score
-1.08
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $16.1M | $19.3M | $25.7M |
| Net Income | -$61.2M | -$60.7M | -$50.0M |
| EPS | $-1.10 | $-1.06 | $-0.87 |
| # Analysts (EPS) | 1 | 2 | 2 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 |
|---|---|---|---|
| Grant | $223.0K | — | $1.1M |
| Product | $3.6M | $8.6M | — |
| Related Party | $2.3M | $5.2M | — |
| Service | $500.0K | $913.0K | — |
| Grant and Other | — | $808.0K | — |