Seer Protects $262M NOLs, Reports 17% Annual Revenue Growth
Seer’s Board adopted a limited-duration plan to preserve $262 million of net operating loss carryforwards, issuing dividend rights that expire February 2029 if not ratified at the 2026 meeting. Seer reported Q4 revenue of $4.2 million (+5%) and $16.6 million (+17%) for 2025, ended with $240.6 million cash and forecast 2026 revenue of $16–18 million.
1. Tax Benefit Preservation Plan Adopted
Seer’s Board adopted a limited-duration plan to preserve $262 million of net operating loss carryforwards, issuing dividend rights to shareholders that expire February 2029 unless ratified at the 2026 meeting. The plan disincentivizes any holder exceeding 4.9% Class A stock ownership from further acquisitions without Board approval to avoid a Section 382 ownership change.
2. Fourth-Quarter and Full-Year Financial Results
Seer reported Q4 revenue of $4.2 million, a 5% increase year-over-year, and full-year 2025 revenue of $16.6 million, a 17% increase, while installed base grew 67% to 82 instruments. Gross margin held around 51%, net loss narrowed in both periods, cash and investments reached $240.6 million, and 2026 revenue is forecast at $16–18 million.