Seer Q4 Revenue Grows 17%, Instrument Base Up 67%, AI-PAS Gen 4 Due 2026
Seer posted Q4 revenue of $4.2M and full-year revenue of $16.6M, a 17% increase, but NIH funding delays pushed some orders into 2026, causing quarterly shortfall. Seer’s instrument base climbed 67% to 82 units with consumable kit volumes up 69%, and it plans an AI-powered fourth-generation PAS for late-2026 release.
1. Financial Results
Seer reported fourth-quarter revenue of $4.2 million and full-year revenue of $16.6 million, marking 17% year-over-year growth. The quarter missed expectations after NIH funding delays shifted several customer purchases into 2026.
2. Instrument and Consumable Growth
Installed instruments increased 67% to 82 units by year-end 2025, up from 49 at the end of 2024. Consumable kit volume jumped 69% year-over-year, reflecting higher throughput on the Proteograph ONE platform.
3. Product Roadmap and AI PAS
Seer launched its Proteograph ONE assay and SP200 automation instrument in June 2025 and is developing a fourth-generation Proteograph Analysis Suite with an AI-powered chat interface for late-2026 release. The company also targets commercialization of a proteoform profiling assay kit on SP200 in 2027.
4. Cash Position and Share Repurchases
Seer ended 2025 with $241 million in cash, equivalents and investments, and reduced free cash flow loss to $45.6 million. Management repurchased 5.3 million shares for $10.2 million during 2025 and authorized an additional $25 million buyback program.