Seer, Inc. (NASDAQ: SEER)

Seer, Inc. develops and commercializes the Proteograph Product Suite, an integrated solution for unbiased, deep, and large-scale proteomic analysis. The company’s technology enables researchers to study the proteome at peptide-level resolution, capturing protein variants, post-translational modifications, and interactions without reliance on predefined binding epitopes. This approach supports applications in basic research, biomarker discovery, translational science, and multi-omic diagnostic development across academic, biopharmaceutical, and clinical research settings.

Seer generates revenue primarily through the sale of the Proteograph Product Suite, which includes consumable assays, the SP200 automation instrument, and the Proteograph Analysis Suite (PAS) software. Consumables such as the Proteograph ONE assay and Proteograph DIRECT assay are sold on a recurring basis, while the SP200 instrument is offered via direct purchase or through the Strategic Instrument Placement Program (SIPP), which allows customers to access the instrument with minimal upfront capital. The company also provides fee-for-service access through its Seer Technology Access Centers (STACs) and collaborates with service providers and channel partners to expand accessibility.

The company operates through the following segments:

• Proteograph Product Suite: This segment encompasses the core consumables, automation instrumentation, and software that enable unbiased, deep proteomic analysis at scale. The Proteograph ONE assay, launched in May 2025, delivers approximately a ten-fold improvement in throughput over the original assay, allowing processing of more than 1,000 samples per week. The SP200 automation instrument, also launched in May 2025, supports population-scale studies through highly parallel sample processing with approximately 60 minutes of setup time. The Proteograph Analysis Suite (PAS) provides cloud-based data analytics for quality control, data management, and interpretation, including a dedicated proteogenomics workflow that maps peptide-level data to genomic data.

• Seer Technology Access Center (STAC): This segment provides fee-for-service access to the Proteograph workflow coupled with Thermo Scientific Orbitrap Astral MS instrumentation. The STAC lowers barriers to access for customers seeking high-quality proteomic data without requiring capital investment in equipment or expertise. The first STAC location launched in June 2023, with a second site opened in Bonn, Germany, in May 2024, in partnership with LIFE & BRAIN GmbH. STACs support researchers who want to leverage the Proteograph platform for discovery, translational, and clinical research applications on a pay-per-use basis.

Seer occupies a leading position in the proteomics market by offering the only commercially available platform that combines unbiased sampling, deep coverage, high reproducibility, and scalability for population-scale studies. The company differentiates itself from affinity-based proteomic methods, which are prone to epitope effects and false-positive signals, by delivering peptide-level resolution that enables accurate detection of protein variants and post-translational modifications. Competitors include Agilent Technologies, Bio-Techne, Bruker, Danaher, Illumina, Thermo Fisher Scientific, and emerging growth companies such as Nautilus Biotechnology and Quanterix, none of which currently offer a fully integrated solution with comparable depth, throughput, and unbiased access to the proteome at scale.

Seer serves a global customer base of more than 190 customers across over 20 countries, including leading academic institutions, biopharmaceutical companies, biobanks, and clinical research organizations. Notable collaborators include Korea University for a 20,000-subject proteomics biomarker discovery study, Discovery Life Sciences for a human cadaver multi-organ proteomic benchmarking study exceeding 10,000 samples, and PrognomiQ, which has leveraged Proteograph data to develop ProVue Lung, a blood-based test for early lung cancer detection. The company also works with Massachusetts General Hospital on Alzheimer’s disease research and engages with Thermo Fisher Scientific through a co-marketing and sales agreement to expand access to its technology worldwide.