The 34% revenue decline and margin compression are severe — watch for further guidance cuts if Q2 trends don't improve. The $220M cash runway provides a multi-year buffer, but the lack of near-term catalysts and competitive pressure suggest continued downside risk. Monitor the upcoming Q2 print for any sign of stabilization.
Price Chart
Executive Summary
Seer reported Q1 2026 revenue of $2.8M, a 34% decline YoY from $4.2M, and a net loss of $16.8M ($-0.30/share) vs. $19.9M ($-0.34/share) a year ago. The company reaffirmed its full-year 2026 revenue guidance of $16M-$18M (3% growth at midpoint), but the sharp revenue drop and continued cash burn signal ongoing demand headwinds from the depressed academic funding environment and competitive pressure.
Key Financial Metrics
Key Facts
- Q1 2026 revenue fell 34% YoY to $2.8M from $4.2M
- Net loss was $16.8M ($-0.30/share) vs. $19.9M ($-0.34/share) in Q1 2025
- Gross margin contracted to 35% from 49% a year ago
- Operating expenses declined 20% YoY to $18.2M, driven by lower stock-based compensation
- Free cash flow was negative $15.7M in the quarter
- Cash, cash equivalents and investments stood at ~$220M as of March 31, 2026
- Full-year 2026 revenue guidance reaffirmed at $16M-$18M (3% growth at midpoint)
- Repurchased ~1.5M Class A shares under the share repurchase program
- Appointed Anthony Bazarko as Chief Commercial Officer
Financial Impact
Revenue decline of 34% YoY ($1.4M absolute drop) and gross margin compression from 49% to 35%
Risk Factors
- Continued revenue decline from depressed academic funding and competitive activity
- Gross margin deterioration below 35% if product mix shifts unfavorably
- Further cash burn without a clear path to profitability
- Potential for additional guidance reductions if H1 2026 revenue trends persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-221696 |
| Document: ck0001726445-20260513.htm | 0001193125-26-221696 |
| Document: 0001193125-26-221696-index-headers.html | 0001193125-26-221696 |
| Document: 0001193125-26-221696-index.html | 0001193125-26-221696 |
| Document: 0001193125-26-221696.txt | 0001193125-26-221696 |
| 8-K Data (Synthetic) | 0001193125-26-221696 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Press Release | $1.97 | awaiting T+20 | — | $1.96 (−0.51%) |
Oct 15, 2026 13d ago | ITC Section 337 | $2.03 | awaiting T+20 | — | $1.96 (−3.45%) |
Oct 8, 2026 19d ago | 3 | $2.19 | awaiting T+20 | — | $1.96 (−10.50%) |
Sep 21, 2026 5w ago | Press Release | $1.86 $2.02 | ▲ +8.60% | ▲ +9.51% | $1.96 (+5.38%) |
Jul 31, 2026 12w ago | 8-K | $2.22 $1.98 | ▼ −10.81% | ▼ −13.80% | $1.96 (−11.71%) |
Jul 28, 2026 13w ago | Press Release | $2.08 $2.02 | ▲ +2.88% | ▲ +7.90% | $1.96 (+5.77%) |
Jul 28, 2026 13w ago | DFAN14A | $2.14 $2.04 | ▼ −4.67% | ▼ −8.05% | $1.96 (−8.41%) |
Jul 20, 2026 14w ago | DEFA14A | $2.04 $2.03 | ▼ −0.49% | ▼ −4.61% | $1.96 (−3.92%) |
Jul 20, 2026 14w ago | Press Release | $2.04 $2.03 | ▼ −0.49% | ▼ −4.61% | $1.96 (−3.92%) |
Jul 8, 2026 15w ago | DEFA14A | $2.18 $2.19 | ▲ +0.46% | ▼ −2.81% | $1.96 (−10.09%) |
US Market Status
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