Seer, Inc. (SEER): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear read on Seer, Inc.'s strategy as they push their proteomics platform, and frankly, understanding the mechanics behind their growth is crucial right now. As of late 2025, the model shows a clear path: pair capital equipment sales with recurring consumable revenue, all while leaning on big partnerships like the one with Thermo Fisher Scientific. They've got the war chest, reporting about $251.2 million in cash at the end of Q3, which helps fund the heavy R&D spend-that was $10.8 million that quarter-as they aim for that $17 million to $18 million revenue range this year. Dive into the nine blocks below to see exactly how they plan to deliver those deep, unbiased proteomic insights at scale, like processing over 1,000 samples per week on a single SP200 instrument.

Seer, Inc. (SEER) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Seer, Inc. relies on to scale its Proteograph Product Suite and secure large-scale validation studies. These aren't just handshake agreements; they represent concrete commitments of resources and samples.

The company's Q2 2025 revenue was $4.1 million, with service revenue accounting for $1.2 million of that total, which included $409 thousand from related party revenue. For the full year 2025, Seer, Inc. expects revenue in the range of $17 million to $18 million.

Here's a look at the scale of the major research collaborations driving adoption:

The relationship with Thermo Fisher Scientific is critical, though specific co-selling/distribution financial metrics aren't public. To give you context on the ecosystem, Thermo Fisher Scientific reported Q3 2025 revenue of $11.12 billion.

Seer, Inc. uses a network of Centers of Excellence for service delivery. These strategic partners must demonstrate expertise in proteomics and multi-omics. Discovery Life Sciences, for example, contributes expertise in genomics services and biospecimens to the Proteogenomics Consortium.

The academic and government ties focus on high-impact, multi-omic studies. For instance, the Korea University study is a three-year effort.

• - The Korea University study utilizes the Proteograph ONE Assay and SP200 Automation Instrument.
• - The NIH-affiliated National Institute on Aging awardee is focused on geroproteomics and cancer mechanisms.
• - The Proteogenomics Consortium aims to analyze more than one billion peptides each year.
• - Seer, Inc.'s Q2 2025 net loss was $19.4 million.

The company maintained cash, cash equivalents, and investments of approximately $263.3 million as of June 30, 2025. That's a solid war chest for funding these strategic alliances.

Seer, Inc. (SEER) - Canvas Business Model: Key Activities

Developing and innovating the Proteograph Product Suite (e.g., Proteograph ONE, SP200).

Seer, Inc. launched the new high-throughput Proteograph ONE assay and SP200 automation instrument in the second quarter of 2025. The Proteograph ONE workflow more than doubles throughput to over 1,000 samples per week and reduces run time by about 30% compared to previous workflows. The company had shipped a cumulative total of 72 instruments as of December 31, 2024. For the first quarter of 2025, Seer, Inc. shipped as many instruments as in all of 2024. By the third quarter of 2025, management noted nearly three times more instrument shipments year-to-date versus 2024. Over 10 Proteograph protocols are available for analysis on diverse sample types. Research and Development expenses for the second quarter of 2025 were $12 million.

Manufacturing proprietary engineered nanoparticles and consumable kits.

The proprietary engineered nanoparticles are core to the Proteograph Product Suite. Revenue derived from product sales, which includes sales of Proteograph instruments and consumable kits, was $2.7 million for the second quarter of 2025 and $2.8 million for the third quarter of 2025. The full year 2025 revenue guidance is in the range of $17 million to $18 million.

Conducting large-scale proteomics service projects via the STACC (Seer Technology Access Center).

Service revenue, primarily from Seer Technology Access Center service projects, was $1.2 million in the second quarter of 2025 and $1.2 million in the third quarter of 2025. The second quarter service revenue included $409 thousand of related party revenue, while the third quarter included $300 thousand. Seer, Inc. announced a collaboration with Korea University to launch a 20,000-sample population-scale proteomics study. In the first quarter of 2025, the company secured a contract for a 10,000-sample study. Before Seer, the largest deep unbiased proteomic study published was on 48 samples.

Driving third-party scientific validation and publication of platform data.

Seer, Inc. achieved a record quarter for third-party publications and preprints, with more than 60 total to date as of the third quarter of 2025. A Nature Genetics study published in November 2025 validated the platform by profiling ~1,600 blood samples (discovery n=1,260; replication n=325). This study detected 5,753 proteins and quantified 1,980 in $\ge$80% of participants. Researchers identified 364 pQTLs, with 102 replicated signals and 35 novel signals.

The table below summarizes key revenue and financial metrics related to these activities for the first three quarters of 2025.

The company ended the third quarter of 2025 with approximately $251.2 million of cash, cash equivalents and investments.

Seer, Inc. (SEER) - Canvas Business Model: Key Resources

You're looking at the core assets Seer, Inc. relies on to execute its strategy as of late 2025. These aren't just line items; they are the engines driving their deep proteomic insights.

• - Proprietary engineered nanoparticle technology for deep, unbiased proteome analysis. This technology is the foundation for the Proteograph Product Suite, which is designed to provide unbiased, deep, rapid, and large-scale access across the proteome, overcoming limitations of existing methods.
• - Strong balance sheet with approximately $251.2 million in cash, cash equivalents and investments as of September 30, 2025.
• - Intellectual property (IP) surrounding the Proteograph workflow and consumables. Seer, Inc. uses patents, trademarks, and trade secrets to protect its proprietary engineered NP technology and the Proteograph Product Suite.
• - Specialized R&D and application science talent pool. The company's commitment to this area is reflected in its spending, with Research and Development expenses for the third quarter of 2025 reported at $10.8 million.

The financial strength is a critical resource, giving the company runway to scale adoption of its platform. Here's a quick look at the balance sheet health at the end of Q3 2025:

The operational traction also speaks to the value of the installed base and the technology itself. For instance, Seer, Inc. shipped nearly three times as many instruments in the first nine months of 2025 as they did in all of 2024. The company also executed a significant share repurchase, utilizing approximately $22 million of its authorization through September 30, 2025, which reduced net total shares outstanding by approximately 14%. That's a clear signal of management's view on intrinsic value.

The Proteograph Product Suite itself is an integrated solution comprising consumables, an automation instrument, and software. The technology is designed to be efficient, easy-to-use, and leverage broadly used laboratory instrumentation, which helps drive adoption in both decentralized and centralized settings. The platform's key attributes include unbiased coverage, deep access across the protein dynamic range, a rapid workflow, and scalability for longitudinal studies. Finance: draft 13-week cash view by Friday.

Seer, Inc. (SEER) - Canvas Business Model: Value Propositions

You're looking at the core promise Seer, Inc. makes to its customers-researchers and organizations needing to understand the proteome at scale. The value is moving proteomics from specialized, small-scale studies to something that supports translational and population-scale discovery.

The technology is built to deliver deep, unbiased proteomic insights with speed that was previously unattainable in the field. This is about giving you the data depth you need, faster than traditional mass spectrometry workflows could manage.

Here are the key statistical and performance promises Seer, Inc. delivers with its Proteograph Product Suite:

• Deep, unbiased proteomic insights at unprecedented scale and speed.
• Scalable analysis of over 1,000 samples per week on a single SP200 instrument.
• Reduced per-sample analysis cost by about 60% since the 2021 platform launch.
• Integrated, easy-to-use workflow (instruments, consumables, software) for mass spectrometry-based proteomics.

The adoption of this platform is showing up in the numbers, which validates the value proposition of scalability. For instance, in the first nine months of 2025, Seer, Inc. shipped nearly three times as many instruments as they did in all of 2024.

The integrated nature of the Proteograph Product Suite-combining proprietary engineered nanoparticles, the SP200 Automation Instrument, optimized consumables, and advanced analytical software-removes the complexity that held back large-scale studies. This robust and scalable workflow consistently reveals biological insights others cannot, which is why third-party validation is accelerating, with over 60 total publications and preprints as of September 30, 2025.

Seer, Inc. (SEER) - Canvas Business Model: Customer Relationships

You're looking at how Seer, Inc. keeps its high-value customers engaged, which is critical when you're selling complex, large capital equipment like the Proteograph instruments. The relationship isn't transactional; it's deeply embedded in the customer's research workflow.

For technical support and initial platform adoption, the Seer Technology Access Center (STACC) acts as the primary service gateway. This direct service relationship is proving highly effective at converting initial users into full instrument owners. For instance, in the third quarter of 2025, more than two-thirds of instrument shipments were acquired by customers who had previously accessed STACC. This conversion rate is a strong indicator of platform success post-initial service engagement. To be fair, this high conversion rate is what drives the service revenue component, which was $1.2 million in Q3 2025, with $300 thousand of that being related-party revenue.

The consultative sales process for large capital equipment is supported by this service-led entry point. The company has seen significant uptake in instrument placement, shipping almost three times as many Proteograph instruments in the first nine months of 2025 as in all of 2024. Still, macroeconomic headwinds have impacted the pace, as noted by reports of elongated sales cycles in the academic and government segments. The high-touch nature of this sales process is also evidenced by the first joint sale closing with Thermo Fisher Scientific in Q3 2025, signaling a maturing co-selling relationship.

While the exact headcount for dedicated field application scientists isn't public, the level of support embedded in their offerings gives you a sense of the commitment. For example, a recipient of the 2025 Insights Grant receives white-glove service including access to Seer's expertise and up to 80 hours of dedicated online bioinformatics support for their project of up to 160 samples. Furthermore, gross margin variability is partly attributed to fluctuations in instrument installation and training costs, which directly relates to the deployment and initial support phase.

Here's a quick look at the key service and adoption metrics we have for late 2025:

The company views its customers as partners, which is a key part of their stated values. Finance: draft 13-week cash view by Friday.

Seer, Inc. (SEER) - Canvas Business Model: Channels

You're looking at how Seer, Inc. gets its Proteograph Product Suite and services into the hands of researchers, which is key given the $17 million to $18 million full-year 2025 revenue guidance. The channels are a mix of direct engagement, service-led adoption, and third-party validation.

The direct sales motion is supported by the financial results showing product revenue of $2.7 million in Q2 2025, which includes instrument and consumable kit sales. This direct effort is clearly driving adoption, as the company shipped as many instruments in Q1 2025 as in all of 2024.

The Seer Technology Access Center (STACC) acts as a service channel, helping customers onboard. Service revenue was $1.2 million in Q2 2025, a figure that matched the $1.2 million reported in Q1 2025. This service component is a direct feeder into future product sales.

Strategic partnerships are a growing part of the channel mix. Seer, Inc. specifically anticipated revenue from its collaboration with Thermo Fisher Scientific beginning in Q3 2025. The success of these channels is validated by the growing body of evidence supporting the platform, with 66 customer publications, preprints, and reviews as of Q3 2025.

Scientific conferences and publications serve as crucial validation channels. Seer, Inc. presented data at the Human Proteome Organization World Congress (HUPO 2025) and had data featured at the American Society of Human Genetics (ASHG). Furthermore, a Nature Genetics study validating the platform was announced on December 1, 2025.

Here's a quick look at the channel-relevant numbers as of late 2025:

The new Proteograph ONE workflow itself is a channel enhancer, doubling throughput to 80 samples per run and reducing run time by approximately 30% to about 4.5 hours compared to the previous XT model. This efficiency helps drive adoption across the research base.

Finance: draft 13-week cash view by Friday.

Seer, Inc. (SEER) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Seer, Inc.'s Proteograph Product Suite as of late 2025. These are the entities funding the deep, unbiased proteomics work Seer was built for.

The customer base is clearly segmented by their scale of operation and funding source. For instance, the majority of Seer, Inc.'s academic and government revenue in 2025 has come directly from academic customers. This dependency is something to watch, as any shifts in their budget allocations could certainly impact purchasing power in the near term. What this estimate hides is the exact split between government and university funding.

Seer, Inc. is actively securing very large-scale projects, which speaks directly to the biobanks and population study organizers segment. They announced a collaboration with Korea University to power a 20,000-sample population-scale proteomics study in Q2 2025. That follows securing a significant contract for a 10,000-sample study earlier in the year. These large cohort studies are a major driver for platform adoption.

The conversion funnel shows a strong path from initial service use to full instrument adoption. More than two-thirds of instrument shipments in Q3 2025 went to customers who had previously accessed the company's STAC (Seer Technology Access Center) services. This suggests the service model is effectively qualifying and converting future product buyers.

Here's a quick look at the revenue mix from the third quarter of 2025, which reflects the current engagement across these segments:

Pharmaceutical and biotechnology companies, while a key target, face their own headwinds. Commentary from the Q2 2025 earnings call noted that tariff proposals introduced uncertainty for these commercial customers, with the full impact still being determined. Still, the platform is being validated across the board.

The engagement with Contract Research Organizations (CROs) is heavily tied to the Seer Technology Access Center (STAC) service revenue. That service line generated $1.2 million in Q3 2025. These CROs and service providers are often the initial entry point for academic and pharma groups looking to test the platform before committing to a full instrument purchase.

You can see the direct customer flow through these key groups:

• - Large academic research institutions and universities (e.g., NIH-funded labs).
• - Pharmaceutical and biotechnology companies focused on drug and biomarker discovery.
• - Biobanks and population-scale cohort study organizers.
• - Contract Research Organizations (CROs) and service providers.

Finance: draft Q4 2025 customer segment projection by next Tuesday.

Seer, Inc. (SEER) - Canvas Business Model: Cost Structure

When you look at Seer, Inc.'s cost structure as of late 2025, the story is heavily weighted toward innovation and getting the Proteograph platform into more labs. Honestly, for a company at this stage, high operating costs are expected, but the breakdown tells you where the immediate cash burn is happening.

Research and Development (R&D) remains a major cost center, which makes sense given the foundational nature of their proteomics technology. For the third quarter of 2025, R&D expenses clocked in at $10.8 million. This spending fuels the next generation of their platform and keeps them ahead in a competitive space. Right alongside that, you have the costs associated with commercialization, which fall under Selling, General, and Administrative (SG&A). For Q3 2025, SG&A was $10.7 million. So, you see, the two largest buckets-R&D and SG&A-are nearly equal, totaling $21.5 million in operating expenses for the quarter.

Here's a quick look at those key operating expense components for the third quarter of 2025:

Personnel costs are a significant driver within both R&D and SG&A, and stock-based compensation (SBC) is a key component of that. In Q3 2025, stock-based compensation totaled $3.5 million. You'll notice this was lower than the $6.1 million recorded in the same period last year, which helped reduce the overall operating expense run-rate by 18% year-over-year. If onboarding takes 14+ days, churn risk rises, and that applies to keeping key scientific talent happy, too.

The manufacturing and inventory costs for the Proteograph instruments and consumables are embedded within the Cost of Goods Sold (COGS), which determines the gross margin. For Q3 2025, Seer, Inc. achieved a gross margin of 51%. This margin was driven by higher consumable and service revenue, which was $1.2 million, compared to product revenue (instruments and consumables) of $2.8 million for the quarter. The long-term target for gross margins is still in the 70%-75% range, which suggests that as they scale production of the consumables, the per-unit cost should decrease defintely, improving profitability on each sale.

You should keep an eye on these related cost drivers:

• Product revenue (instruments/consumables) in Q3 2025 was $2.8 million.
• Service revenue in Q3 2025 was $1.2 million.
• Total operating expenses decreased by 18% year-over-year in Q3 2025.
• Free cash flow loss for the first nine months of 2025 was approximately $35.1 million.

Finance: draft 13-week cash view by Friday.

Seer, Inc. (SEER) - Canvas Business Model: Revenue Streams

You're looking at how Seer, Inc. monetizes the Proteograph Product Suite, which is a mix of upfront capital sales and ongoing consumable usage. The revenue streams are clearly segmented across equipment, recurring supplies, and service access.

Here are the core components of the revenue generation:

• - Product Revenue from sales of Proteograph instruments (capital equipment).
• - Recurring Product Revenue from sales of proprietary consumable kits (Proteograph ONE Assay).
• - Service Revenue from the Seer Technology Access Center (STACC) projects; Q3 2025 was $1.2 million.
• - Full-year 2025 revenue is guided to be in the $17 million to $18 million range.

For the third quarter of 2025, total revenue came in at $4.1 million. This total is composed of product sales, service revenue, and a small amount of other revenue.

Here's the quick math on that Q3 2025 breakdown:

Product revenue of $2.8 million in Q3 2025 covers both the capital equipment and the recurring kits. The recurring revenue from the proprietary consumable kits, like the Proteograph ONE Assay, is key to the long-term model, though the specific split within the $2.8 million isn't explicitly broken out in the top-line reports. What this estimate hides is the exact ratio of instrument sales versus consumable sales within that product revenue line.

Adoption is definitely picking up, which should drive that recurring revenue stream. Management noted that in the first nine months of 2025, Seer, Inc. shipped nearly three times as many Proteograph instruments as they did in all of 2024. Also, more than two-thirds of instrument shipments in Q3 2025 went to customers who had previously accessed the platform via STACC projects.

The service revenue component, which includes the STACC projects, was $1.2 million in Q3 2025. This service revenue is important because it acts as a lower-friction entry point for new customers. Finance: draft 13-week cash view by Friday.