Seer Publishes Large Genome-Wide Study Confirming Importance of Mass Spectrometry Validation
Seer announced the publication in Nature Genetics of a large genome-wide association study that used the company's Proteograph Product Suite to measure proteins at peptide-level resolution and map their genetic determinants. The study, led by Karsten Suhre, PhD, of Weill Cornell Medicine-Qatar, with collaborators from Harvard Medical School/Brigham and Women's Hospital, Seer, and TruDiagnostic, provides the strongest evidence to date that mass spectrometry validation is essential for turning genomic signals into reliable drug targets and clinical biomarkers. Without mass spectrometry validation, as many as one-third of protein-gene associations reported by affinity-based assays do not replicate, highlighting the necessity of accuracy in proteogenomics. The analysis included ~1,600 blood samples representing multiple ethnic backgrounds. A discovery cohort of 1,260 and an independent replication cohort of 325 were profiled using Seer's Proteograph workflow. Across these samples, 5,753 proteins were detected, and 1,980 were quantified in at least 80 percent of participants. From these data, the researchers identified 364 protein quantitative trait loci genetic variants associated with protein abundance. Of these, 102 replicated in the independent cohort. 35 of the replicated signals were previously unreported, extending the catalog of genetic regulation of proteins. Affinity reagents have been used in proteomics to measure a predetermined panel of proteins in large cohorts and have generated thousands of reported pQTLs. But when protein-altering genetic variants change the binding site of affinity reagents, these methods can register erroneous signals as the binding strength of the affinity reagent to the protein is diminished. These so-called epitope effects can produce apparent associations between protein expression and genetic variants that do not represent true biology. By measuring proteins directly at the peptide level, the Proteograph's mass spectrometry approach made it possible to test whether a genetic variant truly altered protein expression, mitigating the confounding epitope effect. To contextualize the findings, the study compared mass spectrometry results with two of the largest affinity-based proteomics resources. The comparison revealed a clear pattern: pQTLs consistently reported across multiple affinity platforms were confirmed by mass spectrometry. Up to one-third of associations reported by a single affinity platform did not replicate when tested by mass spectrometry.
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- Announcement of Sale Process: The Radoff-Jec Group has called on the Seer Board to announce a sale process for the company.
- Strategic Move: This move is seen as a strategic step to enhance shareholder value and attract potential buyers.
- Revenue Growth: Seer reported Q4 2025 revenue of $4.2 million, bringing full-year revenue to $16.6 million, reflecting a 17% year-over-year increase; however, uncertainties around NIH funding impacted customer spending decisions, leading to underperformance this quarter.
- Product Innovation: CEO Farokhzad highlighted advancements in the Proteograph ONE assay and SP200 automation instrument, enabling over 1,000 samples per week, nearly a tenfold increase from 112 samples per week in 2021, showcasing significant technological progress.
- Share Repurchase Program: The company announced a new $25 million share repurchase authorization, having repurchased 5.3 million shares in 2025, reducing total outstanding shares by 13%, aimed at enhancing shareholder value and boosting market confidence.
- Cautious Future Outlook: CFO Horn projected 2026 revenue between $16 million and $18 million, reflecting cautious customer spending in an uncertain funding environment, with management emphasizing the need for clear market momentum before increasing revenue projections.
- Earnings Report: Seer's Q4 GAAP EPS of -$0.29 beats expectations by $0.03, indicating an improvement in profitability, although the company remains in a loss position.
- Revenue Growth: The Q4 revenue of $4.2M reflects a 5.0% year-over-year increase, yet it falls short of expectations by $0.4M, highlighting challenges in market demand that could impact future investor confidence.
- 2026 Financial Guidance: Seer anticipates full-year 2026 revenue to range between $16 million and $18 million, representing approximately 3% growth at the midpoint compared to 2025, indicating a cautiously optimistic outlook despite slowing growth.
- Market Reaction: While the Q4 EPS exceeded expectations, the revenue miss may lead investors to adopt a cautious stance regarding Seer's future performance, potentially affecting its stock price trajectory.
- Stock Price Collapse: Since its IPO in December 2020, Seer's stock price has plummeted over 96%, indicating a severe loss of shareholder trust under the leadership of Co-Founder and CEO Omid Farokhzad, resulting in significant market value erosion.
- Severe Cash Burn: With a projected revenue midpoint of $17.5 million for 2025, Seer's revenue has only increased by $2 million since 2022, while operational cash burn reached $138.8 million and capital expenditures totaled $11.4 million, leading to a staggering cash use of $150.2 million, meaning over $75 million in cash investment is required for every $1 million of revenue growth.
- Governance Failures: Seer's market capitalization stands at $110.5 million, significantly below its cash reserves of $251.2 million, reflecting a profound mistrust in the Board and management, which has led to ongoing shareholder value destruction.
- Inappropriate Executive Compensation: From 2021 to 2024, Omid Farokhzad's total reported compensation reached $24.9 million, averaging approximately $6 million annually, which is nearly one-third of the company's yearly revenue, as the Board has failed to hold him accountable for poor operational results while continuing to enrich him at the expense of shareholders.

- Significant Findings: Seer's Proteograph platform detected 5,753 proteins and quantified 1,980 in a GWAS involving approximately 1,600 blood samples, showcasing its robust capabilities in protein research and advancing precision medicine.
- Importance of Validation: The study reveals that about one-third of protein-gene associations reported without mass spectrometry validation do not replicate, underscoring the critical role of mass spectrometry in ensuring the reliability of drug targets and clinical biomarkers, thereby reducing technical noise in research.
- New Discoveries: Among 364 genetic variants associated with protein abundance, 102 were validated in an independent cohort, with 35 being newly reported, thus expanding the knowledge base of genetic regulation of proteins and deepening biomedical research.
- Clinical Impact: By providing more reliable protein measurements, Seer's research lays the groundwork for drug discovery and biomarker development, ensuring that future therapies are built on real biology, which increases the likelihood of success in clinical applications.
- Significant Research Findings: Seer's Proteograph platform detected 5,753 proteins and quantified 1,980 in a genome-wide association study involving approximately 1,600 blood samples, showcasing its robust capabilities in protein abundance research and reinforcing the company's leadership in precision medicine.
- Importance of Validation: The study revealed that about one-third of protein-gene associations reported without mass spectrometry validation do not replicate, underscoring the critical role of mass spectrometry in ensuring the reliability of drug targets and clinical biomarkers, thereby enhancing Seer's market competitiveness.
- New Discovery Potential: Among 364 protein quantitative trait loci (pQTLs), 102 were validated in an independent cohort, with 35 being newly reported, which not only expands the knowledge base of protein genetic regulation but also provides new directions for future drug development.
- Clinical Application Prospects: By offering more reliable protein measurements, Seer's research lays the groundwork for drug discovery and biomarker development, reducing risks associated with technical noise and increasing the likelihood of success in clinical research, thus advancing translational medicine.








