Seer Shareholders Demand Immediate Governance Changes from Board
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
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Should l Buy SEER?
Bradley Radoff and Michael Torok, who collectively own nearly 7.5% of the outstanding common stock of Seer, issued an open letter to the company's board of directors. "It is our belief that Seer cannot and should not remain a publicly traded company unless significant governance and operational changes are implemented immediately," said Bradley Radoff and Michael Torok. "Absent immediate, decisive Board action to govern the Company responsibly, we would urge the Board to immediately commence a sale process to avoid further value destruction for all stockholders."
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About SEER
Seer, Inc. is a life sciences company. It is developing products that open a new gateway to the proteome. Its Proteograph product suite is an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform proteomic analysis at scale in a matter of hours. The Proteograph has detected over 36,000 proteins across multiple species, and its performance and capabilities have been demonstrated in over 33 peer-reviewed publications, preprints and reviews. The Proteograph Product Suite is detector-agnostic and is adaptable to other protein detection instruments. The MS component of the Proteograph workflow is either provided by the researcher’s laboratory, can be outsourced to a third-party provider, or be run through the Seer Technology Access Center (STAC), which is its in-house service program. It has launched Proteograph XT, which enhances the sample throughput of the Proteograph Product Suite and MS instrument.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
RADOFF-JEC GROUP URGES SEER BOARD TO INITIATE SALE PROCESS
- 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.
See More
Seer, Inc. Reports Q4 2025 Earnings with Caution on Future Guidance
- 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.
See More
Seer Releases 2026 Financial Guidance
- 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.
See More
Seer Inc. Faces Severe Undervaluation Amid Disastrous Operating Results
- 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.
See More
Seer Publishes Large GWAS Study Validating Mass Spectrometry's Role in Proteomics
- 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.
See More
Seer Publishes Large GWAS Validating Mass Spectrometry's Role in Proteomics
- 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.
See More
RADOFF-JEC GROUP URGES SEER BOARD TO INITIATE SALE PROCESS
- 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.
See More
Seer, Inc. Reports Q4 2025 Earnings with Caution on Future Guidance
- 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.
See More
Seer Releases 2026 Financial Guidance
- 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.
See More
Seer Inc. Faces Severe Undervaluation Amid Disastrous Operating Results
- 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.
See More
Seer Publishes Large GWAS Study Validating Mass Spectrometry's Role in Proteomics
- 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.
See More
Seer Publishes Large GWAS Validating Mass Spectrometry's Role in Proteomics
- 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.
See More
