Seer revenue drops 34% as new SP200 instrument launches; activist pressure and poison pill emerge

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

• high

  Revenue fell 34% year-over-year to $2.7M after growing 37% in the prior period, with no explanation provided for the reversal. The decline coincides with May 2025 launch of the new SP200 instrument and Proteograph ONE assay, suggesting possible customer hesitation ahead of the product refresh.

  MD&A: Revenue Performance verify on EDGAR →
• high

  Company adopted a tax benefit preservation plan (poison pill) in February 2026 and disclosed it has been targeted by activist stockholders. Management warns activism could disrupt operations, distract leadership, and create customer uncertainty.

  Risk Factors: Tax Benefit Plan & Activism verify on EDGAR →
• high

  Operating cash burn increased to $15.4M from $11.4M despite a smaller net loss, driven by $3.0M decrease in accounts payable and $2.4M decrease in accrued liabilities. Cash and investments declined to $219.5M from $285.3M, shortening the runway.

  MD&A: Cash Flow verify on EDGAR →