SEER (SEER) Q2 2025: ProteoGraph 1 Launch Doubles Throughput, Unlocks 20,000-Sample Population Studies
SEER’s Q2 marked a turning point as the launch of ProteoGraph 1 and SP200 automation enabled population-scale proteomics, driving new customer adoption and high-profile studies. Despite persistent macro headwinds and funding uncertainty, the company maintained disciplined investment and share repurchases, reaffirming full-year guidance as large-scale unbiased proteomics gains traction. Execution on platform validation, instrument placement, and strategic partnerships positions SEER for durable growth, but visibility remains sensitive to academic and policy risk.
Summary
- Platform Expansion Accelerates: ProteoGraph 1’s launch more than doubled throughput, catalyzing landmark 20,000-sample studies.
- Commercial Flywheel Builds: Stack-to-instrument conversions and Thermo Fisher partnership expand reach, but macro funding drag persists.
- Visibility Hinges on Execution: Adoption momentum offsets policy risk, but guidance remains cautious amid elongated sales cycles.
Performance Analysis
SEER’s Q2 performance was defined by a step-change in operational capacity and validation for its deep, unbiased proteomics platform. The company reported robust top-line growth, driven by higher product and service revenue, as instrument placements and consumable sales benefited from the ProteoGraph 1 and SP200 automation launch. Service revenue, led by the SEER Technology Access Center (STAC, fee-for-service proteomics access), continued to provide a strategic bridge to instrument adoption, with over half of quarterly instrument shipments coming from prior STAC users.
Gross margin compressed modestly as installation and training costs outpaced the mix shift to consumables and services, but management reiterated long-term margin targets as scale improves. Operating expenses declined sharply year-over-year, reflecting disciplined cost management and lower stock-based compensation, while free cash flow losses remained in line with expectations. Share repurchases reduced outstanding shares by 13 percent, signaling management’s conviction in intrinsic value despite share price dislocation.
- Instrument Placement Momentum: Majority of shipments were to customers previously engaged through STAC, demonstrating the effectiveness of the “try before you buy” model.
- Large-Scale Study Wins: The Korea University 20,000-sample project and Discovery Life Sciences 10,000-sample contract validate the platform’s scalability.
- Operational Leverage Emerges: Opex reductions and automation investments support path to cash flow breakeven, but top-line sensitivity remains to funding cycles.
With a $263 million cash balance and reaffirmed revenue guidance, SEER has the runway to continue scaling adoption and innovation, though commercial visibility is clouded by external headwinds.
Executive Commentary
"This quarter marked a major inflection point for SEER with the launch of our high-throughput ProteoGraph 1 assay and SP200 automation instrument. This is a transformative step forward, not just for SEER, but for the entire field of proteomics."
Omid Barakzad, Chief Executive Officer and Chair of the Board
"We remain encouraged by the strong customer interest in running projects through STAC, particularly as more users gain access to ProteoGraph data. Sample volumes increased again this quarter on a year-over-year basis."
David Horn, Chief Financial Officer and President
Strategic Positioning
1. ProteoGraph 1 as a Platform Catalyst
The launch of ProteoGraph 1 and the SP200 automation instrument more than doubled sample throughput, enabling studies exceeding 1,000 samples per week and reducing runtime by 30 percent. This leap in efficiency allows customers to move from small, underpowered studies to population-scale projects, unlocking new revenue streams and solidifying SEER’s value proposition in unbiased proteomics.
2. Population-Scale Studies Drive Validation
Landmark collaborations, including a 20,000-sample cancer biomarker study with Korea University, demonstrate SEER’s unique ability to deliver depth and reproducibility at scale. These projects serve as both scientific proof points and commercial anchors, with the Korea University win leveraging both ProteoGraph 1 and Thermo Fisher’s Orbitrap Astral mass spectrometer.
3. STAC and SIP Fuel the Commercial Engine
The SEER Technology Access Center (STAC) and Strategic Instrument Placement (SIP) programs lower adoption barriers and create a pipeline for instrument sales. Over half of Q2 placements came from customers previously using STAC, and management expects this conversion rate to remain robust. SIP, which offers instrument loans with upfront consumable purchases, helps capital-constrained customers access the platform even amid macro uncertainty.
4. Thermo Fisher Partnership Expands Reach
The co-marketing agreement with Thermo Fisher is in early innings, with sales force training completed and initial pipeline building underway. While direct revenue contribution remains modest, management expects the partnership to yield its first recognized revenue in Q3 and sees growing advanced-stage opportunities as Thermo’s global reach activates.
5. Scientific Differentiation and Competitive Moat
SEER’s unbiased, deep proteomics approach is positioned against legacy targeted technologies, offering discovery potential not possible with prior methods. Customer publications and high-impact studies highlight unique biomarker detection and protein quantification, reinforcing SEER’s claim as the only scalable, truly unbiased platform in the market.
Key Considerations
SEER’s Q2 showcased both the promise and the challenges of scaling a next-generation proteomics platform in a capital-constrained environment. The company’s ability to drive adoption through innovative commercial programs and scientific validation is offset by persistent macro and policy risks that could slow momentum.
Key Considerations:
- Throughput as a Revenue Lever: ProteoGraph 1’s doubled sample capacity is directly enabling large-scale studies that were previously unattainable, expanding the addressable market.
- Stack-to-Instrument Conversion: The STAC program continues to serve as a high-conversion funnel for instrument sales, supporting a recurring revenue flywheel.
- Funding Sensitivity: Roughly 30 percent of revenue is exposed to academic and government customers, making SEER vulnerable to NIH and public funding volatility.
- Early-Stage Partnership Impact: Thermo Fisher partnership is just beginning to contribute, with expectations for more material impact in the second half and beyond.
- Cost Discipline and Capital Allocation: Opex reductions and share buybacks signal management’s commitment to value creation and cash preservation, but sustained growth will require continued commercial execution.
Risks
SEER faces elevated risk from macroeconomic uncertainty, including elongated sales cycles, CapEx budget constraints, and potential tariff or pricing policy changes affecting both academic and commercial customers. Visibility into government and academic funding remains limited, and any adverse shifts could materially impact revenue conversion and growth trajectory. Competitive encroachment from targeted and novel proteomics technologies also remains a persistent backdrop as the field matures.
Forward Outlook
For Q3, SEER guided to:
- Initial revenue recognition from the Thermo Fisher partnership
- Continued momentum in instrument placements, especially from STAC conversions
For full-year 2025, management reaffirmed guidance:
- Revenue of $17 to $18 million, representing 24 percent year-over-year growth at the midpoint
Management cited ongoing macro headwinds, funding uncertainty, and tariff risk, but remains confident in the commercial pipeline and platform adoption. Execution on population-scale studies and commercial partnerships are expected to drive second-half results.
Takeaways
SEER’s Q2 demonstrates a platform inflection, but execution and funding remain the gating factors for durable growth.
- Scale Unlocks New Markets: ProteoGraph 1’s throughput and cost efficiencies are enabling studies and customer wins previously out of reach, validating the company’s long-term thesis.
- Commercial Model Proves Out: STAC and SIP continue to convert trials into instrument sales, supporting management’s strategy of lowering barriers and expanding adoption even as direct sales remain the primary revenue driver.
- Visibility Remains Fragile: Investors should monitor government funding cycles, policy shifts, and the pace of Thermo Fisher partnership ramp as key variables for the next several quarters.
Conclusion
SEER’s Q2 reflects a pivotal step in scaling unbiased proteomics, with operational and commercial initiatives converging to drive adoption and validation. Execution on large-scale studies and commercial partnerships will be critical to sustaining momentum in a challenging funding environment.
Industry Read-Through
SEER’s progress signals a broader shift in proteomics from targeted, limited-discovery approaches toward scalable, unbiased platforms capable of powering population-scale studies. Competitors relying on legacy or highly targeted methods may face relevance risk as customers increasingly demand depth, reproducibility, and discovery potential. Funding volatility and macro constraints will continue to shape adoption curves across the life sciences tools sector, and platforms that lower barriers to entry—through automation, workflow integration, or partnership—will be best positioned to capture emerging demand. Thermo Fisher’s partnership with SEER also highlights the importance of ecosystem alliances in accelerating technology adoption and market penetration.