0001193125-26-085481 | 10-K | XBRL Viewer

Capital Stock And Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Number of shares repurchased	5,264,809	6,470,102
Total cost	$ 10,199	$ 11,816
Average per share cost	$ 1.93	$ 1.82

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (73,600)	$ (86,599)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 3,136	$ 2,364
Change related to prior year positions	0	0
Change related to current year positions	697	772
Ending balance	$ 3,833	$ 3,136

Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	41,832	$	—	$	—	$	41,832
Commercial paper		—		2,978		—		2,978
Total cash equivalents		41,832		2,978		—		44,810
Investments:
U.S. Treasury securities		—		90,762		—		90,762
U.S. Non-Treasury securities		—		2,374		—		2,374
Commercial paper		—		13,563		—		13,563
Corporate debt securities		—		86,599		—		86,599
Total investments		—		193,298		—		193,298
Total assets measured at fair value	$	41,832	$	196,276	$	—	$	238,108


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—	$	36,097
Commercial paper		—		4,191		—		4,191
Total cash equivalents		36,097		4,191		—		40,288
Investments:
U.S. Treasury securities		—		150,116		—		150,116
Commercial paper		—		12,239		—		12,239
Corporate debt securities		—		96,405		—		96,405
Total investments		—		258,760		—		258,760
Total assets measured at fair value	$	36,097	$	262,951	$	—	$	299,048

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	December 31, 2025
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	41,832	$	—	$	—	$	41,832
Commercial paper		2,978		—		—		2,978
Total cash equivalents		44,810		—		—		44,810
Investments:
U.S. Treasury securities		90,508		254		—		90,762
U.S. Non-Treasury securities		2,373		1		—		2,374
Commercial paper		13,555		8		—		13,563
Corporate debt securities		86,403		196		—		86,599
Total investments		192,839		459		—		193,298
Total assets measured at fair value	$	237,649	$	459	$	—	$	238,108


	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—		$	36,097
Commercial paper		4,191		—		—			4,191
Total cash equivalents		40,288		—		—			40,288
Investments:
U.S. Treasury securities		150,095		121		(100	)		150,116
Commercial paper		12,227		12		—			12,239
Corporate debt securities		96,302		209		(106	)		96,405
Total investments		258,624		342		(206	)		258,760
Total assets measured at fair value	$	298,912	$	342	$	(206	)	$	299,048

As of December 31, 2025, the Company does not have investments that have been in a continuous unrealized loss position for twelve months or longer. To date, the Company has not recorded any credit loss charges on marketable securities related to other-than-temporary declines in market value. As of December 31, 2025, $54.7 million of available-for-sale investments had remaining maturities between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of December 31, 2025 and 2024, the Company recorded $1.4 million and $1.9 million, respectively, of accrued interest related to its available-for-sale investments and is presented as other receivables on the consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Loss Per Share Attributable To Common Stockholders - Schedule of Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,145,015	17,770,021
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,172,712	13,198,232
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,872,428	4,450,441
Estimated ESPP shares to be issued
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	99,875	121,348

Net Loss Per Share Attributable To Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable To Common Stockholders

12.

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

As discussed above in Note 6, on December 9, 2025, all of the Company's outstanding Class B common stock were automatically converted (the "Conversion") into the same number of shares of Class A common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, as amended. We do not expect to issue any additional shares of Class B common stock following the Conversion. On December 12, 2025, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion. As the liquidation and dividend rights were identical, the Company’s undistributed earnings or losses were allocated on a proportionate basis among the holders of Class A and Class B common stock. As a result, the net loss per share attributed to common stockholders was, therefore, the same for both Class A and Class B common stock on an individual or combined basis.

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss attributable to Class A and Class B common stockholders	$	(73,600	)	$	(86,599	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		57,447,580			62,348,012
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(1.28	)	$	(1.39	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):


	December 31,
	2025		2024
Class A common stock options issued and outstanding		13,172,712		13,198,232
Restricted stock units		2,872,428		4,450,441
Estimated ESPP shares to be issued		99,875		121,348
Total		16,145,015		17,770,021

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 69,558	$ 50,602
Accruals and reserves	1,050	1,259
Research and development credits	10,435	8,538
Stock-based compensation	10,670	11,408
Lease liabilities	5,776	6,664
Capitalized research and experimentation	13,392	17,879
Fixed assets	0	269
Other	2,145	641
Gross deferred tax assets	113,026	97,260
Valuation allowance	(107,579)	(91,163)
Deferred tax liabilities:
Fixed assets	(190)	0
Right-of-use assets	(5,003)	(5,849)
Gross deferred tax liabilities	(5,193)	(5,849)
Total net deferred tax assets	$ 254	$ 248

Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 44,810	$ 40,288
Total investments	193,298	258,760
Total assets measured at fair value	238,108	299,048
U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	90,762	150,116
U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,374
Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	2,978	4,191
Total investments	13,563	12,239
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	86,599	96,405
Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,832	36,097
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,832	36,097
Total investments	0	0
Total assets measured at fair value	41,832	36,097
Level 1 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0
Level 1 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Level 1 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	41,832	36,097
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	2,978	4,191
Total investments	193,298	258,760
Total assets measured at fair value	196,276	262,951
Level 2 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	90,762	150,116
Level 2 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,374
Level 2 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	2,978	4,191
Total investments	13,563	12,239
Level 2 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	86,599	96,405
Level 2 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Total assets measured at fair value	0	0
Level 3 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0
Level 3 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Level 3 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 0	$ 0

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 347	$ 456	$ 270
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Deferred Revenue Arrangement [Line Items]
Revenue recognized from the remaining performance obligations	$ 300
Remaining performance obligation	82.00%
Expected remaining performance obligations	12 months

Equity Incentive Plans - Schedule of Components of Stock-based Compensation Expensed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 15,414	$ 28,207
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	462	1,594
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	6,069	8,533
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,883	$ 18,080

Organization and Description of the Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease.

Liquidity

As of December 31, 2025, the Company has incurred significant losses and has had negative cash flows from operations. As of December 31, 2025, the Company had cash and cash equivalents and investments of $240.6 million and an accumulated deficit of $466.0 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents and investments as of December 31, 2025 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of the accompanying consolidated financial statements.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are summarized as follows (in thousands):


	Year ended December 31,
	2025			2024
Current:
Federal	$	—		$	—
State		—			—
Foreign		207			346
Total current		207			346

Deferred:
Federal		—			—
State		—			—
Foreign		(6	)		(248	)
Total deferred		(6	)		(248	)

Provision for income taxes	$	201		$	98

Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate for the year ended December 31, 2025, subsequent to the adoption of ASU 2023-09, including the amount and percentage of income before taxes, was as follows (in thousands, except percentages):


	Year Ended December 31, 2025
	Amount			Percentage
Federal tax benefit at statutory rate	$	(15,414	)		21.0	%
State taxes, net of federal benefit (1)		(242	)		0.3	%
Foreign tax effects		73			(0.1	)%
Research and development credits		(1,560	)		2.1	%
Changes in valuation allowance		14,090			(19.2	)%
Nontaxable or nondeductible items
Executive compensation		274			(0.4	)%
Stock-based compensation		1,657			(2.3	)%
Other		99			(0.1	)%
Changes in unrecognized tax benefits		632			(0.9	)%
Other adjustments		592			(0.8	)%
Provision for income taxes	$	201			(0.3	)%

(1) State taxes in California made up greater than 50% of the tax effect in this category.

A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate for the year ended December 31, 2024, prior to the adoption of ASU 2023-09, was as follows (in thousands):


	Year Ended December 31, 2024
Federal tax benefit at statutory rate	$	(18,166	)
State taxes, net of federal benefit		(2,492	)
Change in valuation allowance		17,136
Stock-based compensation tax deduction over book expense		4,730
Permanent differences		33
Research and development credits		(2,123	)
Executive compensation limitation		1,926
Other		(946	)
Provision for income taxes	$	98

Schedule of Income Taxes Paid, Net of Refunds

Income taxes paid, net of refunds, during the period presented were as follows (in thousands):


	Year Ended December 31, 2025
Federal	$	—
State		—
Foreign
United Kingdon		154
Germany		28
Total income taxes paid, net of refunds	$	182

Schedule of Deferred Tax Assets and Liabilities

The categories that give rise to significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	69,558		$	50,602
Accruals and reserves		1,050			1,259
Research and development credits		10,435			8,538
Stock-based compensation		10,670			11,408
Lease liabilities		5,776			6,664
Capitalized research and experimentation		13,392			17,879
Fixed assets		—			269
Other		2,145			641
Gross deferred tax assets		113,026			97,260
Valuation allowance		(107,579	)		(91,163	)

Deferred tax liabilities:
Fixed assets		(190	)		—
Right-of-use assets		(5,003	)		(5,849	)
Gross deferred tax liabilities		(5,193	)		(5,849	)
Total net deferred tax assets:	$	254		$	248

Schedule of Unrecognized Tax Benefits Roll Forward

The beginning and ending unrecognized tax benefits amounts are as follows (in thousands):


	December 31,
	2025		2024
Beginning balance	$	3,136	$	2,364
Change related to prior year positions		—		—
Change related to current year positions		697		772
Ending balance	$	3,833	$	3,136

Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in a continuous unrealized loss position, twelve months or longer	$ 0
Available-for-sale investments with remaining maturities between one and two years	$ 54,686,000	$ 63,103,000
Available-for-sale investments with remaining maturities	1 year
Accrued liabilities, fair value disclosure	$ 1,400,000	$ 1,900,000
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	1 year
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	2 years

Net Loss Per Share Attributable To Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss attributable to Class A and Class B common stockholders	$	(73,600	)	$	(86,599	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		57,447,580			62,348,012
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(1.28	)	$	(1.39	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31,
	2025		2024
Class A common stock options issued and outstanding		13,172,712		13,198,232
Restricted stock units		2,872,428		4,450,441
Estimated ESPP shares to be issued		99,875		121,348
Total		16,145,015		17,770,021

Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease costs	$ 3,837	$ 4,061
Variable lease cost	924	976
Short-term lease costs	136	67
Total lease costs	$ 4,897	$ 5,104
Weighted-average remaining lease term (in years)	6 years 9 months 18 days	7 years 9 months 18 days
Weighted-average incremental borrowing rate	6.20%	6.20%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
OPERATING ACTIVITIES
Net Income (Loss)	$ (73,600)	$ (86,599)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	15,414	28,207
Depreciation and amortization	6,104	6,176
Loss on disposal of property and equipment	1,014	279
Net amortization of premium on available-for-sale securities	1,141	3,053
Provision for inventory excess and obsolescence	148	179
Non-cash operating lease expense	(9)	91
Loss on equity method investment	5,919	2,649
Changes in operating assets and liabilities:
Accounts receivable, net	277	487
Prepaid expenses and other assets	1,570	(92)
Inventory	(2,901)	(2,668)
Accounts payable	1,062	3,355
Deferred revenue	(67)	202
Accrued liabilities and other liabilities	(520)	(1,428)
Net cash used in operating activities	(44,448)	(46,109)
INVESTING ACTIVITIES
Purchases of property and equipment	(1,797)	(3,584)
Proceeds from disposal of property and equipment	646	343
Purchases of available-for-sale securities	(173,170)	(262,926)
Proceeds from maturities of available-for-sale securities	237,814	342,025
Purchase of equity security	(1,945)	(10,000)
Net cash provided by investing activities	61,548	65,858
FINANCING ACTIVITIES
Proceeds from exercise of Class A common stock options	56	0
Repurchases of Class A common stock under share repurchase program	(10,199)	(11,816)
Taxes paid related to net settlement of restricted stock units	(827)	0
Proceeds from issuance of Class A common stock in connection with employee stock purchase plan	402	321
Net cash used in financing activities	(10,568)	(11,495)
Net increase in cash, cash equivalents and restricted cash	6,532	8,254
Cash, cash equivalents and restricted cash, beginning of period	41,277	33,023
Cash, cash equivalents and restricted cash, end of period	47,809	41,277
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	182	154
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Capitalized stock-based compensation related to internal-use software development	169	220
Property and equipment purchases included in accounts payable and accrued expenses	131	248
Inventory transferred to property and equipment	2,456	242
Property and equipment transferred to inventory	$ 62	$ 699

Capital Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Summary of Share Repurchase Activity

The following table summarizes the Company's share repurchase activity for each fiscal year (in thousands except per share data):


	December 31,
	2025		2024
Number of shares repurchased		5,264,809		6,470,102
Total cost (1)	$	10,199	$	11,816
Average per share cost (2)	$	1.93	$	1.82

(1) Includes broker commissions and excludes excise tax.

(2) Average price paid per share is calculated on a settlement basis and excludes broker commissions and excise tax.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Disaggregated Segment Operating Expenses on Functional Basis

The following table sets forth information on segment net loss, including significant segment expenses (in thousands):


	Year Ended December 31,
	2025			2024
Revenue	$	16,578		$	14,170
Cost of revenue		8,113			7,115
Gross profit		8,465			7,055
Operating expenses:
Compensation expenses		35,042			36,774
Stock-based compensation		15,414			28,207
Professional expenses		12,579			15,032
Business expenses		9,304			9,852
Facility expenses		6,093			6,379
Depreciation and amortization		5,123			5,836
Other (1)		2,902			5,076
Total operating expenses		86,457			107,156

Interest income		11,522			16,666
Loss on equity method investment		(5,919	)		(2,649	)
Other expense		(1,010	)		(417	)
Provision for income taxes		201			98
Net loss	$	(73,600	)	$	(86,599	)

(1)

Other includes laboratory expenses, travel expenses, and allocated costs.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue:
Total revenue	$ 16,578	$ 14,170
Cost of revenue:
Total cost of revenue	8,113	7,115
Gross profit	8,465	7,055
Operating expenses:
Research and development	43,874	50,585
Selling, general and administrative	42,583	56,571
Total operating expenses	86,457	107,156
Loss from operations	(77,992)	(100,101)
Other income (expense):
Interest income	11,522	16,666
Loss on equity method investment	(5,919)	(2,649)
Other expense	(1,010)	(417)
Total other income	4,593	13,600
Loss before provision for income taxes	(73,399)	(86,501)
Provision for income taxes	201	98
Net loss	(73,600)	(86,599)
Other comprehensive loss:
Unrealized gain on available-for-sale securities	323	328
Comprehensive loss	(73,277)	(86,271)
Nonrelated Party \| Product
Revenue:
Total revenue	11,207	8,695
Cost of revenue:
Total cost of revenue	5,336	4,402
Nonrelated Party \| Service
Revenue:
Total revenue	4,151	2,960
Cost of revenue:
Total cost of revenue	1,531	1,465
Nonrelated Party \| Other
Revenue:
Total revenue	459	223
Cost of revenue:
Total cost of revenue	1,022	536
Related Party \| Product
Revenue:
Total revenue	761	2,292
Cost of revenue:
Total cost of revenue	224	712
Class A and Class B Common Stockholder
Other income (expense):
Net loss	$ (73,600)	$ (86,599)
Other comprehensive loss:
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (1.28)	$ (1.39)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (1.28)	$ (1.39)
Weighted-average common shares outstanding, basic	57,447,580	62,348,012
Weighted-average common shares outstanding, diluted	57,447,580	62,348,012

Revenue and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Summary of Deferred Revenue Activity

Deferred revenue activities consist of the following (in thousands):


	December 31,
	2025			2024
Deferred revenue, current and noncurrent, as of the beginning of period	$	456		$	270
Additions		662			763
Revenue recognized		(771	)		(577	)
Deferred revenue, current and noncurrent, as of the end of period	$	347		$	456

Equity Incentive Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

EQUITY INCENTIVE PLANS

In 2017, the Company adopted the 2017 Stock Incentive Plan (2017 Plan), which provided for the granting of awards to employees, directors, and consultants of the Company. Awards issuable under the 2017 Plan included incentive stock options (ISOs), nonqualified stock options (NSOs), and restricted stock awards. In 2020, the Company adopted the 2020 RSU Equity Incentive Plan (2020 RSU Plan), which provided for the granting of RSUs to employees and consultants of the Company and any parent or subsidiary of the Company and members of the board of directors.

In 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with the IPO. Awards issuable under the 2020 Plan include ISOs, NSOs, restricted stock awards, RSUs, stock appreciation rights and performance awards, to employees and consultants of the Company or any parent or subsidiary of the Company and members of the board of directors. The Company’s 2017 Plan and 2020 RSU Plan were terminated in connection with the IPO and no further grants will be made under the 2017 Plan and 2020 RSU Plan from the date that the 2020 Plan became effective.

Option Repricing

On October 4, 2024 (the Effective Date), the Board of Directors approved an option repricing. The repricing applied to nonstatutory stock options to purchase shares of the Company’s Class A common stock that (i) were granted to employees under the Company’s 2020 Plan or the 2017 Plan (together with the 2020 Plan, the Plans) and applicable award agreements thereunder; (ii) as of the Effective Date, were held by continuing employees; and (iii) had an exercise price per share greater than $2.00.

The new exercise price for repriced options is $2.00 per share, the closing price of the Company’s Class A common stock on the Effective Date. However, if an employee exercises a repriced option before the end of the Retention Period, the period that begins on the Effective Date and ends on the earliest of the following: (i) April 4, 2026; (ii) a Change in Control (as defined in the 2020 Plan); and (iii) the optionholder’s death or Disability (as defined in the 2020 Plan), such employee will be required to pay a premium exercise price that is equal to the original exercise price per share of such repriced option. In addition, certain option awards granted in 2023 with market conditions were amended to have an exercise price of $2.00 and stock price hurdle amount of $3.00 per share. There was no change to the expiration dates or service-based vesting criteria, or number of shares, and such options remain subject to the terms of the applicable Plans and award agreements.

For the service-based stock options, the repricing resulted in a total incremental stock-based compensation expense of $2.5 million, which was calculated using the Black-Scholes option pricing model, of which $2.1 million is associated with vested repriced options and will be recognized on a straight-line basis through the Retention Period. The remaining $0.4 million of the incremental stock-based compensation expense is associated with unvested repriced options and will be recognized as follows: (a) if the Retention Period is greater than the remaining original vesting period of the repriced option, the incremental cost will be amortized on a straight-line basis through the Retention Period or (b) if the Retention Period is less than the remaining original vesting term of the repriced option, the incremental costs will be amortized on a straight-line basis over the remaining original vesting period.

For the 2023 market condition options, the repricing resulted in a total incremental compensation expense of $0.2 million, which was calculated using a lattice-binomial option pricing model based on a Monte Carlo simulation.

Stock Options

Stock options to purchase the Company’s Class A common stock may be granted at a per share exercise price not less than the fair market value of a share of the Company’s Class A common stock at the date of grant in the case of both NSOs and ISOs, except for grants of ISOs to an employee who owns more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary of the Company, in which case the per share exercise price shall be no less than 110% of the fair market value per Class A common stock on the grant date. Stock options granted under the 2017 Plan and 2020 Plan generally vest over four years and expire no later than 10 years from the date of grant. Additional shares subject to certain equity awards that otherwise would have returned to the 2017 Plan or the 2020 RSU Plan may become available for issuance under the 2020 Plan. The 2020 Plan also provides for an annual, automatic increase in the number of shares of the Company’s Class A common stock reserved for issuance under the 2020 Plan as of the first day of each fiscal year of the Company beginning with the Company’s 2021 fiscal year, in an amount equal to the least of (a) 9,037,149 shares, (b) a number of shares equal to 5% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding fiscal year, or (c) such number of shares determined by the administrator of the 2020 Plan prior to the date of such share increase. As of December 31, 2025, there are 3,591,506 shares of Class A common stock reserved for issuance under the 2020 Plan.

Stock option activity for the year ended December 31, 2025 is as follows:


	Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Term (Years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		13,198,232		$	2.86		6.3	$	4,573
Options granted		964,266			2.17
Options exercised		(28,669	)		1.98
Options forfeited		(961,117	)		6.20
Balance at December 31, 2025		13,172,712		$	2.83		5.4	$	562
Vested and exercisable, December 31, 2025		8,185,158		$	3.33		5.0	$	412

The weighted-average grant date fair value of stock options granted to employees during the years ended December 31, 2025 and 2024, was $1.58 and $1.37 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024, was $6,000 and $11,000, respectively. As of December 31, 2025, the total unrecognized stock-based compensation related to unvested stock options, was $3.6 million, which the Company expects to recognize over a remaining weighted-average period of 2.0 years.

The fair value of stock options granted to employees, directors, and non-employees that are calculated using the Black-Scholes option pricing model using the following assumptions:


	Year Ended December 31,
	2025		2024
Risk-free interest rate	3.7% - 4.5%		3.5% - 4.7%
Expected volatility	79.4% - 85.5%		82.0% - 88.8%
Expected term (in years)		6.0	5.8 - 6.1
Expected dividend yield		—		—

Market Condition Options

In February 2024, the Company granted options to certain Company executives to purchase an aggregate of 1,896,901 shares of the Company’s Class A common stock, with vesting subject to market conditions (Market Condition Options). The granted options are further divided into 1,032,901 shares granted to the Chief Executive Officer (the CEO Award) and 864,000 shares of executive awards. The Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $5.31 per share (the Market Price Milestone) for the CEO Award and $3.54 per share (a Market Price Milestone) for the executive awards, respectively.

In February 2023, the Company granted options to certain Company executives to purchase an aggregate of 1,794,000 shares of the Company’s Class A common stock, with vesting subject to market conditions. These Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $6.89 per share (also a Market Price Milestone). After the repricing, the modified stock price hurdle is $3.00 per share.

Under each of the above Market Condition Options, if the Market Price Milestone is achieved, 25% of each Market Condition Option will vest upon certification of such achievement, subject to the recipient’s continued service through the Market Price Milestone achievement date, and an additional 25% of each Market Condition Option will then vest on each of the one-, two- or three-year anniversaries of the Market Price Milestone achievement date, respectively, subject to the recipient’s continued service through the applicable anniversary date. In the event of the Company’s change in control during the seven-year performance period, the performance period will be shortened, achievement of the Market Price Milestone will be assessed based on the per share value of consideration that stockholders receive in the transaction (the change in control price), and if the Market Price Milestone is achieved on that basis, each Market Condition Option will vest in full as of immediately prior to the change in control, subject to the recipient’s continued service as of immediately prior to the change in control.

Compensation expense is recognized using an accelerated attribution method based on the derived service periods for each of the Market Condition Options. Failure to meet the Market Price Milestone for an award does not result in reversal of previously recognized expense, so long as the service is provided for the duration of the respective derived service period.

For 2024 Market Condition Options, the following assumptions were used to determine the grant date fair value:


Risk-free interest rate		4.07	%
Expected volatility		84.80	%
Expected dividend yield		—
Strike price	$	1.77
Weighted-average grant date fair value	$	1.22

For 2023 Market Condition Options, the following assumptions were used to determine the grant date fair value:


	Original Assumptions			Modified Assumptions
Risk-free interest rate		3.94	%		3.89	%
Expected volatility		83.10	%		81.92	%
Expected dividend yield		—			—
Strike price	$	4.59		$	2.00
Stock price hurdle	$	6.89		$	3.00
Weighted-average grant date fair value	$	2.91		$	1.40

For the years ended December 31, 2025 and 2024, the Company recognized compensation expense of $1.0 million and $1.8 million, respectively.

As of December 31, 2025, $0.7 million of unrecognized compensation cost related to unvested 2024 Market Condition Options is expected to be recognized as expense over a remaining weighted-average period of 1.9 years.

As of December 31, 2025, $0.6 million of unrecognized compensation cost related to unvested 2023 Market Condition Options is expected to be recognized as expense over a remaining weighted-average period of 2.0 years.

Restricted Stock Units

The Company has granted RSUs under the 2020 RSU Plan and the 2020 Plan. Restricted stock units (RSUs) are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. The RSUs generally vest over four years from the vesting start date.

RSU activity for the year ended December 31, 2025 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2024		4,450,441		$	4.26
Granted		1,308,683			2.29
Vested		(2,455,646	)		5.37
Forfeited		(431,050	)		2.81
Balance at December 31, 2025		2,872,428		$	2.63

In connection with the vesting of restricted stock units, the Company withheld shares of Class A common stock to satisfy tax withholding and remittance obligations. For the year ended December 31, 2025, the Company withheld 359,664 shares of Class A common stock, which were retired, for $0.8 million.

As of December 31, 2025, the total unrecognized stock-based compensation related to RSUs was $6.5 million, which the Company expects to recognize over a remaining weighted-average period of 2.2 years.

Employee Stock Purchase Plan

In November 2020, the Company’s board of directors adopted the 2020 Employee Stock Purchase Plan (ESPP), which was subsequently approved by the Company’s stockholders and became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation.

The ESPP provides for an annual, automatic increase in the number of shares of the Company’s Class A common stock reserved for issuance under the ESPP as of the first day of each fiscal year of the Company beginning with the Company’s 2021 fiscal year, in an amount equal to the least of (a) 1,807,476 shares, (b) a number of shares equal to 1% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding fiscal year, or (c) such number of shares determined by the administrator of the ESPP prior to the date of such share increase.

As of December 31, 2025, a total of 2,026,531 shares of Class A common stock are reserved for issuance under the ESPP. During the year ended December 31, 2025, 231,665 shares of Class A common stock were issued under the ESPP. As of December 31, 2025, the total unrecognized stock-based compensation related to the ESPP was $41,000, which the Company expects to recognize over a remaining weighted-average period of 0.4 years.

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model, based on the following assumptions:


	Year Ended December 31,
	2025		2024
Risk-free interest rate	3.8% - 4.3%		4.4% - 5.4%
Expected volatility	41.8% - 42.4%		48.6% - 66.3%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

Stock-Based Compensation

The following table summarizes the components of stock-based compensation recognized in the Company’s consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2025		2024
Cost of revenue	$	462	$	1,594
Research and development		6,069		8,533
Selling, general and administrative		8,883		18,080
Total stock-based compensation	$	15,414	$	28,207

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	$ 16,400	$ 17,100
Research and development credits	10,435	8,538
Unrecognized tax benefits	3,833	3,136	$ 2,364
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	262,400	182,300
Research and development credits	8,600	7,000
State
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	226,600	185,700
Research and development credits	$ 6,800	$ 5,500

Capital Stock and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Vote $ / shares shares	Feb. 25, 2026 USD ($)	Dec. 31, 2024 $ / shares shares	May 03, 2024 USD ($)
Class of Stock [Line Items]
Common stock, authorized (in shares)	99,134,268
Preferred stock, authorized (in shares)	5,000,000		5,000,000
Conversion description	Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. On December 9, 2025, all of the Company's outstanding Class B common stock were automatically converted (the "Conversion") into the same number of shares of Class A common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, as amended. We do not expect to issue any additional shares of Class B common stock following the Conversion. On December 12, 2025, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion.
Dividends declared (in dollars per share) \| $ / shares	$ 0
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	94,000,000		94,000,000
Common stock, par value (usd per share) \| $ / shares	$ 0.00001		$ 0.00001
Voting rights (per share) \| Vote	1
Shares available for repurchases \| $	$ 3.1
Stock repurchase program, authorized amount \| $				$ 25.0
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	134,268		6,000,000
Common stock, par value (usd per share) \| $ / shares	$ 0.00001		$ 0.00001
Voting rights (per share) \| Vote	10
Subsequent Event \| Class A common stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount \| $		$ 25.0

Revenue and Deferred Revenue - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, current and noncurrent, as of the beginning of period	$ 456	$ 270
Additions	662	763
Revenue recognized	(771)	(577)
Deferred revenue, current and noncurrent, as of the end of period	$ 347	$ 456

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 47,285	$ 40,753
Short-term investments	138,612	195,657
Other receivables	1,370	1,853
Inventory	7,795	7,436
Prepaid expenses and other current assets	1,890	3,248
Total current assets	201,534	253,323
Long-term investments	54,686	63,103
Operating lease right-of-use assets	20,488	22,791
Property and equipment, net	14,754	18,575
Restricted cash	524	524
Other assets	4,097	8,281
Total assets	296,083	366,597
Current liabilities:
Accounts payable	5,611	4,621
Accrued expenses	7,135	7,937
Deferred revenue	341	408
Operating lease liabilities, current	2,575	2,312
Other current liabilities	29	50
Total current liabilities	15,691	15,328
Operating lease liabilities, net of current portion	21,077	23,652
Other noncurrent liabilities	8	48
Total liabilities	36,776	39,028
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of December 31, 2025 and 2024; zero shares issued and outstanding as of December 31, 2025 and 2024	0	0
Additional paid-in capital	724,819	719,804
Accumulated other comprehensive gain	459	136
Accumulated deficit	(465,972)	(392,372)
Total stockholders’ equity	259,307	327,569
Total liabilities and stockholders’ equity	296,083	366,597
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	0	0
Nonrelated Party
Current assets:
Accounts receivable, net	4,282	3,997
Related Party
Current assets:
Accounts receivable, net	$ 300	$ 379

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	8. EMPLOYEE BENEFIT PLANS The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. In 2022, the Company implemented a 401(k) match program. For the fiscal years ended 2025 and 2024, the Company contributed $0.3 million and $0.6 million to the 401(k) plan, respectively.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands):


	December 31,
	2025		2024
Cash and cash equivalents	$	47,285	$	40,753
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	47,809	$	41,277

Schedule of Restrictions on Cash and Cash Equivalents


	December 31,
	2025		2024
Cash and cash equivalents	$	47,285	$	40,753
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	47,809	$	41,277

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of standalone selling price for revenue recognition, stock-based compensation, allowance for credit losses, inventory valuation, operating lease right-of-use assets and liabilities, useful lives and valuation of property and equipment, capitalization and useful life of capitalized internal-use software, income tax uncertainties, and tax valuation allowances.

Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.

In fiscal years 2025 and 2024, the Company recognized revenue from a related party that represented 5% and 17%, respectively, of the Company’s total revenue.

In fiscal years 2025 and 2024, 40% and 33%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe.

As of December 31, 2025, there were three customers, which represented 13%, 11%, and 10% of the total accounts receivable balance. As of December 31, 2024, no single customer accounted for 10% or more of the total accounts receivable balance, including related party receivables.

Equity Method Investments

The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial decisions of the investee.

In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses and other comprehensive income of the investee based on its percentage of common stock ownership during the respective reporting period. Payments to investees such as additional investments and payments from investees such as dividends are recorded as adjustments to the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, no additional net losses are recorded unless the Company makes additional investment in the investee, has guaranteed obligations of the investee, or is otherwise committed to provide further financial support for the investee.

As of December 31, 2025, the Company has an equity method investment in PrognomiQ. Refer to Note 11 for additional information.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds, U.S. Treasury securities, U.S. Non-Treasury securities, commercial paper, and corporate debt securities and are stated at fair value.

Restricted cash represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.


	December 31,
	2025		2024
Cash and cash equivalents	$	47,285	$	40,753
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	47,809	$	41,277

Investments

The Company has designated all investments, which include U.S. Treasury securities, U.S. Non-Treasury securities, commercial paper, and corporate debt securities as available-for-sale, and therefore, such investments are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a component of other comprehensive loss. The cost of available-for-sale securities is adjusted for the amortization of premiums and accretion of discounts to expected maturity. Such amortization and accretion are included in other income (expense) on the consolidated statements of operations and comprehensive loss. Realized gains and losses and interest income on available-for-sale securities are also included in other income (expense). The cost of securities sold is based on the specific identification method. The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation at each balance sheet date. As of December 31, 2025, the Company classifies its available-for-sale securities as short-term investments or long-term investments based on the remaining contractual maturity of the securities.

All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other than temporary. Factors considered in determining whether a loss is temporary include the length of time and extent to which an investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security and whether or not the Company will be required to sell the security before the recovery of its amortized cost. During the year ended December 31, 2025, the Company did not recognize any impairment charges on its investments.

Any unrealized losses on available-for-sale debt securities that are attributed to credit risk are recorded to the consolidated statements of operations and comprehensive loss through an allowance for credit losses.

Investment in Equity Security

Equity investments without readily determinable fair values are non-marketable equity securities. These are investments in certain equity securities of privately-held companies that do not provide the Company the ability to exercise significant influence. Such investments are accounted for under the measurement alternative in accordance with Accounting Standards Codification (ASC) 321, Investments - Equity Securities. Under the measurement alternative, equity investment is accounted for at cost, adjusted for impairment and changes resulting from observable price fluctuations in orderly transactions for the identical or a similar investment of the same issuer. The election is reassessed each reporting period to determine whether investment under the measurement alternative has readily determinable fair values, in which case it would no longer be eligible for this election.

At each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If a qualitative assessment indicates the investment is impaired, the Company estimates the investment’s fair value in accordance with ASC 820, Fair Value Measurement. If the fair value is less than the investment’s carrying value, an impairment charge is recorded in the consolidated statements of operations and comprehensive loss equal to the difference between the carrying value and fair value.

Accounts Receivable, Net

Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Balances are written off when they are ultimately determined to be uncollectible. As of December 31, 2025 and 2024, the allowance for credit losses related to accounts receivable was $0.1 million.

Inventory

Inventory is recorded at the lower of cost or net realizable value using standard cost, which approximates actual cost on a first-in, first-out basis. Provisions for slow-moving, excess or obsolete inventories are recorded when required to reduce inventory values to their estimated net realizable values based on product expiration, development plans, or quality issues. The Company writes down specifically identified unusable, obsolete, slow-moving or known unsalable inventory in the period that it is first recognized by using a number of factors, including product expiration dates, open and unfulfilled orders and sales forecasts. Any write-down of its inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest that the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on the Company’s consolidated statements of operations and comprehensive loss.

Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are as follows: laboratory equipment and furniture and fixtures - five years, and computer equipment and software - three years. Leasehold improvements are capitalized and amortized over the shorter of the lease term or the estimated useful life of the related asset. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet and any resulting gain or loss is included as a part of other expense within the consolidated statements of operations and comprehensive loss.

The Company capitalizes certain internal and external costs incurred to develop internal-use software. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, costs incurred are capitalized. Capitalized costs include external consulting fees, payroll and payroll-related costs and stock-based compensation for employees who are directly associated with, and who devote time to, the Company’s internal-use software project. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized. The Company amortizes capitalized internal-use software costs using the straight-line method over the estimated useful life of three years. Amortization of capitalized internal-use software is recorded in cost of revenue in the consolidated statements of operations and comprehensive loss.

Impairment of Long-Lived Assets

The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. If indicators of impairment exist and the undiscounted future net cash flows expected to be generated by such assets are less than the carrying amount of the asset, an impairment loss is recorded to write the asset down to its estimated fair value based on a discounted future cash flow approach or quoted market values. There have been no such impairment losses for the periods presented.

Leases

The Company determines if an arrangement is or contains a lease at contract inception and classifies each lease as operating, sales-type or finance lease.

Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses its incremental borrowing rate in determining the present value of lease payments based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term.

The Company elected to not separate non-lease components from the associated lease components and to not recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Variable lease payments are primarily related to common area maintenance, and are recognized as lease costs when incurred.

Revenue Recognition

The Company generates revenue primarily from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality and consumables. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers.

The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service.

Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. Revenue from services is recognized once the report is delivered to a customer, which is when the customer obtains the benefit of the service.

Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon delivery of services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return.

The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer.

The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.

Other Revenue

A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of ASC 606, Revenue From Contracts With Customers, and are therefore accounted for in accordance with ASC 842, Leases. The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative standalone selling prices. The standalone selling price is based on the price the Company would separately sell that promised good or service to a customer. If a standalone price is not available for a component, it is estimated using the best information available.

In determining whether a transaction should be classified as a sales-type or operating lease, the Company considered the following criteria at lease commencement: (1) whether title of the instrument transfers automatically or for a nominal fee by the end of the lease term, (2) whether the present value of the minimum lease payments equals or exceeds substantially all of the fair value of the leased instrument, (3) whether the lease term is for the major part of the remaining economic life of the leased instrument, (4) whether the lease grants the lessee an option to purchase the leased instrument that the lessee is reasonably certain to exercise, and (5) whether the underlying instrument is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. If any of these criteria were met, the lease was classified as a sales-type lease. If none of these criteria are met the lease was classified as an operating lease.

Shipping revenue is recognized when control of the product is transferred to the customer. The related shipping and handling costs are included in the cost of revenue.

Cost of Revenue

The Company utilizes third-party manufacturers for production of SP100 and SP200 instruments and it manufactures the nanoparticles and assembles the assay kits internally. Cost of revenue consists primarily of costs of the components of the Proteograph Product Suite, including the instruments and consumables, cost of services related to the generation and analysis of proteomic data on behalf of customers, and distribution-related expenses such as logistics and shipping costs. In addition, cost of revenue includes employee compensation, such as stock-based compensation and employee benefits, amortization of capitalized internal-use software, allocated overhead, including depreciation, and charges related to inventory reserves.

Research and Development Expenses

Research and development expenses include costs associated with research and development of the Company’s technology and product candidates. Research and development expenses primarily consist of employee compensation, including stock-based compensation and employee benefits, laboratory supplies used for in-house research, consulting costs, and allocated costs, including rent, depreciation, information technology and utilities.

Selling, General and Administrative Expenses

Selling, general and administrative expenses primarily consist of employee compensation, including stock-based compensation, and benefits for executive management, sales and marketing, finance, administrative, human resources, legal functions, allocated costs, professional service fees and other general overhead costs to support the Company's operations.

Stock-Based Compensation

Stock-based compensation expense relates to stock options with service-based vesting conditions, stock options with market-based vesting conditions, stock purchase rights under the employee stock purchase plan (ESPP), and restricted stock units (RSUs). All awards are measured at fair value on grant date and forfeitures are recognized as they occur.

The fair value of stock options with service conditions and stock purchase rights under our ESPP on the grant date is determined using the Black-Scholes option pricing model. The fair value of the awards is recognized as expense on a straight-line basis over the requisite service period in which the awards are expected to vest.

The Black-Scholes option pricing model considers several variables and assumptions in estimating the fair value of service-based stock options and stock purchase rights under the ESPP. These variables include the per share fair value of the underlying common stock, expected term, expected volatility, risk-free interest rate and expected dividend yield over the expected term. For all service-based stock options granted, the Company calculates the expected term using the simplified method for “plain vanilla” stock option awards. For the expected volatility, the Company uses the historical volatility of the stock price of its Class A common stock. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of the options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay dividends on its common stock.

For stock options with market-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method based on the derived service periods and not reversed if the achievement of the market condition does not occur. The fair value of these stock options is estimated using the Monte Carlo simulation model.

The fair value of RSUs is the fair value of the underlying stock at the measurement date.

Repurchases of Class A Common Stock

On May 3, 2024, the Company’s Board of Directors approved a share repurchase program (the Share Repurchase Program) under which the Company is authorized to purchase (in the aggregate) up to $25.0 million of its issued and outstanding Class A common stock. Under the Share Repurchase Program, shares may be repurchased from time to time in open market transactions at prevailing market prices (including through Rule 10b5-1 plans), privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of shares repurchased under the Share Repurchase Program will depend on the market price of its common stock, trading volume, general market conditions and other corporate and economic considerations. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time.

The Company records the share repurchase at cost based on the settlement date of the transaction. The shares repurchased are retired immediately and included in the category of authorized but unissued shares. The par value of the shares retired is charged against Class A common stock and the remaining purchase price is charged to additional paid-in capital. The total cost of the broker commissions is charged directly to additional paid-in capital.

Income Taxes

The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would increase the provision for income taxes in the period when such determination is made.

The Company records uncertain tax positions in accordance with ASC 740, Income Taxes on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax liability that is more likely than 50 percent to be realized. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. For the years ended December 31, 2025 and 2024, there were no interest and penalties.

Net Loss Per Share Attributable to Common Stockholders

Net loss per share of common stock is computed using the two-class method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis.

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 - Quoted prices in active markets for identical assets and liabilities;

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 effective January 1, 2025, on a prospective basis and did not have a material impact on the consolidated financial statements. Refer to Note 13 for further information.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation and immediate deduction of domestic research and development costs, among other tax changes. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. The Company evaluated the potential impact of the OBBBA legislation on its financial position, results of operations and cash flows. However, due to the Company’s valuation allowance position on its deferred tax assets, the OBBBA did not have a material impact on the Company’s effective tax rate or cash flow in the current fiscal year.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation and amortization expense for each caption on the income statement where such expenses are included. The update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The update is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, on a prospective basis, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which replaces the current stage-based capitalization model with a principles-based approach. Under the new guidance, costs are capitalized once management authorizes and commits to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. The update is effective for annual periods beginning after December 15, 2027, with early adoption permitted as of the beginning of an annual period. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on the Company’s consolidated financial statements.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

11.

RELATED PARTY TRANSACTIONS

In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ.

As of December 31, 2025 and 2024, the Company recorded $0.3 million and $0.4 million in related party receivables, respectively, on the consolidated balance sheets mainly due from product sales and service revenue. For the years ended December 31, 2025 and 2024, the Company recognized revenue of $0.8 million, primarily from services, and $2.3 million, of which $1.6 million was from product sales, respectively, and is presented as related party revenue on the consolidated statements of operations and comprehensive loss.

On August 12, 2024, the Company entered into a preferred stock purchase agreement with PrognomiQ, pursuant to which the Company purchased $10.0 million of PrognomiQ's Series D Preferred Stock. On July 31, 2025, the Company made an additional $1.9 million investment in the same series. Subsequently, in January 2026, the Company made an additional $1.5 million investment. The investment is accounted for as an equity security in accordance with ASC 321.

As of December 31, 2025, the carrying value of the investment was $3.4 million and is included in other assets on the consolidated balance sheets. The carrying value is adjusted by the Company's share in loss in the equity method investment. For the year ended December 31, 2025 and 2024, there were no impairment and recognized gains or losses to the carrying value.

Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($)
Redwood City, CA \| Facility Lease Agreement Letter of Credit \| Letter of Credit
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Building
Lessee, Lease, Description [Line Items]
Letter of credit issued \| $	$ 0.5	$ 0.5
Building \| Redwood City, CA
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of square feet \| ft²	51,000

Revenue and Deferred Revenue

12 Months Ended

Dec. 31, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

REVENUE AND DEFERRED REVENUE

Product revenue consists of instruments with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 11. Other revenue consists of shipping revenue and lease arrangements.

Deferred revenue activities consist of the following (in thousands):


	December 31,
	2025			2024
Deferred revenue, current and noncurrent, as of the beginning of period	$	456		$	270
Additions		662			763
Revenue recognized		(771	)		(577	)
Deferred revenue, current and noncurrent, as of the end of period	$	347		$	456

The transaction price allocated to remaining performance obligations relates to amounts allocated to products, services and lease arrangements for which revenue has not yet been recognized. A significant portion of these performance obligations relate to service obligations that will be satisfied and recognized as revenue in future periods. As of December 31, 2025, the Company had $0.3 million of remaining performance obligations, of which 82% is expected to be recognized within twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Name Accounting Standards Codification
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Reporting - Schedule of Disaggregated Segment Operating Expenses on Functional Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Revenue	$ 16,578	$ 14,170
Cost of revenue	8,113	7,115
Gross profit	8,465	7,055
Operating expenses:
Compensation expenses	35,042	36,774
Stock-based compensation	15,414	28,207
Professional expenses	12,579	15,032
Business expenses	9,304	9,852
Facility expenses	6,093	6,379
Depreciation and amortization	5,123	5,836
Other	2,902	5,076
Total operating expenses	86,457	107,156
Interest income	11,522	16,666
Loss on equity method investment	(5,919)	(2,649)
Other expense	(1,010)	(417)
Provision for income taxes	201	98
Net loss	$ (73,600)	$ (86,599)

Equity Incentive Plans - Schedule of RSU Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares) \| shares	4,450,441
Granted (in shares) \| shares	1,308,683
Vested (in shares) \| shares	(2,455,646)
Forfeited (in shares) \| shares	(431,050)
Ending balance (in shares) \| shares	2,872,428
Beginning balance (in usd per share) \| $ / shares	$ 4.26
Granted (in usd per share) \| $ / shares	2.29
Vested (in usd per share) \| $ / shares	5.37
Forfeited (in usd per share) \| $ / shares	2.81
Ending balance (in usd per share) \| $ / shares	$ 2.63

Capital Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Capital Stock and Stockholders' Equity

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of December 31, 2025, the Company is authorized to issue 99,134,268 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 134,268 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. On December 9, 2025, all of the Company's outstanding Class B common stock were automatically converted (the "Conversion") into the same number of shares of Class A common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, as amended. We do not expect to issue any additional shares of Class B common stock following the Conversion. On December 12, 2025, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion.

Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

Share Repurchase Program

The following table summarizes the Company's share repurchase activity for each fiscal year (in thousands except per share data):


	December 31,
	2025		2024
Number of shares repurchased		5,264,809		6,470,102
Total cost (1)	$	10,199	$	11,816
Average per share cost (2)	$	1.93	$	1.82

(1) Includes broker commissions and excludes excise tax.

(2) Average price paid per share is calculated on a settlement basis and excludes broker commissions and excise tax.

As of December 31, 2025, the Company has a total of $3.1 million, excluding broker commissions and excise tax, available under the current authorization for additional share repurchases.

On February 25, 2026, the Company's Board of Directors authorized an additional repurchase of up to $25.0 million of its issued and outstanding Class A common stock.

- Definition

The entire disclosure for equity.

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+ Details

Other Financial Statement Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 3,665	$ 3,164
Work-in-progress	46	76
Finished goods	4,084	4,196
Inventory	$ 7,795	$ 7,436

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of each of December 31, 2025 and 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease.

The components of lease expense and supplemental information were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease costs	$	3,837	$	4,061
Variable lease costs		924		976
Short-term lease costs		136		67
Total lease costs	$	4,897	$	5,104


	Year Ended December 31,
	2025			2024
Weighted-average remaining lease term (in years)		6.8			7.8
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Variable lease costs primarily consist of common area maintenance.

Supplemental cash flow information related to leases is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	3,846	$	3,969

As of December 31, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows:


Years ending December 31,
2026	$	3,957
2027		4,072
2028		4,191
2029		4,312
2030		4,444
Thereafter		8,118
Total undiscounted future minimum lease payments		29,094
Present value adjustment for minimum lease commitments		(5,441	)
Total operating lease liabilities	$	23,653

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

14.

SEGMENT REPORTING

The Company manages its business activities on a consolidated basis and operates in one reportable segment.

The Company’s chief operating decision maker (CODM) is the chief executive officer. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net loss. The CODM does not evaluate operating segment using asset or liability information.

The following table sets forth information on segment net loss, including significant segment expenses (in thousands):


	Year Ended December 31,
	2025			2024
Revenue	$	16,578		$	14,170
Cost of revenue		8,113			7,115
Gross profit		8,465			7,055
Operating expenses:
Compensation expenses		35,042			36,774
Stock-based compensation		15,414			28,207
Professional expenses		12,579			15,032
Business expenses		9,304			9,852
Facility expenses		6,093			6,379
Depreciation and amortization		5,123			5,836
Other (1)		2,902			5,076
Total operating expenses		86,457			107,156

Interest income		11,522			16,666
Loss on equity method investment		(5,919	)		(2,649	)
Other expense		(1,010	)		(417	)
Provision for income taxes		201			98
Net loss	$	(73,600	)	$	(86,599	)

(1)

Other includes laboratory expenses, travel expenses, and allocated costs.

As of December 31, 2025 and 2024, long-lived assets were primarily located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Concentration of Credit Risk and Other Risks and Uncertainties

In fiscal years 2025 and 2024, the Company recognized revenue from a related party that represented 5% and 17%, respectively, of the Company’s total revenue.

In fiscal years 2025 and 2024, 40% and 33%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe.

Equity Method Investments

As of December 31, 2025, the Company has an equity method investment in PrognomiQ. Refer to Note 11 for additional information.

Cash, Cash Equivalents and Restricted Cash

Restricted cash represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.


	December 31,
	2025		2024
Cash and cash equivalents	$	47,285	$	40,753
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	47,809	$	41,277

Investments

Investment in Equity Security

Accounts Receivable, Net

Inventory

Property and Equipment

Impairment of Long-Lived Assets

Leases

The Company determines if an arrangement is or contains a lease at contract inception and classifies each lease as operating, sales-type or finance lease.

Revenue Recognition

Other Revenue

Shipping revenue is recognized when control of the product is transferred to the customer. The related shipping and handling costs are included in the cost of revenue.

Cost of Revenue

Research and Development Expenses

Selling, General and Administrative Expenses

Stock-based Compensation

Stock-Based Compensation

The fair value of RSUs is the fair value of the underlying stock at the measurement date.

Repurchases of Class A Common Stock

Income Taxes

Net Loss Per Share Attributable to Common Shareholders

Net Loss Per Share Attributable to Common Stockholders

Commitments and Contingencies

Fair Value Measurement

The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 - Quoted prices in active markets for identical assets and liabilities;

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Equity Incentive Plans - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 04, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock option as a percent of fair market value, minimum						110.00%
Options, grants in period, weighted average grant date fair value (in dollars per share)						$ 1.58	$ 1.37
Options exercised in period, intrinsic value						$ 6,000	$ 11,000
Withheld shares of common stock to satisfy tax withholding and remittance obligation						359,664
Withheld shares of common stock value to satisfy tax withholding and remittance obligation						$ 800,000
Total stock-based compensation						$ 15,414,000	28,207,000
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding common stock						5.00%
Unrecognized compensation expense, Options					$ 400,000		400,000
Employee benefits and share-based compensation					2,500,000
Employee benefits and share based compensation vested repriced options					$ 2,100,000
Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,794,000
Market condition option, percent		25.00%		25.00%
Total stock-based compensation						$ 1,000,000	$ 1,800,000
Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						1 year 10 months 24 days
Granted (in shares)			1,896,901
Unrecognized incremental stock-based compensation						$ 700,000
Market Condition Options \| 2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						2 years
Unrecognized incremental stock-based compensation						$ 600,000
Market Condition Options \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee benefits and share-based compensation						$ 200,000
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Award expiration period						10 years
Unrecognized compensation expense, amount						$ 3,600,000
Unrecognized compensation expense, period for recognition						2 years
Effective date	Oct. 04, 2024
Stock Option \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date	Apr. 04, 2026
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, amount						$ 6,500,000
Unrecognized compensation expense, period for recognition						2 years 2 months 12 days
Granted (in shares)						1,308,683
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Estimated ESPP shares to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding common stock						1.00%
Unrecognized compensation expense, amount						$ 41,000
Unrecognized compensation expense, period for recognition						4 months 24 days
ESPP, maximum employee subscription rate						15.00%
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)						231,665	214,227
Chief Executive Officer \| Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,032,901
Chief Executive Officer \| Class A Common Stock \| Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)			$ 5.31
Executive Officer \| Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			864,000
Executive Officer \| Class A Common Stock \| Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)			$ 3.54
Class A common stock \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						3,591,506
Class A common stock \| Maximum \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares reserved for issuance						9,037,149
Class A common stock \| Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)		$ 6.89		$ 6.89
Modified stock price hurdle amount per share				$ 3
Class A common stock \| Stock Option \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share	$ 2
Stock price hurdle amount per share	3
Class A common stock \| Stock Option \| Minimum \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share	$ 2
Class A common stock \| Estimated ESPP shares to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						2,026,531
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)						231,665
Class A common stock \| Estimated ESPP shares to be issued \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares reserved for issuance						1,807,476

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
State	0
Total income taxes paid, net of refunds	182
United Kingdon
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	154
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 28

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0
State	0	0
Foreign	207	346
Total current	207	346
Deferred:
Federal	0	0
State	0	0
Foreign	(6)	(248)
Total deferred	(6)	(248)
Provision for income taxes	$ 201	$ 98

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s chief operating decision maker (CODM) is the chief executive officer. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net loss. The CODM does not evaluate operating segment using asset or liability information.

Leases - Future Minimum Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 3,957
2027	4,072
2028	4,191
2029	4,312
2030	4,444
Thereafter	8,118
Total undiscounted future minimum lease payments	29,094
Present value adjustment for minimum lease commitments	(5,441)
Total operating lease liabilities	$ 23,653

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 47,285	$ 40,753
Restricted cash	524	524
Total cash, cash equivalents and restricted cash	$ 47,809	$ 41,277	$ 33,023

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory rate, Amount	$ (15,414)	$ (18,166)
State taxes, net of federal benefit, Amount	(242)	(2,492)
Foreign tax effects, Amount	73
Permanent differences, Amount		33
Research and development credits, Amount	(1,560)	(2,123)
Change in valuation allowance, Amount	14,090	17,136
Executive compensation, Amount	274	1,926
Stock-based compensation, Amount	1,657	4,730
Other, Amount	99
Changes in unrecognized tax benefits, Amount	632
Other adjustments, Amount	592	(946)
Provision for income taxes	$ 201	$ 98
Federal tax benefit at statutory rate, Percentage	21.00%
State taxes, net of federal benefit, Percentage	0.30%
Foreign tax effects, Percentage	(0.10%)
Research and development credits, Percentage	2.10%
Changes in valuation allowance, Percentage	(19.20%)
Executive compensation, Percentage	(0.40%)
Stock-based compensation, Percentage	(2.30%)
Other, Percentage	(0.10%)
Changes in unrecognized tax benefits, Percentage	(0.90%)
Other adjustments, Percentage	(0.80%)
Provision for income taxes, Percentage	(0.30%)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Opinion	We have audited the accompanying consolidated balance sheets of Seer, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows, for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Other Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	December 31,
	2025		2024
Raw materials	$	3,665	$	3,164
Work-in-progress		46		76
Finished goods		4,084		4,196
Total inventory	$	7,795	$	7,436

Schedule of Property and Equipment

Property and equipment, net consists of the following (in thousands):


	December 31,
	2025			2024
Laboratory equipment	$	26,388		$	28,723
Computer equipment and software		3,358			1,984
Furniture and fixtures		681			681
Leasehold improvements		3,626			3,577
Construction-in-progress		127			424
Property and equipment		34,180			35,389
Less: accumulated depreciation and amortization		(19,426	)		(16,814	)
Total property and equipment, net	$	14,754		$	18,575

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):


	December 31,
	2025		2024
Accrued compensation	$	5,597	$	5,972
Accrued taxes		635		471
Accrued professional services		314		320
Other		589		1,174
Total accrued expenses	$	7,135	$	7,937

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We recognize the importance of identifying, assessing, and managing material risks associated with cybersecurity threats. We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We regularly assess risks from cybersecurity threats; monitor our information systems for potential vulnerabilities; and test those systems pursuant to our cybersecurity policies, processes, and practices, which are integrated into our overall risk management program. Our cybersecurity risk management program includes a cybersecurity incident response plan. We design and assess our program based on recommendations from trusted sources, such as the National Institute of Standards and Technology and the Center for Internet Security, as well as information security standards issued by the International Organization for Standardization, including ISO 27001. In 2025, our cybersecurity systems and processes achieved ISO 27001 certification. We use these cybersecurity frameworks and information security standards as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise information technology (IT) environment; • a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls; • cybersecurity awareness training for our employees, incident response personnel, and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for managing the risk inherent to engaging with external service providers, suppliers, and vendors. We have not identified any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors - If we, or our vendors, partners or customers, experience a significant disruption in our information technology systems or breaches of data security, our business could be adversely affected.” Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of the cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives periodic briefings from the Audit Committee on our cybersecurity risk management program. The Audit Committee receives regular reports from our VP of Information Technology on our cybersecurity risks. In addition, our VP of Information Technology updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact. We have established an internal cross-functional Steering Committee and a leadership committee with the objective of overseeing the cyber security program, incidents, risks and initiatives. The Steering Committee is chaired by our VP of Information Technology and is comprised of leaders from Software Development, Research and Development and Data teams. The Steering Committee oversees the cybersecurity program relevance and effectiveness through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment. Updates from the Steering Committee are provided quarterly to an executive leadership committee, which is chaired by our VP of Information Technology and is comprised of the President and Chief Financial Officer, Chief People Officer, Chief Data Officer, Chief Operations and Product Development Officer and the SVP of Product Development. The IT management team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our VP of Information Technology has over 20 years of experience managing global IT operations, including strategy, information security, applications, infrastructure, support and execution.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of the cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives periodic briefings from the Audit Committee on our cybersecurity risk management program. The Audit Committee receives regular reports from our VP of Information Technology on our cybersecurity risks. In addition, our VP of Information Technology updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of the cybersecurity risk management program. In addition, our VP of Information Technology updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives periodic briefings from the Audit Committee on our cybersecurity risk management program.The Audit Committee receives regular reports from our VP of Information Technology on our cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]	We have established an internal cross-functional Steering Committee and a leadership committee with the objective of overseeing the cyber security program, incidents, risks and initiatives. The Steering Committee is chaired by our VP of Information Technology and is comprised of leaders from Software Development, Research and Development and Data teams. The Steering Committee oversees the cybersecurity program relevance and effectiveness through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment. Updates from the Steering Committee are provided quarterly to an executive leadership committee, which is chaired by our VP of Information Technology and is comprised of the President and Chief Financial Officer, Chief People Officer, Chief Data Officer, Chief Operations and Product Development Officer and the SVP of Product Development. The IT management team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our VP of Information Technology has over 20 years of experience managing global IT operations, including strategy, information security, applications, infrastructure, support and execution.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We have established an internal cross-functional Steering Committee and a leadership committee with the objective of overseeing the cyber security program, incidents, risks and initiatives. The Steering Committee is chaired by our VP of Information Technology and is comprised of leaders from Software Development, Research and Development and Data teams. The Steering Committee oversees the cybersecurity program relevance and effectiveness through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment. Updates from the Steering Committee are provided quarterly to an executive leadership committee, which is chaired by our VP of Information Technology and is comprised of the President and Chief Financial Officer, Chief People Officer, Chief Data Officer, Chief Operations and Product Development Officer and the SVP of Product Development.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our VP of Information Technology has over 20 years of experience managing global IT operations, including strategy, information security, applications, infrastructure, support and execution.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Steering Committee is chaired by our VP of Information Technology and is comprised of leaders from Software Development, Research and Development and Data teams. The Steering Committee oversees the cybersecurity program relevance and effectiveness through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments And Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

10.

COMMITMENTS AND CONTINGENCIES

Purchase Commitments and Obligations

From time to time, the Company has certain purchase commitments related to its inventory management, cloud-based information systems, property and equipment maintenance and support services, and various other products and services over periods that extend beyond one year. The contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude orders for goods and services entered into in the normal course of business that are not enforceable or are subject to change. These outstanding commitments amounted to $0.4 million and $4.5 million as of December 31, 2025 and 2024, respectively.

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. The Company has entered into indemnification agreements with certain directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of the status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2025 and 2024, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Contingencies

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings.

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 03, 2024
Lessee, Lease, Description [Line Items]
Allowance for credit loss	$ 100,000	$ 100,000
Income taxes, penalties and interest accrued	$ 0	$ 0
Risk-free interest rate	0.00%
Expected dividend yield	0.00%
Expected dividend payment	$ 0
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202309ProspectiveMember
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Laboratory Equipment
Lessee, Lease, Description [Line Items]
Property, and equipment, estimated useful lives	5 years
Furniture and Fixtures
Lessee, Lease, Description [Line Items]
Property, and equipment, estimated useful lives	5 years
Computer Equipment and Software
Lessee, Lease, Description [Line Items]
Property, and equipment, estimated useful lives	3 years
Class A common stock
Lessee, Lease, Description [Line Items]
Stock repurchase program, authorized amount			$ 25,000,000
Customer Concentration Risk \| Revenue Benchmark \| Major Customer 1
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	5.00%	17.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 1
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	13.00%	10.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 2
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	11.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 3
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	10.00%
Geographic Concentration Risk \| Revenue Benchmark \| Asia and Europe
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	40.00%	33.00%

Equity Incentive Plans - Valuation Assumptions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.00%
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.70%	3.50%
Risk-free interest rate, maximum	4.50%	4.70%
Expected volatility, minimum	79.40%	82.00%
Expected volatility, maximum	85.50%	88.80%
Expected term (in years)	6 years
Expected dividend yield	$ 0	$ 0
Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years 9 months 18 days
Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 1 month 6 days
Estimated ESPP shares to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.80%	4.40%
Risk-free interest rate, maximum	4.30%	5.40%
Expected volatility, minimum	41.80%	48.60%
Expected volatility, maximum	42.40%	66.30%
Expected term (in years)	6 months	6 months
Expected dividend yield	$ 0	$ 0
Market Condition Options \| 2024 Grants \| Risk Free Interest Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0407
Market Condition Options \| 2024 Grants \| Expected volatility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.848
Market Condition Options \| 2024 Grants \| Expected Dividend Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0
Market Condition Options \| 2024 Grants \| Strike Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0177
Market Condition Options \| 2024 Grants \| Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0122
Market Condition Options \| 2023 Grants \| Risk Free Interest Rate \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0394
Market Condition Options \| 2023 Grants \| Risk Free Interest Rate \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0389
Market Condition Options \| 2023 Grants \| Expected volatility \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.831
Market Condition Options \| 2023 Grants \| Expected volatility \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.8192
Market Condition Options \| 2023 Grants \| Expected Dividend Rate \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0
Market Condition Options \| 2023 Grants \| Expected Dividend Rate \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0
Market Condition Options \| 2023 Grants \| Strike Price \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0459
Market Condition Options \| 2023 Grants \| Strike Price \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.02
Market Condition Options \| 2023 Grants \| Stock Price Hurdle \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0689
Market Condition Options \| 2023 Grants \| Stock Price Hurdle \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.03
Market Condition Options \| 2023 Grants \| Weighted Average Grant Date Fair Value \| Original Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0291
Market Condition Options \| 2023 Grants \| Weighted Average Grant Date Fair Value \| Modified Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.014

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense and supplemental information were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease costs	$	3,837	$	4,061
Variable lease costs		924		976
Short-term lease costs		136		67
Total lease costs	$	4,897	$	5,104


	Year Ended December 31,
	2025			2024
Weighted-average remaining lease term (in years)		6.8			7.8
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	3,846	$	3,969

Schedule of Future Minimum Commitments

As of December 31, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows:


Years ending December 31,
2026	$	3,957
2027		4,072
2028		4,191
2029		4,312
2030		4,444
Thereafter		8,118
Total undiscounted future minimum lease payments		29,094
Present value adjustment for minimum lease commitments		(5,441	)
Total operating lease liabilities	$	23,653

Other Financial Statement Information

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Other Financial Statement Information

OTHER FINANCIAL STATEMENT INFORMATION

Inventory

Inventory consists of the following (in thousands):


	December 31,
	2025		2024
Raw materials	$	3,665	$	3,164
Work-in-progress		46		76
Finished goods		4,084		4,196
Total inventory	$	7,795	$	7,436

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	December 31,
	2025			2024
Laboratory equipment	$	26,388		$	28,723
Computer equipment and software		3,358			1,984
Furniture and fixtures		681			681
Leasehold improvements		3,626			3,577
Construction-in-progress		127			424
Property and equipment		34,180			35,389
Less: accumulated depreciation and amortization		(19,426	)		(16,814	)
Total property and equipment, net	$	14,754		$	18,575

For the years ended December 31, 2025 and 2024, the Company recognized depreciation and amortization expense of $6.1 million and $6.2 million, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	December 31,
	2025		2024
Accrued compensation	$	5,597	$	5,972
Accrued taxes		635		471
Accrued professional services		314		320
Other		589		1,174
Total accrued expenses	$	7,135	$	7,937

Commitments And Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations outstanding	$ 0.4	$ 4.5

Other Financial Statement Information - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 5,597	$ 5,972
Accrued taxes	635	471
Accrued professional services	314	320
Other	589	1,174
Total accrued expenses	$ 7,135	$ 7,937

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	99,134,268
Class A common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, issued (in shares)	56,219,599	55,083,123
Common stock, outstanding (in shares)	56,219,599	55,083,123
Class B common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	134,268	6,000,000
Common stock, issued (in shares)	0	4,044,969
Common stock, outstanding (in shares)	0	4,044,969

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2026	Jul. 31, 2025	Aug. 12, 2024
Related Party Transaction [Line Items]
Gain losses on impairment to carrying value	$ 0
Prepaid expenses and other current assets	1,890,000	$ 3,248,000
Other Assets
Related Party Transaction [Line Items]
Carrying value of investment	3,400,000
PrognomiQ \| Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock purchase agreement				$ 1,900,000	$ 10,000,000
PrognomiQ \| Subsequent Event \| Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock purchase agreement			$ 1,500,000
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	300,000	379,000
Related Party \| PrognomiQ
Related Party Transaction [Line Items]
Accounts receivable, net	300,000	400,000
Total revenue		$ 2,300,000
Related Party \| PrognomiQ \| Product
Related Party Transaction [Line Items]
Total revenue	1,600,000
Related Party \| PrognomiQ \| Service
Related Party Transaction [Line Items]
Total revenue	$ 800,000

Other Financial Statement Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment	$ 34,180	$ 35,389
Less: accumulated depreciation and amortization	(19,426)	(16,814)
Total property and equipment, net	14,754	18,575
Depreciation and amortization expense	6,100	6,200
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	26,388	28,723
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	3,358	1,984
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	681	681
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	3,626	3,577
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 127	$ 424

Fair Value Measurements and Fair Value of Financial Instruments - Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 237,649	$ 298,912
Unrealized Gains	459	342
Unrealized Losses	0	(206)
Fair Value	238,108	299,048
Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	44,810	40,288
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	44,810	40,288
Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	192,839	258,624
Unrealized Gains	459	342
Unrealized Losses	0	(206)
Fair Value	193,298	258,760
Money market funds \| Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	41,832	36,097
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	41,832	36,097
U.S. Treasury securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	90,508	150,095
Unrealized Gains	254	121
Unrealized Losses	0	(100)
Fair Value	90,762	150,116
U.S. Non-Treasury securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	2,373
Unrealized Gains	1
Unrealized Losses	0
Fair Value	2,374
Commercial paper \| Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	2,978	4,191
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	2,978	4,191
Commercial paper \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	13,555	12,227
Unrealized Gains	8	12
Unrealized Losses	0	0
Fair Value	13,563	12,239
Corporate debt securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	86,403	96,302
Unrealized Gains	196	209
Unrealized Losses	0	(106)
Fair Value	$ 86,599	$ 96,405

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Beginning balance (in shares)	13,198,232
Options granted (in shares)	964,266
Options exercised (in shares)	(28,669)
Options forfeited (in shares)	(961,117)
Ending balance (in shares)	13,172,712	13,198,232
Vested and exercisable (in shares)	8,185,158
Beginning balance (in usd per share)	$ 2.86
Options granted (in usd per share)	2.17
Options exercised (in usd per share)	1.98
Options forfeited (in usd per share)	6.2
Ending balance (in usd per share)	2.83	$ 2.86
Vested and exercisable (in usd per share)	$ 3.33
Options outstanding, Weighted Average Remaining Term (Years)	5 years 4 months 24 days	6 years 3 months 18 days
Options vested and exercisable, Weighted Average Remaining Term (Years)	5 years
Options outstanding, Aggregate Intrinsic Value	$ 562	$ 4,573
Options vested and exercisable, Aggregate Intrinsic Value	$ 412

Organization and Description of the Business (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Cash, cash equivalents, and investments	$ 240,600
Accumulated deficit	$ (465,972)	$ (392,372)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	41,832	$	—	$	—	$	41,832
Commercial paper		—		2,978		—		2,978
Total cash equivalents		41,832		2,978		—		44,810
Investments:
U.S. Treasury securities		—		90,762		—		90,762
U.S. Non-Treasury securities		—		2,374		—		2,374
Commercial paper		—		13,563		—		13,563
Corporate debt securities		—		86,599		—		86,599
Total investments		—		193,298		—		193,298
Total assets measured at fair value	$	41,832	$	196,276	$	—	$	238,108


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—	$	36,097
Commercial paper		—		4,191		—		4,191
Total cash equivalents		36,097		4,191		—		40,288
Investments:
U.S. Treasury securities		—		150,116		—		150,116
Commercial paper		—		12,239		—		12,239
Corporate debt securities		—		96,405		—		96,405
Total investments		—		258,760		—		258,760
Total assets measured at fair value	$	36,097	$	262,951	$	—	$	299,048

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	December 31, 2025
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	41,832	$	—	$	—	$	41,832
Commercial paper		2,978		—		—		2,978
Total cash equivalents		44,810		—		—		44,810
Investments:
U.S. Treasury securities		90,508		254		—		90,762
U.S. Non-Treasury securities		2,373		1		—		2,374
Commercial paper		13,555		8		—		13,563
Corporate debt securities		86,403		196		—		86,599
Total investments		192,839		459		—		193,298
Total assets measured at fair value	$	237,649	$	459	$	—	$	238,108


	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—		$	36,097
Commercial paper		4,191		—		—			4,191
Total cash equivalents		40,288		—		—			40,288
Investments:
U.S. Treasury securities		150,095		121		(100	)		150,116
Commercial paper		12,227		12		—			12,239
Corporate debt securities		96,302		209		(106	)		96,405
Total investments		258,624		342		(206	)		258,760
Total assets measured at fair value	$	298,912	$	342	$	(206	)	$	299,048

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Net Loss Per Share Attributable To Common Stockholders - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to common stockholders	$ (73,600)	$ (86,599)
Class A and Class B Common Stockholder
Numerator:
Net loss attributable to common stockholders	$ (73,600)	$ (86,599)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares)	57,447,580	62,348,012
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	57,447,580	62,348,012
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (1.28)	$ (1.39)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (1.28)	$ (1.39)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

The Company evaluated subsequent events from December 31, 2025, the date of these consolidated financial statements, through March 2, 2026, which represents the date the consolidated financial statements were available to be issued for events requiring recording or disclosure in the consolidated financial statements for the year ended December 31, 2025. The Company concluded that no events have occurred that would require recognition or disclosure in the consolidated financial statements.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2023		64,298,676
Beginning balance at Dec. 31, 2023	$ 396,904	$ 1	$ 702,868	$ (305,773)	$ (192)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		1,085,291
Vesting of early exercised stock options and restricted common stock	4		4
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)		214,227
Issuance of Class A common stock in connection with employee stock purchase plan	$ 321		321
Repurchases of Class A common stock under share repurchase program (in shares)	(6,470,102)	(6,470,102)
Repurchases of Class A common stock under share repurchase program	$ (11,816)		(11,816)
Stock-based compensation	28,427		28,427
Other comprehensive gain	328				328
Net Income (Loss)	(86,599)			(86,599)
Ending balance (in shares) at Dec. 31, 2024		59,128,092
Ending balance at Dec. 31, 2024	$ 327,569	$ 1	719,804	(392,372)	136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)	28,669
Issuance of Class A common stock from exercise of options and release of restricted stock units, net of shares settled for tax withholding	$ (771)		(771)
Issuance of Class A common stock from exercise of options and release of restricted stock units, net of shares settled for tax withholding (in shares)		2,124,651
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)		231,665
Issuance of Class A common stock in connection with employee stock purchase plan	$ 402		402
Repurchases of Class A common stock under share repurchase program (in shares)	(5,264,809)	(5,264,809)
Repurchases of Class A common stock under share repurchase program	$ (10,199)		(10,199)
Stock-based compensation	15,583		15,583
Other comprehensive gain	323				323
Net Income (Loss)	(73,600)			(73,600)
Ending balance (in shares) at Dec. 31, 2025		56,219,599
Ending balance at Dec. 31, 2025	$ 259,307	$ 1	$ 724,819	$ (465,972)	$ 459

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Qualified 401 (k) Match Program
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer to 401K plan	$ 0.3	$ 0.6

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the year ended December 31, 2025 is as follows:


	Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Term (Years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		13,198,232		$	2.86		6.3	$	4,573
Options granted		964,266			2.17
Options exercised		(28,669	)		1.98
Options forfeited		(961,117	)		6.20
Balance at December 31, 2025		13,172,712		$	2.83		5.4	$	562
Vested and exercisable, December 31, 2025		8,185,158		$	3.33		5.0	$	412

Schedule of Stock Option Valuation Assumptions

The fair value of stock options granted to employees, directors, and non-employees that are calculated using the Black-Scholes option pricing model using the following assumptions:


	Year Ended December 31,
	2025		2024
Risk-free interest rate	3.7% - 4.5%		3.5% - 4.7%
Expected volatility	79.4% - 85.5%		82.0% - 88.8%
Expected term (in years)		6.0	5.8 - 6.1
Expected dividend yield		—		—

For 2024 Market Condition Options, the following assumptions were used to determine the grant date fair value:


Risk-free interest rate		4.07	%
Expected volatility		84.80	%
Expected dividend yield		—
Strike price	$	1.77
Weighted-average grant date fair value	$	1.22

For 2023 Market Condition Options, the following assumptions were used to determine the grant date fair value:


	Original Assumptions			Modified Assumptions
Risk-free interest rate		3.94	%		3.89	%
Expected volatility		83.10	%		81.92	%
Expected dividend yield		—			—
Strike price	$	4.59		$	2.00
Stock price hurdle	$	6.89		$	3.00
Weighted-average grant date fair value	$	2.91		$	1.40

Schedule of RSU Activity

RSU activity for the year ended December 31, 2025 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2024		4,450,441		$	4.26
Granted		1,308,683			2.29
Vested		(2,455,646	)		5.37
Forfeited		(431,050	)		2.81
Balance at December 31, 2025		2,872,428		$	2.63

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model, based on the following assumptions:


	Year Ended December 31,
	2025		2024
Risk-free interest rate	3.8% - 4.3%		4.4% - 5.4%
Expected volatility	41.8% - 42.4%		48.6% - 66.3%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

Schedule of Components of Stock-based Compensation Expensed

The following table summarizes the components of stock-based compensation recognized in the Company’s consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2025		2024
Cost of revenue	$	462	$	1,594
Research and development		6,069		8,533
Selling, general and administrative		8,883		18,080
Total stock-based compensation	$	15,414	$	28,207

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 3,846	$ 3,969

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39747
Entity Registrant Name	SEER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Title of 12(b) Security	0.00001
Trading Symbol	SEER
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 113.8
Entity Common Stock, Shares Outstanding		56,420,772
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001726445
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13.

INCOME TAXES

The components of the provision for income taxes are summarized as follows (in thousands):


	Year ended December 31,
	2025			2024
Current:
Federal	$	—		$	—
State		—			—
Foreign		207			346
Total current		207			346

Deferred:
Federal		—			—
State		—			—
Foreign		(6	)		(248	)
Total deferred		(6	)		(248	)

Provision for income taxes	$	201		$	98


	Year Ended December 31, 2025
	Amount			Percentage
Federal tax benefit at statutory rate	$	(15,414	)		21.0	%
State taxes, net of federal benefit (1)		(242	)		0.3	%
Foreign tax effects		73			(0.1	)%
Research and development credits		(1,560	)		2.1	%
Changes in valuation allowance		14,090			(19.2	)%
Nontaxable or nondeductible items
Executive compensation		274			(0.4	)%
Stock-based compensation		1,657			(2.3	)%
Other		99			(0.1	)%
Changes in unrecognized tax benefits		632			(0.9	)%
Other adjustments		592			(0.8	)%
Provision for income taxes	$	201			(0.3	)%

(1) State taxes in California made up greater than 50% of the tax effect in this category.

A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate for the year ended December 31, 2024, prior to the adoption of ASU 2023-09, was as follows (in thousands):


	Year Ended December 31, 2024
Federal tax benefit at statutory rate	$	(18,166	)
State taxes, net of federal benefit		(2,492	)
Change in valuation allowance		17,136
Stock-based compensation tax deduction over book expense		4,730
Permanent differences		33
Research and development credits		(2,123	)
Executive compensation limitation		1,926
Other		(946	)
Provision for income taxes	$	98

Income taxes paid, net of refunds, during the period presented were as follows (in thousands):


	Year Ended December 31, 2025
Federal	$	—
State		—
Foreign
United Kingdon		154
Germany		28
Total income taxes paid, net of refunds	$	182

Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	69,558		$	50,602
Accruals and reserves		1,050			1,259
Research and development credits		10,435			8,538
Stock-based compensation		10,670			11,408
Lease liabilities		5,776			6,664
Capitalized research and experimentation		13,392			17,879
Fixed assets		—			269
Other		2,145			641
Gross deferred tax assets		113,026			97,260
Valuation allowance		(107,579	)		(91,163	)

Deferred tax liabilities:
Fixed assets		(190	)		—
Right-of-use assets		(5,003	)		(5,849	)
Gross deferred tax liabilities		(5,193	)		(5,849	)
Total net deferred tax assets:	$	254		$	248

The tax benefit of net operating losses, temporary differences, and credit carryforwards are recorded as an asset to the extent that management assesses that realization is more likely than not. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred. In the U.S, a significant piece of objective negative evidence evaluated was the cumulative loss incurred since the Company’s incorporation in 2017. Such objective evidence limits the ability to recognize the domestic net deferred tax assets. The amount of the net deferred tax assets considered realizable, could be adjusted as estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as the Company’s projections for growth. For the years ended December 31, 2025 and 2024, the net changes in the net valuation allowance were an increase of $16.4 million and $17.1 million, respectively.

As of December 31, 2025 and 2024, the Company had federal net operating loss carryforwards of approximately $262.4 million and $182.3 million, respectively, which will carryforward indefinitely for federal tax purposes. At December 31, 2025 and 2024, the Company had state net operating loss carryforwards of approximately $226.6 million and $185.7 million, respectively, which will begin to expire in 2035 for state tax purposes.

As of December 31, 2025 and 2024, the Company had federal research and development credit carryforwards of approximately $8.6 million and $7.0 million, respectively, which begin to expire in 2039 and state research and development credit carryforwards of approximately $6.8 million and $5.5 million, respectively, which will carry forward indefinitely.

Utilization of the Company’s federal and state net operating loss and tax credit carryforwards may be subject to an annual limitation in the event that there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state codes. Such limitation could result in a deferral or expiration of the utilization of the net operating loss and tax credit carryforwards. The Company concluded that while ownership changes occurred in 2018, 2020, and 2022, no tax attributes are expected to expire unutilized as a result of the Section 382 limitation.

As of December 31, 2025 and 2024, the Company had unrecognized tax benefits of approximately $3.8 million and $3.1 million, respectively. The amount of unrecognized tax benefits is not expected to significantly change over the next twelve months. No amounts, outside of valuation allowance, would impact the effective tax rate on the continuing operations. The beginning and ending unrecognized tax benefits amounts are as follows (in thousands):


	December 31,
	2025		2024
Beginning balance	$	3,136	$	2,364
Change related to prior year positions		—		—
Change related to current year positions		697		772
Ending balance	$	3,833	$	3,136

It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. Management determined that no accrual for interest and penalties was required as of December 31, 2025.

The Company files tax returns in the U.S., United Kingdom, and Germany. Domestic tax returns will remain open for examination by the federal and state taxing authorities for three and four years, respectively, from the date of utilization of any net operating loss carryforwards or research and development credits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details