Free cash flow loss for the first half of 2025 was approximately $27.3 million, with an expected full-year loss of $40 million to $45 million.
Gross profit was $2.1 million with a gross margin of 52%, slightly down from 56% in Q2 2024 due to increased instrument installation and training costs.
Net loss narrowed to $19.4 million from $22.9 million in the prior year quarter.
Operating expenses decreased 21% to $22.6 million, with R&D expenses down 6% and SG&A expenses down 34%, largely due to lower stock-based compensation.
Product revenue was $2.7 million, primarily from sales of Proteograph instruments and consumable kits.
Seer reported Q2 2025 revenue of $4.1 million, a 32% increase year-over-year driven by higher product and service revenue.
Seer repurchased approximately $20 million of Class A shares, reducing shares outstanding by about 13%.
Service revenue was $1.2 million, including $409,000 from related party revenue, mainly from STAC service projects.
The company ended the quarter with $263.3 million in cash, cash equivalents, and investments.
Dafinchi