Free cash flow remains deeply negative with quarterly outflows frequently exceeding $10 million, highlighting a structural inability to achieve self-sustaining operations under the current cost structure.
| Cash from Operations | -48.47M | -44.45M | -46.11M | -59.06M | -60.78M | -46.35M | -20.83M | -13.07M | -4.65M |
| Operating CF Margin % | - | -275.75% | -330.6% | -389.05% | -413.89% | -724.85% | -3175% | -11269.83% | - |
| Operating CF Growth % | -28.65% | 3.6% | 21.94% | 2.82% | -31.14% | -122.52% | -59.32% | -181.08% | - |
| Net Income | -70.49M | -73.6M | -86.6M | -86.28M | -92.97M | -71.17M | -32.77M | -16.04M | -6.31M |
| Depreciation & Amortization | 4.89M | 7.25M | 6.18M | 5.58M | 3.94M | 2.56M | 1.61M | 701K | 31K |
| Stock-Based Compensation | 10.75M | 15.41M | 28.21M | 34.42M | 33.67M | 25.93M | 7.35M | 1.56M | 672K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.2M | 0 | -259K | 0 |
| Other Non-Cash Items | 10.51M | 7.07M | 6.25M | -10.07M | 1.66M | 1M | 271K | 5K | 549K |
| Working Capital Changes | -4.12M | -579K | -144K | -2.72M | -7.09M | -5.87M | 2.72M | 961K | 953K |
| Change in Receivables | 1.1M | 277K | 487K | 302K | -2.87M | -2.5M | 64K | -257K | -69K |
| Change in Inventory | -3.05M | -2.9M | -2.67M | -1.95M | -1.59M | -3.59M | -551K | 257K | 0 |
| Change in Payables | -1.93M | 1.06M | 3.35M | -987K | -1.55M | 1.6M | 912K | 218K | 323K |
| Cash from Investing | 55.01M | 61.55M | 65.86M | 37.9M | -122.72M | -170.88M | -34.56M | -72.38M | -168K |
| Capital Expenditures | -1.41M | -1.8M | -3.58M | -7.31M | -10.27M | -6.92M | -4.53M | -4.13M | -168K |
| CapEx % of Revenue | 9.4% | 11.15% | 25.7% | 48.14% | 69.9% | 108.26% | 691.16% | 3561.21% | - |
| Acquisitions | 214K | 0 | 0 | 0 | 0 | 163.96M | -50K | 68.25M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 133K | -1.3M | 343K | 0 | 170K | -163.96M | 0 | -68.25M | 0 |
| Cash from Financing | -11.67M | -10.57M | -11.49M | 452K | 3.89M | 116.63M | 371.49M | 72.33M | 29.95M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -11.7M | -9.74M | -11.82M | -13K | -20K | 102.92M | 370.22M | 71.92M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12.15M | -10.2M | -11.82M | -13K | -20K | -35K | -13K | -6K | 0 |
| Other Financing | 23K | -827K | 321K | 465K | 3.91M | 13.71M | 1.26M | 406K | 29.95M |
| Net Change in Cash | -5.13M | 6.53M | 8.25M | -20.71M | -179.6M | -100.59M | 316.1M | -13.13M | 25.13M |
| Free Cash Flow | -49.88M | -46.24M | -49.69M | -66.37M | -71.05M | -53.27M | -25.36M | -17.2M | -4.82M |
| FCF Margin % | -331.69% | -286.9% | -356.3% | -437.19% | -483.79% | -833.11% | -3866.16% | -14831.03% | - |
| FCF Growth % | 1.34% | 6.94% | 25.13% | 6.57% | -33.37% | -110.03% | -47.42% | -257% | - |
| FCF per Share | -0.89 | -0.80 | -0.80 | -1.04 | -1.14 | -0.88 | -0.42 | -0.28 | -0.22 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.60x | 0.53x | 0.68x | 0.65x | 0.65x | 0.64x | 0.82x | 0.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 154K | 0 | 232K | 645K | 0 | 0 | 0 |
Insufficient liquidity runway
According to the provided cash flow statements, Seer consistently reports operating cash flow deficits that track closely with net losses, with the OCF/NI ratio fluctuating between 0.41 and 0.92, suggesting that the company lacks the non-cash accrual cushion typically seen in more mature, profitable biotechnology enterprises.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily cash-based rather than driven by accounting adjustments. This suggests that the business model is currently consuming capital at a rate that mirrors its accounting losses, leaving little room for operational leverage to improve cash conversion.
As reported in financial filings, Seer’s free cash flow remains deeply negative across all observed periods, with quarterly outflows frequently exceeding $10 million, which underscores the structural difficulty the company faces in achieving self-sustaining operations while maintaining its current research and commercial infrastructure investment levels.
The persistent negative free cash flow trajectory implies that the company is entirely dependent on external financing to fund its ongoing operations. Investors should monitor whether the company can reduce its cash burn rate as it attempts to scale its Proteograph product suite, as current trends suggest no immediate path to cash flow neutrality.
Based on the reported figures, Seer’s working capital changes have been inconsistent, swinging from a $3.7 million inflow in 2024Q2 to a $4.7 million outflow in 2026Q1, which suggests that the company’s cash management is highly sensitive to the timing of inventory procurement and customer payment cycles.
This volatility in working capital suggests that the company may be struggling to optimize its supply chain or manage customer receivables effectively. Such fluctuations in cash usage add an extra layer of uncertainty to the company's liquidity profile, particularly given the already constrained cash position.
Analysis of the cash flow data reveals that stock-based compensation, which peaked at $7.7 million in 2024Q2, serves as a significant non-cash expense that effectively subsidizes the company's operating losses, potentially obscuring the true cash cost of talent acquisition and retention in a competitive biotechnology labor market.
While stock-based compensation is a standard tool for early-stage companies, its high volume relative to operating cash flow suggests that the company's reported net income is significantly bolstered by non-cash accounting entries. This warrants further investigation into the long-term dilutive impact on shareholders as the company continues to rely on equity-based incentives to preserve its limited cash reserves.
Quick answers to the most common questions about buying SEER stock.
Seer, Inc. (SEER) generated $-44.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seer, Inc. (SEER) reported negative free cash flow of $46.2M in 2025, indicating capital requirements exceeded cash from operations.
Seer, Inc. (SEER) spent $1.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Seer, Inc. (SEER) spent $10.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.