SEER Seer, Inc.
Price Chart
Executive Summary
Activist group Radoff-JEC (7.8% owner) filed preliminary proxy statement to elect three director nominees to Seer's board at the 2026 annual meeting, citing severe value destruction (stock down ~97% since IPO, cumulative losses >$465M, Q1 revenue -34% YoY to $2.8M with $15.7M cash burn, market cap $92.4M vs $219.5M cash). The group previously made three non-binding acquisition proposals (latest $2.40/share + CVR, 42% premium) which the board rejected without engagement. The filing also seeks a 'no' vote on say-on-pay and against ratifying the poison pill adopted after the 13D filing.
Actionable Insight
Monitor the proxy contest outcome; if dissidents win seats, pressure for a sale process likely increases. Also watch whether the board engages with the acquisition proposals (May 14th offer expires May 29). The stock could trade closer to the offer price if a deal appears more probable.
Key Facts
- Radoff-JEC Group (7.8% owner) nominating three directors: Howard H. Berman (Ph.D., biotech CEO), Joshua S. Horowitz (portfolio manager/board member), Luis E. Rinaldini (investment banker)
- Submitted three non-binding all-cash acquisition proposals at $2.25, $2.35, and $2.40 per share plus CVR (42% premium to unaffected price), all expired without board engagement
- Q1 2026 revenue $2.8M, -34% YoY; cash burn $15.7M in quarter; $219.5M cash vs $92.4M market cap
- Cumulative net losses >$465M; CEO total compensation >$24.9M (2021-2024); CEO sold >$103M in stock since IPO
- Board adopted NOL poison pill 6 days after initial 13D, later amended after legal challenge (paid $250K mootness fee)
- Incumbent board faces plurality election; three dissident nominees would constitute a minority if elected
Financial Impact
Multiple takeover proposals at $2.40/share (42% premium) imply an equity value ~$132M, well above current market cap of $92M
Risk Factors
- Dissident nominees would be a minority of the board (3 of 7) and may not force a sale or strategic change
- Board's rejection of prior proposals suggests resistance to deal; dissidents may need to escalate or wage a longer campaign
- Low win rate on prior SEER analyses (0% T+20) and calibration data showing large negative conditional losses at scores 6-7 indicate historical over-optimism on this name
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| PREC14A Filing (Primary) | 0000921895-26-001469 |
| Document: 0000921895-26-001469-index-headers.html | 0000921895-26-001469 |
| Document: 0000921895-26-001469-index.html | 0000921895-26-001469 |
| Document: 0000921895-26-001469.txt | 0000921895-26-001469 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
today
|
DFAN14A
| $1.70 awaiting T+1 | awaiting T+1 | — | $1.79 (+5.60%) |
|
Jun 3, 2026
6d ago
|
DEFA14A
| $1.85 $1.79 | ▼ −3.24% | ▼ −0.65% | $1.79 (−3.24%) |
|
Jun 3, 2026
6d ago
|
DEFA14A
| $1.85 $1.79 | ▼ −3.24% | ▼ −0.67% | $1.79 (−3.24%) |
|
May 27, 2026
13d ago
|
DFAN14A
| $1.93 $1.87 | ▼ −3.11% | ▼ −3.35% | $1.79 (−7.25%) |
|
May 22, 2026
18d ago
|
DEFA14A
| $1.79 $1.87 | ▼ −4.47% | ▼ −3.88% | $1.79 (+0.00%) |
|
May 22, 2026
18d ago
|
DEFA14A
| $1.79 $1.87 | ▼ −4.47% | ▼ −3.88% | $1.79 (+0.00%) |
|
May 22, 2026
18d ago
|
8-K
| $1.79 $1.87 | ▲ +4.47% | ▲ +3.88% | $1.79 (−0.00%) |
|
May 21, 2026
19d ago
|
Press Release
| $1.79 $1.87 | ▲ +4.47% | ▲ +3.88% | $1.79 (−0.00%) |
|
May 21, 2026
19d ago
|
PREC14A
| $1.77 $1.79 | ▲ +1.13% | ▲ +0.68% | $1.79 (+1.13%) |
|
May 14, 2026
26d ago
|
DFAN14A
| $1.75 $1.72 | ▼ −1.71% | ▼ −0.49% | $1.79 (+2.29%) |
US Market Status
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