Seer board urges shareholders to reject activist nominees at July meeting

Seer Inc. (NASDAQ: SEER) issued a letter to shareholders urging them to vote for the company's seven director nominees at the July 28 annual meeting, opposing activist investors Bradley Radoff and Michael Torok who have submitted director nominations and acquisition proposals.

The board recommends voting for nominees Omid Farokhzad, Meeta Gulyani, Robert Langer, Terrance McGuire, Dipchand Nishar, Isaac Ro, and Nicolas Roelofs. Shareholders as of May 29 are entitled to vote.

Seer reported its installed base expanded 67% over the past year, with consumable kit sample volumes growing 69%. The company has been featured in 84 peer-reviewed publications, doubling over the past year. Operating expenses declined 4.3% in 2024 and 19.3% in 2025, with first quarter 2026 operating expenses of $18.2 million compared to $22.8 million in the prior year period.

The company has repurchased approximately 13.2 million shares at a volume-weighted average price of $1.86, deploying about $24.5 million and reducing net diluted shares by approximately 15%. Seer announced a new $25 million buyback program in February 2026.

The proteomics company launched its SP200 Automation Instrument and Proteograph ONE Assay in May 2025. Seer is conducting population-scale studies including a 20,000-sample cancer diagnostics study with Korea University and an NIH-funded multi-omics program.

The board criticized the activists' proposals, stating they offered three acquisition proposals priced below the company's cash and investments balance. The board characterized the activists' nominees as lacking proteomics and life sciences tools experience.

Perella Weinberg Partners serves as financial advisor and Wilson Sonsini Goodrich & Rosati as legal counsel to Seer.

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