Seer, Inc. (SEER) announced that its Board of Directors unanimously rejected the Radoff‑JEC Group’s revised unsolicited, non‑binding proposal to acquire all outstanding shares for $2.35 per share in cash plus a contingent value right. The board concluded that the offer materially undervalues the company, citing Seer’s substantial cash reserves, technology leadership, and growth prospects.
The revised proposal, received on April 24, 2026, improves on the initial $2.25 per share offer that the Radoff‑JEC Group submitted on April 13. The group holds roughly 7.6% of Seer’s shares, giving it a significant but minority stake that has prompted active engagement with the company’s leadership.
Seer’s financial position underpins the board’s valuation assessment. In Q4 2025 the company generated $4.2 million in revenue and recorded a net loss of $16.0 million, while holding $240.6 million in cash, cash equivalents, and investments as of December 31, 2025. Full‑year 2025 revenue reached $16.6 million, a 17% increase from 2024, and gross margins were 52% in Q4 and 51% for the year, indicating a healthy operating profile despite ongoing losses.
Management emphasized the strategic rationale for rejecting the offer. Dr. Nicolas Roelofs, Lead Independent Director, said, “The Radoff‑JEC Group’s proposal significantly undervalues Seer in light of its compelling growth potential.” He added, “Seer has built a differentiated platform at the forefront of deep, unbiased proteomics, a large and expanding market with substantial scientific and commercial potential.” The board also highlighted its focus on “navigating through macroeconomic headwinds, while strategically deploying capital to advance Seer’s mission to unlock and capture the expansive new market opportunity ahead, which Seer is uniquely positioned to lead.”
The rejection signals a continued commitment to Seer’s independent growth strategy and sets the stage for potential proxy contest activity, as the Radoff‑JEC Group has already nominated directors for the upcoming 2026 annual meeting. The board’s stance reflects confidence that Seer’s intrinsic value—rooted in its cash position, proprietary platform, and market potential—exceeds the current offer, and it signals to investors that the company will pursue its own expansion plans rather than a sale at the present valuation.
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