Emphasizes that the Radoff-JEC Group Nominees Possess the Necessary Independence and Transaction Experience to Conduct an Objective Review of Strategic Alternatives to Benefit ALL Stockholders
Reiterates the Need for Stockholders to Elect Truly Independent and Qualified Directors to Evaluate Chairman and CEO Omid Farokhzad, M.D.'s Acquisition Proposal
HOUSTON, July 08, 2026--(BUSINESS WIRE)--Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the "Radoff-JEC Group" or "we") today issued a letter to stockholders of Seer, Inc. (NASDAQ: SEER) ("Seer" or the "Company") ahead of the Company's July 28, 2026 Annual Meeting of Stockholders.
The Radoff-JEC Group, which owns approximately 7.7% of Seer's outstanding common stock, recommends that its fellow stockholders vote "FOR" the election of Howard H. Berman, Ph.D., Joshua S. Horowitz and Luis E. Rinaldini to ensure the Board of Directors (the "Board") runs an objective strategic review process aimed at maximizing value for ALL Seer stockholders.
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Fellow Stockholders,
There is a real mismatch between what Seer is now saying and how its management and Board have historically acted. The Company is claiming that Seer has been a "success" and that the directors we are seeking to remove are "critical to Seer's future."1 But stockholders like us know the truth:
Seer has delivered a -97.0% total stockholder return since going public in December 2020.2
Seer has generated cumulative reported losses of more than $465 million since its IPO and virtually zero revenue growth since 2022.3
Seer has burned an average of $51.8 million each year since going public, for a total cash burn of $310.8 million.4
Chairman and CEO Omid Farokhzad, M.D.'s strategic plan – which was presented to the Board – states that Seer will not achieve profitability until 2031, which would be 11 years after the Company went public.5
Dr. Farokhzad has sold over $103 million worth of Seer shares since the IPO – more than the Company's current market capitalization.6
The Board rewarded Dr. Farokhzad with more than $6 million in average annual pay from 2020 through 2025 – more than half of Seer's average revenue over the same period, totaling ~$36.5 million in reported compensation.7
Despite Seer's claim that only two of its seven directors are NOT independent (Dr. Farokhzad and Robert Langer, Sc.D.), in reality, we contend that FIVE of the directors are NOT truly independent. Terrance McGuire and Dipchand Nishar have external business relationships with Dr. Farokhzad. Isaac Ro's employer is a significant investor in Seer's controlled company PrognomiQ (where he also serves as a director), so his interests and motivations are not aligned with those of Seer stockholders. These issues, and the actions these directors have exhibited to date, raise serious doubts as to their ability to independently and effectively oversee Dr. Farokhzad or objectively evaluate his proposal to acquire Seer.8