Raises Concerns About the Board’s Continued Deference to Chair and CEO Dr. Omid Farokhzad in Light of His Track Record of Value Destruction

Highlights Recently Filed Stockholder Lawsuit Against Seer and its Board Members, Which Alleges the Board Breached its Fiduciary Duties in Connection with the Adoption of the NOL Poison Pill

Calls on the Board to Immediately Announce a Sale Process to Avoid Further Value Destruction Under Dr. Farokhzad

HOUSTON--(BUSINESS WIRE)--Mar. 4, 2026-- Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”), who collectively own approximately 7.6% of the outstanding common stock of Seer, Inc. (NASDAQ: SEER), today issued the following open letter to independent directors Meeta Gulyani and Nicolas Roelofs.

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March 4, 2026

Seer, Inc.
3800 Bridge Parkway, Suite 102
Redwood City, California 94065
Attn: Meeta Gulyani and Nicolas Roelofs

Dear Ms. Gulyani and Mr. Roelofs,

As one of the largest stockholders of Seer, Inc. (“Seer” or the “Company”), with ownership of approximately 7.6%, we continue to be disappointed by the apparent lack of good judgment being exercised by the Company’s Board (the “Board”) and management. After reviewing numerous public documents and the recent lawsuit filed by a stockholder against Seer and the Board, we have substantial doubts that Board Chair and CEO Dr. Omid Farokhzad, Dr. Robert Langer, Terry McGuire, Deep Nishar and Isaac Ro are capable of honoring their fiduciary duties to all stockholders. For that reason, we have addressed this letter only to you. As truly independent directors of Seer, we would argue that you have the least to gain and the most to lose.

The dismal operating results under the leadership of Dr. Farokhzad and the governance of the Board are plainly evident. Since 2022, Seer’s annual revenue has increased by nearly $1.1 million while the cash burned in operations has exceeded $160 million.¹ On February 26^th, Seer issued guidance for 2026, and the midpoint of the revenue range implies only 3% growth or roughly $400,000 in incremental revenue compared to the previous year.² The 2026 cash burn to achieve that incremental $400,000 in revenue is expected to exceed $40 million.

If 2026 goes according to the Board-approved operating plan, Seer will have spent four years and burned approximately $200 million in cash to increase annual revenue by a total of $2.5 million, representing an annualized growth rate of just 2.5%. Based on the Company’s cost structure and gross margin profile, we estimate that Seer would need to grow its revenue by over 1,050% to reach GAAP breakeven.

Unsurprisingly, Seer’s shares fell over 17% in response to the Company’s earnings and guidance.³ Seer’s shares continue to trade at a massive discount to its net cash balance – $101.6 million market capitalization versus $240.5 million in cash and no debt.⁴The public market’s valuation of Seer attributes NEGATIVE $140 million of value to the Company’s management, governance, technology and business plan.

Rather than hold Board Chair and CEO Dr. Farokhzad accountable for the destruction of stockholder value, the cash burn, the consistent lack of revenue growth and his 2026 operating plan calling for more of the same, the Board instead doubled down on its defense of Dr. Farokhzad to the detriment of stockholders. On February 26^th, the Board announced it unanimously adopted a poison pill (the “NOL poison pill”) that prevents stockholders from accumulating beneficial ownership of 4.9% or more of Seer’s common stock under the guise of “tax benefit preservation” for a business that has a near zero chance of generating taxable income.⁵ A stockholder has since filed a lawsuit against Seer and the Board in the Delaware Court of Chancery alleging that the Board members breached their fiduciary duties in connection with the adoption of the sweeping NOL poison pill.⁶

It is notable that during 2025, Bradley L. Radoff and his affiliates filed a Schedule 13G reporting ownership of over 5% of Seer’s common stock.⁷ At that time, Board Chair and CEO Dr. Farokhzad still had super voting Class B stock, and the Board took no urgent action to “protect Seer’s valuable income tax net operating loss carryforwards and other tax assets,” making it abundantly clear to us – as it should be to all stockholders – that enriching themselves and entrenching themselves are the main objectives of this Board and management.

Since you are both relatively new to Seer, we want to ensure you are aware of the following:

• In 2020, just prior to Seer’s initial public offering, Seer spun out PrognomIQ, Inc. (“PrognomIQ”).⁸ Seer continues to own approximately 20% of PrognomIQ, and Dr. Farokhzad is the Board Chair at PrognomIQ (and presumably a shareholder personally).⁹Mr. Ro, a Seer Board member, is also a PrognomIQ Board member, and Mr. Ro’s firm, Catalio Capital Management, invested in PrognomIQ.¹⁰ This interconnection is unusual. It is also highly concerning that Seer recently led an investment round at PrognomIQ and, that since Seer’s IPO, PrognomIQ is Seer’s largest source of revenue.¹¹ Given this background, we believe this investment was highly questionable, as are the transactions between the companies.

• In February 2021, shortly after Seer completed its IPO, Dr. Farokhzad reported selling more than 1 million shares of Seer at $64.15 per share, netting a profit of nearly $100 million.¹² Subsequent to Dr. Farokhzad’s sales, Seer’s shares have declined over 97%.¹³

• In 2022, while employed by Seer as Board Chair and CEO and while being paid $6.7 million for those services, Dr. Farokhzad co-founded and served as executive chair of Dynamics Special Purpose Corp, a special purpose acquisition company (“SPAC”) that combined with Senti BioSciences, Inc. Your fellow Seer directors, Dr. Langer, Mr. Nishar and Mr. McGuire, were involved in various roles and seemingly profited from this endeavor as well. To date, shares of Dr. Farokhzad’s SPAC have declined 99.1%.¹⁴

• Dr. Farokhzad co-founded BIND Therapeutics (“BIND”) with Dr. Langer. Dr. Farokhzad notes in his Seer biography that BIND was acquired by Pfizer Inc. (“Pfizer”). That is true, but Dr. Farokhzad omits from his biography that the sale to Pfizer was consummated in a bankruptcy court auction.¹⁵

• In its approximately five years as a public company, Seer has had six director resignations. That large number of director resignations is highly unusual and points to deep-seated, systemic governance issues at Seer. We believe that if you were to review the biographies of the directors who have resigned from Seer’s Board, you would conclude that impressive, independent businesspeople have consistently resigned while Dr. Farokhzad and his longtime friends have stayed.

In summary, the failures at Seer and its 97% share price decline are consistent with Dr. Farokhzad’s track record across multiple companies. After effectively cashing out of Seer five years ago, Dr. Farokhzad has continued to enrich himself at the expense of stockholders while repeating his refrain that the Company’s anemic revenue growth and massive operating losses are due to macroeconomic headwinds. Your colleagues on the Seer Board have personal and professional relationships with Dr. Farokhzad that predate their service on the Company’s Board, raising serious questions regarding their ability to objectively evaluate management.¹⁶

We are counting on you to understand that your fiduciary responsibilities extend to all stockholders – and to act accordingly. You should not continue to “go with the flow” and rubberstamp Dr. Farokhzad acting purely in his own self-interest to the detriment of stockholders – as you did by supporting the adoption of a poison pill seemingly aimed at limiting our and other stockholders’ ownership for the purpose of entrenchment.

Given Dr. Farokhzad’s track record of value destruction and the hopelessly conflicted members of the Board, we are calling for you to act now for the benefit of all stockholders. We would urge the Board to immediately publicly announce a sale process. If there is any discussion about using Seer’s cash to fund new acquisitions, we would urge you to immediately resign and publicly state your disagreement with the Company. Lastly, we’d remind you that you can and will be held liable for the decisions you make as a fiduciary at Seer.

We believe the Company can be sold in the near term at a substantial premium to the current share price. We look forward to Seer publicly announcing a sale process led by a reputable advisor.

Sincerely,

Bradley L. Radoff and Michael Torok

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304714065/en/

Greg Lempel
greg@fondrenlp.com

Source: On Behalf of The Radoff-JEC Group