Radoff-JEC Group Urges Seer, Inc. Independent Directors to Act Amid Dismal Performance
The Radoff-JEC Group, owning 7.6% of Seer, Inc., criticized the company's leadership and governance in an open letter to independent directors. They highlighted poor revenue growth, excessive cash burn, and a recent drop in share prices. The group alleged that the board's actions, including the adoption of a poison pill, prioritize management entrenchment over shareholder interests. They called for immediate action, including the initiation of a sale process for the company to benefit stockholders.
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The Radoff-JEC Group, holding approximately 7.6% of Seer, Inc. (NASDAQ: SEER), issued an open letter to independent directors Meeta Gulyani and Nicolas Roelofs, criticizing the company's financial performance and governance.
Since 2022, Seer's revenue increased by $1.1 million, while cash burn exceeded $160 million. The board's recent guidance for 2026 implies minimal revenue growth and significant cash burn. The group expressed concerns over the board's defense of CEO Dr.
Farokhzad and the adoption of a poison pill limiting stockholder ownership. They called for a sale process to maximize shareholder value, citing the company's market capitalization significantly below its cash balance.
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