Seer, Inc. Leases Disclosure
As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of each of December 31, 2025 and 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease.
The components of lease expense and supplemental information were as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Operating lease costs |
|
$ |
3,837 |
|
|
$ |
4,061 |
|
Variable lease costs |
|
|
924 |
|
|
|
976 |
|
Short-term lease costs |
|
|
136 |
|
|
|
67 |
|
Total lease costs |
|
$ |
4,897 |
|
|
$ |
5,104 |
|
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Weighted-average remaining lease term (in years) |
|
|
6.8 |
|
|
|
7.8 |
|
Weighted-average incremental borrowing rate |
|
|
6.2 |
% |
|
|
6.2 |
% |
Variable lease costs primarily consist of common area maintenance.
Supplemental cash flow information related to leases is as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash paid for amounts included in the measurement of lease liabilities |
|
$ |
3,846 |
|
|
$ |
3,969 |
|
As of December 31, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows:
Years ending December 31, |
|
|
|
|
2026 |
|
$ |
3,957 |
|
2027 |
|
|
4,072 |
|
2028 |
|
|
4,191 |
|
2029 |
|
|
4,312 |
|
2030 |
|
|
4,444 |
|
Thereafter |
|
|
8,118 |
|
Total undiscounted future minimum lease payments |
|
|
29,094 |
|
Present value adjustment for minimum lease commitments |
|
|
(5,441 |
) |
Total operating lease liabilities |
|
$ |
23,653 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 4, 2024 | |
| 2022 | Mar 6, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.