
Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a Contingent Value Right</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Seer’s Two-Member Special Committee to Conduct an Auction and Avoid Further Value Destruction Under the Leadership of Chairman and CEO Omid Farokhzad, M.D.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok, who collectively own approximately 7.7% of the outstanding shares of Seer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEER">SEER</a>) (the "Company"), today submitted the following improved non-binding proposal to acquire the Company – their fourth such proposal – for $2.55 per share in cash plus a contingent value right.

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
&#x2A;&#x2A;&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignr">
July 28, 2026

</p><p xmlns="http://www.w3.org/1999/xhtml">
Seer, Inc.
<br xmlns="http://www.w3.org/1999/xhtml"></br>3800 Bridge Parkway, Suite 102
<br xmlns="http://www.w3.org/1999/xhtml"></br>Redwood City, California 94065
<br xmlns="http://www.w3.org/1999/xhtml"></br>Attn: Special Committee

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dear Members of the Special Committee,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the "Radoff-JEC Group" or "we") are significant stockholders of Seer, Inc. ("Seer" or the "Company"), collectively owning approximately 7.7% of the Company’s outstanding shares.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We are pleased to submit this further improved, non-binding proposal to acquire 100% of the equity of the Company for $2.55 per share in cash (the "Acquisition"), which represents an immediate 51% premium to the Company’s unaffected share price and a 29% premium to the current share price,<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> plus a contingent value right ("CVR") representing the right for stockholders to receive 85% of the net proceeds received from any license, sale or other disposition of Seer’s business and assets, including PrognomiQ.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We would aim to make all payments under the CVR within six to 12 months of the completion of the Acquisition.

</p><p xmlns="http://www.w3.org/1999/xhtml">
To be clear, our offer is not speculative or contingent. Our offer does not undervalue Seer or seek to drain Seer of its cash. In fact, the structure of our proposal is designed to ensure that stockholders receive full and fair value for their investment in Seer by way of a CVR providing the proceeds from an open auction process for the Company’s business and assets.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We believe our proposal offers stockholders many valuable things that the Board’s current strategy does not, including: certainty, accountability and a realistic framework for maximizing remaining value. Furthermore, our proposal does not subject stockholders to continued value destruction under the leadership of Chairman and CEO Omid Farokhzad, M.D.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Based upon our analysis, Dr. Farokhzad has destroyed more than $1 billion in investor capital across Seer, BIND Therapeutics, Selecta Biosciences, Tarveda Therapeutics and Senti Biosciences. We kindly request the Special Committee, and the Board as a whole, to consider Dr. Farokhzad’s track record at Seer and across other companies as it evaluates subjecting stockholders to continued losses and cash burn while pursuing his failed strategy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We urge the Special Committee to fulfill its fiduciary obligations by engaging seriously with us regarding our proposal and by providing stockholders with a transparent evaluation process. Entrenchment and continued adherence to a failed operating strategy are not acceptable to stockholders. It is also not an option to accept an inferior buyout offer from Dr. Farokhzad.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Our improved offer, which is subject to limited confirmatory due diligence, does not expire until August 10, 2026 – we urge the Special Committee and its independent financial advisor to immediately engage with us and negotiate a transaction that will benefit all stockholders. We are ready to move forward and close expeditiously – once again, our proposal is not subject to any financing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sincerely,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml">
_____________________________
<br xmlns="http://www.w3.org/1999/xhtml"></br><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Unaffected price calculated as of close on April 10, 2026, the trading day immediately prior to the Radoff-JEC Group’s submission of its initial non-binding proposal to acquire the Company. Current share price as of close on July 27, 2026.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260728198047r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260728198047/en/" rel="nofollow">https://www.businesswire.com/news/home/20260728198047/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Greg Lempel
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:greg@fondrenlp.com" shape="rect">greg@fondrenlp.com</a>

</p>

SEER

Radoff-JEC Group Submits Further Improved Proposal to Acquire Seer, Inc.

Radoff-JEC Group bids $2.55/SEER share cash with CVR, prompting potential asset auction

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Bradley Radoff and Michael Torok affiliate group submitted a non-binding proposal to acquire Seer for $2.55 per share in cash, plus a CVR representing 85% of net proceeds from asset licenses or sales, including PrognomiQ. The offer calls for an open auction to maximize value and cites fiduciary concerns with current leadership, aiming to close without financing conditions. The proposal expires August 10, 2026, creating a near-term catalyst and potential re-pricing if due diligence confirms plausible execution.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Radoff-JEC Group submits improved non-binding Seer offer.</li><li>Cash offer: $2.55 per share plus CVR on 85% of net asset proceeds.</li><li>Premium: 51% to unaffected price; 29% to current price.</li><li>Urges open auction and criticizes CEO leadership; bid expires Aug 10, 2026.</li><li>Radoff-Torok own ~7.7% of Seer.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Seer, Inc. (SEER)</strong>: Subject of the acquisition proposal; potential CVR-driven value realization via an asset sale.</li><li><strong>Selecta Biosciences (SELB)</strong>: Referenced in the broader context of biotech leadership trajectories; not a direct counterparty.</li><li><strong>Tarveda Therapeutics (TVTX)</strong>: Named in investor critique as part of the leadership track record discussion affecting market views.</li><li><strong>BIND Therapeutics (N/A)</strong>: Cited as part of the founder&#039;s historical investor capital discussion; no current public ticker.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>M&amp;A driven activist-style outreach; signals potential revaluation if a credible sale process unfolds and opens an auction.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Non-binding offer; execution risk remains high until due diligence and board approval.</li><li>CVR adds potential upside but depends on future asset monetization outcomes.</li><li>Open auction process could drive volatility and heightened trading interest.</li><li>August 10, 2026 expiry creates near-term event risk and headlines.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>$2.55 per share cash offer for Seer, Inc. (SEER).</li><li>CVR equals 85% of net proceeds from any license, sale, or disposition of Seer&#039;s assets, including PrognomiQ.</li><li>CVR payout expected within 6 to 12 months after closing.</li><li>Premiums: 51% to affected price; 29% to current price as of stated dates.</li><li>Radoff-JEC Group owns approximately 7.7% of Seer.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>If the bid path remains credible, SEER could trade toward the $2.55 level in the near term, subject to due diligence and board response.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a Contingent Value Right</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Seer’s Two-Member Special Committee to Conduct an Auction and Avoid Further Value Destruction Under the Leadership of Chairman and CEO Omid Farokhzad, M.D.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok, who collectively own approximately 7.7% of the outstanding shares of Seer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEER">SEER</a>) (the "Company"), today submitted the following improved non-binding proposal to acquire the Company – their fourth such proposal – for $2.55 per share in cash plus a contingent value right.

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
&#x2A;&#x2A;&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignr">
July 28, 2026

</p><p xmlns="http://www.w3.org/1999/xhtml">
Seer, Inc.
<br xmlns="http://www.w3.org/1999/xhtml"></br>3800 Bridge Parkway, Suite 102
<br xmlns="http://www.w3.org/1999/xhtml"></br>Redwood City, California 94065
<br xmlns="http://www.w3.org/1999/xhtml"></br>Attn: Special Committee

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dear Members of the Special Committee,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the "Radoff-JEC Group" or "we") are significant stockholders of Seer, Inc. ("Seer" or the "Company"), collectively owning approximately 7.7% of the Company’s outstanding shares.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We are pleased to submit this further improved, non-binding proposal to acquire 100% of the equity of the Company for $2.55 per share in cash (the "Acquisition"), which represents an immediate 51% premium to the Company’s unaffected share price and a 29% premium to the current share price,<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> plus a contingent value right ("CVR") representing the right for stockholders to receive 85% of the net proceeds received from any license, sale or other disposition of Seer’s business and assets, including PrognomiQ.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We would aim to make all payments under the CVR within six to 12 months of the completion of the Acquisition.

</p><p xmlns="http://www.w3.org/1999/xhtml">
To be clear, our offer is not speculative or contingent. Our offer does not undervalue Seer or seek to drain Seer of its cash. In fact, the structure of our proposal is designed to ensure that stockholders receive full and fair value for their investment in Seer by way of a CVR providing the proceeds from an open auction process for the Company’s business and assets.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We believe our proposal offers stockholders many valuable things that the Board’s current strategy does not, including: certainty, accountability and a realistic framework for maximizing remaining value. Furthermore, our proposal does not subject stockholders to continued value destruction under the leadership of Chairman and CEO Omid Farokhzad, M.D.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Based upon our analysis, Dr. Farokhzad has destroyed more than $1 billion in investor capital across Seer, BIND Therapeutics, Selecta Biosciences, Tarveda Therapeutics and Senti Biosciences. We kindly request the Special Committee, and the Board as a whole, to consider Dr. Farokhzad’s track record at Seer and across other companies as it evaluates subjecting stockholders to continued losses and cash burn while pursuing his failed strategy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We urge the Special Committee to fulfill its fiduciary obligations by engaging seriously with us regarding our proposal and by providing stockholders with a transparent evaluation process. Entrenchment and continued adherence to a failed operating strategy are not acceptable to stockholders. It is also not an option to accept an inferior buyout offer from Dr. Farokhzad.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Our improved offer, which is subject to limited confirmatory due diligence, does not expire until August 10, 2026 – we urge the Special Committee and its independent financial advisor to immediately engage with us and negotiate a transaction that will benefit all stockholders. We are ready to move forward and close expeditiously – once again, our proposal is not subject to any financing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sincerely,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml">
_____________________________
<br xmlns="http://www.w3.org/1999/xhtml"></br><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Unaffected price calculated as of close on April 10, 2026, the trading day immediately prior to the Radoff-JEC Group’s submission of its initial non-binding proposal to acquire the Company. Current share price as of close on July 27, 2026.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260728198047r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260728198047/en/" rel="nofollow">https://www.businesswire.com/news/home/20260728198047/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Greg Lempel
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:greg@fondrenlp.com" shape="rect">greg@fondrenlp.com</a>

</p>

Bradley Radoff and Michael Torok affiliate group submitted a non-binding proposal to acquire Seer for $2.55 per share in cash, plus a CVR representing 85% of net proceeds from asset licenses or sales, including PrognomiQ. The offer calls for an open auction to maximize value and cites fiduciary concerns with current leadership, aiming to close without financing conditions. The proposal expires August 10, 2026, creating a near-term catalyst and potential re-pricing if due diligence confirms plausible execution.

News insight

Radoff-JEC Group Submits Further Improved Proposal to Acquire Seer, Inc.

AI summary

Sentiment rationale

Key facts

M&A