Full Press Release Details
Personalis Reports Fourth Quarter and Full Year 2024 Financial Results
Full year revenue of $84.6 million represents a 15% year-over-year increase
Cash balance of $185 million expected to provide runway to cash flow break-even
FREMONT, Calif. February 27, 2025 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision
oncology, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided recent business highlights.
Recent Business Highlights
executed very well and are starting 2025 confident our strategy is working and we will Win in MRD, said Chris Hall, Chief Executive Officer and President. We expanded our partnership with Tempus, presented compelling clinical data
at Medical Conferences, and drove testing growth 52% quarter over quarter ending the year with 1,441 molecular tests in the fourth quarter. Also, we announced a long-term commercial collaboration with Moderna and a strategic investment of
$50 million from Merck, endorsing our technology platform and capabilities to support our partners initiatives, and providing a pathway to cashflow break-even.
Full Year 2024 Financial Results Compared with 2023
Fourth Quarter 2024 Financial Results Compared with 2023
First Quarter and Full Year 2025 Outlook
Personalis expects the following for the first quarter of 2025:
Personalis expects the following for the full year of 2025:
Webcast and Conference Call Information
host a conference call to discuss the fourth quarter and full year 2024 financial results, as well as plans for 2025, after market close on Thursday, February 27, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can
be accessed live by dialing 877-451-6152 for domestic callers or 201-389-0879 for
international callers. The live webinar can be accessed at https://investors.personalis.com. A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company s website.
About Personalis, Inc.
At Personalis, we are transforming the active management of cancer through breakthrough personalized testing. We aim to drive a new paradigm for cancer
management, guiding care from biopsy through the life of the patient. Our highly sensitive assays combine tumor-and-normal profiling with proprietary algorithms to
deliver advanced insights even as cancer evolves over time. Our products are designed to detect minimal residual disease (MRD) and recurrence at the earliest timepoints, enable the selection of targeted therapies based on ultra-comprehensive genomic
profiling, and enhance biomarker strategy for drug development. Personalis is based in Fremont, California. To learn more, visit www.personalis.com and connect with us on LinkedIn and X (Twitter).
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as
anticipate, estimate, expect, if, may, future, will or similar expressions. These statements include statements relating to: Personalis first quarter and full
year 2025 financial guidance, the benefits of the collaboration with Moderna and the strategic investment from Merck and the ability of Personalis to support their and other partners initiatives, and the potential for Personalis to achieve
cashflow break-even in the future. Such forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from any anticipated results or expectations expressed or
implied by such statements, including the risks, uncertainties and other factors that relate to the timing and pace of new orders from customers, including from Moderna, Merck, and VA MVP; the success of Personalis clinical sales team s
and Tempus s sales and marketing efforts; the timing of tissue, blood, and other specimen sample receipts from customers, which can materially impact revenue quarter-over-quarter and year-over-year; Personalis ability to demonstrate
attributes, advantages or clinical validity of the NeXT platform; the rate of adoption and use of the NeXT platform; the expected benefits of Personalis extended collaboration with Moderna and the strategic investment from Merck;
Personalis ability to obtain Medicare coverage and reimbursement; the benefits of Personalis investments in growing clinical test volume and its commercial capabilities; the expansion of clinical studies; and Personalis may
opportunistically raise additional capital through equity offerings, debt financings, collaborations, or licensing arrangements. These and other potential risks and uncertainties that could cause actual results to differ materially from the results
predicted in these forward-looking statements are described under the captions Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in Personalis Quarterly Report
on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission (SEC) on November 6, 2024 and in its Annual Report on Form
10-K for the year ended December 31, 2024, being filed with the SEC on February 27, 2025. All information provided in this release is as of the date of this press release, and any forward-looking
statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the
date hereof. Personalis undertakes no duty to update this information unless required by law.
Investor Relations Contact:
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue (1) | $ | 16,800 | $ | 19,675 | $ | 84,614 | $ | 73,481 | ||||||||
| Costs and expenses | ||||||||||||||||
| Cost of revenue | 12,250 | 14,470 | 57,789 | 55,273 | ||||||||||||
| Research and development | 11,494 | 13,613 | 48,905 | 64,776 | ||||||||||||
| Selling, general and administrative (2) | 11,168 | 11,524 | 46,187 | 49,726 | ||||||||||||
| Lease impairment | 5,565 | |||||||||||||||
| Restructuring and other charges | 4,040 | 8,077 | ||||||||||||||
| Total costs and expenses | 34,912 | 43,647 | 152,881 | 183,417 | ||||||||||||
| Loss from operations | (18,112 | ) | (23,972 | ) | (68,267 | ) | (109,936 | ) | ||||||||
| Interest income | 1,631 | 1,477 | 5,510 | 5,901 | ||||||||||||
| Interest expense | 1 | (9 | ) | (24 | ) | (110 | ) | |||||||||
| Other income (expense), net (3) | 59 | (4,075 | ) | (18,485 | ) | (4,068 | ) | |||||||||
| Loss before income taxes | (16,421 | ) | (26,579 | ) | (81,266 | ) | (108,213 | ) | ||||||||
| Provision for income taxes | 4 | 5 | 18 | 83 | ||||||||||||
| Net loss | $ | (16,425 | ) | $ | (26,584 | ) | $ | (81,284 | ) | $ | (108,296 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.23 | ) | $ | (0.54 | ) | $ | (1.37 | ) | $ | (2.25 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 72,879,436 | 49,596,698 | 59,251,013 | 48,175,201 |
SUPPLEMENTAL REVENUE INFORMATION
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Pharma tests and services (1) | $ | 12,232 | $ | 11,491 | $ | 50,939 | $ | 31,904 | ||||||||
| Enterprise sales | 4,170 | 7,073 | 25,364 | 31,729 | ||||||||||||
| Population sequencing | 219 | 1,007 | 7,430 | 9,412 | ||||||||||||
| Clinical diagnostic | 176 | 33 | 759 | 38 | ||||||||||||
| Other | 3 | 71 | 122 | 398 | ||||||||||||
| Total revenue | $ | 16,800 | $ | 19,675 | $ | 84,614 | $ | 73,481 |
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 91,415 | $ | 56,984 | ||||
| Short-term investments | 93,594 | 57,195 | ||||||
| Accounts receivable, net (1) | 8,140 | 17,730 | ||||||
| Inventory and other deferred costs | 5,939 | 10,474 | ||||||
| Prepaid expenses and other current assets | 3,927 | 4,361 | ||||||
| Total current assets | 203,015 | 146,744 | ||||||
| Property and equipment, net | 48,274 | 57,366 | ||||||
| Operating lease right-of-use assets | 16,453 | 17,852 | ||||||
| Other long-term assets | 2,526 | 3,137 | ||||||
| Total assets | $ | 270,268 | $ | 225,099 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,397 | $ | 14,920 | ||||
| Accrued and other current liabilities (2) | 21,629 | 23,941 | ||||||
| Contract liabilities | 3,100 | 3,288 | ||||||
| Short-term warrant liability | 5,085 | |||||||
| Total current liabilities | 31,126 | 47,234 | ||||||
| Long-term operating lease liabilities | 34,882 | 38,321 | ||||||
| Long-term warrant liability | 4,942 | |||||||
| Other long-term liabilities (3) | 1,303 | 5,161 | ||||||
| Total liabilities | 67,311 | 95,658 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity | ||||||||
| Preferred stock, $0.0001 par value 10,000,000 shares authorized; none issued | ||||||||
| Common stock, $0.0001 par value 200,000,000 shares authorized; 85,171,146 and 50,480,694 shares issued and outstanding, respectively | 9 | 5 | ||||||
| Additional paid-in capital | 752,961 | 598,364 | ||||||
| Accumulated other comprehensive loss | (23 | ) | (222 | ) | ||||
| Accumulated deficit | (549,990 | ) | (468,706 | ) | ||||
| Total stockholders equity | 202,957 | 129,441 | ||||||
| Total liabilities and stockholders equity | $ | 270,268 | $ | 225,099 |