Full Press Release Details
FREMONT, Calif.--(BUSINESS WIRE)--Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial and operational results for the fourth quarter and full year ended December 31, 2025 and recent business highlights and provided financial guidance for the full year 2026.
Fourth Quarter and Recent Strategic and Operational Highlights
Full Year 2025 Financial Results Compared with 2024
Fourth Quarter 2025 Financial Results Compared with 2024
CEO Commentary
“Our performance in 2025 was transformative, demonstrated by 400% year-over-year clinical volume growth and pivotal Medicare coverage for breast and lung cancer,” said Chris Hall, Chief Executive Officer and President. “We enter 2026 with a fortified balance sheet of approximately $240 million in cash, which allows us to expand our investments in our 'Win-in-MRD' strategy. While we are in the early stages of reimbursement, we are driving volume now to secure long-term market leadership. We expect 2026 to be a year of rapid commercial expansion, with clinical revenue projected to grow approximately five-fold as we operationalize our recent coverage wins.”
Full Year 2026 Outlook
Personalis expects the following for the full year of 2026:
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 throughout the patient journey. 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, visitwww.personalis.comand connect with us onLinkedInand 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’ full year 2026 guidance for revenue, gross margin, net loss, and cash usage, the sufficiency of Personalis’ capital to support rapid commercial expansion, the expected growth in clinical revenue and clinical test volume in 2026 and Personalis’ commercial investments driving clinical revenue growth to 5x, the drive in volume now securing long-term market leadership, and the clinical relevance of the NeXT Personal test and the potential impact or expected benefits of the TRACERx and VHIO studies. 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 ModernaTX, Inc., Merck Sharp & Dohme LLC and other biopharma customers, and the VA MVP; the success of Personalis’ clinical sales team’s and Tempus AI, Inc.’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, including the NeXT Personal MRD assay remaining unique in its ability to detect traces of cancer in the ultrasensitive range; future clinical data differing from the clinical data previously presented or expected results; the rate of adoption and use of the NeXT platform, including maintaining the accelerated adoption rates experienced in 2025; Personalis’ ability to obtain Medicare coverage and reimbursement in additional indications and the timing thereof; the impact of competition and macroeconomic factors on Personalis’ business; the partnering and/or collaboration arrangements that Personalis has entered into or may enter into in the future may not be successful, or may terminate, which could adversely impact Personalis’ business or affect its ability to develop and commercialize its services and products; having a limited number of suppliers; customer concentration; 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, 2025, filed with the Securities and Exchange Commission (SEC) on November 4, 2025, as updated by its Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC on February 26, 2026. 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.
| PERSONALIS, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue(1) | $ | 17,345 | $ | 16,800 | $ | 69,648 | $ | 84,614 | ||||||||
| Costs and expenses | ||||||||||||||||
| Cost of revenue | 15,446 | 12,250 | 53,871 | 57,789 | ||||||||||||
| Research and development | 13,071 | 11,494 | 50,264 | 48,905 | ||||||||||||
| Selling, general and administrative(2) | 14,094 | 11,168 | 53,570 | 46,187 | ||||||||||||
| Total costs and expenses | 42,611 | 34,912 | 157,705 | 152,881 | ||||||||||||
| Loss from operations | (25,266 | ) | (18,112 | ) | (88,057 | ) | (68,267 | ) | ||||||||
| Interest income | 1,570 | 1,631 | 7,155 | 5,510 | ||||||||||||
| Interest expense | (65) | 1 | (205 | ) | (24 | ) | ||||||||||
| Other income (expense), net(3) | (41) | 59 | (142 | ) | (18,485 | ) | ||||||||||
| Loss before income taxes | (23,802 | ) | (16,421 | ) | (81,249 | ) | (81,266 | ) | ||||||||
| Provision for income taxes | 10 | 4 | 21 | 18 | ||||||||||||
| Net loss | $ | (23,812 | ) | $ | (16,425 | ) | $ | (81,270 | ) | $ | (81,284 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.26 | ) | $ | (0.23 | ) | $ | (0.91 | ) | $ | (1.37 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 92,281,225 | 72,879,436 | 89,240,435 | 59,251,013 | ||||||||||||
| (1) Includes related party revenue of $1.9 million and $5.4 million for three and twelve months ended December 31, 2025, respectively. | ||||||||||||||||
| (2) Includes related party sales and marketing expenses of $1.9 million and $4.6 million for the three and twelve months ended December 31, 2025, respectively. | ||||||||||||||||
| (3) Includes related party other expense of $18.3 million in connection with the change in fair value of Tempus Warrants for the twelve months ended December 31, 2024. |
| PERSONALIS, INC. | ||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Pharma testing services(1) | $ | 10,905 | $ | 12,232 | $ | 48,661 | $ | 50,939 | ||||||||
| Enterprise sales | 456 | 4,170 | 5,885 | 25,364 | ||||||||||||
| Population sequencing | 4,011 | 219 | 11,766 | 7,430 | ||||||||||||
| Clinical diagnostic | 857 | 176 | 2,018 | 759 | ||||||||||||
| Other | 1,116 | 3 | 1,318 | 122 | ||||||||||||
| Total revenue | $ | 17,345 | $ | 16,800 | $ | 69,648 | $ | 84,614 | ||||||||
| (1) Includes related party revenue of $1.9 million and $5.4 million for the three and twelve months ended December 31, 2025, respectively. |
| PERSONALIS, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share and per value data) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 124,245 | $ | 91,415 | ||||
| Short-term investments | 115,708 | 93,594 | ||||||
| Accounts receivable, net(1) | 16,203 | 8,140 | ||||||
| Inventory and other deferred costs | 6,144 | 5,939 | ||||||
| Prepaid expenses and other current assets | 5,651 | 3,927 | ||||||
| Total current assets | 267,951 | 203,015 | ||||||
| Property and equipment, net | 44,815 | 48,274 | ||||||
| Operating lease right-of-use assets | 15,118 | 16,453 | ||||||
| Other long-term assets | 6,280 | 2,526 | ||||||
| Total assets | $ | 334,164 | $ | 270,268 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable(2) | $ | 12,989 | $ | 6,397 | ||||
| Accrued and other current liabilities(2) | 25,079 | 21,629 | ||||||
| Contract liabilities | 1,562 | 3,100 | ||||||
| Total current liabilities | 39,630 | 31,126 | ||||||
| Long-term operating lease liabilities | 31,866 | 34,882 | ||||||
| Other long-term liabilities(3) | 1,483 | 1,303 | ||||||
| Total liabilities | 72,979 | 67,311 | ||||||
| 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; 102,475,891 and 85,171,146 shares issued and outstanding, respectively | 10 | 9 | ||||||
| Additional paid-in capital | 892,331 | 752,961 | ||||||
| Accumulated other comprehensive income (loss) | 104 | (23 | ) | |||||
| Accumulated deficit | (631,260 | ) | (549,990 | ) | ||||
| Total stockholders’ equity | 261,185 | 202,957 | ||||||
| Total liabilities and stockholders’ equity | $ | 334,164 | $ | 270,268 | ||||
| (1) Includes related party accounts receivable of $2.5 million as of December 31, 2025 and December 31, 2024, respectively. | ||||||||
| (2) Includes related party liabilities of $5.7 million and $1.7 million as of December 31, 2025 and December 31, 2024, respectively. | ||||||||
| (3) Includes related party liabilities of $1.2 million as of December 31, 2024. |