Full Press Release Details
Personalis Reports Second Quarter 2025 Financial Results
Strong Q2 Clinical Momentum with 59% Sequential Growth in Test Volume
FREMONT, Calif. August 5, 2025 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology,
today reported financial results for the second quarter ended June 30, 2025, and recent accomplishments of its Win-in-MRD strategy:
Second Quarter 2025 and Recent Business Highlights
results of our Win-in-MRD strategy are clear, with an impressive 59% sequential growth in our clinical test volume, said Chris Hall, Chief Executive
Officer and President of Personalis. This powerful adoption trend is fueled by a continuous flow of compelling clinical data, like our recent landmark ASCO presentations, which prove the unique value of our ultra-sensitive MRD platform in
guiding patient care. Steady recognition and growth in the use of our platform continues to support our strategy as we navigate the temporary headwinds in the biopharma sector which have affected our current results. Our fundamental growth engine is
accelerating, keeping us firmly on track to achieve our most critical strategic objectives for 2025, including securing Medicare coverage for two indications.
Second Quarter 2025 Financial Results Compared with 2024
Third Quarter and Full Year 2025
Personalis expects the following for the third quarter of 2025:
Personalis now expects the following for the full year of 2025 (updated guidance):
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second quarter financial results, as well as plans for 2025, after market close on Tuesday,
August 5, 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,
position or similar expressions. These statements include statements relating to: Personalis achievement of its most critical strategic objectives for 2025, including receipt of Medicare reimbursement coverage for two indications,
and Personalis third quarter and full year 2025 financial guidance. 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 Natera, Inc.; our revenue guidance assumes the receipt of a task order from the U.S. Department of Veterans Affairs Million Veteran Program in September in line with previous years, but there is no assurance that we will receive such a
task order on the timeframe or in the amount we expect, or at all; the timing of tissue, blood, and other specimen sample receipts from customers, including from our biopharma customers for their clinical trials, which materially impacts revenue
quarter-over-quarter and year-over-year; the success of Personalis clinical sales team s and Tempus sales and marketing efforts; 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 ultra-sensitive 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 physician adoption rates experienced in the second quarter of 2025; building our clinical laboratory business is subject to a number of reimbursement challenges and we may
not be able to establish the medical necessity of our tests for coverage or reimbursement rates that cover our costs on the timelines expected, or at all; if we do not secure Medicare reimbursement coverage for two indications this year or if the
reimbursement coverage occurs later in the year than expected, we will not or may not, respectively, be able to achieve our revenue guidance from clinical tests, in which case our ability to achieve our overall revenue guidance would also be
negatively impacted; the impact of competition and macroeconomic factors on our business; the partnering and/or collaboration arrangements that we have entered into or may enter into in the future may not be successful, or may terminate, which could
adversely impact our business or affect our ability to develop and commercialize our services and products; having a limited number of suppliers; and customer concentration. 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 Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 27, 2025 and Quarterly Report
on Form 10-Q for the quarter ended June 30, 2025, being filed with the SEC later today. 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 (Unaudited)
(In thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue (1) | $ | 17,203 | $ | 22,580 | $ | 37,808 | $ | 42,105 | ||||||||
| Costs and expenses | ||||||||||||||||
| Cost of revenue | 12,447 | 14,543 | 25,845 | 28,575 | ||||||||||||
| Research and development | 12,381 | 12,957 | 25,021 | 25,728 | ||||||||||||
| Selling, general and administrative (2) | 14,179 | 11,973 | 26,442 | 23,575 | ||||||||||||
| Total costs and expenses | 39,007 | 39,473 | 77,308 | 77,878 | ||||||||||||
| Loss from operations | (21,804 | ) | (16,893 | ) | (39,500 | ) | (35,773 | ) | ||||||||
| Interest income | 1,878 | 1,136 | 3,905 | 2,495 | ||||||||||||
| Interest expense | (48 | ) | (9 | ) | (76 | ) | (18 | ) | ||||||||
| Other income (expense), net | (80 | ) | 2,968 | (126 | ) | 7,537 | ||||||||||
| Loss before income taxes | (20,054 | ) | (12,798 | ) | (35,797 | ) | (25,759 | ) | ||||||||
| Provision for income taxes | 2 | 4 | 9 | 11 | ||||||||||||
| Net loss | $ | (20,056 | ) | $ | (12,802 | ) | $ | (35,806 | ) | $ | (25,770 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.41 | ) | $ | (0.50 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 88,517,498 | 52,394,678 | 87,990,691 | 51,536,632 |
SUPPLEMENTAL REVENUE INFORMATION (Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Pharma tests and services (1) | $ | 11,023 | $ | 13,197 | $ | 24,617 | $ | 23,009 | ||||||||
| Enterprise sales | 2,315 | 7,958 | 4,780 | 15,930 | ||||||||||||
| Population sequencing | 3,308 | 1,280 | 7,521 | 2,780 | ||||||||||||
| Clinical diagnostic | 469 | 117 | 777 | 312 | ||||||||||||
| Other | 88 | 28 | 113 | 74 | ||||||||||||
| Total revenue | $ | 17,203 | $ | 22,580 | $ | 37,808 | $ | 42,105 |
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and par value data)
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 53,374 | $ | 91,415 | ||||
| Short-term investments | 119,858 | 93,594 | ||||||
| Accounts receivable, net (1) | 9,952 | 8,140 | ||||||
| Inventory and other deferred costs | 5,435 | 5,939 | ||||||
| Prepaid expenses and other current assets | 4,724 | 3,927 | ||||||
| Total current assets | 193,343 | 203,015 | ||||||
| Property and equipment, net | 45,812 | 48,274 | ||||||
| Operating lease right-of-use assets | 15,654 | 16,453 | ||||||
| Other long-term assets | 3,871 | 2,526 | ||||||
| Total assets | $ | 258,680 | $ | 270,268 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable (2) | $ | 9,926 | $ | 6,397 | ||||
| Accrued and other current liabilities (2) | 20,172 | 21,629 | ||||||
| Contract liabilities | 1,625 | 3,100 | ||||||
| Total current liabilities | 31,723 | 31,126 | ||||||
| Long-term operating lease liabilities | 33,390 | 34,882 | ||||||
| Other long-term liabilities (3) | 2,738 | 1,303 | ||||||
| Total liabilities | 67,851 | 67,311 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| 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; 88,649,766 and 85,171,146 shares issued and outstanding, respectively | 9 | 9 | ||||||
| Additional paid-in capital | 776,596 | 752,961 | ||||||
| Accumulated other comprehensive income (loss) | 20 | (23 | ) | |||||
| Accumulated deficit | (585,796 | ) | (549,990 | ) | ||||
| Total stockholders equity | 190,829 | 202,957 | ||||||
| Total liabilities and stockholders equity | $ | 258,680 | $ | 270,268 |