Personalis — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $25.6 million, compared to $14.5 million in the same period in 2025.
• Clinical test revenue reached $4.4 million in Q3 2026, up from $0.4 million in Q3 2025, driven by increased test volume and a full quarter of Medicare-covered IO test volume.
• Clinical test volume totaled 13,157 in Q3 2026, compared to 4,388 in Q3 2025.
• Core revenue streams (pharma testing services and other customers) totaled $17.2 million in Q3 2026, compared to $13.2 million in Q3 2025.
• Revenue from population sequencing (VA MVP) was $4.0 million in Q3 2026, compared to $0.2 million in Q3 2025.
• Net loss for the quarter was $33.8 million, or $0.32 per share, compared to a net loss of $21.7 million, or $0.24 per share, in Q3 2025.
• Loss from operations was $35.5 million in Q3 2026, compared to $23.3 million in Q3 2025.
• Total costs and expenses were $61.1 million in Q3 2026, compared to $37.8 million in Q3 2025.
• Cash, cash equivalents, and short-term investments ended the quarter at approximately $190.6 million.
• For the nine months ended September 30, 2026, total revenue was $63.4 million compared to $52.3 million in the prior year period.
• Nine-month net loss was $95.5 million, or $0.90 per share, compared to $57.5 million, or $0.65 per share, in the prior year period.
• Related party revenue included $5.9 million for the three months ended September 30, 2026, compared to $1.1 million in the prior year period.
• Related party sales and marketing expenses included $4.8 million for the three months ended September 30, 2026, compared to $1.2 million in the prior year period.

Guidance and Future Outlook:

• Personalis will no longer provide financial guidance or conduct quarterly earnings conference calls following the announcement of the merger agreement with Tempus AI, Inc. on July 20, 2026.

Business Segments and Product Lines:

• Launched NeXT Personal® Real-Time Variant Tracker™, an optional supplemental result identifying clinically relevant resistance and therapeutically targetable variants over time.
• Reported pre-interim results from the prospective B-STRONGER-1 study on Triple Negative Breast Cancer (TNBC), showing a 96% ctDNA detection rate at baseline and an 82% ctDNA clearance rate following two cycles of neoadjuvant therapy.
• Demonstrated the value of ultrasensitive ctDNA for predicting early immunotherapy response in a study with UCSD involving 55 patients across 8 metastatic cancer types.
• Pharma testing services revenue was $17.1 million for the three months ended September 30, 2026, compared to $13.1 million in the prior year period.
• Population sequencing revenue was $4.1 million for the three months ended September 30, 2026, compared to $0.2 million in the prior year period.
• Enterprise sales revenue was $0.008 million for the three months ended September 30, 2026, compared to $0.65 million in the prior year period.

Market and Competitive Landscape:

• The company is a leader in advanced genomics for precision oncology, focusing on transforming cancer management through personalized testing.
• The proposed merger with Tempus AI, Inc. is expected to provide scale, complementary capabilities, and resources to accelerate innovation.
• Revenue growth was primarily driven by increased population sequencing and higher pharma testing services.

Risks and Challenges:

• Risks include the possibility that the merger agreement may be terminated, shareholders may not adopt the agreement, or conditions to the transaction may not be satisfied.
• Potential risks include disruption of management time, adverse effects on stock prices, litigation related to the transaction, and difficulties in retaining key personnel.
• Risks related to the timing of new orders from customers, including ModernaTX, Inc., Merck Sharp & Dohme LLC, and the VA MVP.
• Risks include the success of sales and marketing efforts, the timing of specimen sample receipts, and the ability to demonstrate clinical validity of the NeXT platform.
• Risks include the ability to obtain Medicare coverage and reimbursement in additional indications, competition, macroeconomic factors, and the success of partnering arrangements.
• Risks include having a limited number of suppliers and customer concentration.

Management Commentary and Tone:

• CEO Chris Hall stated that the results reflect the strength of the team's execution and commitment to transforming cancer management through informed care.
• Management expressed confidence that combining with Tempus will accelerate innovation and deliver greater value to patients, clinicians, and biopharma partners.

Other Key Points:

• Personalis and Tempus AI, Inc. entered into an Agreement and Plan of Merger on July 20, 2026.
• The company reported pre-interim clinical data from the B-STRONGER-1 study and a UCSD study regarding ultrasensitive ctDNA.
• The company has approximately $190.6 million in cash, cash equivalents, and short-term investments.
• The press release includes forward-looking statements regarding the merger and the attributes of the NeXT Personal test.