Delivered 1,441 total molecular tests in the fourth quarter of 2024, an increase of 52% compared with 945 tests delivered in the third quarter of 2024; delivered 3,285 total molecular tests for the full year of 2024 compared with 177 in 2023

Submitted for Medicare coverage in early-stage breast cancer

Collaborators have submitted manuscripts for publication in peer-reviewed journals for all three Personalis focus indications in breast and lung cancer and IO monitoring, with breast cancer accepted for publication

Expanded the number of clinical studies in progress to over 20

Raised $50 million with Merck Sharp & Dohme LLC (“Merck”) in a direct investment transaction

Signed a multi-year extension with ModernaTX, Inc. (“Moderna”) to utilize ImmunoID NeXT for V940/mRNA-4157, an investigational individualized neoantigen therapy (INT) being jointly developed by Merck and Moderna

Expanded the commercial agreement with Tempus AI, Inc. (“Tempus”) to authorize Tempus to sell NeXT Personal^® to pharmaceutical and biotechnology companies

Revenue of $84.6 million for the full year of 2024 compared with $73.5 million, an increase of 15%

Revenue from pharma tests and services, enterprise sales, clinical diagnostics, and other customers of $77.2 million for the full year of 2024 compared with $64.1 million, an increase of 20%, despite the expected decrease in revenue from Natera of 20% to $25.4 million for the full year of 2024

Revenue from population sequencing for the VA MVP of $7.4 million for the full year of 2024, compared with $9.4 million, a decrease of 21%

Net loss of $81.3 million, and net loss per share of $1.37 based on a weighted-average basic and diluted share count of 59.3 million for the full year of 2024 compared with a net loss of $108.3 million, and net loss per share of $2.25 based on a weighted-average basic and diluted share count of 48.2 million

Cash, cash equivalents, and short-term investments of $185.0 million as of December 31, 2024; includes the $50.0 million strategic investment from Merck; reduced cash usage from operations and capital equipment additions in 2024 to $46.8 million, compared with $67.2 million

Revenue of $16.8 million for the fourth quarter of 2024 compared with $19.7 million for the fourth quarter of 2023, a decrease of 15%, primarily due to the expected decline in revenue from Natera and the VA MVP

Pharma tests and services, enterprise sales, clinical diagnostics, and other customers of $16.6 million for the fourth quarter of 2024 compared with $18.7 million for the fourth quarter of 2023, a decrease of 11%

Population sequencing for the VA MVP of $0.2 million for the fourth quarter of 2024 compared with $1.0 million for the fourth quarter of 2023, a decrease of 78%

Net loss of $16.4 million, and net loss per share of $0.23 based on a weighted-average basic and diluted share count of 72.9 million in the fourth quarter 2024 compared with a net loss of $26.6 million, and net loss per share of $0.54 based on a weighted-average basic and diluted share count of 49.6 million in the fourth quarter of 2023

Total company revenue to be in the range of $17 to $18 million

Revenue from pharma tests and services, and all other customers to be in the range of $10 to $11 million

Revenue from population sequencing and enterprise sales of approximately $7 million

Total company revenue in the range of $80 to $90 million

Revenue from pharma tests and services, and all other customers in the range of $62 to $64 million

Revenue from population sequencing and enterprise sales in the range of $15 to $16 million

Revenue from clinical tests reimbursed in the range of $3 to $10 million

Gross margin in the range of 21% to 23%, which is lower than the 32% gross margin for the full year of 2024 as we invest to drive clinical usage ahead of reimbursement.

Net loss of approximately $85 million

Cash usage in the range of $75 to $80 million, which is an increase from the $47 million used in 2024 primarily due to investments in the next phase of our “Win in MRD” strategy, inclusive of growing our test volume, expanding clinical studies, and investing in commercial capabilities to drive growth

Revenue ⁽¹⁾

Costs and expenses

Cost of revenue

Research and development

Selling, general and administrative ⁽²⁾

Lease impairment

Restructuring and other charges

Total costs and expenses

Loss from operations

Interest income

Interest expense

Other income (expense), net ⁽³⁾

Loss before income taxes

Provision for income taxes

Net loss

Net loss per share, basic and diluted

Weighted-average shares outstanding, basic and diluted

Includes related party revenue of $2.0 million for three and twelve months ended December 31, 2024.

Includes related party sales and marketing expenses of $0.2 million and $0.5 million for the three and twelve months ended December 31, 2024, respectively.

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.

Pharma tests and services ⁽¹⁾

Enterprise sales

Population sequencing

Clinical diagnostic

Other

Total revenue

Includes related party revenue of $2.0 million for the three and twelve months ended December 31, 2024.

Assets

Current assets

Cash and cash equivalents

Short-term investments

Accounts receivable, net ⁽¹⁾

Inventory and other deferred costs

Prepaid expenses and other current assets

Total current assets

Property and equipment, net

Operating lease right-of-use assets

Other long-term assets

Total assets

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

Accrued and other current liabilities ⁽²⁾

Contract liabilities

Short-term warrant liability

Total current liabilities

Long-term operating lease liabilities

Long-term warrant liability

Other long-term liabilities ⁽³⁾

Total liabilities

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

Additional paid-in capital

Accumulated other comprehensive loss

Accumulated deficit

Total stockholders’ equity

Total liabilities and stockholders’ equity

Includes related party accounts receivable of $2.5 million as of December 31, 2024.

Includes related party liabilities of $1.7 million as of December 31, 2024.

Includes related party liabilities of $1.2 million as of December 31, 2024.