The Francis Crick Institute Ltd.

MARLBOROUGH, Mass., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the third quarter ending September 30, 2024. “Our third-quarter results came in below expectations, largely due to ongoing capital equipment purchase constraints seen across the life science tools market. We remain optimistic about the long-term growth outlook of our industry, but we recognize the current environment will pose temporary challenges. We proactively anticipated this with our recent organizational restructuring, which, while difficult and temporarily disruptive this quarter, was the right decision and enhanced our readiness to absorb the headwinds we are facing,” said Brian McKelligon, CEO of Akoya Biosciences. “We remain confident that Akoya’s technologies will continue to be the preferred platform in the spatial biology market from discovery to diagnostics, supporting a return to topline growth in 2025, and beyond, and achievement of our profitability goals.” Third Quarter 2024 Financial Results For the third quarter of 2024, revenue was $18.8 million, a 25% year-over-year decrease from $25.2 million in the third quarter of 2023.For the third quarter of 2024, gross margin was 62.3%, an improvement on the gross margin of 60.6% in the third quarter of 2023.For the third quarter of 2024, operating expenses were $20.1 million, a 25% year-over-year improvement on operating expenses of $26.8 million in the third quarter of 2023.For the third quarter of 2024, loss from operations was $8.3 million, a 28% year-over-year improvement on loss from operations of $11.6 million in the third quarter of 2023.$39.3 million of cash, cash equivalents and marketable securities as of September 30, 2024. Third Quarter 2024 Business Updates Ended the third quarter of 2024 with an instrument installed base of 1,299 (388 PhenoCyclers, 911 PhenoImagers), a year-over-year increase of 15% compared to an installed base of 1,132 in the prior year period (327 PhenoCyclers, 805 PhenoImagers).As of September 30, 2024, there were 1,578 total publications citing Akoya’s technology, compared to 1,070 total publications in the prior year period, a 47% increase.At the Society for Immunotherapy of Cancer Conference (SITC) which took place November 6-10, Akoya announced three new product offerings enabled by our Manufacturing Center of Excellence that we believe will drive continued growth in reagent revenue. First, Akoya introduced the PhenoCode™ Discovery IO60 Panel, an ultra-high-plex panel for immune-oncology research targeting 60 biomarkers using off-the-shelf antibodies.Additionally, Akoya unveiled a new mouse FFPE IO panel, optimized for pre-clinical immune-oncology applications to drive translational research insights.Lastly, Akoya expanded our PhenoCode catalogue of molecular barcodes to enable routine ultra-high-plex of 100-biomarker spatial experiments. Akoya announced the selection of its spatial proteomics platforms, PhenoCycler-Fusion and PhenoImager HT, for the UK-wide MANIFEST program, a multi-million-dollar initiative led by the Francis Crick Institute and the Royal Marsden NHS Foundation Trust, focused on evaluating thousands of patient samples to better understand responses to cancer immunotherapy.On October 2, 2024, Scott Mendel was appointed as Chairman of the Board of Directors. Mr. Mendel has served as a member of Akoya’s Board of Directors since June 2021 and brings with him over 30 years of financial and operational management experience. YTD 2024 Financial Results YTD 2024 revenue was $60.3 million, compared to $70.1 million in the prior year period; a 14% decrease.YTD 2024 reported gross margin was 55.5% while non-GAAP adjusted gross margin was 58.9% when excluding the write-off from discontinued legacy products in the first quarter of 2024. Both GAAP and non-GAAP gross margin were 56.6% in the prior year period of 2023.YTD 2024 operating expenses were $74.5 million while non-GAAP operating expenses were $68.4 million when excluding the impairment charge for facility consolidation and restructuring associated with a reduction in force in the first quarter and third quarter of 2024. Both GAAP and non-GAAP operating expenses were $87.9 million in the prior year period of 2023.YTD 2024 loss from operations was $41.0 million while non-GAAP loss from operations was $32.9 million excluding the items noted above. Both GAAP and non-GAAP loss from operations were $48.2 million in the prior year period of 2023. 2024 Financial Outlook Due to persistent macro challenges during the year, Akoya expects revenue for the full year 2024 to now be in the range of $80 million to $85 million versus a prior range of $96 million to $104 million. As part of our ongoing commitment to maximizing shareholder value, the company is also actively evaluating a range of strategic alternatives to identify the best path forward for sustainable growth, profitability and long-term success. Webcast and Conference Call Details Akoya will host a conference call today, November 14, 2024, at 5:00 p.m. Eastern Time to discuss its third quarter 2024 financial results. Investors interested in listening to the conference call are required to register online. A live webcast of the conference call will be available on the “Investors” section of the Company's website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months. Non-GAAP Financial Measures In addition to reporting financial measures in accordance with generally accepted accounting principles (“GAAP”), Akoya is including in this press release “non-GAAP adjusted gross profit,” “non-GAAP adjusted gross margin,” “non-GAAP operating expense,” and “non-GAAP loss from operations,” all of which are non-GAAP financial measures. Akoya defines non-GAAP adjusted gross profit as gross profit margin adjusted for certain excess and obsolete inventory charges. Non-GAAP adjusted gross margin is defined as non-GAAP adjusted gross profit divided by total revenue. Akoya defines non-GAAP operating expense as operating expense adjusted for impairment and restructuring charges. Akoya defines non-GAAP loss from operations as loss from operations adjusted for certain excess and obsolete inventory charges, impairment, and restructuring charges. Akoya includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company’s core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations can provide useful measures for period-to-period comparisons of the Company’s core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations differently than Akoya does. For more information regarding these non-GAAP financial measures, see the tables included at the end of this press release. Forward-Looking Statements This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our expectations for full year 2024 revenue, our ability to achieve market acceptance of our current and planned products and services, our growth prospects, and other statements regarding our business strategies, use of capital, results of operations, financial performance and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. About Akoya Biosciences As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The Company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode™ Panels and PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com. AKOYA BIOSCIENCES, INC. AND SUBSIDIARYCondensed Consolidated Balance Sheets (unaudited)(in thousands) September 30, 2024 December 31, 2023Assets Current assets Cash and cash equivalents $ 12,557 $ 83,125Marketable securities 23,339 —Accounts receivable, net 12,786 16,994Inventories, net 25,212 17,877Prepaid expenses and other current assets 2,967 3,794Total current assets 76,861 121,790Property and equipment, net 7,546 10,729Marketable securities, net of current portion 3,399 —Demo inventory, net 792 893Intangible assets, net 15,272 17,412Goodwill 18,262 18,262Operating lease right of use assets, net 4,664 8,365Financing lease right of use assets, net 1,763 1,562Other non-current assets 1,414 1,356Total assets $ 129,973 $ 180,369Liabilities and Stockholders’ Equity Current liabilities Accounts payable, accrued expenses and other current liabilities $ 18,128 $ 25,209Current portion of operating lease liabilities 2,651 2,681Current portion of financing lease liabilities 1,026 767Deferred revenue 6,188 6,688Total current liabilities 27,993 35,345Deferred revenue, net of current portion 3,093 3,193Long-term debt, net 75,902 75,254Contingent consideration liability, net of current portion 3,859 5,765Operating lease liabilities, net of current portion 4,562 6,238Financing lease liabilities, net of current portion 778 766Other long-term liabilities 153 38Total liabilities 116,340 126,599Total stockholders' equity 13,633 53,770Total liabilities and stockholders' equity $ 129,973 $ 180,369 AKOYA BIOSCIENCES, INC. AND SUBSIDIARYConsolidated Statements of Operations (unaudited)(in thousands, except share and per share amounts) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023Revenue: Product revenue $ 12,298 $ 18,048 $ 40,364 $ 50,719 Service and other revenue 6,516 7,167 19,964 19,427 Total revenue 18,814 25,215 60,328 70,146 Cost of goods sold: Cost of product revenue 4,430 6,208 17,620 19,747 Cost of service and other revenue 2,660 3,731 9,219 10,714 Total cost of goods sold 7,090 9,939 26,839 30,461 Gross profit 11,724 15,276 33,489 39,685 Operating expenses: Selling, general and administrative 14,672 20,251 53,629 67,281 Research and development 4,474 6,314 15,316 19,614 Change in fair value of contingent consideration (763) 262 (496) 1,019 Impairment — — 2,971 — Restructuring 1,690 — 3,087 — Total operating expenses 20,073 26,827 74,507 87,914 Loss from operations (8,349) (11,551) (41,018) (48,229)Other income (expense): Interest expense (2,625) (2,239) (7,843) (6,468)Interest income 521 1,074 2,126 2,576 Other expense, net (36) (185) (277) (338)Loss before provision for income taxes (10,489) (12,901) (47,012) (52,459)Provision for income taxes (44) (15) (154) (62)Net loss $ (10,533) $ (12,916) $ (47,166) $ (52,521)Net loss per share attributable to common stockholders, basic and diluted $ (0.21) $ (0.26) $ (0.96) $ (1.23)Weighted-average shares outstanding, basic and diluted 49,503,272 48,975,432 49,370,959 42,686,065 AKOYA BIOSCIENCES, INC. AND SUBSIDIARYGross Profit to Non-GAAP Adjusted Gross Profit Reconciliation and Calculation of Gross Margin and Non-GAAP Adjusted Gross Margin (unaudited)(in thousands) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023Total revenue $ 18,814 $ 25,215 $ 60,328 $ 70,146 Gross profit 11,724 15,276 33,489 39,685 Provision for excess and obsolete inventories - product discontinuation and lease exit inventory charges — — 2,045 — Non-GAAP adjusted gross profit $ 11,724 $ 15,276 $ 35,534 $ 39,685 Gross margin 62% 61% 56% 57% Non-GAAP adjusted gross margin 62% 61% 59% 57% AKOYA BIOSCIENCES, INC. AND SUBSIDIARYOperating Expense to Non-GAAP Operating Expense Reconciliation (unaudited)(in thousands) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023Operating expenses $ 20,073 $ 26,827 $ 74,507 $ 87,914Impairment — — (2,971) —Restructuring (1,690) — (3,087) —Non-GAAP operating expenses $ 18,383 $ 26,827 $ 68,449 $ 87,914 AKOYA BIOSCIENCES, INC. AND SUBSIDIARYLoss From Operations to Non-GAAP Loss From Operations Reconciliation (unaudited)(in thousands) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023Loss from operations $ (8,349) $ (11,551) $ (41,018) $ (48,229)Provision for excess and obsolete inventories - product discontinuation and lease exit inventory charges — — 2,045 — Impairment — — 2,971 — Restructuring 1,690 — 3,087 — Non-GAAP loss from operations $ (6,659) $ (11,551) $ (32,915) $ (48,229)

SOUTH SAN FRANCISCO, Calif.--( BUSINESS WIRE )--Trace Neuroscience, Inc., a biopharmaceutical company expanding the promise of genomic medicine for people living with neurodegenerative diseases, today announced its launch with a $101 million Series A financing led by Third Rock Ventures, with participation from Atlas Venture, GV and RA Capital Management. The company is developing novel genomic therapies that restore UNC13A protein to re-establish healthy communication between nerves and muscle cells impacted by neurodegenerative disease. Trace Neuroscience’s lead program is an antisense oligonucleotide (ASO) designed to preserve and potentially improve muscle function in people living with amyotrophic lateral sclerosis (ALS), including those with the sporadic form that affects nine out of 10 people with the disease. “UNC13A is a highly compelling genetic target directly linked to ALS disease progression and survival. Insights from the human genome have led to transformative medicines for many diseases, and with what we now know about the role of UNC13A, we believe the time is right to apply this approach to ALS,” said Eric Green, M.D., Ph.D., co-founder and CEO of Trace Neuroscience. “We envision a world where UNC13A restoration improves outcomes across a range of neurodegenerative diseases, including for the approximately 30,000 people in the U.S. living with ALS.” The formation of Trace Neuroscience is based on simultaneous convergent discoveries from the company’s co-founders linking abnormal function of TDP-43 protein with the loss of UNC13A protein, an essential component for neuronal communication in the brain and spinal cord. In almost all people with ALS, this relationship progressively breaks down and leads to decreased mobility, paralysis and difficulty breathing. “Genomic-based therapies have begun to transform the lives of people living with ALS. But so far, they have only been effective for those rare forms of the disease caused by SOD1 or FUS mutations, which account for only 3% of all ALS cases. The remaining people, including those with sporadic disease, the most common form that occurs randomly without a clear cause, need new treatments grounded in human genetics with defined mechanisms of action,” said co-founder Aaron Gitler, Ph.D., Professor of Genetics at Stanford University. “Our insights into UNC13A biology may be the key to slowing disease progression, preserving or restoring muscle function and extending survival for people living with ALS.” Targeted Approach, Broad Impact Approximately 97% of people with ALS produce insufficient amounts of UNC13A, which is directly regulated by the TDP-43 protein that controls RNA splicing. When TDP-43 stops functioning normally, as occurs in nearly all people with ALS, the UNC13A messenger RNA (mRNA) is improperly spliced, which hinders adequate UNC13A production. Trace Neuroscience’s ASO development candidate is designed to deliver a targeted intervention by binding directly to UNC13A mRNA to regulate its processing and ensure proper splicing, thereby correcting synaptic dysfunction and preserving neuronal signaling. “UNC13A is critical for neurons to communicate amongst each other and with muscles through synaptic function, which is lost in ALS. Being able to re-establish this is groundbreaking. Our focus is now on rapidly translating this science into a life-changing medicine by advancing our lead program toward the clinic,” said co-founder Pietro Fratta, M.D., Ph.D., Professor of Cellular and Molecular Neuroscience at University College London, Francis Crick Institute. “This is an exciting time in brain disease innovation, and we also see potential for treating frontotemporal dementia and over half of Alzheimer’s disease patients where TDP-43 pathology occurs and UNC13A is lost.” Leaders in Genomic Medicine Innovation Trace Neuroscience leadership includes clinicians at the forefront of neurodegenerative research, renowned neuroscience drug developers and proven company builders: Co-founders Pietro Fratta, M.D., Ph.D., Professor of Cellular and Molecular Neuroscience, University College London, Francis Crick Institute Aaron Gitler, Ph.D., Professor of Genetics, Stanford University Eric Green, M.D., Ph.D., CEO, Trace Neuroscience Michael Ward, M.D., Ph.D., Senior Investigator, National Institute of Neurological Disorders and Stroke, National Institutes of Health Management team Irina Antonijevic, M.D., Ph.D., Chief Medical Officer Megan Baierlein, Chief Operating Officer Eric Green, M.D., Ph.D., CEO Marjie Hard, Ph.D., SVP, Development Sciences Nick Mordwinkin, Pharm.D., Ph.D., Chief Business Officer and Chief Strategy Officer Precillia Redmond, Chief People Officer Board of directors Jeffrey Tong, Ph.D., Chairman; Partner, Third Rock Ventures David Grayzel, M.D., Partner, Atlas Venture Eric Green, M.D., Ph.D., CEO, Trace Neuroscience Douglas Kerr, M.D., Ph.D., Chief Medical Officer, Dyne Therapeutics Anthony Philippakis, M.D., Ph.D., General Partner, GV Richard Scheller, Ph.D., Chairman of R&D, BridgeBio Dodzie Sogah, Ph.D., Venture Partner, Third Rock Ventures “The Trace Neuroscience team is strongly positioned with the right leadership, the right scientific approach and the right molecules to disrupt the treatment paradigm in ALS and beyond,” said Chairman Jeffrey Tong, Ph.D., Partner at Third Rock Ventures. “People living with neurodegenerative diseases are waiting for more effective new treatments, and UNC13A restoration has the potential to deliver meaningful innovation that will improve their quality of life and overall health outcomes.” About Trace Neuroscience Trace Neuroscience is a biopharmaceutical company on a mission to expand the promise of genomic medicine for people living with neurodegenerative diseases. With an initial focus on ALS, the company is developing novel therapies to restore UNC13A protein function to re-establish healthy communication between nerves and muscle cells. Trace Neuroscience launched in 2024 with funding from Third Rock Ventures and other leading life sciences investors, and is headquartered in South San Francisco, CA. For more information, please visit us at www.traceneuro.com and follow us on LinkedIn and X .

FREMONT, Calif.--( BUSINESS WIRE )--Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the third quarter ended September 30, 2024, and provided recent business accomplishments. Recent Business Accomplishments Raised approximately $35.0 million in net financing proceeds from Tempus AI, Inc. (Tempus), consisting of $18.4 million from Tempus’ exercise of all its common stock warrants, at an average price of $2.00 per share, and $16.6 million net of expenses, from Tempus’ purchase of common stock at a price of $5.07 per share Raised an additional $27.2 million in net proceeds from selling common stock under the Company’s At-The-Market (ATM) program at a weighted-average price of $5.84 per share Delivered 945 total molecular tests in the third quarter of 2024, a 68% increase compared with the prior quarter Highlighted clinical performance of NeXT Personal® at the European Society of Medical Oncology (ESMO) Congress 2024 in Barcelona, Spain: Significant results from the TRACERx study presented by Professor Charles Swanton of University College London and the Francis Crick Institute with an expanded study cohort of non-small cell lung cancer (NSCLC) patients with strong detection rates for residual cancer in the challenging landmark period (first 10 to 120 days immediately after surgery) Compelling data for late-stage cancer patients on immunotherapy presented by Dr. Rodrigo Toledo of the Vall d’Hebron Institute of Oncology that accurately linked significant decreases in ctDNA levels in response to immunotherapy to longer overall survival than patients who did not respond well “Our 96% biopharma revenue growth attests to the increasing customer confidence in both our technology’s and platform’s ability to provide valuable insights into patient care. In addition, the compelling NeXT Personal data presented by our collaborators over the past year provides important clinical evidence to support obtaining Medicare coverage,” said Chris Hall, Chief Executive Officer. “As we continue to execute on our Win-in-MRD strategy, we are more confident than ever in our ability to become a leader in patient testing.” Third Quarter 2024 Results Compared to Third Quarter 2023 Reported total company revenue of $25.7 million in the third quarter of 2024, an increase of 41% compared with $18.2 million Revenue from pharma testing and services of $15.7 million in the third quarter of 2024, an increase of 96% compared with $8.0 million Revenue from Enterprise customers of $5.3 million in the third quarter of 2024, a decrease of 33% compared with $7.8 million Revenue from population sequencing for the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of $4.4 million in the third quarter of 2024, an increase of 85% compared with $2.4 million Other expense of $26.1 million in the third quarter of 2024, primarily reflecting non-cash expense of $26.0 million related to fair-value accounting for the warrants issued to Tempus Net loss of $39.1 million in the third quarter of 2024, which includes a non-cash expense of $26.0 million related to fair-value accounting for the warrants issued to Tempus, compared with $29.1 million Cash, cash equivalents, and short-term investments of $143.7 million as of September 30, 2024; includes $62.2 million of net financing proceeds from Tempus exercising their warrants for $18.4 million, $16.6 million of net financing proceeds from Tempus purchasing additional common stock, and $27.2 million of net financing proceeds from sales of common stock under the ATM program Fourth Quarter and Revised Full Year 2024 Outlook Personalis expects the following for the fourth quarter of 2024: Total company revenue in the range of $15 to $16 million Revenue from pharma tests, enterprise sales, and other customers in the range of $15 to $16 million Revenue from population sequencing is expected to be zero due to completion of the prior VA MVP task order Personalis expects the following for the full year of 2024: Total company revenue in the range of $83 to $84 million, an increase from prior guidance of $79 to $81 million Revenue from pharma tests, enterprise sales, and all other customers in the range of $76 to $77 million, an increase from prior guidance of $71 to $73 million Revenue from population sequencing of approximately $7 million, a decrease from prior guidance of $8 million Net loss of approximately $85 million, which includes approximately $18 million of net, non-cash expense from the warrants issued to Tempus Cash usage in the range of $53 to $55 million, a decrease from prior guidance of $60 million Webcast and Conference Call Information Personalis will host a conference call to discuss the third quarter of 2024 financial results after market close on Wednesday, November 6, 2024, 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’ fourth quarter and full year 2024 outlook for revenue, net loss, and cash usage, the attributes, advantages or clinical validity of the NeXT Personal Dx test, Personalis’ continued acceleration of adoption of the NeXT Personal Dx test for patient testing and Personalis’ ability to become a market leader in patient testing, and Personalis’ obtaining Medicare coverage. 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 Natera, Moderna, and the U.S. Department of Veterans Affairs Million Veterans Program; 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 Personal Dx test, the rate of adoption and use of the NeXT Personal Dx test, Personalis’ ability to obtain Medicare coverage and reimbursement, the success of Personalis’ clinical sales team and Tempus’ sales and marketing efforts, the expected benefits or success of Personalis’ relationships with research collaborators, and the impact of Personalis’ abstract presentations at the ESMO conference. 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, 2023, filed with the Securities and Exchange Commission (SEC) on February 28, 2024, as updated by Personalis’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 8, 2024, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 7, 2024, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, being filed with the SEC 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. PERSONALIS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 25,709 $ 18,247 $ 67,814 $ 53,806 Costs and expenses Cost of revenue 16,964 14,766 45,539 40,803 Research and development 11,683 16,738 37,411 51,163 Selling, general and administrative 11,444 11,971 35,019 38,202 Lease impairment — 5,565 — 5,565 Restructuring and other charges — — — 4,037 Total costs and expenses 40,091 49,040 117,969 139,770 Loss from operations (14,382 ) (30,793 ) (50,155 ) (85,964 ) Interest income 1,384 1,706 3,879 4,424 Interest expense (7 ) (15 ) (25 ) (101 ) Other income (expense), net (1) (26,081 ) 32 (18,544 ) 7 Loss before income taxes (39,086 ) (29,070 ) (64,845 ) (81,634 ) Provision for income taxes 3 28 14 78 Net loss $ (39,089 ) $ (29,098 ) $ (64,859 ) $ (81,712 ) Net loss per share, basic and diluted $ (0.64 ) $ (0.60 ) $ (1.19 ) $ (1.71 ) Weighted-average shares outstanding, basic and diluted 61,051,350 48,694,324 54,708,205 47,701,369 (1) Includes related party other expense of $26.0 million and $18.3 million for the three and nine months ended September 30, 2024, respectively, as a result of increases since December 31, 2023 in the fair value of the warrants issued to Tempus AI, Inc. (Tempus). PERSONALIS, INC. SUPPLEMENTAL REVENUE INFORMATION (unaudited) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Pharma tests and services $ 15,698 $ 7,997 $ 38,707 $ 20,413 Enterprise sales 5,264 7,812 21,194 24,656 Population sequencing 4,431 2,400 7,211 8,405 Other 316 38 702 332 Total revenue $ 25,709 $ 18,247 $ 67,814 $ 53,806 PERSONALIS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 75,800 $ 56,984 Short-term investments 67,851 57,195 Accounts receivable, net 13,474 17,730 Inventory and other deferred costs 8,489 10,474 Prepaid expenses and other current assets 4,663 4,361 Total current assets 170,277 146,744 Property and equipment, net 50,231 57,366 Operating lease right-of-use assets 16,816 17,852 Other long-term assets 2,563 3,137 Total assets $ 239,887 $ 225,099 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 12,450 $ 14,920 Accrued and other current liabilities (1) 20,535 23,941 Contract liabilities 3,428 3,288 Short-term warrant liability — 5,085 Total current liabilities 36,413 47,234 Long-term operating lease liabilities 35,601 38,321 Long-term warrant liability — 4,942 Other long-term liabilities (2) 1,112 5,161 Total liabilities 73,126 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; 70,638,190 and 50,480,694 shares issued and outstanding, respectively 7 5 Additional paid-in capital 700,232 598,364 Accumulated other comprehensive income (loss) 87 (222 ) Accumulated deficit (533,565 ) (468,706 ) Total stockholders’ equity 166,761 129,441 Total liabilities and stockholders’ equity $ 239,887 $ 225,099 (1) Includes related party current liabilities of $1.7 million as of September 30, 2024. (2) Includes related party long-term liabilities of $0.6 million as of September 30, 2024.