• Biodesix is like Guardant Health for lung cancer diagnostics.
• Biodesix is like Foundation Medicine for lung cancer.

• Nodify Lung Nodule Risk Assessment: Blood-based tests (Nodify XL2 and Nodify CDT) designed to assess the risk of lung cancer in patients with suspicious lung nodules.
• GeneStrat ddPCR & VeriStrat Tests: Diagnostic tests for lung cancer that measure tumor mutations and the patient's immune system state to inform treatment decisions.
• GeneStrat NGS Test: A rapid, 72-hour blood-based Next-Generation Sequencing test for comprehensive lung cancer diagnosis.
• COVID-19 Diagnostic Tests: Offers the Bio-Rad SARS-CoV-2 ddPCR test for active infection and the Platelia SARS-CoV-2 Total Ab test for antibody detection.
• Biopharmaceutical Services: Provides diagnostic and clinical research, as well as clinical trial testing services to biopharmaceutical companies.
• Companion Diagnostics: Focuses on the discovery, development, and commercialization of diagnostic tests that guide the safe and effective use of specific therapies.

Biodesix (BDSX) serves a diverse customer base, primarily through healthcare providers for individual patients, but also directly to other companies and organizations. Its major customer categories include:

• Healthcare Providers: Physicians, hospitals, and clinics constitute a primary customer segment. These providers order Biodesix's blood-based diagnostic tests, such as Nodify Lung Nodule Risk Assessment (Nodify XL2 and Nodify CDT), GeneStrat ddPCR, VeriStrat, and GeneStrat NGS, to assess lung cancer risk, guide treatment decisions, and establish patient prognosis. They also utilize Biodesix's COVID-19 tests for patient care.
• Biopharmaceutical Companies: Biodesix offers diagnostic and clinical research services, as well as clinical trial testing services, to biopharmaceutical companies. These companies also partner with Biodesix for the discovery, development, and commercialization of companion diagnostics.
• Employers and Organizations: Through its Biodesix WorkSafe testing program, the company provides COVID-19 testing services (Bio-Rad SARS-CoV-2 ddPCR and Platelia SARS-CoV-2 Total Ab test) to employers and other organizations for their workforce testing needs.

Scott Hutton, President, Chief Executive Officer, and Director

Scott Hutton joined Biodesix as Chief Operating Officer in 2018 and assumed the role of President and Chief Executive Officer in January 2020. He led the company through its Initial Public Offering (IPO) on the Nasdaq exchange in October 2020. With over 25 years of experience in the biotech, diagnostics, and medical device industries, Hutton has a proven track record of developing and leading high-performance teams, having contributed to over 50 product launches globally. Prior to Biodesix, he served as Senior Vice President and General Manager of the Vascular Intervention division at Spectranetics Corp, which was later acquired by Royal Philips. He also spent more than 16 years at Medtronic, holding various leadership positions, including Vice President and General Manager of the Neurosurgery Business Unit.

Robin Harper Cowie, Chief Financial Officer, Secretary, and Treasurer

Robin Harper Cowie has served as Chief Financial Officer of Biodesix since April 2017, having joined the company in March 2011. She possesses extensive expertise in finance, government policy, reimbursement, and operations. Her background includes corporate finance, managed care and payor relations, government reimbursement and regulatory policy, legal affairs, health economics and outcomes research, analytics, customer service, and billing operations. Before her tenure at Biodesix, Cowie held a leadership role in payer and government relations at Precision Therapeutics, Inc. She also worked as a laboratory researcher at the University of Pittsburgh Medical Center, focusing on areas such as migraine, epilepsy, and ALS.

Kieran O'Kane, Chief Commercial Officer

Kieran O'Kane has been the Chief Commercial Officer of Biodesix since March 2020. He is an experienced commercial leader with a strong background in oncology, boasting over 25 years in the industry. His career includes more than 10 global product launches across the pharmaceutical, medical device, and clinical diagnostics sectors.

Gary Pestano, Ph.D., Chief Scientific Officer

Dr. Gary Pestano serves as the Chief Scientific Officer and leads the Research and Development department at Biodesix. He is also the NYS Laboratory Director for the company's certified laboratory in Colorado. Dr. Pestano is a development leader in high-complexity molecular diagnostics, particularly in oncology and virology, encompassing genomic and proteomic technologies. Before joining Biodesix in 2012, he led multidisciplinary teams in developing multiplexed tissue and cell-based diagnostic assays, cancer vaccines, and scientific modeling software, and held senior positions at Ventana, a member of the Roche Group.

James R. Jett, M.D., Co-Chief Medical Officer

Dr. James R. Jett has held the position of Co-Chief Medical Officer at Biodesix since October 2019, following the acquisition of Oncimmune LLC, where he previously served as Chief Medical Officer. A board-certified physician in pulmonary medicine, Dr. Jett was on the consulting staff of Mayo Clinic for 28 years and was a professor of medicine at National Jewish Health. His research has primarily focused on the screening, diagnosis, and treatment of lung cancer.

The public company Biodesix (BDSX), a data-driven diagnostic solutions company primarily focused on blood-based lung tests, faces several key risks to its business operations.

1. Cash Burn, Liquidity, and Profitability Challenges

   Biodesix has experienced significant cash burn and persistent net losses, with negative free cash flow and a deep negative operating margin, which poses ongoing concerns about the company's liquidity and the potential need for future fundraising that could dilute existing shares. While the company recently achieved its first quarter of positive Adjusted EBITDA in Q4 2025, its overall financial strength is rated as poor due to high debt levels, and its Altman Z-Score indicates a state of financial distress.

2. Intense Competitive Pressure

   The medical diagnostics industry, particularly in lung cancer diagnostics, is highly competitive. Biodesix competes with well-funded and larger rivals such as Guardant Health, Natera, and Roche, which possess significant financial resources, extensive sales networks, and diversified product portfolios. These competitors could potentially outspend Biodesix on research and development or implement aggressive pricing strategies, threatening Biodesix's market share in its core lung diagnostic offerings.

3. Reimbursement and Regulatory Risks

   Biodesix's revenue and profitability are heavily dependent on obtaining and maintaining adequate coverage and reimbursement for its diagnostic tests from Medicare and private payers. Changes in coverage rules, CPT codes, or reimbursement rates by the Centers for Medicare & Medicaid Services (CMS) or commercial insurers could significantly impact the company's financial performance. While Biodesix has reported improved reimbursement and strong collection rates for Medicare-covered tests, continued favorable reimbursement is not guaranteed and remains a critical factor for sustained financial health and market adoption.

Biodesix, Inc. (BDSX) operates in several diagnostic and service markets, primarily focusing on lung cancer. The addressable markets for its main products and services are primarily in the U.S. and globally, as detailed below:

Lung Nodule Risk Assessment (Nodify XL2 and Nodify CDT tests)

• Biodesix targets the lung nodule management market, which sees an estimated 6 million new lung nodules annually in the U.S.. The company is expanding its reach into primary care networks to access approximately 50% of this market, as many patients with lung nodules do not initially see a pulmonologist.
• More broadly, the global CT Lung Nodule Analysis System market, which relates to the assessment of lung nodules, was valued at approximately USD 3.5 billion in 2021 and is projected to reach around USD 8.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.4%. North America is noted as the largest market for these systems.

Lung Cancer Diagnosis and Treatment Guidance (GeneStrat ddPCR, VeriStrat, and GeneStrat NGS tests)

• The **U.S. lung cancer diagnostics market** generated revenues of USD 4,421.2 million in 2024 and is expected to reach USD 7,471.4 million by 2033, with a CAGR of 5.9% from 2025 to 2033. Another estimate places the U.S. market at USD 4,779 million in 2024, growing to approximately USD 10,414 million by 2034, at a CAGR of 8.1% from 2025 to 2034.
• Globally, the **lung cancer diagnostics market** was valued at USD 3.39 billion in 2024 and is anticipated to reach USD 9.81 billion by 2032, with a CAGR of 14.20%. Another report estimates the global market size at USD 13.57 billion in 2025, projected to grow to USD 26.26 billion by 2034, exhibiting a CAGR of 7.61%. North America held the largest revenue share in this market, accounting for 47% in 2024.
• Within the broader diagnostics, the **global liquid biopsy market**, where Biodesix's blood-based tests like GeneStrat NGS operate, was estimated at USD 6.17 billion in 2024 and is predicted to rise to USD 22.69 billion by 2034, with a CAGR of 13.91% from 2025 to 2034. The lung cancer segment alone contributed the largest market share of 32.10% in 2024.
• The **U.S. liquid biopsy market** was valued at USD 4.13 billion in 2023 and is projected to grow at a CAGR of 24.1%.
• Specifically for **lung cancer liquid biopsy**, the global market size was USD 1.18 billion in 2023 and is anticipated to reach around USD 4.19 billion by 2033, growing at a CAGR of 13.5% from 2024 to 2033. North America dominated this market with approximately a 51% revenue share in 2023.
• The **global lung cancer genomic testing market** was estimated at USD 1.16 billion in 2025 and is expected to reach USD 2.07 billion by 2032, with a CAGR of 8.58%. The **U.S. clinical oncology next-generation sequencing (NGS) market** was estimated at USD 214.0 million in 2024 and is expected to grow at a CAGR of 15.04% from 2025 to 2030.

Diagnostic and Clinical Research/Clinical Trial Testing Services (Biopharmaceutical Services)

• Biodesix offers diagnostic and clinical research as well as clinical trial testing services to biopharmaceutical companies. This falls within the broader **global Healthcare Contract Research Organization (CRO) Market**, which was valued at USD 64.11 billion in 2024 and is projected to grow to USD 119.85 billion by 2033, at a CAGR of 7.2% from 2025 to 2033. North America leads this market.

For Biodesix (BDSX), several key drivers are expected to fuel future revenue growth over the next 2-3 years:

1. Increased Adoption and Utilization of Lung Diagnostic Tests: Biodesix anticipates significant revenue growth from the continued adoption of its blood-based lung tests, including the Nodify Lung Nodule Risk Assessment tests (Nodify XL2 and Nodify CDT) and the IQLung testing strategy (GeneStrat ddPCR, VeriStrat, and GeneStrat NGS). This growth is expected to stem from higher test volumes and an increase in average revenue per test, driven by additional payer coverage, improvements in revenue cycle management, and the release of new clinical data supporting the efficacy of these tests.

2. Expansion of Commercial Footprint and Primary Care Penetration: A major strategic initiative for Biodesix is the expansion of its sales force and a targeted penetration into the primary care physician market. The company is actively increasing its number of sales representatives to enhance its reach and drive test adoption. By engaging primary care providers in referral networks, Biodesix aims to access a larger segment of the lung nodule management market, as a substantial portion of patients with lung nodules are initially managed in primary care settings. This strategy has already shown significant year-over-year growth in primary care orders.

3. Growth in Biopharmaceutical and Diagnostic Development Services: Biodesix expects continued revenue expansion from its biopharmaceutical and diagnostic development services segment. This includes providing diagnostic and clinical research, as well as clinical trial testing services to biopharmaceutical companies. This segment has consistently demonstrated strong growth, driven by successfully delivering on its existing book of contracted business and securing new agreements. This diversification offers a high-margin revenue stream and validates the company's scientific expertise.

Share Issuance

• In April 2024, Biodesix priced an underwritten offering of 17,391,832 shares of its common stock at $1.15 per share.
• A concurrent private placement in April 2024 involved 760,857 shares of Series A Non-Voting Convertible Preferred Stock at $46.00 per share, expected to convert into 30,434,280 shares of common stock upon stockholder approval.
• The gross proceeds to Biodesix from the April 2024 offerings are expected to be $55.0 million.
• Following the fourth quarter of 2025, the company raised an additional $14.7 million, supplementing $2.3 million from at-the-market proceeds, further increasing cash and cash equivalents.

Inbound Investments

• Director and greater-than-10% owner Jack W. Schuler made significant investments, including purchasing 3,488,372 shares of common stock for approximately $1.5 million in August 2025.
• Jack W. Schuler continued to invest, acquiring 100,000 shares for over $1.1 million in January 2026 across two transactions.
• In Q4 2025, institutional investors like ABERDEEN GROUP PLC added 262,425 shares to their portfolio for an estimated $1,784,490, while Trexquant Investment LP also acquired a new position valued at $187,000.

Capital Expenditures

• Capital expenditures for the full year 2025 were $259,000.
• In the fourth quarter of 2025, capital expenditures amounted to $86,000.