Analogy 1: It's like a publicly traded private equity firm (similar to Blackstone or KKR) but its sole mission is to acquire one private healthcare or life sciences company and take it public.

Business Combination Vehicle: Freenome operates as a Special Purpose Acquisition Company (SPAC) formed to effect a merger or acquisition with one or more private businesses, bringing them public.

Aaron Elliott, Ph.D., Chief Executive Officer

Aaron Elliott joined Freenome as CEO in April 2025. He previously served as CEO and President of REALM IDx, Inc., overseeing subsidiaries including Ambry Genetics, Invicro, and Konica Minolta REALM-Japan. From 2016 to 2021, Dr. Elliott was CEO of Ambry Genetics, which he transformed into a leading hereditary cancer testing lab and led its $1 billion acquisition by Konica Minolta in 2017. Ambry was subsequently acquired by Tempus AI in February 2025. His experience includes creating and launching several first-to-market diagnostic tests and technologies.

Linh H. Le, Chief Financial Officer

Linh H. Le was appointed Freenome's Chief Financial Officer in May 2025, bringing over two decades of finance and operations experience in the diagnostics and Medtech sectors. Prior to Freenome, he served as CFO at Predicine, where he implemented a revenue cycle management system and led U.S. expansion. He also held the role of Chief Operating Officer at Ambry Genetics, where he led organizational transformation for scalability and operational efficiency. Mr. Le spent over 14 years at Medtronic Diabetes, including as CFO for its Intensive Insulin Management business unit, overseeing global expansion. He began his career in assurance and advisory roles at KPMG and PwC, followed by leadership positions at The Walt Disney Company and Fox. He was recognized as CFO of the Year by the Los Angeles Times in 2022.

Riley Ennis, Co-Founder and Chief Product Officer

Riley Ennis is a Co-Founder of Freenome, which was incorporated in 2014. As Chief Product Officer, he leads the clinical and commercial development of Freenome's noninvasive tests. Before Freenome, he founded his first biotech company, Immudicon, while in high school, and is also a co-founder of Oncolinx. His background includes experience at Foundation Medicine, Syros Pharmaceuticals, Adimab, and Emergent Biosolutions, as well as roles at Morgan Stanley and Bridgewater.

Jimmy Lin, M.D., Ph.D., MHS, Chief Scientific Officer

Dr. Jimmy Lin serves as Freenome's Chief Scientific Officer.

Robert Guigley, Chief Commercial Officer

Robert Guigley holds the position of Chief Commercial Officer at Freenome.

• Failure to complete an initial business combination.
• Difficulty identifying and negotiating with a suitable business combination target.
• Potential for existing shareholders to collectively own a minority interest in the post-business combination company.

Here are 3-5 expected drivers of future revenue growth for Freenome (FRNM) over the next 2-3 years:

1. Commercialization and Scaling of Personalized Cancer Detection (PCD) Screening Tests: Freenome has clinically validated its colorectal cancer screening test (SimpleScreen™ CRC) and is actively processing commercial samples through its CLIA laboratory. The company's strategy includes scaling its portfolio of Personalized Cancer Detection screening tests to reach millions of unscreened Americans.
2. Expansion into New Cancer Indications: Freenome is developing blood-based screening tests for additional cancer types, including lung cancer, and is conducting clinical validation studies such as the PROACT Lung study for future regulatory submissions. This pipeline expansion is expected to open new revenue streams.
3. Advancement of AI/ML-Enabled Multiomics Platform: Freenome's proprietary multiomics discovery platform, which combines computational biology, machine learning, and multiple data types, is a core asset for identifying biomarkers and developing new and improved tests. The company plans to use proceeds from its recent business combination to advance this platform, fueling future test improvements and pipeline expansion.
4. Strategic Commercialization Partnerships: Freenome has established transformative partnerships with companies like Abbott and Roche. These collaborations are crucial for scaling the generation of a global, multimodal data moat and supporting the expected launch and commercialization of multiple tests.
5. Increased Cancer Screening Participation: The company's Personalized Cancer Detection approach aims to make early cancer detection simple, accessible, and personalized. By combining multiomic blood-based tests with integrated digital solutions, Freenome intends to help providers identify eligible patients and ultimately increase cancer screening participation among at-risk individuals, driving broader adoption of its tests.

Share Issuance

• Perceptive Capital Solutions Corp., the blank check company that merged to become Freenome, Inc., priced its initial public offering (IPO) on June 12, 2024, raising $75 million by issuing 7.5 million shares at $10.00 per share.
• The business combination that resulted in Freenome, Inc. trading under FRNM generated approximately $310 million in gross proceeds, which included about $70 million from the former SPAC trust account and a $240 million private placement (PIPE) of common stock at $10.00 per share.

Inbound Investments

• The initial public offering (IPO) of Perceptive Capital Solutions Corp. in June 2024 raised $75 million.
• A Private Investment in Public Equity (PIPE) of $240 million was committed by institutional investors, led by Perceptive Advisors and RA Capital, as part of the business combination.
• Upon the closing of the business combination on July 20, 2026, the combined company received approximately $310 million in gross proceeds.

Outbound Investments

• The primary outbound investment of the blank check company was the business combination with Freenome, Inc., creating a publicly traded entity with an expected post-transaction equity value of approximately $1.1 billion.
• The gross proceeds of approximately $310 million from the SPAC merger are intended to fund the commercialization and platform development of Freenome, Inc.'s blood-based cancer screening tests.

Capital Expenditures

• The capital raised from the public listing is planned to support Freenome, Inc.'s cancer screening portfolio, advance its AI/ML-enabled multiomics platform, and scale commercial infrastructure.
• Freenome, Inc. intends to use the proceeds to expand its business and data infrastructure to support the launch of multiple blood-based cancer detection tests.