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Here are 1-2 brief analogies for Precipio (PRPO):

• Exact Sciences for ultra-sensitive cancer diagnostics.
• Illumina for uncovering rare cancer mutations.

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• ICE-COLD PCR (ICP) Technology: A highly sensitive molecular diagnostic platform for detecting rare cancer mutations in liquid biopsies and tissue samples.
• IV-Cell Technology: An automated fluorescence in situ hybridization (FISH) platform designed for efficient and accurate diagnosis of hematologic malignancies.
• Cancer Diagnostic Laboratory Services: Provides specialized testing services for various cancers using proprietary technologies to aid in diagnosis, prognosis, and treatment monitoring for healthcare providers.

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Precipio (PRPO) sells primarily to other companies and institutions within the healthcare sector, rather than directly to individuals.

According to the company's latest annual report (10-K) for the fiscal year ended December 31, 2023, Precipio's customers include:

• Hospitals
• Cancer centers
• Physicians and physician offices
• Academic institutions
• Other clinical laboratories

The company explicitly states in its SEC filings that no single customer accounted for more than 10% of its total revenue for the fiscal year ended December 31, 2023. As a result, Precipio does not publicly disclose the names of any specific "major customers" or individual customer companies.

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Ilan Danieli CEO

Ilan Danieli has served as Precipio's CEO since founding the company in early 2011. He brings over 20 years of experience managing small and medium-sized companies. His previous experiences include serving as COO of Osiris, a publicly-traded company, and VP of Operations at Laurus Capital Management, a multi-billion dollar hedge fund. Danieli was also Co-Owner and Director of Marketing of Link Productions and Magnolia Broadband. He holds an MBA from the Darden School at the University of Virginia and a BA in Economics from Bar-Ilan University.

Matthew Gage CFO

Matthew Gage was appointed Chief Financial Officer of Precipio in March 2022. He joined Precipio in June 2017 as Director of Financial Reporting and Analysis following its acquisition of Transgenomic Inc., where he held the same role since 2014. Gage has over 30 years of experience in corporate finance in both private and public companies.

A. Zaki Sabet COO

A. Zaki Sabet has been with Precipio since co-founding the company in 2011 and currently serves as its Chief Operating Officer. He possesses over 12 years of experience in laboratory management, with a primary focus on cancer diagnostics. Prior to Precipio, Sabet worked as a consultant with the College of American Pathologists (CAP) and various diagnostic companies, assisting them in setting up specialized cancer testing operations.

Ayman Mohamed, MD CTO

Dr. Ayman Mohamed is one of the co-founders of Precipio and currently serves as its Chief Technology Officer. He is responsible for the entire process, from conceptualization and invention of proprietary technologies to design, development, testing, validation, and technical implementation within Precipio's clinical laboratories. Before Precipio, Dr. Mohamed held various technical and research positions in commercial diagnostic companies and academic centers like Yale University.

Miri Chiko-Radomski Chief Legal Counsel and People Officer

Miri Chiko-Radomski serves as Precipio's Chief Legal Counsel and People Officer. Her international professional and educational background has provided her with significant cultural insight for global transactions. She holds an LL.B. from the University of East Anglia and an LL.M. from King's College London.

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The key risks to Precipio's business are primarily centered on its financial viability, intense market competition, and challenges in reimbursement for its diagnostic products.

1. Ability to Continue as a Going Concern: Precipio has historically incurred operating losses and is expected to continue doing so in the foreseeable future. This has led to "going concern" language in its financial audits, indicating significant uncertainty about its ability to meet financial obligations without securing additional capital. While the company has shown a shift towards positive operating cash flow in recent quarters, the overarching risk of recurring losses and the continuous need for capital remains a dominant concern.
2. Intense Competition: The company operates in a highly competitive oncology diagnostics market. Precipio faces significant competition from larger national laboratories, such as LabCorp and Quest, as well as specialized diagnostic kit manufacturers like Thermo Fisher, Illumina, and Qiagen. This competitive landscape can impact Precipio's market share, pricing power, and overall revenue growth.
3. Reimbursement Challenges: Precipio's business relies on the reimbursement for its genetic testing panels. Payers are often reluctant to cover the high costs associated with extensive genetic testing panels, particularly when the clinical relevance of all the information provided is not clear. Although Precipio designs its HemeScreen panels to be cost-effective and clinically relevant, navigating these reimbursement hurdles remains a key challenge for revenue generation and profitability.

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The rapid advancements and increasing market adoption of comprehensive next-generation sequencing (NGS) and other advanced liquid biopsy platforms from larger, well-funded diagnostics companies pose a clear emerging threat. As these competing technologies continuously improve in sensitivity, breadth of genomic coverage, and cost-effectiveness for detecting rare mutations and monitoring minimal residual disease, they could potentially diminish the unique value proposition and market demand for Precipio's specialized, proprietary technologies like ICE-COLD PCR™ and IV-Cell™.

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Precipio (PRPO) operates in several distinct markets with the following addressable market sizes for its main products and services:

• HemeScreen: Precipio aims to capture a significant portion of an estimated total addressable market of $400 million for its HemeScreen product line. While Precipio distributes its HemeScreen products nationwide in the U.S. and through global distribution partners, this market size is presented as the company's targeted addressable market. This product line falls within the broader global oncology diagnostics market, which was valued at approximately $115 billion in 2025.
• IV-Cell: As a proprietary cell culture media, IV-Cell is relevant to the cell therapy manufacturing market. The global cell therapy manufacturing market was estimated at $4.83 billion in 2024 and is projected to reach approximately $18.89 billion by 2034. The U.S. cell therapy manufacturing market alone was estimated at $1.49 billion in 2024 and is projected to reach around $5.87 billion by 2034.
• ICE COLD-PCR (ICP): This mutation enrichment technology addresses the liquid biopsy market. The global liquid biopsy market was anticipated to grow to over $1 billion by 2023, with a fully penetrated market potential estimated to exceed $13 billion annually for therapeutic selection, treatment monitoring, and recurrence monitoring. For its lung cancer reagents utilizing ICE COLD-PCR, Precipio estimates an annual market potential of $500 million. The technology also operates within the overall U.S. laboratory diagnostics market, estimated at $79 billion annually.
• Diagnostic Services: Precipio provides comprehensive diagnostic testing, particularly in hematopathology. These services are positioned within the global oncology diagnostics market, which was valued at approximately $115 billion in 2025. Precipio specifically targets a focused subsegment of hematologic cancer diagnostics within this larger market.

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1. Expansion of Pathology Services: Precipio anticipates continued organic growth in its Pathology Services division, fueled by an increase in diagnostic case volumes and the acquisition of new physician customers. The company has a goal to reach approximately a $25 million run rate for this division by the end of 2025. A significant driver in this area is the MolDx approval for next-generation sequencing (NGS) testing, which enables Medicare billing for patients and is expected to positively impact future revenue from Medicare populations. The company also aims for an improved case mix toward more profitable tests.
2. Growth in Product Division through Customer Acquisition and New Panels: The Product division, highlighted by offerings like HemeScreen diagnostics, is expected to see substantial growth from the onboarding of new customers and the expansion of existing customers purchasing new diagnostic panels. Precipio leverages strategic distributor relationships with major healthcare distributors such as Cardinal Health, Thermo Fisher, and McKesson to expand its market reach without requiring extensive salesforce growth. The company also expects a pipeline of prospective customers currently in various stages of validation to go live commercially.
3. Development and Commercialization of Innovative Diagnostic Solutions: Precipio's strategy includes an ongoing focus on expanding its diagnostic technology and services to improve laboratory workflow and patient outcomes, particularly in addressing cancer misdiagnoses. The Pathology Services division plays a crucial role as an internal R&D platform, continuously feeding innovation into the Product division and facilitating the development and validation of new proprietary diagnostic products directly in a clinical laboratory environment. This model helps to scale diagnostic solutions to the broader healthcare industry.

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Share Issuance

• Precipio terminated its At-the-Market (ATM) program on September 2, 2025, which would typically allow for the issuance of new shares.
• In Q3 2025, Precipio's management decided against issuing approximately 300,000 shares from warrant exercises, which would have generated around $3.6 million, to avoid significant equity dilution for shareholders.

Inbound Investments

• In Q2 2025, Precipio received more than $400,000 in COVID relief funds from the U.S. Treasury.
• Also in Q2 2025, the company reduced its obligations by $130,000 through negotiations with Change Healthcare following a cyberattack.

Capital Expenditures

• Precipio reported capital expenditures of -$350,000 in the last 12 months.
• These capital expenditures are focused on enhancing production capacity, improving operational efficiency, and supporting the growth of the Products division.