Personalis (PSNL)
Market Price (7/21/2026): $13.46 | Market Cap: $1.4 BilSector: Health Care | Industry: Life Sciences Tools & Services
Personalis (PSNL)
Market Price (7/21/2026): $13.46Market Cap: $1.4 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Personalized Diagnostics, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -103 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -159% Stock price has recently run up significantly12M Rtn12 month market price return is 116% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -25% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -123%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -131% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 104% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksPSNL key risks include [1] its consistent lack of profitability and sustained financial losses and [2] its heavy reliance on securing Medicare reimbursement for its pivotal NeXT Personal cancer test. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Personalized Diagnostics, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -103 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -159% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 116% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%, Rev Chg QQuarterly Revenue Change % is -25% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -123%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -131% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 104% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksPSNL key risks include [1] its consistent lack of profitability and sustained financial losses and [2] its heavy reliance on securing Medicare reimbursement for its pivotal NeXT Personal cancer test. |
Qualitative Assessment
AI Analysis | Feedback
Personalis (PSNL) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Acquisition agreement by Tempus AI. Personalis' stock surged significantly following the definitive agreement announced on July 20, 2026, for Tempus AI to acquire all outstanding shares it does not already own for $16.25 per share. This offer represented a 6% premium to Personalis' closing price on July 17, 2026, and a 28% premium to its unaffected 30-day volume-weighted average price (VWAP), valuing the deal at $1.7 billion. The acquisition aims to integrate Personalis' ultrasensitive molecular residual disease (MRD) technology, NeXT Personal Dx, into Tempus' precision oncology platform, targeting a U.S. MRD market exceeding $20 billion. Speculation around acquisition interest from companies like Merck & Co. and Tempus AI, reported as early as July 17, 2026, had already driven analyst price target increases, with Needham raising its target to $17 from $12.
2. Expansion of Medicare coverage for NeXT Personal. The company secured multiple critical Medicare coverage decisions for its NeXT Personal test, significantly broadening market access and reimbursement potential. In fiscal Q1 2026, which ended March 31, 2026, Personalis received Medicare coverage approval for lung cancer surveillance. This was further expanded in May 2026 with Medicare coverage for NeXT Personal for immunotherapy monitoring across late-stage solid tumors and for pre-surgical treatment monitoring in breast cancer. These approvals are pivotal for commercialization and are expected to drive clinical revenue growth, with the company projecting roughly a five-fold year-over-year increase in clinical revenue for fiscal year 2026.
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Personalis (PSNL) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Acquisition agreement by Tempus AI. Personalis' stock surged significantly following the definitive agreement announced on July 20, 2026, for Tempus AI to acquire all outstanding shares it does not already own for $16.25 per share. This offer represented a 6% premium to Personalis' closing price on July 17, 2026, and a 28% premium to its unaffected 30-day volume-weighted average price (VWAP), valuing the deal at $1.7 billion. The acquisition aims to integrate Personalis' ultrasensitive molecular residual disease (MRD) technology, NeXT Personal Dx, into Tempus' precision oncology platform, targeting a U.S. MRD market exceeding $20 billion. Speculation around acquisition interest from companies like Merck & Co. and Tempus AI, reported as early as July 17, 2026, had already driven analyst price target increases, with Needham raising its target to $17 from $12.
2. Expansion of Medicare coverage for NeXT Personal. The company secured multiple critical Medicare coverage decisions for its NeXT Personal test, significantly broadening market access and reimbursement potential. In fiscal Q1 2026, which ended March 31, 2026, Personalis received Medicare coverage approval for lung cancer surveillance. This was further expanded in May 2026 with Medicare coverage for NeXT Personal for immunotherapy monitoring across late-stage solid tumors and for pre-surgical treatment monitoring in breast cancer. These approvals are pivotal for commercialization and are expected to drive clinical revenue growth, with the company projecting roughly a five-fold year-over-year increase in clinical revenue for fiscal year 2026.
3. Strong growth in clinical test volumes for NeXT Personal. Personalis demonstrated robust adoption of its NeXT Personal test. In fiscal Q1 2026, clinical test volume surged by 258% year-over-year and 26% sequentially, reaching 7,815 tests. This momentum continued into fiscal Q2 2026 (preliminary results), with clinical test volumes reaching 10,384, representing a 33% sequential growth. The company reaffirmed its full-year 2026 outlook, anticipating clinical test volume to scale rapidly to a range of 43,000 to 45,000 tests, reflecting 171% growth year-over-year at the midpoint. This consistent growth underscores the increasing market demand and clinical utility of their personalized oncology solutions.
4. Positive clinical data and product development milestones. Personalis advanced its product portfolio and presented compelling clinical data. In fiscal Q1 2026, the company launched the Real-Time Variant Tracker™, a new feature for NeXT Personal, enabling clinicians to longitudinally track mutations for treatment optimization. Additionally, positive data from the PREDICT-DNA prospective study, showing NeXT Personal's superior performance in predicting outcomes for breast cancer patients following neoadjuvant therapy, was published in the Journal of Clinical Oncology. The company also presented compelling data on ultrasensitive ctDNA detection for colorectal cancer at the American Association for Cancer Research (AACR) Annual Meeting in April 2026, and at ASCO 2026, highlighting NeXT Personal's performance across various tumor types. These scientific and product advancements enhanced the credibility and market potential of NeXT Personal.
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Stock Movement Drivers
Fundamental Drivers
The 109.4% change in PSNL stock from 3/31/2026 to 7/20/2026 was primarily driven by a 155.3% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.37 | 13.34 | 109.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 70 | 65 | -7.4% |
| P/S Multiple | 8.4 | 21.5 | 155.3% |
| Shares Outstanding (Mil) | 92 | 104 | -11.4% |
| Cumulative Contribution | 109.4% |
Market Drivers
3/31/2026 to 7/20/2026| Return | Correlation | |
|---|---|---|
| PSNL | 109.4% | |
| Market (SPY) | 14.1% | 38.5% |
| Sector (XLV) | 8.6% | 30.2% |
Fundamental Drivers
The 67.6% change in PSNL stock from 12/31/2025 to 7/20/2026 was primarily driven by a 110.9% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.96 | 13.34 | 67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 69 | 65 | -6.6% |
| P/S Multiple | 10.2 | 21.5 | 110.9% |
| Shares Outstanding (Mil) | 89 | 104 | -14.9% |
| Cumulative Contribution | 67.6% |
Market Drivers
12/31/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| PSNL | 67.6% | |
| Market (SPY) | 9.1% | 43.8% |
| Sector (XLV) | 3.3% | 34.9% |
Fundamental Drivers
The 103.4% change in PSNL stock from 6/30/2025 to 7/20/2026 was primarily driven by a 221.8% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.56 | 13.34 | 103.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 86 | 65 | -24.7% |
| P/S Multiple | 6.7 | 21.5 | 221.8% |
| Shares Outstanding (Mil) | 87 | 104 | -16.1% |
| Cumulative Contribution | 103.4% |
Market Drivers
6/30/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| PSNL | 103.4% | |
| Market (SPY) | 21.1% | 39.9% |
| Sector (XLV) | 19.7% | 34.6% |
Fundamental Drivers
The 609.6% change in PSNL stock from 6/30/2023 to 7/20/2026 was primarily driven by a 1583.9% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.88 | 13.34 | 609.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 69 | 65 | -6.1% |
| P/S Multiple | 1.3 | 21.5 | 1583.9% |
| Shares Outstanding (Mil) | 47 | 104 | -55.1% |
| Cumulative Contribution | 609.6% |
Market Drivers
6/30/2023 to 7/20/2026| Return | Correlation | |
|---|---|---|
| PSNL | 609.6% | |
| Market (SPY) | 73.3% | 29.9% |
| Sector (XLV) | 25.6% | 27.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PSNL Return | -61% | -86% | 6% | 175% | 38% | 93% | -58% |
| Peers Return | -15% | -65% | 8% | 22% | 92% | 65% | 26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| PSNL Win Rate | 50% | 8% | 50% | 33% | 50% | 57% | |
| Peers Win Rate | 52% | 27% | 48% | 52% | 57% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| PSNL Max Drawdown | -76% | -88% | -78% | -47% | -55% | -55% | |
| Peers Max Drawdown | -43% | -73% | -51% | -44% | -38% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GH, NTRA, ADPT, TXG, ILMN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/20/2026 (YTD)
How Low Can It Go
| Event | PSNL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.5% | -18.8% |
| % Gain to Breakeven | 94.2% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.5% | -9.5% |
| % Gain to Breakeven | 130.1% | 10.5% |
| Time to Breakeven | 66 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -48.1% | -6.7% |
| % Gain to Breakeven | 92.8% | 7.1% |
| Time to Breakeven | 415 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -83.7% | -24.5% |
| % Gain to Breakeven | 513.7% | 32.4% |
| Time to Breakeven | 1354 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 44 days | 140 days |
In The Past
Personalis's stock fell -48.5% during the 2025 US Tariff Shock. Such a loss loss requires a 94.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | PSNL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.5% | -18.8% |
| % Gain to Breakeven | 94.2% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.5% | -9.5% |
| % Gain to Breakeven | 130.1% | 10.5% |
| Time to Breakeven | 66 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -48.1% | -6.7% |
| % Gain to Breakeven | 92.8% | 7.1% |
| Time to Breakeven | 415 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -83.7% | -24.5% |
| % Gain to Breakeven | 513.7% | 32.4% |
| Time to Breakeven | 1354 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 44 days | 140 days |
In The Past
Personalis's stock fell -48.5% during the 2025 US Tariff Shock. Such a loss loss requires a 94.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Personalis (PSNL)
Personalis, Inc. (PSNL) is a cancer genomics company that specializes in providing advanced sequencing and data analysis services. Its primary mission is to accelerate the development of new cancer therapies and facilitate large-scale genetic research programs worldwide. Essentially, Personalis helps researchers and drug developers understand cancer at a molecular level through sophisticated genomic analysis.
The company's core technology revolves around its NeXT Platform, which offers comprehensive data analysis from tumor and its immune microenvironment, even from limited tissue or plasma samples. Key offerings include NeXT Personal for personalized tumor tracking, NeXT Liquid Biopsy for profiling from plasma, and ImmunoID Next for tissue-based tumor profiling. Personalis also provides the NeXT Dx Test for genomic cancer profiling and the ACE platform, which aids in neoantigen prediction, biomarker identification, and novel drug target selection.
Personalis serves a diverse clientele primarily within the life sciences and healthcare sectors. Its main customers include biopharmaceutical companies looking to develop new drugs, as well as universities, non-profit organizations, and government entities engaged in cutting-edge genetic research. Through its services, Personalis supports various stakeholders in their efforts to combat cancer.
AI Analysis | Feedback
Here are 1-2 brief analogies for Personalis (PSNL):
They're like **Guardant Health**, but providing more comprehensive cancer genomic data and analysis specifically for drug developers.
An **IQVIA** or **PPD** focused purely on advanced cancer genomic data and analysis for biopharma R&D.
AI Analysis | Feedback
- NeXT Platform: A platform that provides sequencing and data analysis services for tumors and their immune microenvironments from various samples.
- ImmunoID Next: A service offered for tumor profiling specifically from tissue samples.
- NeXT Liquid Biopsy: A service offered for tumor profiling specifically from plasma samples.
- NeXT Personal: A liquid biopsy offering designed for personalized tumor tracking in patients.
- NeXT Dx Test: A genomic cancer profiling test used to identify composite biomarkers for cancer treatment.
- NeXT SHERPA: A capability for neoantigen prediction.
- NeXT NEOPS: Another capability for neoantigen prediction.
- ACE platform: A platform utilized for clinical and therapeutic applications such as neoantigen prediction, biomarker identification, and novel drug target selection.
AI Analysis | Feedback
Personalis, Inc. (PSNL) primarily serves other companies and organizations rather than individuals. Its major customers can be categorized as follows:
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Biopharmaceutical Companies: Personalis supports these companies in the development of cancer therapies. Based on the provided information, a key customer identified through partnership is:
- SpringWorks Therapeutics, Inc. (SWTX)
- MapKure, LLC (a private company)
- Universities: These institutions engage Personalis for large-scale genetic research programs and clinical applications.
- Non-profits: Similar to universities, non-profit organizations utilize Personalis's services for genetic research and therapeutic development.
- Government Entities: These organizations also leverage Personalis's expertise for genetic research programs and clinical applications.
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Illumina (ILMN)
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Christopher Hall, Chief Executive Officer and President
Christopher Hall was appointed CEO of Personalis in March 2023, having joined the company in October 2022 and becoming President at the end of December 2022. He previously served as President, Chief Operating Officer, and Chief Commercial Officer at Veracyte, Inc. Hall also held the role of Senior Vice President and Chief Business Officer at Berkeley HeartLab, Inc., which was part of Celera Corporation.
Aaron Tachibana, Chief Financial Officer and Chief Operating Officer
Aaron Tachibana was promoted to Chief Operating Officer in March 2023, in addition to his role as Chief Financial Officer. He joined Personalis in 2019 and guided the company through its initial public offering. Prior to Personalis, he served as Chief Financial Officer at Lumentum and Pericom Semiconductor, and as Vice President of Finance, Corporate Controller for JDSU. Tachibana also served as Interim CEO from December 2022 until March 2023.
Richard Chen, Executive Vice President of R&D and Chief Medical Officer
Dr. Richard Chen was promoted to Executive Vice President, R&D in March 2023, alongside his role as Chief Medical Officer. He joined Personalis in November 2011 as Chief Scientific Officer. Dr. Chen is a physician-scientist with extensive expertise in systems biology, translational genomics, knowledge engineering, and scientific product development. He has co-founded and served on the board of several companies, including Ingenuity Systems, where he spearheaded systems biology approaches to genomic data analysis. Dr. Chen has also served on the clinical faculty at Stanford University School of Medicine.
Sandeep Kheterpal, Chief Information Officer
Prior to joining Personalis, Mr. Kheterpal was the Chief Information Officer at Eikon Therapeutics, where he was responsible for the information technology function. Before Eikon, he served as CIO at PACT Pharma, a cell therapy platform company, overseeing Informatics and IT operations. Mr. Kheterpal previously held the position of CIO at Veracyte, providing leadership in information technology and software engineering for the development and commercialization of molecular diagnostics in oncology.
Stephen Moore, Senior Vice President, Chief Legal Officer, and Corporate Secretary
AI Analysis | Feedback
1. The intense and growing competition within the cancer genomics and liquid biopsy markets poses a significant risk to Personalis. The company operates in a highly dynamic sector with numerous established and emerging players offering sequencing, data analysis, and diagnostic services for cancer. This competitive landscape could pressure pricing, market share, and the adoption of Personalis's platforms and services, such as the NeXT Platform, NeXT Liquid Biopsy, and NeXT Personal.
2. The rapid pace of technological advancement in the field of genomics, particularly in cancer diagnostics and therapeutic development support, presents a continuous risk. Personalis's success depends on its ability to innovate and continuously update its technologies, including the ACE platform and various NeXT offerings, to remain competitive. Failure to keep pace with evolving scientific discoveries and new technological breakthroughs could render their current platforms and services obsolete or less desirable compared to newer solutions from competitors.
3. Personalis relies significantly on biopharmaceutical customers, universities, non-profits, and government entities for its revenue by supporting cancer therapy development and large-scale genetic research programs. The company's financial performance is therefore exposed to risks such as changes in research and development spending by biopharmaceutical companies, shifts in funding for genetic research programs, or the termination of key partnerships, including those with Mayo Clinic, MapKure, LLC, SpringWorks Therapeutics, Inc., and Moores Cancer Center. A reduction in demand or loss of key customers or partners could materially impact its business operations and financial results.
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AI Analysis | Feedback
Personalis, Inc. (PSNL) operates in several significant addressable markets related to cancer genomics, liquid biopsy, and neoantigen prediction.
The addressable market for ultrasensitive Minimal Residual Disease (MRD) tests, such as Personalis's NeXT Personal, is projected to exceed $20 billion, with a strong focus on the U.S. market.
The global liquid biopsy market, which encompasses MRD testing, was estimated at approximately USD 6.17 billion in 2024 and is predicted to reach around USD 22.69 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 13.91% from 2025 to 2034. North America held the largest share of the liquid biopsy market in 2024, at 45.59%. Another estimate values the global liquid biopsy market at USD 13.60 billion in 2025, projected to reach USD 32.57 billion by 2033. North America dominated the liquid biopsy market in 2025 with a 50.99% share, and the U.S. accounted for the largest market revenue share within North America.
For the broader genomics in cancer care market, which includes Personalis's activities, the global market size was valued at USD 18.12 billion in 2023 and is projected to reach USD 85.63 billion by 2033, growing at a CAGR of 16.0% from 2024 to 2030. The U.S. genomics in cancer care market constituted 26.3% of the global market in 2023, while North America as a whole dominated with a 36.7% revenue share in 2023. Another report estimates the global genomics in cancer care market size to increase from USD 24.39 billion in 2025 to approximately USD 108.69 billion by 2035.
Regarding neoantigen prediction capabilities (NeXT SHERPA and NeXT NEOPS), the global neoantigen cancer vaccine market was valued at USD 475.68 million in 2025 and is predicted to reach approximately USD 1799.21 million by 2034, with a CAGR of 15.93%. Another analysis projects the neoantigen cancer vaccine market size to grow from USD 48.7 million in 2024 to USD 3952.7 million by 2032, at a CAGR of 73.4% during 2025–2032. The broader neoantigens market, which includes various therapeutic modalities, is expected to reach US$ 5,607.32 million by 2034 from US$ 470.72 million in 2025, with a robust CAGR of 31.69% during 2026–2034. North America held the largest market share in the global neoantigen cancer vaccine market in 2024, accounting for 45%.
AI Analysis | Feedback
Personalis, Inc. (PSNL) anticipates several key drivers for its future revenue growth over the next two to three years, primarily centered around its "Win-in-MRD" strategy and strategic partnerships.
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Growth of NeXT Personal and the "Win-in-MRD" Strategy, bolstered by Medicare Coverage: Personalis's primary growth engine is its "Win-in-MRD" strategy, which focuses on the Minimal Residual Disease (MRD) market using its ultrasensitive liquid biopsy test, NeXT Personal. The company expects rapid growth in clinical test volumes for NeXT Personal. A critical enabler for this growth is the securing of Medicare coverage for surveillance of cancer recurrence in breast cancer patients and for Stage I to III non-small cell lung cancer (NSCLC) patients, which is expected to significantly accelerate clinical adoption and revenue generation.
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Expansion of Biopharma Partnerships and Demand for ImmunoID NeXT and NeXT Personal in Clinical Trials: Personalis is experiencing increased revenue from its biopharma segment, driven by strong demand for its core ImmunoID platform and the growing adoption of NeXT Personal for MRD testing in clinical trials. Collaborations, such as the partnership with Moderna on its mRNA cancer program, are identified as important revenue drivers for 2024 and 2025.
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Strategic Commercial Partnerships and the "Personalis Inside" Approach: The company is expanding its "Personalis Inside" approach, where partners integrate Personalis's platforms and technologies to enhance their own solutions. This includes leveraging strategic commercial partnerships, such as the expanded relationship with Tempus, to bring NeXT Personal to market through their sales force and expand coverage to additional cancer types like colorectal cancer.
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Share Issuance
- In January 2021, Personalis completed an underwritten public offering of 3,950,000 shares of common stock at $38.00 per share, resulting in gross proceeds of $150.1 million.
- Throughout 2025, the company received approximately $109.0 million in net proceeds from an At-The-Market (ATM) sales program, with a weighted-average price of $8.43 per share.
- On November 28, 2025, Personalis announced a $100 million common stock offering.
Capital Expenditures
- For the full year 2025, Personalis expected to use approximately $75 million for operations and capital equipment additions.
- Expected cash usage for 2026 is approximately $100 million, primarily to support commercial investments in its Win-in-MRD strategy, including scaling clinical volumes.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 95.64 |
| Mkt Cap | 12.5 |
| Rev LTM | 859 |
| Op Inc LTM | -91 |
| FCF LTM | 21 |
| FCF 3Y Avg | -40 |
| CFO LTM | 50 |
| CFO 3Y Avg | -4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.4% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 0.9% |
| Op Inc Chg 3Y Avg | 10.0% |
| Op Mgn LTM | -14.4% |
| Op Mgn 3Y Avg | -44.0% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | -0.4% |
| CFO/Rev 3Y Avg | -15.6% |
| FCF/Rev LTM | -3.6% |
| FCF/Rev 3Y Avg | -19.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Provide advanced cancer genomic testing services for precision oncology and personalized testing | 70 | 85 | 73 | ||
| Sale of sequencing and data analysis services | 65 | 85 | |||
| Total | 70 | 85 | 73 | 65 | 85 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Provide advanced cancer genomic testing services for precision oncology and personalized testing | -81 | -81 | -108 |
| Total | -81 | -81 | -108 |
Price Behavior
| Market Price | $13.34 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 06/20/2019 | |
| Distance from 52W High | -15.5% | |
| 50 Days | 200 Days | |
| DMA Price | $10.64 | $8.80 |
| DMA Trend | up | up |
| Distance from DMA | 25.4% | 51.6% |
| 3M | 1YR | |
| Volatility | 93.1% | 94.3% |
| Downside Capture | 162.32 | 258.79 |
| Upside Capture | 471.54 | 298.54 |
| Correlation (SPY) | 42.4% | 39.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.17 | 2.69 | 2.30 | 2.96 | 3.05 | 2.17 |
| Up Beta | -0.39 | 0.68 | 1.06 | 1.66 | 3.23 | 1.95 |
| Down Beta | 5.03 | 5.51 | 3.50 | 4.33 | 3.02 | 2.27 |
| Up Capture | 331% | 719% | 488% | 607% | 915% | 4752% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 24 | 35 | 66 | 130 | 357 |
| Down Capture | 94% | -61% | 169% | 200% | 177% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 17 | 27 | 56 | 115 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSNL | |
|---|---|---|---|---|
| PSNL | 106.5% | 94.0% | 1.19 | - |
| Sector ETF (XLV) | 21.6% | 15.8% | 1.04 | 35.7% |
| Equity (SPY) | 19.2% | 12.6% | 1.12 | 39.4% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 19.7% |
| Commodities (DBC) | 29.7% | 19.0% | 1.24 | -15.0% |
| Real Estate (VNQ) | 15.2% | 14.0% | 0.78 | 18.5% |
| Bitcoin (BTCUSD) | -46.6% | 42.9% | -1.34 | 21.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSNL | |
|---|---|---|---|---|
| PSNL | -8.4% | 103.5% | 0.37 | - |
| Sector ETF (XLV) | 5.9% | 15.0% | 0.22 | 31.2% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 37.6% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 10.3% |
| Commodities (DBC) | 8.8% | 19.5% | 0.34 | 2.6% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.04 | 29.5% |
| Bitcoin (BTCUSD) | 14.0% | 53.5% | 0.44 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSNL | |
|---|---|---|---|---|
| PSNL | -6.2% | 97.7% | 0.35 | - |
| Sector ETF (XLV) | 9.8% | 16.6% | 0.48 | 29.3% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 34.8% |
| Gold (GLD) | 10.9% | 16.1% | 0.55 | 11.4% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 6.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 26.3% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 17.2% |
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Returns Analyses
Earnings Returns History
Updated 7/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -0.2% | 12.0% | 67.6% |
| 2/26/2026 | 0.3% | -5.2% | -29.8% |
| 1/8/2026 | -10.4% | -0.5% | -13.9% |
| 11/4/2025 | -12.3% | -3.3% | 9.5% |
| 8/5/2025 | -21.9% | -19.0% | -9.8% |
| 5/6/2025 | 21.0% | 28.5% | 26.5% |
| 2/27/2025 | -2.4% | -0.5% | -14.6% |
| 1/7/2025 | -6.4% | -13.5% | -17.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 8 | 10 |
| # Negative | 13 | 21 | 19 |
| Median Positive | 5.7% | 19.8% | 27.4% |
| Median Negative | -6.4% | -8.6% | -18.2% |
| Max Positive | 21.5% | 54.9% | 86.5% |
| Max Negative | -22.6% | -32.3% | -38.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -0.2% | 12.0% | 67.6% |
| 2/26/2026 | 0.3% | -5.2% | -29.8% |
| 1/8/2026 | -10.4% | -0.5% | -13.9% |
| 11/4/2025 | -12.3% | -3.3% | 9.5% |
| 8/5/2025 | -21.9% | -19.0% | -9.8% |
| 5/6/2025 | 21.0% | 28.5% | 26.5% |
| 2/27/2025 | -2.4% | -0.5% | -14.6% |
| 1/7/2025 | -6.4% | -13.5% | -17.7% |
| 11/6/2024 | -22.6% | -14.9% | -25.6% |
| 8/7/2024 | 19.1% | 54.9% | 86.5% |
| 5/8/2024 | 5.4% | -8.6% | -13.7% |
| 2/28/2024 | 6.2% | 19.9% | 2.1% |
| 1/5/2024 | 7.0% | -9.5% | -38.0% |
| 11/7/2023 | 21.5% | 22.6% | 53.7% |
| 8/8/2023 | 0.5% | -8.6% | -21.2% |
| 5/3/2023 | -5.0% | -12.0% | -14.9% |
| 2/23/2023 | -7.2% | -17.6% | -18.2% |
| 1/4/2023 | 0.5% | 19.7% | 78.9% |
| 11/2/2022 | 0.0% | -15.9% | 6.3% |
| 8/3/2022 | 0.4% | 6.5% | -25.9% |
| 5/4/2022 | -9.9% | -32.3% | -36.0% |
| 2/24/2022 | 2.4% | -1.7% | -21.9% |
| 1/6/2022 | 7.3% | -2.2% | -2.8% |
| 11/4/2021 | 6.0% | -7.1% | -38.9% |
| 8/4/2021 | 8.7% | -4.2% | 9.2% |
| 5/5/2021 | 2.3% | -11.7% | -1.6% |
| 2/25/2021 | -2.7% | -19.3% | -30.3% |
| 11/5/2020 | -1.4% | 8.1% | 28.3% |
| 8/6/2020 | -0.8% | -8.2% | -3.1% |
| SUMMARY STATS | |||
| # Positive | 16 | 8 | 10 |
| # Negative | 13 | 21 | 19 |
| Median Positive | 5.7% | 19.8% | 27.4% |
| Median Negative | -6.4% | -8.6% | -18.2% |
| Max Positive | 21.5% | 54.9% | 86.5% |
| Max Negative | -22.6% | -32.3% | -38.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/25/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
| 06/30/2019 | 08/13/2019 | 10-Q |
Insider Activity
Updated 7/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chen, Richard | President and CMO | Direct | Sell | 7152026 | 15.15 | 100,000 | 1,515,000 | 2,634,282 | Form |
| 2 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 7092026 | 15.08 | 100,000 | 1,508,000 | 3,558,669 | Form |
| 3 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 6292026 | 14.00 | 4,982 | 69,748 | 2,783,662 | Form |
| 4 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 6262026 | 13.18 | 51,251 | 675,488 | 2,620,619 | Form |
| 5 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 6262026 | 13.15 | 100,000 | 1,315,000 | 3,103,216 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chen, Richard | President and CMO | Direct | Sell | 7152026 | 15.15 | 100,000 | 1,515,000 | 2,634,282 | Form |
| 2 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 7092026 | 15.08 | 100,000 | 1,508,000 | 3,558,669 | Form |
| 3 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 6292026 | 14.00 | 4,982 | 69,748 | 2,783,662 | Form |
| 4 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 6262026 | 13.18 | 51,251 | 675,488 | 2,620,619 | Form |
| 5 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 6262026 | 13.15 | 100,000 | 1,315,000 | 3,103,216 | Form |
| 6 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 6052026 | 12.01 | 40,000 | 480,400 | 2,387,984 | Form |
| 7 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 5292026 | 11.02 | 80,091 | 882,603 | 2,600,566 | Form |
| 8 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 5292026 | 11.58 | 38,799 | 449,292 | 2,302,486 | Form |
| 9 | Hall, Christopher M | Chief Executive Officer | Direct | Sell | 5292026 | 11.02 | 19,909 | 219,397 | 2,600,566 | Form |
| 10 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 8.93 | 28,000 | 250,040 | 116,438,868 | Form | |
| 11 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 8.39 | 29,641 | 248,688 | 109,162,852 | Form | |
| 12 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 7.91 | 31,430 | 248,611 | 102,683,080 | Form | |
| 13 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 7.86 | 31,650 | 248,769 | 101,786,969 | Form | |
| 14 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 10.62 | 23,600 | 250,665 | 137,210,876 | Form | |
| 15 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 9.87 | 25,225 | 248,971 | 127,271,143 | Form | |
| 16 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 9.40 | 26,499 | 249,190 | 121,021,898 | Form | |
| 17 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 8.63 | 28,827 | 248,777 | 110,835,280 | Form | |
| 18 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 8.12 | 30,645 | 248,837 | 104,051,263 | Form | |
| 19 | Tempus, Ai, Inc | Direct | Buy | 2132026 | 7.67 | 64,750 | 496,632 | 98,049,828 | Form | |
| 20 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 1232026 | 11.50 | 1,201 | 13,812 | 1,891,267 | Form |
| 21 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 11282025 | 10.78 | 103,668 | 1,117,541 | 1,772,857 | Form |
| 22 | Hall, Christopher M | PRESIDENT AND CEO | Direct | Sell | 11052025 | 8.99 | 29,612 | 266,212 | 1,334,889 | Form |
| 23 | Chen, Richard | CHIEF MEDICAL OFFICER AND EVP | Direct | Sell | 7302025 | 6.57 | 452 | 2,970 | 817,998 | Form |
| 24 | Tachibana, Aaron | CFO AND COO | Direct | Sell | 7302025 | 6.57 | 641 | 4,211 | 1,080,489 | Form |
Investor Activity (13F)
Updated Jul 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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