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1. Foundation Medicine for ultra-deep cancer genomic profiling.
2. Guardant Health, but providing comprehensive genomic insights for cancer drug development.

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• ImmunoID NeXT® Platform: A comprehensive genomic and immunogenomic profiling service for cancer, providing deep insights into tumor biology, mutational burden, neoantigens, and the immune microenvironment.
• ACE CancerPlus®: A robust cancer genomic profiling service optimized for clinical trials and translational research, offering accurate and comprehensive detection of genetic alterations across a broad panel of cancer-related genes.
• Whole Exome Sequencing (WES): A genomic sequencing service that analyzes the protein-coding regions of the genome to identify genetic variations relevant to disease research and diagnostics.
• Whole Genome Sequencing (WGS): A comprehensive genomic sequencing service that analyzes the entire human genome to identify a full range of genetic variations for research and discovery applications.

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Personalis (PSNL) primarily sells its advanced genomic sequencing and analytics solutions to other organizations (business-to-business or B2B) rather than directly to individuals. Their major customers can be categorized as follows:

• Biopharmaceutical Companies: Personalis partners with various biopharmaceutical companies to support their precision oncology drug discovery, development, and companion diagnostic programs. These companies utilize Personalis's platforms for comprehensive genomic profiling in clinical trials and research. While Personalis works with many companies in this sector, specific major individual biopharmaceutical customers (representing 10% or more of revenue) are typically not disclosed unless part of a specific public partnership announcement.
• U.S. Department of Veterans Affairs (VA): A significant government customer, particularly for their involvement in large-scale genomic initiatives such as the VA's Million Veteran Program (MVP), where Personalis provides high-quality genomic sequencing services. The VA is a government agency and does not have a public company symbol.
• Academic Institutions and National Cancer Institute (NCI) Funded Programs: Personalis collaborates with leading academic medical centers and research institutions, often under programs funded by organizations like the National Cancer Institute (part of the National Institutes of Health). These collaborations leverage Personalis's technology for large-scale cancer research studies. The NCI is a government agency and does not have a public company symbol.

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• Illumina (ILMN)

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Christopher Hall, Chief Executive Officer and President

Christopher Hall joined Personalis in October 2022 as Senior Vice President and Head, Diagnostics Business, and was appointed CEO and President in March 2023. He brings over 20 years of experience in general management and product development within the diagnostics industry. Prior to Personalis, he served as CEO of Naring Health, Inc., a health technology start-up focused on multi-omics. He also held roles as President, COO, and Chief Commercial Officer at Veracyte, Inc., where he led the commercial entry into endocrinology and pulmonology and scaled operational groups. Additionally, Hall was Senior Vice President and Chief Business Officer at Berkeley HeartLab, Inc. (part of Celera Corporation).

Aaron Tachibana, Chief Financial Officer and Chief Operating Officer

Aaron Tachibana has served as Chief Financial Officer since joining Personalis in 2019 and was promoted to Chief Operating Officer in March 2023. He led the company through its initial public offering in 2019. He also served as interim CEO from the end of December 2022 until March 2023.

Richard Chen, MD, MS, Executive Vice President of R&D and Chief Medical Officer

Dr. Richard Chen joined Personalis in 2011 as Chief Scientific Officer and has been promoted to Executive Vice President, R&D, in addition to his role as Chief Medical Officer. He has decades of experience in clinical medicine, oncology, diagnostic and scientific product development, data science, and genomics. Dr. Chen co-founded several companies in the life sciences, including Ingenuity Systems, a pioneer in genomics and systems biology analytics for biopharma.

Ashish Kheterpal, Senior Vice President, Chief Information Officer

Ashish Kheterpal joined Personalis as Senior Vice President, Chief Information Officer. He has over 25 years of experience leading IT teams and driving business transformation in high-growth life science companies. Before Personalis, Mr. Kheterpal was the Chief Information Officer at Eikon Therapeutics and prior to that, he was CIO at PACT Pharma.

Deepshikha Bhandari, Senior Vice President, Regulatory, Quality & Clinical Compliance

Deepshikha Bhandari offers over 20 years of global regulatory leadership spanning digital health, genomics, companion diagnostics, and high-risk medical devices. As SVP of Regulatory, Quality and Clinical Compliance at Personalis, she works to secure regulatory approvals for the company's oncology testing worldwide. Most recently, she drove regulatory strategies for multi-cancer early detection products as Vice President of Regulatory Affairs at GRAIL, and her previous roles include serving as Vice President of Regulatory Affairs at Roche Diagnostics.

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Key Risks to Personalis (PSNL)

1. Lack of Profitability and Sustained Losses: Personalis has consistently reported significant losses and negative free cash flow over the past several years, and analysts anticipate this trend of unprofitability to continue in the near term. The company's revenue growth has also seen declines, highlighting ongoing financial challenges.
2. Reimbursement Uncertainty for Key Products: A significant risk is the company's heavy reliance on securing Medicare reimbursement for its advanced cancer genomic tests, particularly its minimal residual disease (MRD) test, NeXT Personal. Delays or a denial of reimbursement for these pivotal tests could substantially impact Personalis's ability to achieve projected revenue and improve gross margins, thereby hindering its path to profitability.
3. Intense Competition: Personalis operates in a highly competitive and rapidly evolving diagnostics and research industry, especially within the cancer genomics and MRD testing markets. The presence of well-capitalized rivals aggressively marketing their own tests and expanding clinical networks poses a challenge for Personalis to gain and maintain market share.

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Clear Emerging Threats to Personalis (PSNL):

• 1. Commoditization of Genomic Sequencing and Maturation of Accessible Bioinformatics Platforms:

  The relentless decline in the cost of genomic sequencing, coupled with the increasing sophistication and accessibility of open-source and commercial bioinformatics tools and cloud-based analytical platforms, poses a significant emerging threat. This trend empowers academic institutions, smaller diagnostic laboratories, and even large pharmaceutical companies to develop or expand their own in-house capabilities for comprehensive genomic profiling and advanced data analysis. While Personalis's NeXT Platform offers proprietary algorithms and integrated solutions, the expanding availability of high-quality, cost-effective alternatives could gradually erode the uniqueness and premium value of their offerings, intensifying price competition and potentially reducing demand for outsourced genomic services in the long term.

• 2. Increased Vertical Integration by Large Pharmaceutical and Biotech Companies:

  A significant portion of Personalis's revenue is derived from its biopharma services, supporting precision oncology programs and clinical trials for pharmaceutical and biotech clients. There is an observable trend among these large companies to increase vertical integration by investing heavily in and developing their own in-house genomics, bioinformatics, and companion diagnostics capabilities. This strategic move aims to gain greater control over data generation, accelerate drug development timelines, reduce reliance on third-party vendors, and tightly integrate diagnostic development with therapeutic pipelines. As key clients bring more genomic profiling and analytical work in-house, it directly threatens Personalis's contract research and clinical trial support services by potentially reducing the need for external genomic solutions.

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Personalis (PSNL) operates in several significant addressable markets with its main products and services, primarily focused on advanced cancer genomic tests and sequencing services.

Minimal Residual Disease (MRD) and Liquid Biopsy Testing (NeXT Personal)

The addressable market for ultrasensitive minimal residual disease (MRD) tests, such as Personalis's NeXT Personal, is rapidly expanding. This market is projected to grow into an opportunity exceeding $20 billion, with a strong focus on the U.S. market, especially following recent Medicare coverage for NeXT Personal.

More broadly, the global liquid biopsy market, which includes MRD testing, was estimated at $6.17 billion in 2024 and is predicted to reach approximately $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 this market in 2024, accounting for 45.59%. The U.S. liquid biopsy market alone was valued at $4.13 billion in 2023 and is projected to experience a CAGR of 24.1% during the forecast period. Personalis has also estimated the potential market opportunity for its tests related to therapy selection and monitoring in the U.S. to be approximately $30 billion.

Comprehensive Tumor Profiling (ImmunoID NeXT and NeXT Dx)

Personalis's ImmunoID NeXT and NeXT Dx tests, which provide comprehensive genomic profiling for cancer, fall within the broader personalized genomics market. The global personalized genomics market is estimated at $12.57 billion in 2025 and is forecasted to reach around $52.58 billion by 2034, growing at a CAGR of 17.73% from 2025 to 2034. North America is a dominant region in this market. The U.S. personalized genomics market size was approximately $3.30 billion in 2024 and is projected to grow to about $16.47 billion by 2034, at a CAGR of 17.44% from 2025 to 2034.

Population Genomics and Research Services (Whole Exome and Whole Genome Sequencing)

Personalis also provides whole exome sequencing (WES) and whole genome sequencing (WGS) services for research projects and population sequencing initiatives. The company estimates the potential global market for population sequencing services to be over $2 billion per year.

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1. Expanding Biopharma Partnerships and ImmunoID NeXT Platform Utilization: Personalis expects continued robust growth from its biopharma business, driven by strong demand for its ImmunoID NeXT platform. This platform is crucial for creating personalized cancer vaccines and supporting clinical trials. The company is strategically focused on deepening these relationships to accelerate the adoption and use of NeXT Personal in clinical settings, thereby fueling revenue growth.
2. Increased Adoption and Reimbursement of NeXT Personal (MRD Test): The NeXT Personal minimal residual disease (MRD) test is a significant growth engine. Personalis has observed rapid adoption of this ultra-sensitive test, exceeding initial targets, with a growing network of physicians ordering it. The company is actively pursuing Medicare reimbursement, targeting multiple MolDX coverage decisions in 2025 by developing strong clinical evidence.
3. Leveraging Strategic Commercial and Development Partnerships: Collaborations with key industry players such as Tempus AI, Moderna, and Myriad are expected to drive revenue. For example, the partnership with Tempus has already surpassed its primary volume targets, facilitating accelerated commercialization. These partnerships are vital for expanding market reach, achieving volume milestones, and securing intellectual property.
4. Expansion into New Cancer Types and Indications for NeXT Personal: Personalis aims to increase its addressable market by focusing on launching its ultra-sensitive MRD test in additional cancer types where it can provide significant value for patients, payers, and partners. The company has, for instance, submitted lung cancer as an additional indication for MolDX coverage, demonstrating its strategy to broaden the applications and market penetration of NeXT Personal.

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Share Issuance

• As of June 30, 2025, Personalis had 88,649,766 shares issued and outstanding.
• A private placement on December 19, 2024, involved the issuance and sale of up to 14,044,943 shares of common stock to selling stockholders.
• The number of shares outstanding increased from 70,648,084 as of October 30, 2024, to 88.5 million as of June 30, 2025.

Inbound Investments

• Merck holds 14,045K shares, representing 15.84% ownership of the company as of November 6, 2025, likely from an investment agreement.
• Institutional investors and hedge funds collectively owned 61.91% of Personalis' stock as of November 5, 2025.
• Private equity firms collectively hold a 9.2% stake in the company as of October 30, 2025.

Capital Expenditures

• Capital expenditures over the last 12 months (prior to November 2025) were approximately $5.67 million.
• For the full year 2025, Personalis projects cash usage of approximately $75 million, an increase from $47 million in 2024.
• This increased cash usage for 2025 is primarily due to investments in the "Win-in-MRD" strategy, which includes growing test volume, expanding clinical evidence generation, and investing in commercial capabilities to drive growth.