Who Is Paying For GeneDx’s Cash Burn?
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GeneDx Holdings Corp. (WGS) sells exome and genome tests ordered by clinicians for their patients. During fiscal Q3 2026, the quarter through September, the cash left after running the business and capital spending was a negative $15.8 million. The company burned cash in all four of its last four quarters. If GeneDx kept burning cash at this pace and raised nothing, how long would the cash it holds last?
How Fast Is GeneDx Burning Cash?
GeneDx burned cash equal to 12.9% of its sales in fiscal Q3 2026. A year earlier, in the September 2025 quarter, the company brought in more cash than it spent, representing 8.2% of sales. Over the four quarters to September 2026, the business burned cash, whereas it brought cash in during the four quarters before that.
| Fiscal quarter | Sales | Cash the business brought in | Cash left after capital spending |
|---|---|---|---|
| Q2 FY2025 (ended 2025-06-30) | $103 million | $10.4 million | $8.05 million |
| Q3 FY2025 (ended 2025-09-30) | $117 million | $15.8 million | $9.60 million |
| Q4 FY2025 (ended 2025-12-31) | $121 million | -$3.09 million | -$7.44 million |
| Q1 FY2026 (ended 2026-03-31) | $102 million | -$32.4 million | -$38.9 million |
| Q2 FY2026 (ended 2026-06-30) | $114 million | -$29.0 million | -$39.1 million |
| Q3 FY2026 (ended 2026-09-30) | $123 million | -$10.6 million | -$15.8 million |
Each row is one fiscal quarter. A negative figure is cash going out. The last column is free cash flow.
Sales grew from a year earlier in every one of these quarters. Yet GeneDx went from bringing cash in a year ago to burning it now.
How Long Would GeneDx’s Cash Last?
At the end of September 2026, GeneDx held $170 million in cash and short-term investments. If it kept burning at the average pace of the last four quarters and raised nothing, that cash would last about seven quarters. At the latest quarter’s slower pace alone, it would last about eleven quarters. GeneDx also owes $215 million in debt, more than the cash it holds. At either pace, the cash covers less than three years.
Who Has Paid For The Burn So Far?
What GeneDx Is Changing
On its November 9, 2026 call, management said GeneDx invested heavily in 2026 in commercial expansion and new markets, introduced new products, and started overhauling how it collects payment for its exome and genome tests. Management expects most of the gains from that payment work to show up in 2027 and beyond. Meanwhile, sales grew 5.4% in fiscal Q3 2026, compared with 51.9% in fiscal Q3 2025. When the company reports again, expected in February 2027, the figure to watch is the cash GeneDx burns each quarter, which stood at $15.8 million in fiscal Q3 2026.
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