Personalis, Inc. - PSNL STOCK NEWS

Personalis, Inc. (PSNL) Reports Strong Revenue Growth and Cash Balance Increase in Preliminary Fourth Quarter and Full Year 2023 Results

Personalis, Inc. (Nasdaq: PSNL) has announced a reduction in headcount impacting approximately 20% of the company’s staff, expected to reduce operating expenses by approximately $14 million annually. The company also disclosed a recent strategic collaboration with Tempus, expected to extend the cash position of the company into 2026. The collaboration with Tempus includes the exclusive relationship with one of the largest oncology testing labs in the U.S., providing additional capital for Personalis to continue developing clinical evidence to achieve reimbursement while working closely with Tempus to provide oncologists and their patients with much greater access to the NeXT Personal Dx ultra-sensitive MRD test. The company also provided warrants to Tempus to purchase approximately 9.2 million shares of the company’s common stock at an average price of $2/share, potentially providing approximately $30 million to the company exclusive of any payments to Tempus for the fair market value of sales, marketing, and sample logistics services. Personalis is targeting aggressive goals in 2024, including developing clinical evidence across ~10 clinical studies, progressing toward long-term goal of achieving 60%-plus gross margins, and driving early commercial success for NeXT Personal Dx with Tempus.

Personalis, Inc. (PSNL) and Tempus Labs, Inc. announced a strategic collaboration to co-commercialize NeXT Personal® Dx, a whole genome-based liquid biopsy laboratory developed test for detection of molecular residual disease (MRD) and recurrence in cancer. The test, launched in October, sets a new standard in MRD tests with unprecedented sensitivity and high specificity. The collaboration focuses on tumor-informed MRD testing for lung cancer, breast cancer, and immunotherapy monitoring after clinical validation, with the potential to test tens of thousands of new patients over the next three years.

Personalis, Inc. (PSNL) reports 23% increase in Q3 revenue to $18.2 million. NeXT Personal's clinical data shows higher sensitivity for cancer recurrence detection, up to 4x higher than other tests. Full year guidance increased to $73-74 million total revenue and net loss of $103 million.

Personalis, Inc. has launched the Early Access Program for NeXT Personal Dx, a tumor-informed liquid biopsy test for detecting molecular residual disease and cancer recurrence. The test offers unprecedented sensitivity and specificity, detecting down to 1 PPM tumor fraction and achieving over 99.9% analytical specificity. NeXT Personal Dx is currently available to a limited number of clinical customers, with a focus on lung cancer, breast cancer, and immunotherapy response monitoring.

Personalis, Inc. (Nasdaq: PSNL) will release its Q3 2023 financial results on November 7, 2023. The company will host a conference call and webcast to discuss the results and recent highlights.

Personalis announces improved detection rates for early-stage lung cancer with its NeXT Personal ctDNA assay

Personalis to present data on its NeXT Personal® assay at the 2023 ESMO Congress

Personalis appoints Deepshikha Bhandari as SVP, Regulatory, Quality and Clinical Compliance and achieves ISO 13485:2016 certification