Fulgent Genetics (NASDAQ: FLGT) grows 2025 revenue 14% but sees 2026 non-GAAP loss

Rhea-AI Filing Summary

Fulgent Genetics reported fourth-quarter 2025 revenue of $83.3 million, up 9% year over year, and a GAAP net loss of $23.4 million or ($0.76) per share. Non-GAAP income for the quarter was $5.2 million, or $0.16 per diluted share.

For full year 2025, revenue reached $322.7 million, growing 14% year over year. The company posted a GAAP net loss of $60.5 million, or ($1.97) per share, but generated full-year non-GAAP income of $13.2 million, or $0.42 per diluted share.

Fulgent ended 2025 with $705.5 million in cash, cash equivalents, restricted cash, and investments in marketable securities, excluding an anticipated tax refund of about $106.3 million. For 2026, it guides to revenue of roughly $350 million, a non-GAAP loss of about ($1.45) per share, and year-end cash and investments of about $685 million, assuming receipt of tax refunds and closing of the Bako and StrataDx acquisition.

Insights

Equity research analyst

Fulgent is growing revenue and preserving cash but still expects non-GAAP losses in 2026.

Fulgent Genetics delivered 2025 revenue of $322.7 million, up 14% year over year, while turning a small non-GAAP profit of $13.2 million. GAAP results remained loss-making, reflecting heavy R&D, selling, and administrative spending and a one-time $14.5 million professional liability expense.

The balance sheet is a key support: cash, cash equivalents, restricted cash, and marketable securities totaled $705.5 million at year-end 2025, before an expected tax refund of about $106.3 million. This underpins ongoing investment in the lab services franchise and the FID-007 and FID-022 oncology programs.

Guidance for full-year 2026 calls for revenue of roughly $350 million but a non-GAAP loss of about ($1.45) per share, as management factors in a major customer shifting volume in-house and continued therapeutic development spending. Subsequent filings may provide updates on integration of the Bako and StrataDx acquisition and progress of late-stage trials.

false000167493000016749302026-02-272026-02-27

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026

FULGENT GENETICS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-37894	81-2621304
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4399 Santa Anita Avenue El Monte, California	91731
(Address of Principal Executive Offices)	(Zip Code)

(626) 350-0537

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		FLGT		The Nasdaq Stock Market  (Nasdaq Global Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 27, 2026, Fulgent Genetics, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2025. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

From time to time, the Company presents and/or distributes slides and presentations to the investment community to provide updates and summaries of its business. On February 27, 2026, the Company updated its investor presentation, which is available on the Investor Relations section of the Company’s website at http://ir.fulgentgenetics.com. This presentation is also furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release of Fulgent Genetics, Inc., dated February 27, 2026
99.2		Corporate Presentation of Fulgent Genetics, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 27, 2026	FULGENT GENETICS, INC.
	By:		/s/ Paul Kim
	Name:		Paul Kim
	Title:		Chief Financial Officer

Exhibit 99.1

Fulgent Reports Fourth Quarter and Full Year 2025 Financial Results

•Revenue of $83.3 million, growing 9% year-over-year

•GAAP gross profit of $32.6 million, or GAAP gross margin of 39.1%; Non-GAAP gross profit of $34.2 million, or Non-GAAP gross margin of 41.0%

•GAAP loss of $23.4 million, or ($0.76) per share; Non-GAAP income of $5.2 million, or $0.16 per share

•Ended the year with $705.5 million of cash, cash equivalents, restricted cash, and investments in marketable securities, excluding an anticipated tax refund of approximately $106.3 million

EL MONTE, CA, February 27, 2026 — Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent,” or the “Company”), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced financial results for its fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Results:

•Revenue of $83.3 million, growing 9% year-over-year

•GAAP loss of $23.4 million, or ($0.76) per share

•Non-GAAP income of $5.2 million, or $0.16 per share

•Adjusted EBITDA loss of $4.5 million

Full Year 2025 Results:

•Revenue of $322.7 million, growing 14% year-over-year

•GAAP loss of $60.5 million, or ($1.97) per share

•Non-GAAP income of $13.2 million, or $0.42 per share

•Adjusted EBITDA loss of $9.4 million

Non-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), GAAP gross profit and margin, and GAAP operating income (loss) and margin, in the accompanying tables.

Ming Hsieh, Chairman of the Board of Directors and Chief Executive Officer, said, “I am pleased with the progress we made in 2025 as we delivered on our strategic and product innovation roadmap. The laboratory services business sustained momentum, and the business is benefiting from the investments we made in AI and digital pathology solutions. We also accelerated progress on our therapeutic development pipeline in 2025 for both clinical candidates, as FID-007 advanced through Phase 2 and FID-022 is progressing through Phase 1. We expect continued progress this year, and we believe the strategic investments we have made in our technology and capabilities will have a significant impact over the long term as we strive to expand our market reach.”

Paul Kim, Chief Financial Officer, said, “In 2025, we demonstrated strong momentum as we delivered growth in our laboratory services business and drove margin improvements due to streamlined operations and enhanced efficiencies. As we look to 2026, our revenue guidance reflects the impact of our largest customer moving a significant volume of its work in-house, but we believe the strategic initiatives we

have made coupled with potential contribution from the acquisition of Bako and Strata Dx will help partially or fully offset this impact in the second half of the year. We have a strong cash position, and believe we are well positioned for longer term growth.”

Outlook:

For the full year 2026, Fulgent expects:

•Revenue of approximately $350.0 million

•Non-GAAP loss of approximately ($1.45) per share

•Cash, cash equivalents, restricted cash, and investments in marketable securities of approximately $685.0 million *

*Cash expenditures may be higher or lower than currently estimated due to a variety of factors and circumstances, including as a result of the Company’s ongoing stock repurchase program, or other expenditures outside the ordinary course of business, including M&A. This number further assumes receipt of approximately $106 million in tax refunds prior to December 31, 2026, which have been delayed as a result of the government shutdown in the fourth quarter of 2025, and assumes the Bako and StrataDx acquisition of $56 million, capital purchases of $12 million, and spend on the therapeutic development business of $26 million.

Conference Call Information

Fulgent will host a conference call for the investment community today at 8:30 AM ET (5:30 AM PT) to discuss its fourth quarter and full year 2025 results. The call may be accessed through a live audio webcast in the Investor Relations section of the Company’s website, http://ir.fulgentgenetics.com. An audio replay will be available at the same location.

Note Regarding Non-GAAP Financial Measures

Certain information set forth in this press release and/or to be discussed on the Company’s earnings call, including non-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are non-GAAP financial measures. Fulgent believes this information is useful to investors because it provides a basis for measuring the performance of the Company’s business, excluding certain income or expense items that management believes are not directly attributable to the Company’s operating results. Fulgent defines non-GAAP income (loss) as net income (loss) calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP, plus amortization of intangible assets, plus equity-based compensation expenses, plus impairment loss of investments, plus acquisition-related costs, which include one-time banker fee, legal, valuation, due diligence, and closing costs, plus one-time professional liability expense, plus or minus the non-GAAP tax effect, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company’s operations. The non-GAAP tax effect was calculated by excluding from the GAAP provision the impact of the amortization of intangible assets, equity-based compensation expenses, impairment loss of investments, acquisition-related costs, and a one-time professional liability expense. Fulgent defines adjusted EBITDA income (loss) as GAAP income (loss) plus or minus interest (expense) income, plus or minus provisions (benefits) for income taxes, plus equity-based compensation expenses, plus insurance expense related to transferable tax credits, plus depreciation and amortization, plus impairment loss of investments, plus

acquisition-related costs, plus one-time professional liability expense, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company’s operations. Fulgent defines non-GAAP gross profit as gross profit calculated in accordance with GAAP plus equity-based compensation included in cost of revenue as shown in the table below. Fulgent defines non-GAAP gross margin by taking non-GAAP gross profit and dividing it by GAAP revenue. Fulgent defines non-GAAP operating profit (loss) by taking GAAP operating profit (loss) and adding equity-based compensation, amortization of intangible assets, acquisition-related costs, and a one-time professional liability expense. Non-GAAP operating margin is calculated by taking non-GAAP operating profit (loss) and dividing it by GAAP revenue. Fulgent may continue to incur expenses similar to the items added to or subtracted from the GAAP financial measures, and, accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an implication that these items are unusual, infrequent or non-recurring. Management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure in evaluating the Company’s operating performance and for internal planning and budgeting. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Fulgent may not be comparable to similarly titled metrics reported by other companies. The Company does not provide reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because the information necessary to calculate such reconciliations is unavailable on a forward‑looking basis without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amounts of items that would be included in the GAAP measures, including, but not limited to, equity‑based compensation, tax effects, acquisition-related items, one-time professional liability expense, and potential impairments, any of which could be material. The Company is also unable to predict the probable significance of such items.

About Fulgent

Fulgent is a technology-based company with a well-established laboratory services business and a therapeutic development business. Fulgent’s laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians. Fulgent’s therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a diagnostic business into a fully integrated precision medicine company.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are often identified by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "plan," "project," "should," "target," "will," and similar expressions. Examples of forward-looking statements in this press release include statements about, among other things: future performance; guidance, including guidance regarding expected quarterly and annual financial results, revenue, GAAP loss, non-GAAP loss, and cash, cash equivalents, restricted cash, and investments in marketable securities; evaluations and judgments regarding the stability of certain revenue sources, the Company’s cash position and sufficiency of its resources, momentum, trajectory, vision, future opportunities and future growth of the Company’s testing and laboratory services, technologies and expansion; any references (express or implied) to the future closing of the StrataDx and Bako Diagnostics acquisitions; the potential benefits of the StrataDx and Bako Diagnostics acquisitions, including any potential or

expected revenue; the Company’s research and development efforts, including any implications that the results of earlier clinical trials will be representative or consistent with later clinical trials, the expected timing of enrollment and regulatory filings for these trials and the availability of data or results of these trials, including any implication that interim or preliminary data will be representative of final data; the Company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share, or expand its presence in certain markets; and the Company’s ability to continue to grow its business.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on management’s current assumptions, expectations, and beliefs concerning future developments and their potential effect on the Company’s business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the market potential for, and the rate and degree of market adoption of, the Company’s tests; its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the Company’s ability to maintain the low internal costs of its business model; the Company’s ability to maintain an acceptable margin; risks related to volatility in the Company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the Company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the Company’s revenue; dependence on a limited number of customers, including risks that any such customer may reduce, delay, or internalize testing volumes; risks related to the Company's acquisitions, including Bako and StrataDx, such as integration challenges, costs, and the Company's ability to realize expected benefits on anticipated timelines; the Company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests and testing services; the Company’s level of success in establishing and obtaining the intended benefits from partnerships, strategic investments, joint ventures, acquisitions, or other relationships; the success of the Company’s development efforts, including the Company’s ability to progress its candidates through clinical trials on the timelines expected; the Company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and the Company’s ability to protect its proprietary technology and intellectual property. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

The forward-looking statements made in this press release speak only as of the date of this press release, and the Company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law.

The Company’s reports filed with the U.S. Securities and Exchange Commission, or the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on the Company’s website and on the SEC's website at www.sec.gov upon their filing with the SEC. These reports contain more information about the Company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release.

Investor Relations Contact:

The Blueshirt Group

Lauren Sloane, lauren@blueshirtgroup.com

FULGENT GENETICS, INC.
Condensed Consolidated Balance Sheet Data
December 31, 2025, and December 31, 2024
(in thousands)
		December 31, 2025				December 31, 2024
ASSETS:
Cash and cash equivalents		$	50,193			$	55,144
Investments in marketable securities			655,153				773,313
Accounts receivable, net			84,762				69,021
Property, plant, and equipment, net			112,549				105,549
Other assets			310,868				216,937
Total assets		$	1,213,525			$	1,219,964
LIABILITIES & EQUITY:
Accounts payable, accrued liabilities and other liabilities		$	106,810			$	90,805
Total stockholders’ equity			1,106,715				1,129,159
Total liabilities & equity		$	1,213,525			$	1,219,964

FULGENT GENETICS, INC.
Condensed Consolidated Statement of Operations Data
Three and Twelve Months Ended December 31, 2025, and 2024
(in thousands, except per share data)
(unaudited)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenue		$	83,336			$	76,214			$	322,671			$	283,470
Cost of revenue (1)			50,754				44,365				191,796				176,255
Gross profit			32,582				31,849				130,875				107,215
Operating expenses
Research and development (1)			14,170				12,113				53,905				48,816
Selling and marketing (1)			10,978				9,538				43,371				36,246
General and administrative (1)			41,646				24,341				116,664				88,106
Amortization of intangible assets			2,026				1,992				8,031				7,965
Total operating expenses			68,820				47,984				221,971				181,133
Operating loss			(36,238	)			(16,135	)			(91,096	)			(73,918	)
Interest income			6,936				8,123				30,919				31,304
Interest expense			(16	)			(40	)			(75	)			170
Impairment loss			—				—				(9,926	)			(10,073	)
Other income, net			44				7				153				561
Total other income, net			6,964				8,090				21,071				21,962
Loss before income taxes			(29,274	)			(8,045	)			(70,025	)			(51,956	)
Benefit from income taxes			(5,624	)			(1,855	)			(8,394	)			(8,136	)
Net loss from consolidated operations			(23,650	)			(6,190	)			(61,631	)			(43,820	)
Net loss attributable to noncontrolling interests			232				302				1,118				1,112
Net loss attributable to Fulgent		$	(23,418	)		$	(5,888	)		$	(60,513	)		$	(42,708	)
Net loss per common share attributable to Fulgent:
Basic		$	(0.76	)		$	(0.19	)		$	(1.97	)		$	(1.41	)
Diluted		$	(0.76	)		$	(0.19	)		$	(1.97	)		$	(1.41	)
Weighted-average common shares:
Basic			30,981				30,652				30,777				30,235
Diluted			30,981				30,652				30,777				30,235
(1) Equity-based compensation expense was allocated as follows:
Cost of revenue		$	1,613			$	1,851			$	6,827			$	7,799
Research and development			3,171				3,408				13,231				14,971
Selling and marketing			679				924				3,016				3,907
General and administrative			3,813				4,225				16,508				17,804
Total equity-based compensation expense		$	9,276			$	10,408			$	39,582			$	44,481

FULGENT GENETICS, INC.
Non-GAAP Income Reconciliation
Three and Twelve Months Ended December 31, 2025, and 2024
(in thousands, except per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net loss attributable to Fulgent		$	(23,418	)		$	(5,888	)		$	(60,513	)		$	(42,708	)
Amortization of intangible assets			2,026				1,992				8,031				7,965
Equity-based compensation expense			9,276				10,408				39,582				44,481
Impairment loss (1)			—				—				9,926				10,073
Acquisition-related costs (2)			1,537				—				1,924				—
Professional liability expense			14,500				—				14,500				—
Non-GAAP tax effect			1,233				(5,349	)			(233	)			(4,780	)
Non-GAAP income attributable to Fulgent		$	5,154			$	1,163			$	13,217			$	15,031
Net loss per common share attributable to Fulgent:
Basic		$	(0.76	)		$	(0.19	)		$	(1.97	)		$	(1.41	)
Diluted		$	(0.76	)		$	(0.19	)		$	(1.97	)		$	(1.41	)
Non-GAAP income per common share attributable to Fulgent:
Basic		$	0.17			$	0.04			$	0.43			$	0.50
Diluted		$	0.16			$	0.04			$	0.42			$	0.49
Weighted average common shares:
Basic			30,981				30,652				30,777				30,235
Diluted			31,718				31,184				31,102				30,530

(1) Consists of a one-time, non-cash charge related to impairment of a prior investment.

(2) Consists of acquisition-related costs related to the acquisition of StrataDx and Bako for the three months ended December 31, 2025. The acquisition-related costs for the twelve months ended December 31, 2025 also included costs for the acquisition of ANP.

FULGENT GENETICS, INC.
Non-GAAP Adjusted EBITDA Reconciliation
Three and Twelve Months Ended December 31, 2025, and 2024
(in thousands)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net loss attributable to Fulgent		$	(23,418	)		$	(5,888	)		$	(60,513	)		$	(42,708	)
Interest income, net			(6,920	)			(8,083	)			(30,844	)			(31,474	)
Benefit from income taxes			(5,624	)			(1,855	)			(8,394	)			(8,136	)
Depreciation and amortization			6,112				6,192				24,123				24,928
Equity-based compensation expense			9,276				10,408				39,582				44,481
Insurance expense related to transferable tax credits			—				—				283				—
Impairment loss			—				—				9,926				10,073
Acquisition-related costs			1,537				—				1,924				—
Professional liability expense			14,500				—				14,500				—
Adjusted EBITDA		$	(4,537	)		$	774			$	(9,413	)		$	(2,836	)

FULGENT GENETICS, INC.
Non-GAAP Operating Margin
Three and Twelve Months Ended December 31, 2025, and 2024
(in thousands, except percentages)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenue		$	83,336			$	76,214			$	322,671			$	283,470
Cost of revenue			50,754				44,365				191,796				176,255
Gross profit			32,582				31,849				130,875				107,215
Gross margin			39.1	%			41.8	%			40.6	%			37.8	%
Equity-based compensation included in cost of revenue			1,613				1,851				6,827				7,799
Non-GAAP gross profit			34,195				33,700				137,702				115,014
Non-GAAP gross margin			41.0	%			44.2	%			42.7	%			40.6	%
Operating expenses			68,820				47,984				221,971				181,133
Equity-based compensation included in operating expenses			7,663				8,557				32,755				36,682
Amortization of intangible assets			2,026				1,992				8,031				7,965
Acquisition-related costs			1,537				—				1,924				—
Professional liability expense			14,500				—				14,500				—
Non-GAAP operating expenses			43,094				37,435				164,761				136,486
Non-GAAP operating loss		$	(8,899	)		$	(3,735	)		$	(27,059	)		$	(21,472	)
Non-GAAP operating margin			-10.7	%			-4.9	%			-8.4	%			-7.6	%

Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT Investor PresentationFebruary 27, 2026

Disclaimer Forward-Looking Statements and Market Data This presentation contains forward-looking statements, which are statements other than those of historical facts and which represent the estimates and expectations of Fulgent Genetics, Inc. (the “Company” or “Fulgent”) about future events based on current views and assumptions. Examples of forward-looking statements made in this presentation include, among others, those related to long-term upside or value, management of risk, anticipated growth and positioning, addressable market estimates, the Company’s mission, vision and strategies, the success of its business model and strategy, anticipated future revenue and guidance, evaluations and judgments regarding the Company’s business, products, technologies, competitive landscape, scalability, plans regarding development and launch of potential future products, and any businesses the Company may seek to acquire or has acquired or has invested in or may seek to invest in, including statements regarding Fulgent Pharma Holdings, Inc. (“Fulgent Pharma”), Inform Diagnostics, CSI Laboratories, Bako and StrataDx acquistions, and any potential synergies, or transformation of the Company’s business, long-term visions and strategies, the clinical development of Fulgent Pharma’s pipeline and related statements and assumptions regarding development timelines, any potentially accelerated pathway for regulatory approval, the potential safety and efficacy of the nanodrug delivery platform and any related therapeutic candidates, the potential market size for these candidates and platforms and the value of available data, including genomic data, the Company’s research and development efforts, including any implications that the results of earlier clinical trials will be representative or consistent with later clinical trials, the expected timing or timing of enrollment for these clinical trials or that interim or preliminary data will be representative of the final data or results of these trials, and guidance regarding the Company’s future performance and results of operations, including any cash or cash equivalent resource projections. The Company’s views and assumptions on which these forward-looking statements are based may prove to be incorrect. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties and changes in circumstances that may cause actual results to differ materially from those discussed or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those implied by forward-looking statements are disclosed under “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s reports filed with the Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K filed on February 28, 2025, and other reports it files from time to time. Because of these factors, you should not rely upon forward-looking statements as predictions of future events. The forward-looking statements in this presentation are made only as of the date hereof, and, except as required by law, the Company assumes no obligation to update any forward-looking statements in the future. The Company’s reports filed with the SEC, including its annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on the Company’s website upon their filing with the SEC. These reports contain more information about the Company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this presentation. This presentation also includes market data and forecasts with respect to the industry in which the Company operates. In some cases, the Company relies upon and refers to market data and certain industry forecasts that have been obtained from third-party surveys, market research, consultant surveys, publicly available information and industry publications that the Company believes to be reliable. These data and estimates involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Non-GAAP Financial Measures This presentation contains certain supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of non-GAAP measures to GAAP measures is contained in this presentation. Fulgent believes this information is useful to investors because it provides a basis for measuring the performance of the Company’s business, excluding certain income or expense items that management believes are not directly attributable to the Company’s operating results. The Company does not provide reconciliations of forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, particularly items related to equity-based compensation, tax effects and potential impairments, among other items, which could be material. Reconciling such items would require unreasonable efforts.

Leadership Team Seasoned legal and privacy professional with nearly two decades of legal experience Privacy Law Specialist; Certified Information Privacy Manager; Certified Information Privacy Professional and an Advisory Board Member with the International Association of Privacy Professionals J.D. from Duke University School of Law Brandon Perthuis Chief Commercial Officer Natalie Prescott General Counsel & Chief Privacy Officer Ming Hsieh Chief Executive Officer Dr. Harry Gao Lab Director and Chief Scientific Officer James Xie President and Chief Operating Officer Paul Kim Chief Financial Officer Extensive experience leading genetic testing commercialization programs since 2003 Previously VP of Sales and Marketing of the Medical Genetics Laboratory at Baylor College of Medicine Prior to Baylor, held senior roles at PerkinElmer, Inc. and Spectral Genomics, Inc. B.S. in Biomedical Science Responsible for managing all global operations, product vision and product engineering Served as an SVP of Cogent Systems, Inc. B.A. in Engineering, M.S. in Industrial Engineering and an M.S. in Computer Science Experienced financial leader and Certified Public Accountant Previously CFO of Cogent Systems, Inc.; sold to 3M for $943M in 2010 B.A. in Economics from University of California at Berkeley Previously Lab Director at City of Hope Clinical molecular genetics training fellowship and post-doctoral fellowship at Harvard Medical School M.S. in Immunology, and M.D. and Ph.D. in Microbiology, Immunology, and Medical Genetics Experienced operational leader, entrepreneur and philanthropist Previously CEO, President, and Chairman of Cogent Systems, Inc. Member of the National Academy of Engineering; Fellow of the National Academy of Inventors; Trustee of USC Dr. Ray Yin President, Pharma Founder & CEO, ANP Technologies, Inc. Former Team Leader of Nanobiotechnology for Chem/Bio Defense, U.S. Army Research Laboratory Holder of 46 drug delivery/detection patents Ph.D. in Chemistry, University of Southern California

About Fulgent We are a premier global, technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health. Mission Develop flexible and affordable diagnostics and therapeutics that improve the everyday lives of those around us. Core Values Innovation Customer Service and Commitment Quality and Efficiency Our People Strategy Leverage our proprietary technology platform for broad application Further clinical/regulatory program for Pharma Operational excellence Disciplined M&A

Laboratory Services

Well-positioned to execute on a growth strategy that includes organic and inorganic initiatives, including: Transformational acquisitions Scaling partnerships Potential planned and future acquisitions with a strategy of short- and long-term ROI, tangible synergies, and efficient capital deployment 1 2 3 $83M Q4 Revenue +9% Q4 Year-over-Year Revenue Increase 18,400+ GENES | 900+ PANELS CUSTOMIZABLE OFFERINGS Positioned for Growth Proprietary technology platform allows for rapid scaling of a broad, flexible test menu Next-generation sequencing (NGS) platform complemented with growing portfolio of emerging testing technologies with a focus on oncology 6

Platform & Capabilities Across 3 Categories Precision Diagnostics Reproductive Health Oncology / Liquid Biopsy Rare Disease Neurogenetics Laboratory Services Anatomic Pathology Dermatopathology Gastrointestinal (GI) Genitourinary (GU) GSP BioPharma Services Spatial Phenotyping Exome / Genome sequencing RNA sequencing Single Cell sequencing

Target Market Opportunity Cancer Diagnostics Early Detection/ Liquid Biopsy Reproductive Health BioPharma Services Genes & Panels Tumor Profiling Known Mutation Newborn Genetics Hereditary Cancer Carrier Screens Genomic Testing Sequencing Service Infectious Disease Spatial Biology

What Sets Fulgent Apart? Technology Platform A New Approach to NGS Proprietary probes and engineered chemistry Comparison and suppression algorithms Comprehensive analytics powered by AI and ML Extensive Test Menu Leads to a Broader Test Menu 18,400+ single-gene tests (1) 900+ panels Whole Genome and Exome Flexibility enables custom tests for any genes or conditions Preset panels have grown 350% since IPO in 2016 Superior Cost Structure A Better Cost Structure Lab efficiencies, automation, and scale have translated to a sustainable cost structure Partnerships create leverage with sales and marketing Process 100% of volume without the need for outsourcing Rapid Turnaround Time Represents genes covered by single-gene tests. 9

Patients and Providers Research Portal …Provides a Multitude of Advantages Broad test menu Ability to rapidly develop and launch new tests Customizable test offerings Lower costs per billable test High efficiency AI & Proprietary Technology Platform Differentiated Technology... Engineered genetic biochemistry, including reagents and probes Data suppression and comparison algorithms Adaptive learning software Automated reporting Web Services for: Clinical Workflow for: Cancer Carrier Exome Genome Methylation Mitochondrial Rent-a-lane Sequencing Services: WGS/WES RNA Oncology Single Cell Pipeline Services: Curation Tools Curation Content Curation Cloud: Report Editor Curation Warehouse Dry Lab Service Data Analysis Germline Somatic Custom Lab Workflow: Wet Lab Auto Lab Record Management: Patient Record BioBank FulgentDB Fulgent and Picture Websites Benefit Analysis Mito Other 10

Recent Traction with: Hereditary Cancer Cardiovascular Genetics Reproductive Health Neurodegenerative Genetics Newly launched ultra rapid whole genome sequencing Aggressively expanding sales and commercial organization Wide Array of Technologies Services Include: Flow cytometry Cytogenetic analysis Fluorescence in-situ hybridization (FISH) Immunohistochemistry Molecular genetics Consultations in hematopathology and surgical pathology NGS Broad Capabilities Broad Capabilities Breast pathology Gastrointestinal pathology Dermatopathology Urologic pathology Neuropathology Managed care contract network and physician relationships leveraged to provide diagnostic products and services complementary to Fulgent’s portfolio Expansive geographic presence with multiple CLIA-licensed laboratories across the United States Next Generation Sequencing Opportunities Specialized Oncology Testing Comprehensive Anatomic Pathology Services

Scalable and Affordable Menu for Customers Large Panel Small Panel Focus Panel Single-Gene / Custom Comprehensive Panel Average Sales Price / Test Whole Genome Whole Exome Clinical Exome GREATER OFFERINGS THAN MANY LEADING COMPETITORS CNV+ MANY COMPETITORS DO NOT OFFER Flow Cytometry FISH Histopathology Cytogenetics Molecular

NGS Testing – Offerings Site-Specific Testing Known Mutation Focus (50 Genes) Comprehensive (154 Genes) Somatic Cancer Panels 20 Panels Repeat Expansion 18,400+ Genes Single Gene 800+ Panels Customizable Panels Disease Panels Exome and Whole Genome Genomic Tests

NGS Testing – Germline Oncology Test Menu Fulgent Focus Cancer Panels Fulgent Comprehensive Cancer Panels Customizable: Add additional cancer genes or panels at no charge Genes: 50 Methods: NGS & Del/Dup Coverage: 99% at 50x Del/Dup ≥ 1 Exon TAT: 2 – 3 Weeks Customizable: Add additional cancer genes or panels at no charge Methods: NGS & Del/Dup Genes: 154 Coverage: 99% at 50x Del/Dup ≥ 1 Exon TAT: 2 – 3 Weeks Focused Comprehensive

Oncology Testing Platforms Expansive heme and solid tumor menu STAT testing available - PML/RARA <1 day turnaround time CD138 cell enrichment for PCM 3-5 day turnaround time 225+ stains Platform agnostic Roche, Agilent, and Leica IHC Three levels of service – Tech, Global, Consultative PD-L1 - Various IVD platforms and indications <1-2 day turnaround time Hematology and solid tumor menu Extensive single gene menu NGS Solid tumor liquid biopsy NGS offering 5-7 day turnaround time  Oncology and constitutional >20% abnormality detection rate Mitogen stimulation/dual culture DSP30 (detection of B-cell disorders) Interleukin 4 for plasma cell myeloma Phytohemagglutinin and Interleukin 2 (detection of T-cell disorders) Children’s Oncology Group approved 5-7 day turnaround time FISH Histology Cytogenetics Flow Cytometry Molecular 10-color platform Comprehensive panel design High-sensitivity for paroxysmal nocturnal hemoglobinuria Expert analysis and interpretation 12-24 hour turnaround time

NGS Testing – Ultra Rapid Whole Genome Covers > 20,000 genes Fast turnaround (38-48 hours for preliminary report)     Change medical management for up to 87% of babies* Designed for critically ill infants in the NICU/PICU to rapidly diagnose genetic disorders Single nucleotide variants Repeat Expansions Exon deletions/duplications Mitochondrial alterations Genome-wide deletions/duplications Comprehensive detections: TRIO, DUO, or Proband +/- RNA-seq Regions of homozygosity * PMID 34089648 - Analysis limited to DNA analysis of SNVs and CNVs.

The Focus Carrier screen is a pan-ethnic screen that looks for pathogenic mutations known to cause autosomal recessive and X-linked disorders Gene Count: 30 The Ashkenazi Jewish carrier screens for pathogenic carrier variants known to cause recessive genetic disorders Gene Count: 61 The ACOG/ACMG panel screens for common genetic disorders seen in the general population Gene Count: 6 One of the largest panels available for those seeking the most comprehensive testing option Gene Count: 787 The Expanded Panel screens for more than 400 recessive and X-linked conditions that covers people of all ethnic backgrounds Gene Count: 427 NGS Testing – Panel Deep Dive NGS of entire genes, not just hotspots Deletion and duplication analysis Proprietary algorithms for pseudogenes TAT: 2 Weeks Beacon Carrier Screening Beacon ACOG / ACMG Guidelines Panel Beacon Ashkenazi Jewish Panel Beacon Focus Panel Beacon Expanded Panel Beacon787 Panel Comprehensive Beacon Carrier Screening Tests

Therapeutic Development

Nano-Drug Delivery Platform Overview Many drug candidates in the industry failed during preclinical and clinical development and testing due to poor water solubility Nanoencapsulation produces amorphous drug candidates with improved solubility and potentially enhanced absorption, drug PK profiles, safety and efficacy Broadly applicable to both IV and oral drug delivery formulations Potentially shortened development timeline Plug and play drug delivery platform provides multiple shots on goal Simple and low-cost production process Platform Advantage: Soluble in both water and various organic solvents and capable of hot melt mixing with APIs

FID-007 Program Overview – Phase 1  Note: all findings are preliminary DCR includes Stable Disease (SD), Partial Response (PR), Complete Response (CR) FID-007 Phase 1/1b Preliminary Highlights (as of 6/2/24): H&N Cancer 45% ORR and 72% DCR were observed in 11 heavily pretreated HNSCC patients. Among them, 3 out of the 5 patients who achieved a PR had received prior taxane. FID-007 Phase 1/1b First in Human Clinical Trial – Preliminary Findings (n=46 patients) Dose levels up to 160 mg/m2/week with manageable safety profile RP2D at 125 mg/m2/week There is preliminary evidence of anti-tumor activity in 46 heavily pre-treated patients across different tumor types (ORR = 17%) No high-grade neuropathy often seen in other taxanes Updated clinical data presented at ASCO 2024

FID-007 Phase 1 Clinical Data Presented at ASCO 2024

FID-007 Program Overview – Phase 2  FID-007 Plus Cetuximab Phase 2 Update (as of 9/25/25): H&N Cancer Multiple clinical sites activated (USC, Moffitt, City of Hope, etc.) with  39 patients dosed 36 patients have received at least 1 dose of study treatment (FID-007 or Cetuximab) 35 patients are efficacy-evaluable (EEP) Updated clinical data presented at ESMO 2025 1. The following terms have the following meanings: "ORR" Objective Response Rate; "BOR" Best Overall Response; "DoR" Duration of Response; "DCR" Disease Control Rate; "PFS" Progression Free Survival; "OS" Overall Survival; "PK" Pharmacokinetics

BOR Overall N= 35 (%) Arm A N= 18 (%) Arm B N= 17 (%) Overall by p16 Status Neg. N=16 (%) Pos. N=19 (%) CR 4 (11) 1 (6) 3 (18) 3 (19) 1 (5) PR 14 (40) 7 (39) 7 (41) 4 (25) 10 (53) SD 8 (23) 4 (22) 4 (24) 5 (31) 3 (16) PD 5 (14) 3 (17) 2 (12) 3 (19) 2 (11) NE 4 (11) 3 (17) 1 (6) 1 (6) 3 (16) ORR 18 (51) 8 (44) 10 (59) 7 (44) 11 (58) DCR 26 (74) 12 (67) 14 (82) 12 (75) 14 (74) Best Overall Response by Arm (N= 35) Best Response for Target Lesions by Patient (N= 29) Note: Only patients who have at least 1 post-baseline tumor assessment were analyzed Based on maximal percentage change in target lesions from baseline Response measured by RECIST v 1.1 Data extraction date: October 15, 2025 FID-007: Anti-Tumor Response Observed in Preliminary Phase 2 Data Data cutoff date: September 25, 2025

FID-007: Progression-Free Survival & Duration of Response Observed in Preliminary Phase 2 Data Overall Arm A Arm B Median PFS (months) 7.8 9.2 7.8 Duration of Response No. of Responders 18 8 10 > 6 months (%) 4 (22) 2 (25) 2 (20) Response Ongoing (%) 13 (72) 6 (75) 7 (70) Kaplan-Meier Plot of Progression-Free Survival Analysis Data cutoff date: September 25, 2025

FID-007: Time to Response and Duration Observed in Preliminary Phase 2 Data Data cutoff date: September 25, 2025

Potential Market Opportunity for FID-007 Pancreatic H&N1 $1.86B in 2025 $2.1B by 2035 Note: U.S. opportunity shown Sources: Evaluate Pharma, Wall Street research, and management pricing expectations Head & Neck, or H&N, market opportunity for both 2nd line and 3rd line therapy Initial Indication Subsequent Indications Breast Ampullary NSCLC

FID-022: FIH Study Design (BOIN1) L1: 20 mg/m L5: 100 mg/m L4: 80 mg/m L3: 60 mg/m L2: 40 mg/m L6:120 mg/m Dose escalation BOIN design N≥3 each dose level Total ≤ 24 Monotherapy: Infusion on Days 1 and 8 of every 21-day cycle Simulate possible dose de-escalation 2 2 2 2 2 2 Cycle 1 Cycle 2 D1 D8 D15 D22 D29 D36 D43 D50 D57 Cycle 3 FID-022-001 Clinical Update Dose level 1 & 2 are completed 1. Bayesian Optimal Interval Design, a type of model-assisted dose finding design used to determine the maximum tolerated dose. Days:

Pipeline FID-007: wholly-owned drug candidate initially focused on Head & Neck (H&N), Pancreatic/Ampullary cancers Phase 2 trial ongoing for 2nd line treatment of H&N cancer FID-022 Phase 1 trial ongoing Potential FDA approval strategy uses 505(b)(2) studies, which may shorten clinical trial process and accelerate timeline to commercialization Developing a next generation antibody drug conjugate (ADC) technology platform that could potentially have better efficacy over various tumors with a broad range of target antigen expression levels when compared to some of the upper ADC benchmarks on the market FID-007 Drug Candidates Preclinical Target Indication Milestones Cytotoxic Head and Neck (H&N) (505(b)(2)) Preliminary Data Reported October; Interim Findings in June 2026 Ampullary or ICI Resistant (505(b)(2)) Go/No-go Based on H&N Study Clinical P1 Clinical P2 Clinical P3 FID-022 Cytotoxic Colon, Pancreatic, Ovarian, Bile Duct (505(b)(2)) Dosing completed for 1st and 2nd dose levels.  Dosing for 3rd dose level ongoing ADCs Undisclosed Solid Tumors

Financials

Summary of Financial Performance $83M Revenue in Q4 2025 $(102)M * Last Twelve Months (LTM) Operating Cash Flow as of Q4 2025 +14% year-over-year ($ in millions) 9% growth year-over-year *As of year-end, we had not yet received the $106M federal income tax refund which has been delayed due to the government shutdown in the fourth quarter. Note: All figures are rounded.

($ in millions) ($ in millions) ($ in millions) Fulgent defines non-GAAP gross profit as gross profit calculated in accordance with GAAP plus equity-based compensation included in cost of revenue, and Fulgent defines non-GAAP gross margin by taking non-GAAP gross profit and dividing it by GAAP revenue.  See appendices for Non-GAAP reconciliations of these figures. Note: All figures are rounded. Financial Performance: Revenue and Gross Margin

2025 Financial Performance Across Segments Non-GAAP metric excludes equity-based compensation, amortization of intangible assets, acquisition-related costs, any impairment loss, and a one-time professional liability expense.  See Appendices for Non-GAAP reconciliations of these figures. Note: All figures are rounded.

2025 Revenue by Category We do not expect future material revenues from the sale or provision of COVID-19 tests and testing services. Included in other is licensing revenue recognized through acquired customer relationships. Therapeutic development for drug candidates still in pre-commercial stage. Note: All figures are rounded. $322.7 $283.5 ($ in millions) +14% YoY +58% YoY +10% YoY

2025 Operating Expenses by Category Non-GAAP metric excludes equity-based compensation, amortization of intangible assets, acquisition-related costs, and a one-time professional liability expense.  See Appendices for Non-GAAP reconciliations of these figures. Note: All figures are rounded. ($ in millions) $28.7 $193.2 $144.5 $20.3

Strategies for Success Across Segments Balanced growth strategy Enhancing operational efficiency Building integration readiness Investing in core capabilities Strengthening financial discipline Target future Non-GAAP profitability Laboratory Services P Completed enrollment for Phase 2  trial of FID-007 at YE 2025 Plans to submit a meeting request with  the FDA in 2Q2026; Phase 3 protocol  development is on-going Phase 1 clinical trial for FID-022  progressing through dose escalation Therapeutic Development Target cash burn of ~$26M Non-GAAP profitability (income before income tax) excludes equity-based compensation, amortization of intangible assets, acquisition-related costs, any impairment loss, plus or minus other charges or gains, as identified, that management believes are not representative of the Company’s operations.

2026 Financial Guidance Expected cash, cash equivalents, and investments in marketable securities of approximately $685 million as of December 31, 20262 Total revenue includes NGS COVID-19 testing revenue and licensing revenue. We do not expect future material revenues from the sale or provision of COVID-19 tests and testing services. Cash expenditures may be higher or lower than currently estimated due to a variety of facts and circumstances, including as a result of the Company’s ongoing stock repurchase program or other expenditures outside of ordinary course, including M&A. This number further assumes receipt of approximately $106 million in tax refunds, which may be delayed as a result of the current government shutdown, and assumes the purchase price of the Bako and StrataDx acquisition of $56 million, capital purchases of $12 million, and spend on the therapeutic development business of $26 million. Note: All figures are rounded.

Balance Sheet

Appendix

Prenatal Screening for Genetic Conditions

Technology NGS Comprehensive NIPS utilizing coordinative allele-aware target enrichment (COATE) suppresses allelic hybridization bias Dual end sequencing retains cfDNA fragmentation characteristics Multi-dimensional analyses for allelic ratios, read-depth, cfDNA fragmentation pattern KNOVA technology is using features from both commonly used methods of NIPT (SNP-based and MPSS/counting methods). Additionally, we use proprietary technology that helps us better differentiate between maternal and fetal DNA. All of this increases the sensitivity and specificity of our test for both aneuploidies and monogenic conditions.

Fulgent NIPT/NIPS – Full Panel Aneuploidies - 6 13, 15, 16, 18, 21, 22 Aneuploidies (sex chr) Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p; 22q11.2 Single genes - 56 ASXL1, BRAF, CBL, CD96, CDKL5, CHD7, COL10A1, COL11A1, COL1A1, COL1A2, COL2A1, EBP, EFNB1, ERF, FGFR1, FGFR2, FGFR3, FLNB, FREM1, GLI3, HDAC8, HNRNPK, HRAS, KAT6B, KMT2D, KRAS, LMNA, MAP2K1, MAP2K2, MECP2, NIPBL, NRAS, NSD1, NSDHL, PTPN11, RAD21, RAF1, RIT1, RUNX2, SHOC2, SKI, SLC25A24, SMC1A, SMC3, SNRPB, SOS1, SOS2, SOX9, SPECC1L, STAT3, TCF12, TRAF7, TSC1, TSC2, TWIST1, ZIC1

Detection Rates of KNOVA in High-Risk Pregnancies Aneuploidies - 6 13, 15, 16, 18, 21, 22 Aneuploidies (sex chr) Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p; 22q11.2 Single genes - 56 ASXL1, BRAF, CBL, CD96, CDKL5, CHD7, COL10A1, COL11A1, COL1A1, COL1A2, COL2A1, EBP, EFNB1, ERF, FGFR1, FGFR2, FGFR3, FLNB, FREM1, GLI3, HDAC8, HNRNPK, HRAS, KAT6B, KMT2D, KRAS, LMNA, MAP2K1, MAP2K2, MECP2, NIPBL, NRAS, NSD1, NSDHL, PTPN11, RAD21, RAF1, RIT1, RUNX2, SHOC2, SKI, SLC25A24, SMC1A, SMC3, SNRPB, SOS1, SOS2, SOX9, SPECC1L, STAT3, TCF12, TRAF7, TSC1, TSC2, TWIST1, ZIC1 The detection rate was increased by 60.7% using KNOVA compared to standard NIPS in pregnancies with fetal anomalies.

Parenting Screens adults to determine their carrier status for recessive genetic disorders Newborn Screens newborns for genes associated with various severe genetic conditions Wellness Screens adults for genetic variants that indicate disease risk PD Aware Assesses genetic risk for Parkinson's Disease Consumer Initiated Tests – Picture Genetics Targeting the Large Consumer Market with Picture Genetics Launched in 2019 with significant growth amid COVID-19 A consumer-focused offering that merges clinical utility with accuracy of an accredited lab Extends Fulgent’s NGS capabilities to a broader market Validated by successfully scaling to hundreds of thousands of tests performed within months for COVID-19, after receiving an EUA Genetic tests utilizes complete sequencing (vs genotyping) by NGS analysis for better, more accurate results Patient-friendly with easy to use “order from home” model – no doctor office visits or insurance necessary, though many tests are eligible for reimbursement Select full service offering that includes analysis and genetic counseling support PGx Pharmacogenetic test that provides genetic insights on drug response

BACKGROUND RESULTS Paclitaxel (PTX) is a microtubule targeting agent with activity across a wide range of solid tumors. However, the water-insoluble nature and the toxicities associated with its formulation remain significant challenges to optimizing its therapeutic potential. METHODS FID-007-003 is a phase 2, randomized, multicenter, open-label study (NCT06332092), targeting to enroll 42-46 patients with disease progression after ≤1 prior line of systemic therapy for R/M HNSCC, including an immune checkpoint inhibitor (ICI). CONCLUSIONS FID-007 combined with cetuximab demonstrated meaningful anticancer efficacy and favorable safety/tolerability profile at both dose levels for the ≤2nd line treatment of R/M HNSCC. An optimal dose of FID-007 will be determined after data maturation to support further development of this combination therapy. Acknowledgements We are grateful to the patients, their families and the participating sites for their contribution to this work. This study is sponsored by Fulgent Pharma LLC. R/M HNSCC of nasal/paranasal sinuses, nasopharynx (EBV- negative only), oral cavity, oropharynx, hypopharynx and larynx Disease progression after ≤1 prior line of systemic therapy (including an ICI) in the R/M setting ECOG PS of 0 or 1 Patients with prior cetuximab or taxane treatment in the R/M setting is excluded. Study Design Disclosure Jacob Thomas has done consulting work for Merus. As of the data cut-off date of September 25, 2025, 39 patients have been randomized, 36 patients have received at least 1 dose of study treatment (FID-007 or cetuximab), and 35 patients are efficacy-evaluable (EEP)*. * EEP includes all enrolled patients who received ≥1 dose of study treatment and either have ≥1 post-baseline radiological response assessment, or discontinued study due to clinical progression or death due to underlying disease before the 1st tumor assessment. Enrollment Eligibility Criteria References Matsumura Y, Maeda H. A new concept for macromolecular therapeutics in cancer chemotherapy: mechanism of tumoritropic accumulation of proteins and the antitumor agent smancs. Cancer Res. Dec 1986;46(12 Pt 1):6387-92. A first-in-human study of FID-007 monotherapy in advanced solid tumors (NCT03537690, N=50) demonstrated a tolerable safety profile without any Grade 3/4 peripheral neuropathy and an ORR of 45% in a subset of heavily pre-treated patients with recurrent/ metastatic head and neck squamous cell carcinoma (R/M HNSCC). The smaller size of FID-007 nanoparticles (~30 nm) compared to solvent-based PTX micelles in plasma enables easy penetration and reduced clearance in tumor due to the enhanced permeability and retention effect 1, thereby leading to higher accumulation of FID-007 in the tumor tissue. FID-007 is designed to improve the pharmacokinetics of PTX, increase its water solubility, reduce formulation-related toxicity, and enhance therapeutic efficacy by encapsulating PTX with a clinically safe polyethyloxazoline (PEOX) polymer. FID-007 Clinical Data Presented at ESMO 2025 44

FID-007: Demographics and Baseline Characteristics Observed in Preliminary Phase 2 Data Arm A N= 19 (%) Arm B N=20 (%) Age Group (years) Median 65 63 Range 49 - 81 45 - 78 Gender Male 14 (74) 16 (80) Female 5 (26) 4 (20) Race-Ethnicity     Non-Hispanic White 16 (84) 12 (60) Non-Hispanic Black 1 (5) 1 (5) Hispanic (all races) 1 (5) 6 (30) Other, non-Hispanic 1 (5) 0 HPV (p16) Status     Negative 9 (47) 10 (50) Positive 10 (53) 10 (50) Arm A N= 19 (%) Arm B N=20 (%) Prior Platinum Tx Yes 11 (58) 10 (50) No 8 (42) 8 (40) Not reported / Unknown 0 2 (10) Prior ICI Tx Yes 19 (100) 18 (90) No 0 0 Not reported / Unknown 0 2 (10) Prior Taxane Tx Yes 0 1 (5) No 19 (100) 17 (85) Not reported / Unknown 0 2 (10) Prior Systemic Tx Locally advanced only 4 (21) 3 (15) Recurrent / Metastatic 15 (79) 16 (80) Platinum = carboplatin or cisplatin; ICI = pembrolizumab or nivolumab; Taxane = paclitaxel or docetaxel Data cutoff date: September 25, 2025

FID-007: Overview of Treatment-Related Adverse Events Observed in Preliminary Phase 2 Data Number (%) of Patients OverallN=36 (%) Arm  AN=19 (%) Arm  BN=17 (%) Any serious TRAE 2 (6) 1 (5) 1 (6) Any TRAE of Grade 3 or above 21 (58) 7 (37) 14 (82) Any TRAE leading to death 1 (3) 1 (5) 0 Any TRAE leading to dose reduction 10 (28) 5 (25) 5 (29) Any TRAE leading to treatment discontinuation 2 (6) 2 (11) 0  Data cutoff date: September 25, 2025

FID-007: Treatment-Related Adverse Events (≥20% of Patients) Observed in Preliminary Phase 2 Data OverallN=36 (%) Arm A N=19 (%) Arm BN=17 (%) Preferred Term All Grades Grade 3-5 All Grades Grade 3-5 All Grades Grade 3-5 Dry skin 24 (67) 14 (74) 10 (59)   Rash maculo-papular* 20 (56) 2 (6) 6 (32) 14 (82) 2 (12) Fatigue 19 (53) 9 (47) 10 (59)   Neutrophil count decreased 16 (44) 6 (17) 6 (32) 2 (11) 10 (59) 4 (24) Alopecia 14 (39) 7 (37) 7 (41)   Hypomagnesaemia 14 (39) 2 (6) 7 (37) 1 (5) 7 (41) 1 (6) Anaemia 13 (36) 3 (8) 6 (32) 1 (5) 7 (41) 2 (12) Dermatitis acneiform 13 (36) 3 (8) 7 (37) 2 (11) 6 (35) 1 (6) Peripheral sensory neuropathy** 11 (31) 4 (21) 7 (41)   Pruritus 10 (28) 4 (21) 6 (35)   Stomatitis 8 (22) 1 (3) 2 (11) 6 (35) 1 (6) Lymphocyte count decreased 7 (19) 7 (19) 2 (11) 2 (11) 5 (29) 5 (29) Pneumonia 1 (3) 1 (3)     1 (6) 1 (6) * Included PTs Rash and Rash maculo-papular ** Includes PTs Peripheral sensory neuropathy and Neuropathy peripheral Data cutoff date: September 25, 2025

Non-GAAP Financial Adjustments Acquisition-related costs incurred in Q2 2025 were adjusted as the acquisition of ANP Technologies, Inc. was signed and closed during Q3 2025. Prior reporting included these costs in general and administrative operating expenses but did not remove them for Non-GAAP reporting.

Non-GAAP Financial Adjustments by Segment

Thank You

Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT

FAQ

How did Fulgent Genetics (FLGT) perform financially in Q4 2025?

Fulgent Genetics generated Q4 2025 revenue of $83.3 million, a 9% year-over-year increase. The company reported a GAAP net loss of $23.4 million, or ($0.76) per share, but delivered non-GAAP income of $5.2 million, or $0.16 per diluted share.

What were Fulgent Genetics' full year 2025 results?

For 2025, Fulgent Genetics reported revenue of $322.7 million, up 14% year over year. GAAP net loss was $60.5 million, or ($1.97) per share, while non-GAAP income reached $13.2 million, or $0.42 per diluted share, reflecting adjustments for non-cash and one-time items.

What 2026 financial guidance did Fulgent Genetics (FLGT) provide?

Fulgent expects full year 2026 revenue of approximately $350.0 million. Management projects a non-GAAP loss of about ($1.45) per share and anticipates holding roughly $685.0 million in cash, cash equivalents, restricted cash, and investments in marketable securities as of December 31, 2026, assuming planned transactions and tax refunds.

What is Fulgent Genetics’ cash position and liquidity outlook?

Fulgent ended 2025 with $705.5 million in cash, cash equivalents, restricted cash, and marketable securities, excluding an anticipated tax refund of about $106.3 million. Guidance for year-end 2026 targets roughly $685.0 million in these balances, incorporating expected tax refunds and the Bako and StrataDx acquisition.

How are Fulgent Genetics’ non-GAAP results different from GAAP?

Fulgent’s non-GAAP metrics add back items like amortization of intangibles, equity-based compensation, impairment losses, acquisition-related costs, and a one-time professional liability expense. This produced 2025 non-GAAP income of $13.2 million versus a GAAP net loss of $60.5 million over the same period.

What are the key drivers of Fulgent Genetics’ growth strategy?

Fulgent’s strategy emphasizes its laboratory services platform and therapeutic pipeline. It highlights growth in oncology-focused genetic testing, expansion of anatomic pathology services, disciplined M&A including Bako and StrataDx, and advancement of cancer drug candidates FID-007 and FID-022 through phase 2 and phase 1 clinical trials, respectively.

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