[8-K] Personalis, Inc. Reports Material Event

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Equity Research Analyst

TL;DR: Profitability inflects positive; cash flow weak but leverage trending lower.

Q2 marks CWK’s cleanest beat since listing: mid-single-digit top-line growth converted into double-digit EBITDA and EPS gains as head-count actions and lower restructuring charges flowed through. Operating margin expansion of 180 bps demonstrates pricing power in leasing and capital-markets rebound. The 6.6% YTD revenue gain is ahead of many CRE peers. That said, FCF remains negative; accrued comp unwind and deferred tax payments consumed $177 m. Working-capital seasonality typically normalises in H2, yet investors will watch cash closely given >$2.8 bn secured debt. Voluntary prepayments and swap repricing shaved interest expense 12%, a credit positive. Overall impact: moderately positive for equity holders.

Credit Analyst

TL;DR: Leverage still high but stable; liquidity adequate even after cash burn.

Gross debt/Adjusted EBITDA sits near 5.5×, broadly unchanged YoY but within covenant headroom (springing test 5.0× applies only if revolver >35% drawn). Cash plus revolver capacity gives ~$1.7 bn liquidity. Negative operating cash in H1 is typical, yet a second consecutive year of mid-year outflows warrants monitoring. Interest-rate risk is largely hedged through 2028; OCI drag from swaps is immaterial. Contingent liabilities (payroll tax dispute up to $43 m, DOJ antitrust case) appear manageable. Credit view: neutral-to-slightly positive; recent debt prepayments and refinancing lower risk of covenant breach.

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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): August 5, 2025

Personalis, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-38943		27-5411038
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

6600 Dumbarton Circle Fremont, California		94555
(Address of Principal Executive Offices)		(Zip Code)

(650) 752-1300

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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 (see General Instructions A.2. below):

☐ 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, $0.0001 par value per share		PSNL		The 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 August 5, 2025, Personalis, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. The full text of the press release is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 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 Number		Description
99.1		Press release of Personalis, Inc., dated August 5, 2025.
104		Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

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 thereunto duly authorized.

Date: August 5, 2025				Personalis, Inc.
				By:		/s/ Aaron Tachibana
						Aaron Tachibana
						Chief Financial Officer and Chief Operating Officer