Personalis (NASDAQ: PSNL) grows MRD tests as Q1 loss widens
Rhea-AI Filing Summary
Personalis, Inc. reported first quarter 2026 revenue of $15.5 million, down from $20.6 million a year earlier as non-core revenue declined while the company shifted focus to its minimal residual disease (MRD) offering. The net loss widened to $30.0 million, compared with $15.8 million in the prior-year quarter, as operating expenses increased.
Clinical test revenue rose to $1.4 million from $0.3 million, with clinical test volume surging 258% year-over-year to 7,815 tests, helped by growth in the NeXT Personal MRD test. Personalis secured Medicare coverage for lung cancer surveillance, adding to existing breast cancer coverage, and ended the quarter with about $233.2 million in cash, cash equivalents and short-term investments.
The company reaffirmed its full-year 2026 outlook, including total revenue of $78.0–$80.0 million, clinical test volume of 43,000–45,000 tests, clinical revenue of $10.0–$11.0 million, gross margin of 15%–20%, a net loss of about $105.0 million, and projected cash usage of about $100.0 million.
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Insights
Personalis is trading near-term losses for rapid MRD-driven clinical growth.
Personalis is intentionally shifting from legacy population sequencing and enterprise sales to its NeXT Personal MRD platform. That transition drove a revenue decline to $15.5M in Q1 2026, but clinical test revenue grew to $1.4M with 7,815 tests, up 258% year-over-year.
The company secured Medicare coverage for lung cancer surveillance, adding to existing breast cancer coverage, which directly supports its MRD growth thesis. However, the strategy is expensive: net loss nearly doubled to $30.0M, and guidance for 2026 includes a net loss of about $105.0M and cash usage near $100.0M.
Personalis ended the quarter with roughly $233.2M in cash, cash equivalents and short-term investments, including $21.0M raised via an ATM program at $10.00/share. The reaffirmed revenue outlook of $78.0–$80.0M and planned five-fold clinical revenue growth indicate management’s commitment to scaling MRD despite near-term margin pressure.
8-K Event Classification
Key Figures
Key Terms
minimal residual disease (MRD) medical
Medicare coverage regulatory
neoadjuvant therapy medical
negative predictive value medical
at-the-market (ATM) sales program financial
short-term investments financial
Earnings Snapshot
Personalis reaffirmed 2026 guidance including revenue of $78.0–$80.0M, clinical revenue of $10.0–$11.0M, gross margin of 15%–20%, net loss of about $105.0M, and cash usage of about $100.0M.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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 May 7, 2026, Personalis, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. 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 |
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Description |
99.1 |
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Press release of Personalis, Inc., dated May 7, 2026. |
104 |
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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: May 7, 2026 |
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Personalis, Inc. |
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By: |
/s/ Aaron Tachibana |
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Aaron Tachibana |
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Chief Financial Officer and Chief Operating Officer |
Exhibit 99.1
Personalis Reports First Quarter Results and Recent Highlights
Clinical test volume surged 258% year-over-year and 26% sequentially to 7,815 tests in Q1
Medicare coverage secured for lung cancer surveillance, providing a clear path to monetize rapidly growing clinical test volumes
FREMONT, Calif. – May 7, 2026 – Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial and operational results for the first quarter ended March 31, 2026, highlighted recent business accomplishments, and reaffirmed financial guidance for the full year 2026.
First Quarter and Recent Strategic and Operational Highlights
First Quarter 2026 Financial Results Compared with First Quarter 2025
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CEO Commentary
"Our accomplishments in the first quarter demonstrated that our 'Win-in-MRD' strategy is working to establish NeXT Personal as the new standard for how cancer is detected and monitored," said Chris Hall, Chief Executive Officer of Personalis. " Delivering 26% sequential and 258% year-over-year clinical volume growth—especially during what is traditionally the industry's toughest seasonal quarter reflects the strong market demand for our ultrasensitive NeXT Personal test. With new Medicare coverage for lung cancer joining our existing breast cancer win, Personalis now has a reimbursement success in two of the largest oncology indications. We are transforming our ultrasensitive MRD technology from a clinical leader into a potential commercial powerhouse and we remain firmly on track to grow our clinical revenue five-fold this year.”
Full Year 2026 Outlook
Personalis reaffirmed the following guidance for the full year of 2026:
About Personalis, Inc.
At Personalis, we are transforming the active management of cancer through breakthrough personalized testing. We aim to drive a new paradigm for cancer management, guiding care throughout the patient journey. Our highly sensitive assays combine tumor-and-normal profiling with proprietary algorithms to deliver advanced insights even as cancer evolves over time. Our products are designed to detect minimal residual disease (MRD) and recurrence at the earliest timepoints, enable the selection of targeted therapies based on ultra-comprehensive genomic profiling, and enhance biomarker strategy for drug development. Personalis is based in Fremont, California. To learn more, visit www.personalis.com and connect with us on LinkedIn and X (Twitter).
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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 include all statements that are not historical facts and can generally be identified by terms such as “anticipate,” “estimate,” “expect,” “if,” “may,” “future,” “will” or similar expressions. These statements include statements relating to: Personalis’ full year 2026 guidance for revenue, gross margin, net loss, and cash usage, the sufficiency of Personalis’ capital to support commercial scale and execution, the expected five-fold growth in clinical revenue in 2026 and Personalis’ commercial investments supporting projected clinical test volume growth and expansion, the potential for new features of the NeXT Personal test to optimize treatment, the clinical relevance of the NeXT Personal test and the potential impact or expected benefits of the Personalis’ published data and presentations. Such forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from any anticipated results or expectations expressed or implied by such statements, including the risks, uncertainties and other factors that relate to the timing and pace of new orders from customers, including from ModernaTX, Inc., Merck Sharp & Dohme LLC and other biopharma customers, and the VA MVP; the success of Personalis’ and Tempus AI, Inc.’s respective sales and marketing efforts; the timing of tissue, blood, and other specimen sample receipts from customers, which can materially impact revenue quarter-over-quarter and year-over-year; Personalis’ ability to demonstrate attributes, advantages or clinical validity of the NeXT platform, including the NeXT Personal MRD assay remaining unique in its ability to detect traces of cancer in the ultrasensitive range; future clinical data differing from the clinical data previously presented or expected results; the rate of adoption and use of the NeXT platform, including maintaining the accelerated adoption rates experienced in 2025 and in the first quarter of 2026; Personalis’ ability to obtain Medicare coverage and reimbursement in additional indications and the timing thereof; the impact of competition and macroeconomic factors on Personalis’ business; the partnering and/or collaboration arrangements that Personalis has entered into or may enter into in the future may not be successful, or may terminate, which could adversely impact Personalis’ business or affect its ability to develop and commercialize its services and products; having a limited number of suppliers; customer concentration; and Personalis may opportunistically raise additional capital through equity offerings, debt financings, collaborations, or licensing arrangements. These and other potential risks and uncertainties that could cause actual results to differ materially from the results predicted in these forward-looking statements are described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Personalis’ Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on February 26, 2026 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, to be filed with the SEC on May 7, 2026. All information provided in this release is as of the date of this press release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Personalis undertakes no duty to update this information unless required by law.
Contacts:
Investor Relations:
Caroline Corner
investors@personalis.com
646-277-1279
Media:
pr@personalis.com
3
PERSONALIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Revenue (1) |
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$ |
15,472 |
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$ |
20,605 |
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Costs and expenses |
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Cost of revenue |
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15,191 |
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13,398 |
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Research and development |
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14,539 |
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12,640 |
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Selling, general and administrative (2) |
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17,903 |
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12,263 |
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Total costs and expenses |
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47,633 |
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38,301 |
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Loss from operations |
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(32,161 |
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(17,696 |
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Interest income |
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2,172 |
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2,027 |
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Interest expense |
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(47 |
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(28 |
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Other income (expense), net |
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20 |
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(46 |
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Loss before income taxes |
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(30,016 |
) |
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(15,743 |
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Provision for income taxes |
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16 |
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7 |
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Net loss |
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$ |
(30,032 |
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$ |
(15,750 |
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Net loss per share, basic and diluted |
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$ |
(0.29 |
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$ |
(0.18 |
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Weighted-average shares outstanding, basic and diluted |
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104,191,862 |
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87,463,885 |
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(1) Includes related party revenue of $3.1 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes related party sales and marketing expenses of $2.9 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively.
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PERSONALIS, INC. |
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SUPPLEMENTAL REVENUE INFORMATION (Unaudited) |
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(In thousands) |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Pharma testing services (1) |
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$ |
10,724 |
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$ |
13,594 |
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Enterprise sales |
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393 |
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2,465 |
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Population sequencing |
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2,500 |
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4,213 |
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Clinical diagnostic |
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1,431 |
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308 |
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Other |
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424 |
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25 |
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Total revenue |
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$ |
15,472 |
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$ |
20,605 |
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(1) Includes related party revenue of $3.1 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.
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PERSONALIS, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and par value data)
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March 31, 2026 |
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December 31, 2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
73,594 |
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$ |
124,245 |
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Short-term investments |
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159,624 |
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115,708 |
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Accounts receivable, net (1) |
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13,022 |
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16,203 |
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Inventory and other deferred costs |
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6,930 |
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6,144 |
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Prepaid expenses and other current assets |
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5,028 |
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5,651 |
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Total current assets |
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258,198 |
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267,951 |
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Property and equipment, net |
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48,438 |
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44,815 |
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Operating lease right-of-use assets |
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14,957 |
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15,118 |
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Other long-term assets |
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3,802 |
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6,280 |
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Total assets |
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$ |
325,395 |
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$ |
334,164 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable (2) |
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$ |
12,676 |
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$ |
12,989 |
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Accrued and other current liabilities (2) |
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22,201 |
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25,079 |
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Contract liabilities (3) |
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4,168 |
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1,562 |
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Total current liabilities |
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39,045 |
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39,630 |
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Long-term operating lease liabilities |
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31,023 |
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31,866 |
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Other long-term liabilities |
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562 |
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1,483 |
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Total liabilities |
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70,630 |
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72,979 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $0.0001 par value — 10,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, $0.0001 par value — 200,000,000 shares authorized; 104,691,704 and 102,475,891 shares issued and outstanding, respectively |
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10 |
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10 |
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Additional paid-in capital |
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916,117 |
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892,331 |
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Accumulated other comprehensive income (loss) |
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(70 |
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104 |
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Accumulated deficit |
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(661,292 |
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(631,260 |
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Total stockholders’ equity |
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254,765 |
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261,185 |
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Total liabilities and stockholders’ equity |
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$ |
325,395 |
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$ |
334,164 |
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(1) Includes related party accounts receivable of $4.5 million and $2.5 million as of March 31, 2026 and December 31, 2025, respectively.
(2) Includes related party liabilities of $4.4 million and $5.7 million as of March 31, 2026 and December 31, 2025, respectively.
(3) Includes related party contract liabilities of $2.7 million and nil as of March 31, 2026 and December 31, 2025, respectively.
6
FAQ
How did Personalis (PSNL) perform financially in Q1 2026?
Personalis reported Q1 2026 revenue of $15.5 million, down from $20.6 million a year earlier. The company posted a net loss of $30.0 million, compared with $15.8 million in Q1 2025, as operating costs increased during its strategic shift.
How fast are Personalis (PSNL) clinical volumes and revenue growing?
Clinical test volume reached 7,815 tests in Q1 2026, a 258% year-over-year increase from 2,184 tests. Clinical revenue rose to $1.4 million from $0.3 million, reflecting rapid adoption of the NeXT Personal MRD test in oncology surveillance settings.
What Medicare coverage has Personalis (PSNL) secured for NeXT Personal?
Personalis obtained Medicare coverage in Q1 2026 for surveillance of cancer recurrence in Stage I–III NSCLC lung cancer patients. This follows an earlier coverage decision in breast cancer, giving the company reimbursement wins in two major oncology indications for its NeXT Personal MRD test.
What 2026 financial guidance did Personalis (PSNL) reaffirm?
For full-year 2026, Personalis reaffirmed total revenue guidance of $78.0–$80.0 million and clinical revenue of $10.0–$11.0 million. The company also projects a net loss of about $105.0 million and cash usage of about $100.0 million as it invests in commercial growth.
How strong is Personalis (PSNL) cash position after Q1 2026?
Personalis ended Q1 2026 with about $233.2 million in cash, cash equivalents, and short-term investments. This total includes roughly $21.0 million in net proceeds raised through an at-the-market equity program at a $10.00 per share average price.
How did Personalis (PSNL) segment revenues mix change in Q1 2026?
In Q1 2026, pharma testing services and other customers generated $11.2 million, while population sequencing and enterprise sales contributed about $2.9 million. Clinical diagnostic revenue grew to $1.4 million, highlighting a gradual shift toward MRD-focused clinical testing.