Personalis (NASDAQ: PSNL) details 2025 results and 2026 growth plan

Rhea-AI Filing Summary

Personalis, Inc. reported fourth quarter and full year 2025 results and issued 2026 guidance, highlighting rapid growth in its clinical testing business alongside continued losses. Full year 2025 revenue was $69.6 million, down from $84.6 million, with a net loss of $81.3 million. However, clinical test volume surged nearly 400% to 16,233 tests, and Q4 clinical test revenue rose to $0.9 million from $0.2 million. The company ended 2025 with about $240 million in cash, cash equivalents and short-term investments, including $109 million of ATM proceeds. For 2026, Personalis guides to revenue of $78–$80 million, clinical revenue of $10–$11 million on 43,000–45,000 tests, and expects a net loss of about $105 million and cash usage of about $100 million as it invests behind 5x projected clinical revenue growth.

Insights

Biotech equity analyst

Personalis is trading near-term losses for rapid clinical MRD expansion.

Personalis is pivoting from legacy pharma and population sequencing revenue toward higher-value clinical minimal residual disease (MRD) testing. In 2025, total revenue fell to $69.6M from $84.6M, yet clinical test volume nearly quadrupled to 16,233, signaling accelerating adoption of its NeXT Personal platform.

Key growth enablers include Medicare coverage for breast cancer surveillance and Stage I–III NSCLC, plus strong validation data from TRACERx and VHIO studies. These factors, together with Q4’s 41% sequential clinical volume increase to 6,183 tests, underpin the 2026 outlook for clinical revenue of $10–$11M and 43,000–45,000 tests.

The trade-off is profitability. Management guides to a 2026 net loss of about $105M and cash usage of about $100M, with gross margin of 15–20% as they prioritize scale over near-term margins. A year-end cash balance of roughly $240M, bolstered by $109M of ATM proceeds, offers capacity to fund this strategy while future results show whether higher clinical volumes improve economics.

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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 26, 2026

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 February 26, 2026, Personalis, Inc. issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 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 February 26, 2026.
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: February 26, 2026		Personalis, Inc.
		By:	/s/ Aaron Tachibana
			Aaron Tachibana
			Chief Financial Officer and Chief Operating Officer

Exhibit 99.1

Personalis Reports Fourth Quarter and Full Year 2025 Results and Recent Highlights

○Clinical test volume surged 41% in Q4 over Q3 to 6,183 tests and full year increased nearly 400% to 16,233 tests

○Secured Medicare coverage for breast and lung cancer surveillance, validating ultrasensitive MRD technology

○Strong cash position of approximately $240 million provides capital for commercial expansion

○Full year 2026 revenue guidance of $78 to $80 million, driven by expected growth of approximately 5x for clinical revenue

FREMONT, Calif. – February 26, 2026 – Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial and operational results for the fourth quarter and full year ended December 31, 2025 and recent business highlights and provided financial guidance for the full year 2026.

Fourth Quarter and Recent Strategic and Operational Highlights

●Secured Milestone Medicare Coverages for Breast & Lung Cancer: Received Medicare coverage approval in the fourth quarter for the surveillance of cancer recurrence in breast cancer patients, and also, received Medicare coverage for Stage I to III non-small cell lung cancer (NSCLC) in the first quarter of 2026; both are expected to be key catalysts for clinical revenue generation and market share growth in the MRD space.

●Published Landmark TRACERx Data: Highlighted data from one of the largest and most comprehensive NSCLC patient cohorts to date in the journal Cell, demonstrating the clinical importance of Personalis’ ultrasensitive MRD approach.

●Validated ctDNA Dynamics: Published VHIO data in Clinical Cancer Research titled "Broad Utility of Ultrasensitive Analysis of ctDNA Dynamics across Solid Tumors Treated with Immunotherapy," further reinforcing the clinical validity of the NeXT Personal® platform in a broad array of cancer types.

Full Year 2025 Financial Results Compared with 2024

●Total Revenue: $69.6 million compared with $84.6 million.

●Clinical Momentum: Clinical test revenue of $2.0 million, more than double the $0.8 million.

●Volume Performance: Clinical test volume reached 16,233 tests, a nearly 400% increase over the 3,285 test volume in 2024.

●Core Revenue Streams: Pharma testing services and all other customers contributed $49.0 million. Revenue from enterprise sales (Natera) and population sequencing (the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP)) totaled $17.6 million. Other revenue included a $1.0 million royalty payment for the patents licensed by the Company.

Fourth Quarter 2025 Financial Results Compared with 2024

●Quarterly Revenue: $17.3 million compared with $16.8 million.

●Accelerating Volume: Delivered 6,183 clinical tests in the fourth quarter, representing a 41% sequential increase over the third quarter of 2025.

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●Clinical Revenue: Clinical test revenue of $0.9 million, compared with $0.2 million.

●Core Revenue Streams: Pharma testing services and all other customers contributed $10.9 million. Revenue from enterprise sales (Natera) and population sequencing (the VA MVP) totaled approximately $4.5 million. Other revenue included a $1.0 million royalty payment for the patents licensed by the Company.

●Strong Cash Position: Ended the year with approximately $240.0 million in cash, cash equivalents, and short-term investments. This includes approximately $109.0 million in net proceeds from the Company’s At-The-Market (ATM) sales program, executed at a weighted-average price of $8.43 per share.

CEO Commentary

“Our performance in 2025 was transformative, demonstrated by 400% year-over-year clinical volume growth and pivotal Medicare coverage for breast and lung cancer,” said Chris Hall, Chief Executive Officer and President. “We enter 2026 with a fortified balance sheet of approximately $240 million in cash, which allows us to expand our investments in our 'Win-in-MRD' strategy. While we are in the early stages of reimbursement, we are driving volume now to secure long-term market leadership. We expect 2026 to be a year of rapid commercial expansion, with clinical revenue projected to grow approximately five-fold as we operationalize our recent coverage wins.”

Full Year 2026 Outlook

Personalis expects the following for the full year of 2026:

●Total company revenue in the range of $78.0 to $80.0 million.

●Clinical revenue of $10.0 to $11.0 million, including Medicare reimbursement from breast and lung cancer surveillance; clinical volume expected to be in the range of 43,000 to 45,000 tests.

●Revenue from pharma testing services and all other customers in the range of $55.0 to $56.0 million.

●Revenue from population sequencing and enterprise sales of approximately $13.0 million.

●Gross margin in the range of 15% to 20%, reflecting the strategic decision to accelerate clinical volume adoption ahead of full reimbursement coverage to establish market share.

●Net loss of approximately $105.0 million.

●Cash usage of approximately $100.0 million, driven by commercial investments to support the projected 5x clinical revenue growth.

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).

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 rapid commercial expansion, the expected growth in clinical revenue and clinical test volume in 2026 and Personalis’ commercial investments driving clinical revenue growth to 5x, the drive in volume now securing long-term market leadership, and the clinical relevance of the NeXT Personal test and

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the potential impact or expected benefits of the TRACERx and VHIO studies. 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’ clinical sales team’s and Tempus AI, Inc.’s 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; 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’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission (SEC) on November 4, 2025, as updated by its Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC on February 26, 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

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PERSONALIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		(unaudited)
Revenue (1)		$	17,345			$	16,800			$	69,648			$	84,614
Costs and expenses
Cost of revenue			15,446				12,250				53,871				57,789
Research and development			13,071				11,494				50,264				48,905
Selling, general and administrative (2)			14,094				11,168				53,570				46,187
Total costs and expenses			42,611				34,912				157,705				152,881
Loss from operations			(25,266	)			(18,112	)			(88,057	)			(68,267	)
Interest income			1,570				1,631				7,155				5,510
Interest expense			(65)				1				(205	)			(24	)
Other income (expense), net (3)			(41)				59				(142	)			(18,485	)
Loss before income taxes			(23,802	)			(16,421	)			(81,249	)			(81,266	)
Provision for income taxes			10				4				21				18
Net loss		$	(23,812	)		$	(16,425	)		$	(81,270	)		$	(81,284	)
Net loss per share, basic and diluted		$	(0.26	)		$	(0.23	)		$	(0.91	)		$	(1.37	)
Weighted-average shares outstanding, basic and diluted			92,281,225				72,879,436				89,240,435				59,251,013
(1) Includes related party revenue of $1.9 million and $5.4 million for three and twelve months ended December 31, 2025, respectively.
(2) Includes related party sales and marketing expenses of $1.9 million and $4.6 million for the three and twelve months ended December 31, 2025, respectively.
(3) Includes related party other expense of $18.3 million in connection with the change in fair value of Tempus Warrants for the twelve months ended December 31, 2024.

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PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION
(in thousands)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		(unaudited)
Pharma testing services (1)		$	10,905			$	12,232			$	48,661			$	50,939
Enterprise sales			456				4,170				5,885				25,364
Population sequencing			4,011				219				11,766				7,430
Clinical diagnostic			857				176				2,018				759
Other			1,116				3				1,318				122
Total revenue		$	17,345			$	16,800			$	69,648			$	84,614
(1) Includes related party revenue of $1.9 million and $5.4 million for the three and twelve months ended December 31, 2025, respectively.

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PERSONALIS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per value data)

		December 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents		$	124,245			$	91,415
Short-term investments			115,708				93,594
Accounts receivable, net (1)			16,203				8,140
Inventory and other deferred costs			6,144				5,939
Prepaid expenses and other current assets			5,651				3,927
Total current assets			267,951				203,015
Property and equipment, net			44,815				48,274
Operating lease right-of-use assets			15,118				16,453
Other long-term assets			6,280				2,526
Total assets		$	334,164			$	270,268
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable (2)		$	12,989			$	6,397
Accrued and other current liabilities (2)			25,079				21,629
Contract liabilities			1,562				3,100
Total current liabilities			39,630				31,126
Long-term operating lease liabilities			31,866				34,882
Other long-term liabilities (3)			1,483				1,303
Total liabilities			72,979				67,311
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value — 10,000,000 shares authorized; none issued			—				—
Common stock, $0.0001 par value — 200,000,000 shares authorized; 102,475,891 and 85,171,146 shares issued and outstanding, respectively			10				9
Additional paid-in capital			892,331				752,961
Accumulated other comprehensive income (loss)			104				(23	)
Accumulated deficit			(631,260	)			(549,990	)
Total stockholders’ equity			261,185				202,957
Total liabilities and stockholders’ equity		$	334,164			$	270,268

(1) Includes related party accounts receivable of $2.5 million as of December 31, 2025 and December 31, 2024, respectively.

(2) Includes related party liabilities of $5.7 million and $1.7 million as of December 31, 2025 and December 31, 2024, respectively.

(3) Includes related party liabilities of $1.2 million as of December 31, 2024.

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FAQ

How did Personalis (PSNL) perform financially in full year 2025?

Personalis reported 2025 revenue of $69.6 million, down from $84.6 million in 2024, reflecting lower enterprise and pharma-related sales. Net loss was essentially flat at $81.3 million, as the company increased investment while shifting its focus toward clinical minimal residual disease testing.

What were Personalis’ key clinical growth metrics in 2025?

Clinical test volume reached 16,233 tests in 2025, nearly a 400% increase from 3,285 in 2024. Fourth-quarter clinical tests were 6,183, up 41% sequentially, and clinical test revenue rose to $2.0 million, more than double the prior year’s $0.8 million, indicating rapid adoption.

What 2026 revenue and earnings outlook did Personalis (PSNL) provide?

For 2026, Personalis expects total revenue of $78–$80 million, with clinical revenue of $10–$11 million on 43,000–45,000 tests. The company projects a net loss of about $105 million and gross margin of 15%–20% as it invests in commercial expansion of its MRD offerings.

How strong is Personalis’ cash position and expected 2026 cash usage?

Personalis ended 2025 with about $240 million in cash, cash equivalents and short-term investments, including $109 million of net proceeds from an at-the-market share program. For 2026, it anticipates cash usage of roughly $100 million, mainly to support commercial investments in its clinical MRD business.

What Medicare coverage milestones did Personalis achieve for its MRD tests?

Personalis obtained Medicare coverage for surveillance of cancer recurrence in breast cancer during Q4 2025, and for Stage I–III non-small cell lung cancer in early 2026. Management views these decisions as important catalysts for clinical revenue growth and market share in the MRD testing space.

How did Personalis’ revenue mix evolve between pharma, population sequencing and clinical segments?

In 2025, pharma testing and other customers generated $48.7 million, while enterprise sales and population sequencing contributed $17.6 million. Clinical diagnostic revenue, though smaller at $2.0 million, grew strongly alongside a large increase in test volumes, illustrating the company’s shift toward clinical MRD revenue streams.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 372.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 28.9 KB