Personalis, Inc. (PSNL) SEC Filings & Earnings Calls

Merger still subject to stockholder approval and other closing conditions; completion not guaranteed.

“The closing of the Mergers is subject to receipt of the Company Stockholder Approval... and satisfaction or waiver of the other closing conditions.” · word for word

Revenue realization depends on sample receipt and service performance; contract is subject to government funding.

“subject to the receipt of samples from the VA MVP and performance of services by Personalis” · word for word

cyber_breach_liability_pressure

“In December 2025, we received notice from our e-mail service provider about certain suspicious Personalis email account activity. Upon notification of this incident, we conducted a thorough investigation and determined that a threat actor had gained access to a small number of user accounts and some patients’ PHI may have been accessed.” · word for word

Merger with Tempus introduces execution and integration risk; guidance withdrawn.

“As a result of the announcement on July 20, 2026 that Personalis and Tempus AI, Inc. have entered into an Agreement and Plan of Merger, Personalis will no longer provide financial guidance or conduct a quarterly earnings conference call.” · word for word

Transaction subject to shareholder approval, regulatory approvals, and closing conditions; risk of non-completion.

“subject to Personalis’ shareholder approval, as well as receipt of applicable regulatory approvals and other customary closing conditions”

Preliminary results subject to change; merger closing risks.

“preliminary financial and operational results” · word for word

Customer concentration

“Multiple customers have provided more than 10% of total revenue in the periods presented... Merck & Co., Inc. 19%, VA MVP 16%, Moderna, Inc. 16% for the three months ended March 31, 2026.” · word for word

History of losses

“We have a history of losses and we expect to incur significant losses for the foreseeable future and may not be able to generate sufficient revenue to achieve or sustain profitability.” · word for word

Dependence on key partnerships

“We are pursuing a partner-centric strategy and have key relationships with Tempus, Myriad Genetics, Inc, Moderna, and Merck, among others. These and any other partnering and/or collaboration agreements... may not be successful, or may terminate.” · word for word

Net loss expected to be approximately $105M for FY2026 with cash usage of $100M.

“Net loss of approximately $105.0 million. Cash usage of approximately $100.0 million.” · word for word

Low gross margins (15-20%) due to strategic volume acceleration before full reimbursement.

“Gross margin in the range of 15% to 20%, reflecting the strategic decision to accelerate clinical volume adoption ahead of full reimbursement coverage.” · word for word

Continued net losses and unprofitability

“Net Income ($ Millions): (81.3)”

Below-plan revenue performance

“the Compensation Committee considered below-plan revenue performance” · word for word

Partial reimbursement progress

“reimbursement progress, while significant, was only partially-achieved by year-end” · word for word

Customer Concentration

“Moderna accounted for 22% and 28% and the VA MVP accounted for 17% and 9% of our revenue for the years ended December 31, 2025 and 2024, respectively.” · word for word

Natera Revenue Loss

“We no longer have a material commercial relationship with Natera and do not expect to have one going forward.” · word for word

Patent Invalidation

“two of our patents were recently challenged and subsequently invalidated during inter partes reviews initiated by Foresight.” · word for word

History of Losses

“We have incurred net losses since our inception. For each of the years ended December 31, 2025 and 2024, we had a net loss of $81.3 million.” · word for word

Sole Supplier Dependency (Illumina)

“we rely on Illumina as our sole supplier of sequencers and various associated reagents and other materials used in our routine laboratory operations, and as the sole provider of maintenance and repair services for these sequencers.” · word for word

High cash burn rate; gross margin pressure from strategic volume acceleration.

“Cash usage of approximately $100.0 million in FY2026; gross margin 15-20%.” · word for word

Revenue decline from $84.6M in 2024 to ~$69.5M in 2025 due to pharma and enterprise revenue mix shift.

“Total Revenue: Expected to be in the range of $69.0 to $70.0 million compared with $84.6 million for 2024.” · word for word

Potential dilution from ATM offering; may indicate cash burn or need for funding.

“up to $100,000,000 of shares of the Company’s common stock” · word for word

Reimbursement dependency on Medicare coverage determination.

“Coverage effective retroactively, but subject to CMS policies.”

Customer concentration risk

“Our top five customers, including Moderna, Natera and the VA MVP, accounted for 65% of our revenue for the nine months ended September 30, 2025.” · word for word

Natera relationship wind-down

“We do not expect to have a long-term commercial relationship with Natera beyond 2025, as we are aware that Natera plans to bring such services in-house in lieu of purchasing such services from us.” · word for word

VA MVP contract uncertainty

“the VA MVP contracted order received in September 2020 had a value of $30.9 million, whereas annual orders received in subsequent years (other than 2025) had values of $10.0 million, or less, which represents a substantial decline.” · word for word

Illumina sole supplier dependency

“we rely on Illumina as our sole supplier of sequencers and various associated reagents and other materials used in our routine laboratory operations, and as the sole provider of maintenance and repair services for these sequencers.” · word for word

Tariff input cost pressure

“These arrangements typically include fixed pricing terms that may be negotiated prior to the implementation of the recently announced tariffs. As a result, and depending on the timing and scope of the implementation of these tariffs, cost increases due to tariffs may be difficult or impossible to pass through to customers until the next negotiation cycle, wh” · word for word

Reimbursement dependency and delay

“Clinical tests reimbursed guidance cut to $1.5-2M from $3-6M due to reimbursement milestone later in 2025.”

Gross margin compression from unreimbursed clinical costs

“Gross margin 13.2% vs 34% prior year due to increased unreimbursed clinical test costs.”

Legacy revenue decline

“Population sequencing revenue down 95%; Natera revenue declining as expected.”