PSNL 8-K
Personalis, Inc. (PSNL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 November 6, 2024, Personalis, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2024. 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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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: November 6, 2024 |
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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 Third Quarter 2024 Financial Results
41% Year-over-Year Increase in Revenue Driven by Strong Biopharma Growth of 96%
Raising 2024 Revenue Guidance Due to Accelerating Growth
Cash Balance of $143.7 Million Extends Expected Runway Into First-Half of 2027
FREMONT, Calif. – November 6, 2024 – Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the third quarter ended September 30, 2024, and provided recent business accomplishments.
Recent Business Accomplishments
“Our 96% biopharma revenue growth attests to the increasing customer confidence in both our technology’s and platform’s ability to provide valuable insights into patient care. In addition, the compelling NeXT Personal data presented by our collaborators over the past year provides important clinical evidence to support obtaining Medicare coverage,” said Chris Hall, Chief Executive Officer. “As we continue to execute on our Win-in-MRD strategy, we are more confident than ever in our ability to become a leader in patient testing.”
Third Quarter 2024 Results Compared to Third Quarter 2023
1
Fourth Quarter and Revised Full Year 2024 Outlook
Personalis expects the following for the fourth quarter of 2024:
Personalis expects the following for the full year of 2024:
Webcast and Conference Call Information
Personalis will host a conference call to discuss the third quarter of 2024 financial results after market close on Wednesday, November 6, 2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 877-451-6152 for domestic callers or 201-389-0879 for international callers. The live webinar can be accessed at https://investors.personalis.com. A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company's website.
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 from biopsy through the life of the patient. 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,
2
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’ fourth quarter and full year 2024 outlook for revenue, net loss, and cash usage, the attributes, advantages or clinical validity of the NeXT Personal Dx test, Personalis’ continued acceleration of adoption of the NeXT Personal Dx test for patient testing and Personalis’ ability to become a market leader in patient testing, and Personalis’ obtaining Medicare coverage. 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 Natera, Moderna, and the U.S. Department of Veterans Affairs Million Veterans Program; 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 Personal Dx test, the rate of adoption and use of the NeXT Personal Dx test, Personalis’ ability to obtain Medicare coverage and reimbursement, the success of Personalis’ clinical sales team and Tempus’ sales and marketing efforts, the expected benefits or success of Personalis’ relationships with research collaborators, and the impact of Personalis’ abstract presentations at the ESMO conference. 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, 2023, filed with the Securities and Exchange Commission (SEC) on February 28, 2024, as updated by Personalis’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 8, 2024, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 7, 2024, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, being filed with the SEC today. 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 Contact:
Caroline Corner
646-277-1279
Media:
3
PERSONALIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share data)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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$ |
25,709 |
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$ |
18,247 |
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$ |
67,814 |
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$ |
53,806 |
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Costs and expenses |
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Cost of revenue |
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16,964 |
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14,766 |
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45,539 |
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40,803 |
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Research and development |
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11,683 |
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16,738 |
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37,411 |
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51,163 |
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Selling, general and administrative |
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11,444 |
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11,971 |
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35,019 |
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38,202 |
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Lease impairment |
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— |
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5,565 |
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— |
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5,565 |
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Restructuring and other charges |
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— |
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— |
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— |
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4,037 |
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Total costs and expenses |
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40,091 |
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49,040 |
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117,969 |
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139,770 |
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Loss from operations |
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(14,382 |
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(30,793 |
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(50,155 |
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(85,964 |
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Interest income |
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1,384 |
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1,706 |
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3,879 |
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4,424 |
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Interest expense |
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(7 |
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(15 |
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(25 |
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(101 |
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Other income (expense), net (1) |
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(26,081 |
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32 |
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(18,544 |
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7 |
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Loss before income taxes |
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(39,086 |
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(29,070 |
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(64,845 |
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(81,634 |
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Provision for income taxes |
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3 |
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28 |
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14 |
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78 |
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Net loss |
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$ |
(39,089 |
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$ |
(29,098 |
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$ |
(64,859 |
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$ |
(81,712 |
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Net loss per share, basic and diluted |
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$ |
(0.64 |
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$ |
(0.60 |
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$ |
(1.19 |
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$ |
(1.71 |
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Weighted-average shares outstanding, basic and diluted |
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61,051,350 |
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48,694,324 |
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54,708,205 |
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47,701,369 |
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(1) Includes related party other expense of $26.0 million and $18.3 million for the three and nine months ended September 30, 2024, respectively, as a result of increases since December 31, 2023 in the fair value of the warrants issued to Tempus AI, Inc. (Tempus). |
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PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION (unaudited)
(in thousands)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Pharma tests and services |
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$ |
15,698 |
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$ |
7,997 |
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$ |
38,707 |
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$ |
20,413 |
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Enterprise sales |
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5,264 |
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7,812 |
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21,194 |
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24,656 |
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Population sequencing |
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4,431 |
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2,400 |
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7,211 |
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8,405 |
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Other |
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316 |
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38 |
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702 |
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332 |
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Total revenue |
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$ |
25,709 |
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$ |
18,247 |
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$ |
67,814 |
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$ |
53,806 |
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PERSONALIS, INC.
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share and per share data)
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September 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
75,800 |
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$ |
56,984 |
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Short-term investments |
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67,851 |
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57,195 |
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Accounts receivable, net |
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13,474 |
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17,730 |
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Inventory and other deferred costs |
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8,489 |
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10,474 |
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Prepaid expenses and other current assets |
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4,663 |
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4,361 |
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Total current assets |
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170,277 |
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146,744 |
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Property and equipment, net |
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50,231 |
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57,366 |
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Operating lease right-of-use assets |
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16,816 |
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17,852 |
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Other long-term assets |
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2,563 |
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3,137 |
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Total assets |
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$ |
239,887 |
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$ |
225,099 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
12,450 |
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$ |
14,920 |
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Accrued and other current liabilities (1) |
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20,535 |
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23,941 |
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Contract liabilities |
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3,428 |
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3,288 |
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Short-term warrant liability |
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— |
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5,085 |
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Total current liabilities |
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36,413 |
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47,234 |
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Long-term operating lease liabilities |
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35,601 |
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38,321 |
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Long-term warrant liability |
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— |
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4,942 |
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Other long-term liabilities (2) |
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1,112 |
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5,161 |
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Total liabilities |
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73,126 |
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95,658 |
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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, $0.0001 par value — 200,000,000 shares authorized; 70,638,190 and 50,480,694 shares issued and outstanding, respectively |
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7 |
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5 |
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Additional paid-in capital |
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700,232 |
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598,364 |
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Accumulated other comprehensive income (loss) |
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87 |
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(222 |
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Accumulated deficit |
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(533,565 |
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(468,706 |
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Total stockholders’ equity |
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166,761 |
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129,441 |
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Total liabilities and stockholders’ equity |
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$ |
239,887 |
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$ |
225,099 |
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(1) Includes related party current liabilities of $1.7 million as of September 30, 2024. |
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(2) Includes related party long-term liabilities of $0.6 million as of September 30, 2024. |
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