olivLaw · US equity research
Personalis, Inc. PSNL
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Personalis develops genomic tests for cancer, notably a liquid biopsy that detects residual or recurrent disease at ultrasensitive levels. Revenue grew 30% in the second quarter of 2026 to 22.4 million USD, and the company has announced a merger agreement with Tempus, which makes its trajectory a topic of interest for the market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Personalis, Inc. (PSNL) stock was 15.79 USD (+0.25% on the day), with market capitalisation 1.7 bn USD, beta 2.19, 52-week range 5.04–18.38 USD. Latest reported quarter (Q3 2026): revenue of 25.6 m USD (+76.6% YoY), net income of -33.8 m USD, diluted EPS -0.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 15.68 – 16.07
- in the lower half of the band · %B 0.28 · band width 2.4%
- SMA 50 / 200
- 16.23 / 11.40
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.7% | −1.1% | −2.6 pp | — |
| 3 months | +16.8% | −0.5% | +17.2 pp | — |
| 6 months | +160.1% | +4.4% | +155.7 pp | — |
| Year to date | +98.4% | +12.3% | +86.1 pp | — |
| 1 year | +80.9% | +13.5% | +67.3 pp | −3.1% |
| 3 years | +1,309.8% | +76.4% | +1,233.4 pp | +62.1% |
| 5 years | −23.2% | +63.7% | −86.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.8 m | 20.6 m | 17.2 m | 14.5 m | 17.3 m | 15.5 m | 22.4 m | 25.6 m |
| Cost of revenue | 12.3 m | 13.4 m | 12.4 m | 12.6 m | 15.4 m | 15.2 m | 17.6 m | 19.0 m |
| Research & development | 11.5 m | 12.6 m | 12.4 m | 12.2 m | 13.1 m | 14.5 m | 16.3 m | 16.1 m |
| SG&A | 11.2 m | 12.3 m | 14.2 m | 13.0 m | 14.1 m | 17.9 m | 22.0 m | 26.0 m |
| Operating income | -18.1 m | -17.7 m | -21.8 m | -23.3 m | -25.3 m | -32.2 m | -33.6 m | -35.5 m |
| Depreciation & amortisation | 2.5 m | 2.6 m | 2.5 m | 2.4 m | 2.5 m | 2.4 m | 2.4 m | 2.5 m |
| Interest expense | -1.0 k | 28.0 k | 48.0 k | 64.0 k | 65.0 k | 47.0 k | 37.0 k | 36.0 k |
| Pre-tax income | -16.4 m | -15.7 m | -20.1 m | -21.6 m | -23.8 m | -30.0 m | -31.7 m | -33.8 m |
| Income tax | 4.0 k | 7.0 k | 2.0 k | 3.0 k | 9.0 k | 16.0 k | 5.0 k | 3.0 k |
| Net income | -16.4 m | -15.8 m | -20.1 m | -21.7 m | -23.8 m | -30.0 m | -31.7 m | -33.8 m |
| Diluted EPS | -0.23 ≈ | -0.18 | -0.23 | -0.24 | -0.26 ≈ | -0.29 | -0.30 | -0.32 |
| Operating cash flow | -7.8 m | -18.0 m | -12.9 m ≈ | -21.8 m ≈ | -22.2 m | -22.5 m | -25.8 m ≈ | -27.1 m ≈ |
| Capex | 1.2 m | 2.5 m | 290.0 k ≈ | 1.6 m ≈ | 77.0 k | 3.2 m | 3.8 m ≈ | 3.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37.8 m | 65.2 m | 78.6 m | 85.5 m | 65.0 m | 73.5 m | 84.6 m | 69.6 m |
| Revenue YoY | +302.2% | +72.6% | +20.6% | +8.7% | −23.9% | +13.0% | +15.2% | −17.7% |
| Net income | -19.9 m | -25.1 m | -41.3 m | -65.2 m | -113.3 m | -108.3 m | -81.3 m | -81.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.20 | -1.49 | -2.48 | -2.25 | -1.37 | -0.91 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -52.6% | -38.5% | -52.5% | -76.3% | -174.2% | -147.4% | -96.1% | -116.7% |
| Free cash flow | -2.3 m | -26.5 m | -45.9 m | -81.9 m | -120.1 m | -67.2 m | -46.8 m | -79.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 124.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 261.2 m USD
- Total assets
- 334.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.76x
- ROE
- -35.0%
- ROA
- -26.9%
- FCF margin
- -114.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 78.6 m | 85.5 m | 65.0 m | 73.5 m | 84.6 m | 69.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 58.5 m | 53.8 m | 51.7 m | 55.3 m | 57.8 m | 53.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 20.1 m ≈ | 31.7 m ≈ | 13.4 m ≈ | 18.2 m ≈ | 26.8 m ≈ | 15.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 28.6 m | 49.3 m | 64.9 m | 64.8 m | 48.9 m | 50.3 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 33.7 m | 47.7 m | 64.0 m | 49.7 m | 46.2 m | 53.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -42.1 m | -65.4 m | -115.5 m | -109.9 m | -68.3 m | -88.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 5.8 m | 6.0 m | 8.4 m | 11.3 m | 10.9 m | 10.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -36.4 m ≈ | -59.3 m ≈ | -107.1 m ≈ | -98.6 m ≈ | -57.3 m ≈ | -78.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 2.0 k | 184.0 k | 201.0 k | 110.0 k | 24.0 k | 205.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -41.2 m | -65.2 m | -113.3 m | -108.2 m | -81.3 m | -81.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 57.0 k | 14.0 k | 40.0 k | 83.0 k | 18.0 k | 21.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -41.3 m | -65.2 m | -113.3 m | -108.3 m | -81.3 m | -81.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -1.20 | -1.49 | -2.48 | -2.25 | -1.37 | -0.91 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 34.4 m | 43.9 m | 45.7 m | 48.2 m | 59.3 m | 89.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.5 m | 105.6 m | 89.1 m | 57.0 m | 91.4 m | 124.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 6.3 m | 18.5 m | 16.6 m | 17.7 m | 8.1 m | 16.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 220.7 m | 318.2 m | 199.7 m | 146.7 m | 203.0 m | 268.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 11.8 m | 19.7 m | 61.9 m | 57.4 m | 48.3 m | 44.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 244.8 m | 396.5 m | 292.7 m | 225.1 m | 270.3 m | 334.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 8.3 m | 9.2 m | 12.9 m | 14.9 m | 6.4 m | 13.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 40.6 m | 31.3 m | 33.1 m | 47.2 m | 31.1 m | 39.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 49.9 m | 86.2 m | 74.6 m | 95.7 m | 67.3 m | 73.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 194.9 m † | 310.3 m † | 218.1 m † | 129.4 m † | 203.0 m † | 261.2 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -42.7 m | -70.8 m | -70.2 m | -56.3 m | -45.2 m | -74.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 3.2 m | 11.1 m | 49.9 m | 10.9 m | 1.6 m | 4.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -45.9 m ≈ | -81.9 m ≈ | -120.1 m ≈ | -67.2 m ≈ | -46.8 m ≈ | -79.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -65.1 m | -60.1 m | 52.5 m | 13.1 m | -35.1 m | -22.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 121.3 m | 169.7 m | 1.4 m | 11.0 m | 114.7 m | 130.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -147.7% | 17 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.3% | 19 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -684.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.3% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial19/100 · 1/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Personalis, Inc. (PSNL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 69.6 m USD in 2025; YoY growth -17.7%; net margin -147.7%; ROE -62.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.5x
What contradicts it
- Net margin: -147.7%
- Revenue CAGR 3Y: 2.3%
- Interest coverage: -684.0x
- FCF yield: -6.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 56.4 bn | — | -12.5% | -7.1% | +35.9% | +64% / +599% |
| LHLabcorp Holdings Inc. | 29.9 bn | 30.2 | 11.4% | 6.9% | +7.2% | +37% / +70% |
| DGXQuest Diagnostics Inc | 28.1 bn | 25.5 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 22.6 bn | — | — | -38.3% | +32.9% | +55% / +570% |
| CAICaris Life Sciences, Inc. | 9.5 bn | 97.6 | 17.2% | 9.2% | +97.0% | +30% / unavailable |
| GRALGRAIL, Inc. | 6.4 bn | — | -16.1% | -236.9% | +17.2% | +30% / unavailable |
| RDNTRadNet, Inc. | 6.3 bn | — | -2.1% | -0.9% | +11.5% | −3% / +142% |
| CDNACaredx, Inc. | 4.5 bn | 35.9 | 33.0% | 25.9% | +13.8% | +380% / +784% |
| VCYTVeracyte, Inc. | 4.2 bn | 37.5 | 8.8% | 20.4% | +16.0% | +11% / +105% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +64% / −29% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +81% / +1,310% |
| BLLNBillionToOne, Inc. | 1.3 bn | 118.4 | 30.2% | 11.3% | +100.0% | −13% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.2% | -5.4% | +3.7% | −11% / +79% |
| FLGTFulgent Genetics, Inc. | 541.5 m | — | -8.0% | -26.0% | +13.8% | −33% / −29% |
| YDESYD Bio Limited | 492.0 m | — | -445.1% | -1,392.6% | +16.9% | −40% / unavailable |
| BDSXBiodesix, Inc. | 226.7 m | — | -540.0% | -27.0% | +24.1% | +160% / −28% |
| XGNExagen Inc. | 206.2 m | — | -113.8% | -26.6% | +19.7% | +8% / +363% |
| SERASera Prognostics, Inc. | 59.0 m | — | -49.7% | -34,866.7% | +5.2% | −39% / +4% |
| AMSAmerican Shared Hospital Services | 8.2 m | — | -7.5% | -5.8% | −0.9% | −43% / −48% |
| MDXHMdxhealth SA | 8.0 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 5.0 m | — | -59.0% | -10,978.5% | +65.6% | −72% / −100% |
| ADVBAdvanced Biomed Inc. | 3.5 m | 0.4 | 84.8% | 5,231.3% | unavailable | −75% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.8 m | — | -33.7% | -82.4% | −21.9% | −79% / −90% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −41% / +55% |
1- and 3-year price returns: for PSNL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Personalis develops genomic tests for cancer, notably a liquid biopsy that detects residual or recurrent disease at ultrasensitive levels. Revenue grew 30% in the second quarter of 2026 to 22.4 million USD, and the company has announced a merger agreement with Tempus, which makes its trajectory a topic of interest for the market123.
SWOT
Strengths
- The ultrasensitive technology for recurrence detection is a differentiated advantage, supported by data published in specialist journals13.
- The company has high sequencing capacity and a certified laboratory infrastructure that support scaling of its services1.
- Medicare coverage obtained for several indications strengthens the product's position with clinicians and payers23.
Weaknesses
- The company is not profitable and continues to record significant net losses, which raises questions about long-term funding12.
- Revenue depends on a few large customers, and losing one could strongly affect results1.
- Until recently the company relied on a small volume of clinical tests, so revenue from this segment remains modest13.
Opportunities
- Expanded Medicare coverage and reimbursement for further cancer types could open new sources of clinical revenue13.
- The Tempus partnership, in the form of the announced merger, could extend access to a much larger sales force and to pharma customers23.
- Clinical data showing early detection of recurrence could support adoption in new indications, such as colorectal cancer23.
Threats
- Competitors with greater resources, or with simpler and cheaper tests, could reduce the company's market share and margins1.
- Uncertainty about reimbursement in certain indications may slow clinical revenue growth1.
- The merger agreement could be affected by government approvals or by conditions that cannot be met in time2.
Risks
- Persistent net losseshigh
The company has not reached profitability, and losses and the accumulated deficit could continue, affecting capital and funding capacity12.
- Customer concentrationhigh
A small number of customers generate a large share of revenue, and losing one of them could significantly reduce results1.
- Coverage and reimbursementmedium
If Medicare or other payers do not cover the test in the targeted indications, clinical adoption could be slower than expected12.
- Tempus merger riskmedium
The agreement could be delayed, modified or terminated if required approvals are not obtained or if shareholders do not adopt it23.
- Single supplier dependencelow
The company relies on Illumina as its sole supplier of sequencers and maintenance services, which could affect operational continuity1.
Investment thesis
What would need to be true (bull case)
- If clinical volume growth and Medicare coverage continue, diagnostic revenue could become a larger part of the business23.
- The ultrasensitive technology has published clinical data and could become a standard for recurrence monitoring, which could support a solid market position13.
- The Tempus agreement could provide access to a much larger sales force, which could accelerate adoption of the product23.
What would break the thesis
- The company continues to lose money, and without rapid revenue growth the losses could put pressure on liquidity and strategic plans12.
- Revenue from the largest customers is volatile, and the wind-down of the Natera contracts showed how sensitive the company is to changes in its customer mix1.
- The Tempus merger process adds uncertainty, and with financial guidance withdrawn, evaluating future performance is harder23.
What to watch
- Completion or termination of the Tempus merger and regulatory approvals2026
- Medicare decision for the remaining pending indication of NeXT Personal Dx2026
- Trend in clinical test volume and quarterly clinical revenueQ3 2026
- Trend in VA MVP population sequencing revenue and in major pharma customersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Personalis develops, markets and sells advanced cancer genomic testing services, used by physicians to detect residual or recurrent cancer, monitor response to therapy and guide treatment choice1. The services are also offered to pharmaceutical companies for translational research, biomarker discovery and clinical trials, as well as to diagnostics companies and population sequencing initiatives1. The CLIA-certified and CAP-accredited laboratory is located in its headquarters in Fremont, California1.
Its main patient-facing product, NeXT Personal Dx, is a tumor-informed liquid biopsy for minimal residual disease detection and recurrence monitoring1. The company has obtained Medicare coverage for this test in several indications, including Stage II and III breast cancer and Stage I to III non-small cell lung cancer, and in the second quarter of 2026 for immunotherapy monitoring and neoadjuvant breast cancer monitoring123. US customers accounted for 90% of revenue in 20251.
The company is not yet profitable: its net loss reached 61.7 million USD in the first half of 2026, and its accumulated deficit stood at 631.3 million USD at the end of 202512. On July 20, 2026, Personalis entered into a merger agreement with Tempus, under which it would become a wholly owned subsidiary, and it stopped providing financial guidance23.
Segments
Market context
The market for cancer genomic testing is still forming, and minimal residual disease testing is among its most dynamic areas, with competition from commercial and academic laboratories1. Expanded Medicare coverage is seen as a key factor for adoption in this market, though reimbursement is not assured in every indication12.
Competition comes from companies such as Natera, Guardant Health, Exact Sciences, Myriad Genetics, GRAIL and Foundation Medicine, as well as sequencing platform makers such as Illumina1. The company depends on a small number of large customers, and five of them accounted for 62% of revenue in 20251.
Trends
- Medicare coverage for MRD teststailwind
Obtaining Medicare coverage for several indications could support clinical revenue growth if the new decisions translate into test volumes12. Some indications still await decisions, and reimbursement remains uncertain1.
- Dependence on major customersheadwind
Revenue concentrated in a few customers, such as Moderna and the VA MVP programme, makes results sensitive to the timing of orders12.
- Rising clinical volumemixed
Clinical test volume grew sharply, showing clinician adoption of the product, but operating losses remain large and require significant resources23.
Competitive position
Principal competitors include companies such as Adela, Caris Life Sciences, DELFI Diagnostics, Exact Sciences, Foundation Medicine, GRAIL, Guardant Health and Natera, many of which have stronger brand recognition and greater resources1. The company argues that its edge lies in the ultrasensitive MRD test and the data it provides to customers1.
The market is also shaped by consolidation, with some competitors acquired or pending acquisition, which may change the competitive structure1. The development of lower-priced or simpler tests could force the company to reduce its prices1.
- NateraNTRA
Former partner and major customer that acquired Foresight Diagnostics in December 2025 and competes directly in MRD testing.
- Guardant HealthGH
Oncology diagnostics company offering liquid biopsy tests that compete in the same cancer monitoring category.
- Exact Sciences
Oncology diagnostics company that the source says is expected to be acquired by Abbott Laboratories in the second quarter of 2026.
- Foundation Medicine
Provider of tumor genomic profiling offering services comparable to those used for therapy selection.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Tempus AI (TEM) Jumped on Moderna’s Melanoma Win. Did its $1.5B Personalis Acquisition Just Get Validated?Yahoo Finance — News · 27 Aug 2026 · EN
- Personalis Stock Is Up 250% in the Past Year. It Needs to Turn a Profit Next.Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Other events
- Current report20 Aug 2026Other events
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 Jul 2026Material agreement · Financial statements and exhibits
- Current report20 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 May 2026Other events
- Current report13 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Personalis, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Personalis, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Personalis, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.