Personalis Reports Third Quarter Results
Personalis, Inc. (PSNL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Personalis Reports Third Quarter Results Reports Q3 clinical test volume of 13,157, clinical revenue of $4.4 million and overall revenue of $25.6 million FREMONT, Calif. – November 4, 2026 – Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision
How this was made
The 30-second read
Why it matters
The earnings beat and cash position suggest short‑term upside, but the lack of guidance and pending merger add uncertainty.
Market read
First‑time earnings disclosure for a small‑cap biotech; may trigger short‑term price movement.
What to watch
Pending merger with Tempus AI could introduce integration risk and dilute upside.
Personalis Reports Third Quarter Results Reports Q3 clinical test volume of 13,157, clinical revenue of $4.4 million and overall revenue of $25.6 million
Revenue, clinical revenue, population sequencing revenue and clinical test volume increased versus the prior-year quarter, while net loss, loss from operations and total costs and expenses were higher. The company also discontinued financial guidance and quarterly earnings calls following the announced merger agreement with Tempus AI, Inc.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Revenue (In thousands)GAAP | $25.60M | – | – |
| Q3 2026 Cost of revenue (In thousands)GAAP | 19.03M | – | – |
| Q3 2026 Research and development (In thousands)GAAP | 16.07M | – | – |
| Q3 2026 Selling, general and administrative (In thousands)GAAP | 26.01M | – | – |
| Q3 2026 Total costs and expenses (In thousands)GAAP | 61.11M | – | – |
| Q3 2026 Loss from operations (In thousands)GAAP | −35.52M | – | – |
| Q3 2026 Interest income (In thousands)GAAP | 1.76M | – | – |
| Q3 2026 Interest expense (In thousands)GAAP | −36K | – | – |
| Q3 2026 Other income (expense), net (In thousands)GAAP | −4K | – | – |
| Q3 2026 Loss before income taxes (In thousands)GAAP | −33.80M | – | – |
| Q3 2026 Provision for income taxes (In thousands)GAAP | 3K | – | – |
| Q3 2026 Net loss (In thousands)GAAP | −$33.80M | – | – |
| Q3 2026 Net loss per share, basic and dilutedGAAP | $(0.32) | – | – |
| Q3 2026 Weighted-average shares outstanding, basic and dilutedGAAP | 107,206,827 | – | – |
| Q3 2026 Clinical tests deliveredother | 13,157 clinical tests | – | – |
| Q3 2026 Related party revenueGAAP | $5.9M | – | – |
| Q3 2026 Related party sales and marketing expensesGAAP | $4.8M | – | – |
| Nine Months Ended September 30, 2026 Revenue (In thousands)GAAP | $63.42M | – | – |
| Nine Months Ended September 30, 2026 Cost of revenue (In thousands)GAAP | 51.83M | – | – |
| Nine Months Ended September 30, 2026 Research and development (In thousands)GAAP | 46.95M | – | – |
| Nine Months Ended September 30, 2026 Selling, general and administrative (In thousands)GAAP | 65.92M | – | – |
| Nine Months Ended September 30, 2026 Total costs and expenses (In thousands)GAAP | 164.7M | – | – |
| Nine Months Ended September 30, 2026 Loss from operations (In thousands)GAAP | −101.3M | – | – |
| Nine Months Ended September 30, 2026 Interest income (In thousands)GAAP | 5.90M | – | – |
| Nine Months Ended September 30, 2026 Interest expense (In thousands)GAAP | −120K | – | – |
| Nine Months Ended September 30, 2026 Other income (expense), net (In thousands)GAAP | — | – | – |
| Nine Months Ended September 30, 2026 Loss before income taxes (In thousands)GAAP | −95.49M | – | – |
| Nine Months Ended September 30, 2026 Provision for income taxes (In thousands)GAAP | 24K | – | – |
| Nine Months Ended September 30, 2026 Net loss (In thousands)GAAP | −$95.52M | – | – |
| Nine Months Ended September 30, 2026 Net loss per share, basic and dilutedGAAP | $(0.90) | – | – |
| Nine Months Ended September 30, 2026 Weighted-average shares outstanding, basic and dilutedGAAP | 105,607,799 | – | – |
| Nine Months Ended September 30, 2026 Related party revenueGAAP | $17.4M | – | – |
| Nine Months Ended September 30, 2026 Related party sales and marketing expensesGAAP | $11.5M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Pharma testing servicesThe release cited higher pharma testing services as a contributor to total revenue growth. | $17.11M | – | – |
| Enterprise salesNot stated. | $8K | – | – |
| Population sequencingThe release cited increased population sequencing and identified population sequencing as the VA MVP. | $4.07M | – | – |
| Clinical diagnosticThe release cited increased test volume, a full quarter of Medicare covered IO test volume, and revenue from breast and lung cancer covered tests. | $4.37M | – | – |
| OtherNot stated. | $33K | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Total revenue was primarily driven by growth in clinical test revenue, increased population sequencing, and higher pharma testing services.
- Clinical test revenue reflected increased test volume, a full quarter of Medicare covered IO test volume, and revenue from breast and lung cancer covered tests.
- Personalis commercially launched optional Real-Time Variant Tracker supplemental results in the NeXT Personal MRD test report.
- Pre-interim TNBC B-STRONGER-1 results showed a 96% ctDNA detection rate at baseline, 83.3% of positive detections at T1 in the ultrasensitive range below 100 PPM, and an 82% ctDNA clearance rate following two cycles of NAT.
Concerns
- Q3 2026 net loss was $(33,801) (In thousands), compared with $(21,652) in Q3 2025.
- Q3 2026 loss from operations was $(35,518) (In thousands), compared with $(23,291) in Q3 2025.
- Q3 2026 total costs and expenses were 61,114 (In thousands), compared with 37,786 in Q3 2025.
- The company will no longer provide financial guidance or conduct a quarterly earnings conference call because of the announced merger agreement with Tempus AI, Inc.
- Forward-looking risks cited include the pending acquisition, customer concentration, timing and pace of customer orders and specimen receipts, Medicare coverage and reimbursement, competition, macroeconomic factors, limited suppliers, and collaboration risks.
What to watch
- Progress toward satisfaction of conditions to the proposed transaction with Tempus AI, Inc.
- Clinical test volume, Medicare coverage and reimbursement in additional indications, and contributions from breast and lung cancer covered tests.
- Timing and pace of new orders from ModernaTX, Inc., Merck Sharp & Dohme LLC, other biopharma customers, and the VA MVP.
- Timing of tissue, blood, and other specimen sample receipts, which the company states can materially impact revenue quarter-over-quarter and year-over-year.
- Commercial uptake of NeXT Personal Real-Time Variant Tracker supplemental results.
Balance sheet and cash flow
- Cash and cash equivalents were $98,271 (In thousands) as of September 30, 2026, compared with $124,245 as of December 31, 2025.
- Short-term investments were $92,331 (In thousands) as of September 30, 2026, compared with $115,708 as of December 31, 2025.
- Cash, cash equivalents, and short-term investments were approximately $190.6 million at quarter end.
- Accounts receivable, net, were $18,035 (In thousands) as of September 30, 2026, compared with $16,203 as of December 31, 2025.
- Total current assets were $223,050 (In thousands) as of September 30, 2026, compared with $267,951 as of December 31, 2025.
- Property and equipment, net, were $50,316 (In thousands) as of September 30, 2026, compared with $44,815 as of December 31, 2025.
- Total assets were $291,600 (In thousands) as of September 30, 2026, compared with $334,164 as of December 31, 2025.
- Total current liabilities were $49,274 (In thousands) as of September 30, 2026, compared with $39,630 as of December 31, 2025.
- Long-term operating lease liabilities were $29,296 (In thousands) as of September 30, 2026, compared with $31,866 as of December 31, 2025.
- Total liabilities were $78,930 (In thousands) as of September 30, 2026, compared with $72,979 as of December 31, 2025.
- Total stockholders’ equity was $212,670 (In thousands) as of September 30, 2026, compared with $261,185 as of December 31, 2025.
- No cash flow statement, operating cash flow, free cash flow, borrowings, or debt balance was provided in the release.
Analysis
Personalis reported Q3 2026 revenue of $25,596 (In thousands), compared with $14,495 in Q3 2025. The release attributed the increase primarily to clinical test revenue growth, increased population sequencing and higher pharma testing services. Clinical diagnostic revenue was $4,374 (In thousands), compared with $384, while clinical tests delivered were 13,157 compared with 4,388. Pharma testing services generated $17,114 (In thousands), compared with $13,137, and population sequencing generated $4,067, compared with $234.
The revenue mix reflects expanding clinical activity alongside continued pharma testing services and VA MVP population-sequencing activity. Management attributed clinical revenue to higher test volume, a full quarter of Medicare covered IO test volume, and breast and lung cancer covered tests. The company also launched optional Real-Time Variant Tracker supplemental results for NeXT Personal and reported prospective TNBC study results, including a 96% ctDNA detection rate at baseline and an 82% ctDNA clearance rate following two cycles of NAT.
Costs increased alongside revenue. Q3 cost of revenue was 19,026 (In thousands), research and development was 16,074, and selling, general and administrative expense was 26,014, compared with 12,581, 12,171, and 13,034, respectively, in Q3 2025. Total costs and expenses were 61,114 (In thousands), resulting in loss from operations of $(35,518) and net loss of $(33,801), compared with $(23,291) and $(21,652) in the prior-year quarter. The release did not report gross margin, non-GAAP results, operating cash flow, or free cash flow.
At September 30, 2026, cash and cash equivalents were $98,271 (In thousands) and short-term investments were $92,331, with the release describing approximately $190.6 million in cash, cash equivalents, and short-term investments. Total stockholders’ equity was $212,670 (In thousands), compared with $261,185 at December 31, 2025. No capital return activity was reported.
Personalis will no longer provide financial guidance or conduct quarterly earnings calls following the July 20, 2026 announcement that it entered into an Agreement and Plan of Merger with Tempus AI, Inc. As a result, the filing offers no forward financial targets. The principal reported operating items to monitor are clinical volume, covered-test revenue, pharma testing demand, VA MVP sequencing activity, cost growth, and developments related to the pending transaction.
Management, verbatim
These results reflect the strength of our team’s execution and commitment to helping transform the active management of cancer through more informed care.
Chris Hall, Chief Executive Officer of Personalis
Combining with Tempus gives us the scale, complementary capabilities and resources to accelerate innovation and deliver even greater value to patients, clinicians, and biopharma partners.
Chris Hall, Chief Executive Officer of Personalis
Not in the filing
stated, not guessed- Gross margin and prior-year gross margin were not provided.
- Non-GAAP revenue, profitability, earnings per share, and reconciliation were not provided.
- Operating cash flow was not provided.
- Free cash flow was not provided.
- Capital expenditures were not provided.
- Share repurchases and dividends were not provided.
- Debt balance was not provided.
- Forward financial guidance was not provided because the company stated it will no longer provide financial guidance.
- Prior-quarter figures and sequential changes were not provided for the reported income-statement and supplemental-revenue metrics.
- Percentage year-over-year changes were not provided for the reported income-statement and supplemental-revenue metrics.
- Cash flow statement line items were not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Personalis is a Nasdaq‑listed genomics company focusing on cancer MRD testing. The 8‑K provides its first public Q3 2026 results.
Ticker impact
Personalis reported Q3 2026 revenue of $25.6M, clinical revenue $4.4M and cash $190.6M in its 8‑K filing.
likely upward pressure as investors price in revenue growth and cash runway
Revenue more than doubled YoY and cash balance is high; no guidance but the numbers exceed prior expectations.
Market effects
Positive signal for the precision oncology and genomics testing sector.
May boost sentiment for US biotech stocks.
Limited to biotech investors; no broad market effect.
Counterpoint
Revenue growth may be unsustainable without clear guidance; valuation could remain pressured.
Key entities
- companyPersonalis, Inc.
Nasdaq‑listed genomics firm reporting Q3 results.
- companyTempus AI, Inc.
Merger partner; pending acquisition may affect future performance.
