Key Highlights

  • Third-quarter Revenue climbed 77% to USD 25.6 million from USD 14.5 million, with clinical diagnostic revenue reaching USD 4.4 million versus USD 0.4 million.
  • Losses widened to USD 33.8 million (USD 0.32 a share) from USD 21.7 million (USD 0.24), because total costs and expenses rose 62% to USD 61.1 million.
  • Selling, general and administrative costs doubled to USD 26.0 million, with USD 4.0 million of professional fees linked to the pending Tempus combination.
  • Cash and short-term investments were USD 190.6 million on September 30, 2026, versus USD 240.0 million at the close of 2025.

Clinical Testing and Pharma Services Lift Revenue

Personalis (NASDAQ:PSNL) submitted its Quarterly Report on November 4, 2026, for the period ended September 30. Third-quarter revenue rose 77% to USD 25.6 million; nine-month revenue, up 21%, came to USD 63.4 million. The company performs cancer genomic testing. Pharma testing revenue increased 30% to USD 17.1 million as Merck samples grew, and Merck accounted for 22% of total revenue. VA Million Veteran Program population sequencing went from USD 0.2 million to USD 4.1 million. Medicare coverage for NeXT Personal Dx in breast and lung cancer, plus immunotherapy and neoadjuvant monitoring, drove clinical diagnostic sales. Enterprise revenue shrank to USD 8 thousand after the Natera relationship ended.

Expenses Rise Faster Than Sales as Tests Ship Ahead of Payment

Cost of revenue grew 51% to USD 19.0 million, largely because clinical diagnostic tests were sold before Medicare reimbursement arrived, a strategy aimed at share gains that left payments below testing costs. Diagnostic test costs accounted for USD 3.5 million of that. Research and Development climbed 32% to USD 16.1 million. SG&A included a USD 4.3 million increase in amounts paid to Tempus for tests sold and results delivered. The operating loss reached USD 35.5 million, up from USD 23.3 million. Nine-month losses were USD 95.5 million, or USD 0.90 a share, up from USD 57.5 million, or USD 0.65. Most of the cost of revenue increase is tied to tests sold before reimbursement arrived.

The Tempus Combination, USD 16.25 Reference Value and Stockholder Vote

On July 20, 2026 Personalis agreed to combine with Tempus. Holders would receive Tempus Class A shares according to a formula built on a USD 16.25 per share reference value, with the exchange ratio locked at 0.3356 when the Tempus average price is at or below USD 48.42. Tempus has the option to settle up to half of the shares in cash. The definitive proxy statement was filed October 21, 2026, and the stockholder meeting is set for November 30, 2026. A VA task order of as much as USD 18.3 million took effect September 30, 2026. Under the formula the stock value holds near USD 16.25 a share while the Tempus price exceeds USD 48.42, and falls as the Tempus price drops below that level. Completion requires stockholder approval and other conditions.

Where Things Stand

Sales increases came from pharma services, population sequencing and newly covered clinical tests, while the loss grew as expenses outpaced revenue. Personalis (NASDAQ:PSNL) saw its cash and short-term investments shrink by USD 49.4 million (calculated) since December 31, 2025, and merger-related professional fees were booked. The filing's narrative calls USD 63.4 million the third-quarter revenue, yet the tables show that is the nine-month number, so quarterly revenue is USD 25.6 million. Next markers include the November 30, 2026 vote, closing conditions and Medicare payment on tests sold below cost.