0000950170-25-029221 | 10-K | XBRL Viewer

$ 84,614

^[1]

$ 73,481

$ 2,000

[1]	Includes related party revenue of $2.0 million for the year ended December 31, 2024.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue - Schedule of Revenue Disaggregated by Customer Type (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Pharma Tests and Services

$ 84,614

^[1]

$ 73,481

50,939

31,904

Enterprise Sales

25,364

31,729

Population Sequencing

7,430

9,412

Clinical diagnostic

759

Other

$ 122

$ 398

[1]	Includes related party revenue of $2.0 million for the year ended December 31, 2024.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company and Nature of Business	12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Nature of Business	Note 1. Company and Nature of Business Personalis, Inc. (the "Company" or "Personalis") develops, markets, and sells advanced cancer genomic tests and services. The services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and for clinical trials. The tests are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. The Company also provides whole exome and whole genome sequencing services for other diagnostic companies and population sequencing initiatives. The principal markets for the Company’s tests and services are in the United States and Europe. The Company is expanding its business model to offer genomic tests directly to cancer patients in a clinical setting. However, revenue generated from clinical customers was not significant for any periods presented in these consolidated financial statements. The Company was incorporated in Delaware in February 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. During the first half of 2023, the Company terminated its operations in China and the Company completed the process of dissolving the Personalis (Shanghai) Ltd entity in February 2024. Refer to Note 9, Restructuring and Other Charges, for further information. The Company operates and manages its business as one reportable operating segment, which is providing advanced cancer genomic tests and services for precision oncology applications, personalized testing, and other tests. The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of its equity securities and cash from operations.

Company and Nature of Business

12 Months Ended

Dec. 31, 2024

Company and Nature of Business

Note 1. Company and Nature of Business

Personalis, Inc. (the "Company" or "Personalis") develops, markets, and sells advanced cancer genomic tests and services. The services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and for clinical trials. The tests are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. The Company also provides whole exome and whole genome sequencing services for other diagnostic companies and population sequencing initiatives. The principal markets for the Company’s tests and services are in the United States and Europe.

The Company is expanding its business model to offer genomic tests directly to cancer patients in a clinical setting. However, revenue generated from clinical customers was not significant for any periods presented in these consolidated financial statements.

The Company was incorporated in Delaware in February 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. During the first half of 2023, the Company terminated its operations in China and the Company completed the process of dissolving the Personalis (Shanghai) Ltd entity in February 2024. Refer to Note 9, Restructuring and Other Charges, for further information. The Company operates and manages its business as one reportable operating segment, which is providing advanced cancer genomic tests and services for precision oncology applications, personalized testing, and other tests.

The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of its equity securities and cash from operations.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Preferred stock, par value

$ 0.0001

Preferred stock, shares authorized

10,000,000

Preferred stock, shares issued

Common stock, par value

$ 0.0001

Common stock, shares authorized

200,000,000

Common stock, shares, issued

85,171,146

50,480,694

Common stock, shares, outstanding

85,171,146

50,480,694

$ 8,140

^[1]

$ 17,730

21,629

^[2]

23,941

1,303

^[3]

$ 5,161

Related Party

2,500

1,700

Balance Sheet Related Disclosures [Abstract]

$ 1,200

[1]	Includes related party accounts receivable of $2.5 million as of December 31, 2024.
[2]	Includes related party liabilities of $1.7 million as of December 31, 2024.
[3]	Includes related party liabilities of $1.2 million as of December 31, 2024.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	ATM facility	Merck Investment Agreement	Tempus Investment Agreement	Common Stock	Common Stock ATM facility	Common Stock Merck Investment Agreement	Common Stock Tempus Investment Agreement	Additional Paid-In Capital	Additional Paid-In Capital ATM facility	Additional Paid-In Capital Merck Investment Agreement	Additional Paid-In Capital Tempus Investment Agreement	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 218,139				$ 5				$ 579,456				$ (912)	$ (360,410)
Beginning balance, shares at Dec. 31, 2022					46,707,084
Proceeds from sales of common stock, net		$ 3,513								$ 3,513
Proceeds from sales of common stock, net, shares						1,935,214
Proceeds from exercise of stock options, shares					8
Proceeds from ESPP	1,344								1,344
Proceeds from ESPP, shares					999,194
Restricted stock units vested, shares					839,194
Stock-based compensation	14,051								14,051
Foreign currency translation adjustment	19												19
Unrealized gain (loss) on available-for-sale debt securities	671												671
Net Income (Loss)	(108,296)													(108,296)
Ending balance at Dec. 31, 2023	129,441				$ 5				598,364				(222)	(468,706)
Ending balance, shares at Dec. 31, 2023					50,480,694
Proceeds from sales of common stock, net		$ 30,078	$ 49,722	$ 16,605		$ 1	$ 2			$ 30,077	$ 49,720	$ 16,605
Proceeds from sales of common stock, net, shares						6,660,731	14,044,943	3,500,000
Exercise of Tempus Warrants, Shares					9,218,800
Exercise of Tempus Warrants	46,739				$ 1				46,738
Proceeds from exercise of stock options	200								200
Proceeds from exercise of stock options, shares					80,998
Proceeds from ESPP	571								571
Proceeds from ESPP, shares					583,695
Restricted stock units vested, shares					601,285
Stock-based compensation	10,686								10,686
Foreign currency translation adjustment	164												164
Unrealized gain (loss) on available-for-sale debt securities	35												35
Net Income (Loss)	(81,284)													(81,284)
Ending balance at Dec. 31, 2024	$ 202,957				$ 9				$ 752,961				$ (23)	$ (549,990)
Ending balance, shares at Dec. 31, 2024					85,171,146

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Inventory and Other Deferred Costs

Inventory and other deferred costs consist of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	3,976	$	5,661
Other deferred costs		1,963		4,813
Total inventory and other deferred costs	$	5,939	$	10,474

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	December 31,
	2024			2023
Machinery and equipment	$	29,586		$	27,809
Computer equipment		17,088			17,923
Computer software		2,985			2,961
Furniture and fixtures		2,198			2,045
Construction in progress		899			3,485
Leasehold improvements		41,556			40,811
Total		94,312			95,034
Less: accumulated depreciation and amortization		(46,038	)		(37,668	)
Property and equipment, net	$	48,274		$	57,366

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	December 31,
	2024		2023
Accrued compensation	$	8,544	$	12,816
Operating lease liabilities		7,696		7,761
Loans—current portion (Note 6)		1,669		1,646
Market Development Fees received from Tempus (Note 8)		1,400		—
Employee ESPP contributions		301		311
Accrued and other current liabilities		2,019		1,407
Total accrued and other current liabilities	$	21,629	$	23,941

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 10,686	$ 14,051
Costs of revenues
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	658	1,761
Research and development
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	4,039	4,870
Selling, general, and administrative
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 5,989	$ 7,420

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Note 8. Related Party Transactions

The Company determined that Tempus and Merck Sharp & Dohme LLC ("Merck") are related parties because they own more than 10% of the Company's common stock.

Tempus

Tempus acquired its ownership stake in August 2024 by exercising the Tempus Warrants and purchasing additional shares under the Investment Agreement (defined below).

Overview of Tempus Agreement

In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement (the “Tempus Agreement”) with Tempus pursuant to which Tempus markets the Company's NeXT Personal Dx test in the United States. The Company performs tests ordered by patients through Tempus and the Company bills the patients or payors. The Company compensates Tempus for orders obtained and results delivered on a per-test basis. The term of the Tempus Agreement is five years, which may be extended for successive one-year terms. Either party may terminate the Tempus Agreement for convenience upon 30 months' prior written notice.

Under the Tempus Agreement, the Company conducted development activities to analytically validate NeXT Personal Dx in three indications: breast cancer, lung cancer and immuno-oncology monitoring. In consideration of the Company performing such development activities, Tempus agreed to pay the Company fees of $12.0 million (the "Market Development Fees"), consisting of an activation fee of $3.0 million, a first milestone fee of $3.0 million (upon achievement of one clinical validation), and a second milestone fee payable in six quarterly installments totaling $6.0 million (upon achievement of the two remaining clinical validations). If the Company does not achieve the second milestone by June 2024, Tempus may withhold installment payments, and Tempus will have the right to terminate the Tempus Agreement or convert it to a non-exclusive arrangement. Upon termination or conversion, the Company will refund to Tempus fees received other than the activation fee, subject to certain reductions. The Company has achieved all three clinical validations, thus both milestones have been met.

Separately, the parties are performing co-promotion activities and the Company is compensating Tempus for promotional and commercialization services through the end of 2026 in an amount up to $9.6 million.

The Tempus Agreement also granted Tempus access to initial and longitudinal genomic data derived from performance of the tests and Tempus will have the right to use such data. If Tempus licenses such data to a third party and Tempus recognizes revenue from such license, Tempus will pay the Company a percentage of its gross revenues attributable to such license that is in the range of 10 to 20 percent. Such revenue share shall be payable during the term of the agreement and for 10 years thereafter.

Pursuant to the Tempus Agreement, the Company will not allow another third party to market the test in such indications and Tempus will not market another tumor-informed molecular residual disease test for use in such indications (whether its own or that of a third party), in each case subject to certain exceptions. These exclusivity obligations terminate on December 31, 2027, to the extent they

do not expire earlier. In addition, each party has the right to convert the Tempus Agreement to a non-exclusive arrangement upon the occurrence of certain specified events.

Additionally, as partial consideration of Tempus' obligations to the Company under the Tempus Agreement, the Company issued warrants to Tempus. See "Tempus Warrants" section below.

Tempus Warrants

In consideration of Tempus’ obligations to Personalis under the Tempus Agreement, on November 28, 2023, the Company issued to Tempus (1) a warrant to purchase up to 4,609,400 shares of Personalis common stock at an exercise price per share of $1.50, with an expiration date of December 31, 2024 (the “First Warrant”), and (2) a warrant to purchase up to 4,609,400 shares of Personalis common stock at an exercise price per share of $2.50, with an expiration date of December 31, 2025 (the “Second Warrant” and, together with the First Warrant, the “Tempus Warrants”). The Tempus Warrants were exercisable for cash at any time prior to the applicable expiration date, may be net exercised in certain circumstances, and automatically net exercisable in connection with a change of control of Personalis if the value ascribed to the consideration to be paid for one share of common stock exceeds the applicable exercise price. If Tempus acquires any shares of common stock directly from the Company other than by exercising the Warrants (any such shares, “Non-Warrant Shares”), then the total number of shares issuable upon exercise of the Tempus Warrants will be reduced by the Non-Warrant Shares on a share-for-share basis, proportionally between the First Warrant and the Second Warrant based on how many shares are then underlying the Warrants. Subject to limited exceptions, neither the warrants nor any interest therein may be transferred or assigned without the prior written consent of Personalis.

Since the Tempus Warrants included a provision under which the total number of shares issuable upon settlement were subject to adjustment, the Tempus Warrants were classified as liability instruments while outstanding and subject to remeasurement at each balance sheet date, with changes in fair value recognized as other income (expense), net in the consolidated statements of operations. Fair value of the two warrants were estimated at the date of issuance, November 28, 2023, using the Black-Scholes option-pricing model. Since the initial fair value of $6.9 million exceeded the total proceeds from Tempus of $6.0 million, a loss of $0.9 million was immediately recognized within other income (expense), net. None of the remaining Market Development Fees of $6.0 million were allocated to the warrants as such proceeds are contingent upon the Company achieving additional clinical validation milestones. Fair values of the warrants were estimated using the Black-Scholes option-pricing model. See Note 5, Fair Value Measurements for discussion of inputs used in the measurements of the Tempus Warrants and the resulting noncash losses recognized in the consolidated statements of operations. After the issuance of warrants in November 2023, fair value of the Tempus Warrants increased by $3.1 million as of December 31, 2023. The increase in fair value, plus the immediate loss of $0.9 million recognized upon issuance, resulted in a $4.0 million expense recognized in other income (expense), net in the consolidated statements of operations during the year ended December 31, 2023. Prior to the exercise of Tempus Warrants in August 2024, the Company recognized a charge of $18.3 million due to the increase in fair value of Tempus Warrants, which was recorded in other income (expense), net in the consolidated statements of operations during the year ended December 31, 2024.

In August 2024, concurrently with the execution of the Tempus Investment Agreement (described below), Tempus exercised in full the Tempus Warrants to purchase 9,218,800 shares of Personalis common stock for $18.4 million in cash, at an average exercise price of $2.00 per share, which is presented as financing cash flows in the consolidated statements of cash flows for the year ended December 31, 2024. The fair value of Tempus Warrants at the time of exercise was $28.3 million based on intrinsic value of Company's common stock at a per share price of $3.07, which is the difference between the last reported closing price of the common stock and its average exercise price at the time of exercise.

Investment Agreement with Tempus

In August 2024, the Company entered into an investment agreement (the "Tempus Investment Agreement") with Tempus under which the Company issued and sold 3,500,000 shares of common stock at a price per share of $5.07, representing the last reported closing price of the common stock. The Company received $17.7 million of cash from the sale of the shares and incurred $1.1 million of issuance costs directly related to the sale, which are presented as financing cash flows in the consolidated statements of cash flows for the year ended December 31, 2024.

Impact of Tempus Agreement on the Financial Statements

The Company had achieved the first clinical validation milestone at the time of entering the Tempus Agreement and was therefore entitled to Market Development Fees of $6.0 million, consisting of the first milestone fee of $3.0 million and the activation fee of $3.0 million. These proceeds of $6.0 million were received in 2023 and treated as consideration for the Tempus Warrants. These proceeds were presented as financing cash inflows in the consolidated statements of cash flows during the year ended December 31, 2023.

The remainder of Market Development Fees—$6.0 million, payable in six quarterly installments—are recorded as a liability when received and offset against promotional fees as they are paid by the Company to Tempus. As of December 31, 2024, $3.0 million of such $6.0 million Market Development Fees have been received.

Amounts of transactions with Tempus during each income statement period presented, along with amounts due from or to Tempus as of the balance sheet date, follows (in thousands):


	Income Statement
	Year Ended December 31, 2024
Orders and results delivery fees and net promotional fees—Selling, general and administrative expenses	$	498
Noncash loss from remeasurement of Tempus Warrants—Other income (expense), net		(18,274	)


	Balance Sheet
	December 31, 2024
Accrued and other current liabilities:
Unamortized Market Development Fees	$	1,400
Accrued payable to Tempus		345
Total accrued and other current liabilities	$	1,745

Other long-term liabilities:
Unamortized Market Development Fees	$	1,200
Total other long-term liabilities	$	1,200

Merck Sharp & Dohme LLC

Investment Agreement with Merck

On December 19, 2024, the Company entered into an investment agreement (the "Merck Investment Agreement") with Merck under which the Company issued and sold 14,044,943 shares of common stock at a price per share of $3.56, representing the last reported closing price of the common stock. The Company received $50.0 million of cash from the sale of the shares and incurred $0.3 million of issuance costs directly related to the sale, which are presented as financing cash flows in the consolidated statements of cash flows for the year ended December 31, 2024. Pursuant to the terms of the Merck Investment Agreement, the Company agreed to reserve $10.0 million of the proceeds to open an ISO-certified laboratory in a region outside of the United States, with such region mutually agreed upon by the Company and Merck. This cash was not legally restricted under the Merck Investment Agreement and therefore included in cash and cash equivalents as of December 31, 2024.

Before Merck became a related party in December 2024, the Company entered into a Master Service Agreement (the “Master Agreement”), in June 2017, as amended from time to time, with Merck for the performance of DNA and RNA sequencing analysis and data interpretation services, as well as synthesis and/or analysis of chemical compounds, genetic material and related samples for preclinical research purposes. In February 2024, the Company entered into an amendment whereby Merck engaged the Company to provide clinical laboratory services in connection with Merck's clinical studies.

After Merck became a related party in December 2024, the Company invoiced $2.0 million for genomic testing services, pursuant to the terms of the Master Agreement and recorded as revenue in its consolidated statement of operations. As of December 31, 2024, $2.5 million was outstanding as a receivable from Merck and included in accounts receivable in the consolidated balance sheets.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Disaggregation of Revenue [Abstract]

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss position for 12 months or greater on security	$ 0

Income Taxes - Components of Deferred Tax Assets for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 94,215	$ 83,983
Research and development credits	26,196	22,669
Capitalized research and development	27,088	22,089
Property and equipment	73	0
Deferred revenue	332	362
Accruals and reserves	2,011	2,883
Stock-based compensation	4,084	4,614
Operating lease liabilities	11,828	13,124
Other intangibles	152	209
Other	299	132
Total gross deferred tax assets	166,278	150,065
Less: valuation allowance	(161,698)	(144,861)
Total deferred tax assets	4,580	5,204
Deferred tax liabilities:
Property and equipment	0	(113)
Operating lease right-of-use assets	(4,571)	(5,084)
Total deferred tax liabilities	(4,571)	(5,197)
Net deferred tax assets	$ 9	$ 7

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Revenue Disaggregated by Customer Type

The following table presents the Company's revenue disaggregated by customer type (in thousands):


	Year Ended December 31,
	2024		2023
Pharma tests and services (1)	$	50,939	$	31,904
Enterprise sales		25,364		31,729
Population sequencing		7,430		9,412
Clinical diagnostic		759		38
Other		122		398
Total revenue	$	84,614	$	73,481

(1) Includes related party revenue of $2.0 million for the year ended December 31, 2024.

Schedule of Contract Assets and Liabilities

The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.


	December 31,
	2024		2023
Opening balances:
Accounts receivable, net	$	17,730	$	16,642

Short-term contract liabilities	$	3,288	$	1,264
Long-term contract liabilities (included in other long-term liabilities)		3,928		—
Total contract liabilities		7,216		1,264

Closing balances:
Accounts receivable, net	$	8,140	$	17,730

Short-term contract liabilities	$	3,100	$	3,288
Long-term contract liabilities (included in other long-term liabilities)		—		3,928
Total contract liabilities		3,100		7,216

Basic and Diluted Net Loss Per Common Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	9,312,763	16,792,093
Tempus Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share		9,218,800
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	8,879,218	5,805,586
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	433,484	1,253,826
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	61	513,881

Segment and Geographic Information Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance based on revenue growth which is reported on the consolidated statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total assets. Substantially all of the Company’s long-lived assets are located in the United States.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of reportable segments	1

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Short-term contract liabilities

$ 17,730

$ 16,642

3,288

1,264

Long-term contract liabilities (included in other long-term liabilities)

3,928

Total contract liabilities

7,216

1,264

Short-term contract liabilities

8,140

^[1]

17,730

3,100

3,288

Long-term contract liabilities (included in other long-term liabilities)

3,928

Total contract liabilities

$ 3,100

$ 7,216

[1]	Includes related party accounts receivable of $2.5 million as of December 31, 2024.

Stock-Based Compensation - Summary of Shares of Common Stock Available for Issuance (Details) - ESPP	Dec. 31, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding stock awards	9,312,702
Reserved for future award grants	4,827,765
Reserved for future ESPP (in shares)	61
Total common stock reserved for stock awards	14,140,528

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) ft²
Lessee Lease Description [Line Items]
Area of office space \| ft²	31,280		14,710
Lease expiration month and year	2027-11		2022-12
Operating lease, existence of option to extend			false
Operating lease, option to extend			not extended
Operating Lease, Impairment Loss		$ 5,565
Operating lease terminate cost	$ 0
Remaining Lease Liability And Derecognized Of Operating Lease Liabilities And Right-of-use Assets	$ 600
Operating leases, weighted-average remaining lease term	9 years 10 months 24 days	10 years 4 months 24 days
Operating leases, weighted-average discount rate	10.60%	10.50%
Cash paid for operating lease liabilities	$ 8,100	$ 6,000
Right-of-use assets obtained in exchange for new operating lease liabilities	0	1,300
Noncash lease impairment expense		5,565
Operating lease right-of-use assets	$ 16,453	17,852
Menlo Park facility
Lessee Lease Description [Line Items]
Operating Lease, Impairment Loss		5,600
Noncash lease impairment expense		5,600
Operating lease right-of-use assets		6,700
Lease impairment, wrote it down to estimated fair value		$ 1,100
Minimum
Lessee Lease Description [Line Items]
Lease Expiration Year	2025
Maximum
Lessee Lease Description [Line Items]
Lease Expiration Year	2026
Laboratory Operations and its New Corporate Headquarters
Lessee Lease Description [Line Items]
Area of office space \| ft²			100,000
Lease expiration month and year			2036-03
Operating lease, existence of option to extend			true
Operating lease, option to extend	two options to extend the term for a period of five-years
Operating lease option to extend term			5 years
Lease term			13 years 6 months
Operating lease landlord agreed to contribution amount, approximate			$ 15,100

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents, Adjusted Cost	$ 91,415	$ 56,984
Fair Value Measurements Recurring
Assets
Assets, Adjusted Cost	184,987	114,192
Assets, Unrealized Gains	35	8
Assets, Unrealized Losses	(13)	(21)
Assets, Fair Value	185,009	114,179
Cash and cash equivalents, Adjusted Cost	91,420	57,001
Cash and cash equivalents, Unrealized Gains	1	1
Cash and cash equivalents, Unrealized Losses	(6)	(18)
Cash and cash equivalents, Fair Value	91,415	56,984
Fair Value Measurements Recurring \| Short-term Investments
Assets
Investments, Adjusted Cost	93,567	57,191
Investments, Unrealized Gains	34	7
Investments, Unrealized Losses	(7)	(3)
Investments, Fair Value	93,594	57,195
Fair Value Measurements Recurring \| Commercial Paper \| Level 2
Assets
Cash and cash equivalents, Adjusted Cost	39,291	34,416
Cash and cash equivalents, Unrealized Losses	(6)	(18)
Cash and cash equivalents, Fair Value	39,285	34,398
Fair Value Measurements Recurring \| Commercial Paper \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	8,697	495
Investments, Unrealized Gains	1
Investments, Unrealized Losses	(1)
Investments, Fair Value	8,697	495
Fair Value Measurements Recurring \| U.S. Government Securities \| Level 2
Assets
Cash and cash equivalents, Adjusted Cost		1,983
Cash and cash equivalents, Fair Value		1,983
Fair Value Measurements Recurring \| U.S. Government Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	82,042	54,720
Investments, Unrealized Gains	33	7
Investments, Unrealized Losses	(6)	(3)
Investments, Fair Value	82,069	54,724
Fair Value Measurements Recurring \| Corporate Debt Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	498
Investments, Fair Value	498
Fair Value Measurements Recurring \| U.S. Agency Securities \| Level 2
Assets
Cash and cash equivalents, Adjusted Cost	6,453	1,985
Cash and cash equivalents, Unrealized Gains	1	1
Cash and cash equivalents, Fair Value	6,454	1,986
Fair Value Measurements Recurring \| U.S. Agency Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	2,330	1,976
Investments, Fair Value	2,330	1,976
Fair Value Measurements Recurring \| Cash
Assets
Cash and cash equivalents, Adjusted Cost	1,152	3,649
Cash and cash equivalents, Fair Value	1,152	3,649
Fair Value Measurements Recurring \| Money Market Funds \| Level 1
Assets
Cash and cash equivalents, Adjusted Cost	44,524	14,968
Cash and cash equivalents, Fair Value	$ 44,524	$ 14,968

Loans - Schedule of Amounts Outstanding (Details) - Payment Agreement with Financing Entity - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Line Items]
Principal	$ 1,772	$ 2,904
Less: unamortized discount	0	(24)
Total carrying amount	1,772	2,880
Less: current portion (included in accrued and other current liabilities)	(1,669)	(1,646)
Long-term portion (included in other long-term liabilities)	$ 103	$ 1,234

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (81,284)	$ (108,296)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Restructuring and Related Activities [Abstract]

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 8,057
2026	7,230
2027	7,189
2028	5,215
2029	5,371
2030 and thereafter	37,426
Total future minimum lease payments	70,488
Less: imputed interest	(27,910)
Present value of future minimum lease payments	42,578
Less: current portion of operating lease liability (included in accrued and other current liabilities)	(7,696)	$ (7,761)
Long-term operating lease liabilities	$ 34,882	$ 38,321

Restructuring and Other Charges

12 Months Ended

Dec. 31, 2024

Restructuring and Other Charges

Note 9. Restructuring and Other Charges

Costs related to the Company's reductions in workforce and closure of its China operations are included within Restructuring and Other Charges in the consolidated statements of operations. A reconciliation of the beginning and ending related liability balances, included within Accrued and Other Current Liabilities in the consolidated balance sheets, is as follows (in thousands):


	One-time employee termination benefits			Other costs (primarily China asset disposals and impairments)			Total restructuring and other charges
Restructuring liability balance—December 31, 2022	$	—		$	—		$	—
Costs incurred and charged to expense		7,467			610			8,077
Costs paid or otherwise settled		(4,338	)		(610	)		(4,948	)
Restructuring liability balance—December 31, 2023		3,129			—			3,129
Costs paid or otherwise settled		(3,129	)		—			(3,129	)
Restructuring liability balance—December 31, 2024	$	—		$	—		$	—

Restructuring

In January 2023, the Company initiated a reduction in workforce to reduce operating costs and improve operating efficiency. The workforce reduction affected nearly 100 employees and was substantially completed during the first quarter of 2023. The Company recognized $3.1 million in one-time employee termination benefits in connection with the reduction in workforce in its consolidated statements of operations during the year ended December 31, 2023, comprising separation pay and healthcare benefits payable in cash, all of which were paid by the end of the second quarter of 2023.

In December 2023, the Company initiated a second reduction in workforce to further reduce operating costs and improve operating efficiency. The workforce reduction affected approximately 60 employees and will be completed during the first quarter of 2024. The Company recognized $4.0 million in one-time employee termination benefits in connection with the reduction in workforce in its consolidated statements of operations during the year ended December 31, 2023, comprising separation pay and healthcare benefits payable in cash. The Company paid $3.1 million of such expenses were paid during the first quarter of 2024.

Closure of China Operations

During the first half of 2023, the Company terminated its operations in China with the objective of streamlining international operations and reducing operating costs. The disposal did not qualify for reporting as a discontinued operation because it did not represent a strategic shift that would have a major effect on our operations and financial results. The Company completed the process of dissolving the Personalis (Shanghai) Ltd entity in February 2024.

Expenses of $0.9 million were recognized in connection with closure activities in the Company's consolidated statements of operations during the year ended December 31, 2023, of which $0.3 million was related to one-time employee termination benefits for the Company's 12 former employees located in China and were payable in cash. Substantially all of the terminations were completed during the first quarter of 2023, along with the related cash outlays. The remaining $0.6 million in expenses were comprised primarily of noncash charges, including losses on disposal of fixed assets and impairments of other assets.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (81,284)	$ (108,296)
Changes in foreign currency translation adjustments:
Change during period	(35)	19
Reclassification of adjustments to net loss due to dissolution of Personalis (Shanghai) Ltd	199
Net changes in foreign currency translation adjustments	164	19
Change in unrealized gain on available-for-sale debt securities	35	671
Comprehensive loss	$ (81,085)	$ (107,606)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (81,312)	$ (106,833)
Foreign	46	(1,380)
Loss before income taxes	$ (81,266)	$ (108,213)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Basic and Diluted Net Loss Per Common Share

Basic and Diluted Net Loss Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Note 13. Basic and Diluted Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding stock options, assumed release of outstanding RSUs, and assumed issuance of common stock under the ESPP. The Company incurred net losses in the periods presented, and as a result, potential common shares from stock options, RSUs, and ESPP issuances were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Year Ended December 31,
	2024			2023
Net loss	$	(81,284	)	$	(108,296	)
Weighted-average common shares outstanding—basic and diluted		59,251,013			48,175,201
Net loss per common share—basic and diluted	$	(1.37	)	$	(2.25	)

The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive:


	Year Ended December 31,
	2024		2023
Tempus Warrants		—		9,218,800
Options to purchase common stock		8,879,218		5,805,586
Unvested RSUs		433,484		1,253,826
ESPP		61		513,881
Total		9,312,763		16,792,093

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)
$ in Thousands

12 Months Ended

Dec. 31, 2024

USD ($)

Selling, general and administrative

$ 84,614

^[1]

46,187

^[2]

Other income (expense), net

(18,485)

^[3]

Related Party [Member]

Selling, general and administrative

2,000

500

Other income (expense), net

$ 18,300

[1]	Includes related party revenue of $2.0 million for the year ended December 31, 2024.
[2]	Includes related party sales and marketing expenses of $0.5 million for the year ended December 31, 2024.
[3]	Includes related party other expense of $18.3 million in connection with the change in fair value of Tempus Warrants for the year ended December 31, 2024.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The following tables show financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009


	December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	3,649	$	—	$	—		$	3,649
Money market funds		14,968		—		—			14,968	Level 1
Commercial paper		34,416		—		(18	)		34,398	Level 2
U.S. agency securities		1,985		1		—			1,986	Level 2
U.S. government securities		1,983		—		—			1,983	Level 2
Total cash and cash equivalents		57,001		1		(18	)		56,984
Short-term investments:
Commercial paper		495		—		—			495	Level 2
U.S. agency securities		1,976		—		—			1,976	Level 2
U.S. government securities		54,720		7		(3	)		54,724	Level 2
Total short-term investments		57,191		7		(3	)		57,195
Total assets measured at fair value	$	114,192	$	8	$	(21	)	$	114,179

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds), by contractual maturity, at December 31, 2024 are as follows (in thousands):


	December 31, 2024
	Amortized Cost		Fair Value
Less than 1 year	$	127,369	$	127,392
1 to 5 years		11,942		11,941
Total	$	139,311	$	139,333

No security has been in a continuous unrealized loss position for more than 12 months and the Company does not consider any of its marketable debt securities to be impaired.

Tempus Warrants

The Black-Scholes option-pricing model was used to estimate fair value of the warrants issued to Tempus at the date of issuance, November 28, 2023, and at each subsequent balance sheet date prior to their exercises in full in August 2024. Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest

rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8, Related Party Transactions, for further information about the warrants issued to Tempus.


	As of December 31, 2023
Expected term (in years)	1.00 - 2.00
Volatility	102.6 - 108.5%
Risk-free interest rate	4.23 - 4.79%
Dividend yield	–%
Total fair value of Tempus Warrants (in thousands)	$	10,027

The following table sets forth a summary of the changes in fair value of the Company's Level 3 financial instruments (in thousands):


	Year ended December 31,
Warrant Liabilities	2024			2023
Beginning balance	$	10,027		$	—
Initial fair value of warrant liabilities upon issuance		—-			6,942
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations		18,274			3,085
Derecognition of warrant liabilities due to exercise in full		(28,301	)		—
Ending balance	$	—		$	10,027

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Fair Value Measurements - Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants (Details) - Tempus Warrants - Level 3 $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of Tempus Warrants (in thousands)	$ 10,027
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	1 year
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	2 years
Volatility \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	102.6
Volatility \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	108.5
Risk-free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	4.23
Risk-free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	4.79
Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	0

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease cost
Operating lease cost	$ 6,028	$ 6,793
Short-term lease cost	199	198
Variable lease cost	2,027	1,828
Total lease cost	$ 8,254	$ 8,819

Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue \| Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	30.00%	43.00%
Revenue \| VA MVP
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		13.00%
Revenue \| Moderna, Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	28.00%
Accounts Receivable \| Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	13.00%	36.00%
Accounts Receivable \| Merck & Co., Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	31.00%
Accounts Receivable \| Pfizer Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	25.00%

Related Party Transactions - Schedule of Amount of Transactions along with Amounts Due From and To Tempus (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Total accrued and other current liabilities

$ 6,397

$ 14,920

21,629

^[1]

23,941

Total other long-term liabilities

1,303

^[2]

$ 5,161

Tempus

Total accrued and other current liabilities

1,745

Total other long-term liabilities

1,200

Tempus | Accrued and Other Current Liabilities

Unamortized Market Development Fees

1,400

Tempus | Other Long-term Liabilities

345

Unamortized Market Development Fees

1,200

Tempus | Selling, general, and administrative

Orders and results delivery fees and net promotional fees

498

Tempus | Other income (expense), net

Noncash loss from remeasurement of warrants

$ (18,274)

[1]	Includes related party liabilities of $1.7 million as of December 31, 2024.
[2]	Includes related party liabilities of $1.2 million as of December 31, 2024.

Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Parenthetical) (Details) - Maximum - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024
Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
Document And Entity Information - USD ($) $ in Thousands	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	Personalis, Inc.
Entity Central Index Key	0001527753
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 71,600,000
Entity Common Stock, Shares Outstanding		88,263,269
Entity Current Reporting Status	Yes
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity File Number	001-38943
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5411038
Entity Address, Address Line One	6600 Dumbarton Circle
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	650
Local Phone Number	752-1300
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	San Jose, California
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	PSNL
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the Registrant's definitive proxy statement relating to its 2025 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant's definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Auditor Opinion [Text Block]	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Personalis, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years then, in conformity with accounting principles generally accepted in the United States of America.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Contingencies

In June 2024, the Company and Foresight entered into a Settlement and License Agreement (the "S&L Agreement") to settle litigation related to alleged patent infringement by Foresight. The Company filed complaints against Foresight—one in August 2022 and a second in June 2023—for infringement of certain of the Company's patents relating to detection of MRD. Foresight filed counterclaims and alleged that its solid tumor recurrence test does not infringe the Company's patents and invalidated two of the Company's patents, and sought to invalidate certain of the Company's other patents, through inter partes review proceedings with the U.S. Patent Trial and Appeal Board. Pursuant to the S&L Agreement, Foresight and the Company agreed to dismiss the pending claims of infringement and related defenses and counterclaims, and to end the remaining inter partes review proceedings.

Under the S&L Agreement, the Company granted Foresight a non-exclusive, worldwide license under certain patents of the Company to develop, manufacture, commercialize and otherwise exploit products and services that use whole genome sequencing and a variable content minimal/molecular residual disease panel that utilizes phased variants in consideration for which Foresight agreed to pay the Company a low single-digit tiered royalty on sales of products and services covered by patents licensed by the Company, subject to customary reductions. The license is perpetual and irrevocable, except in certain limited circumstances, which apply on a patent-by-patent basis. Upon the occurrence of certain specified change of control events with respect to Foresight, the highest percentage of the royalty tiers is subject to a low single-digit increase and Foresight will pay a one-time fee in the low single-digit millions. The term of the S&L Agreement runs through expiration of the patents licensed by the Company to Foresight.

The Company is also subject to claims and assessments from time to time in the ordinary course of business, including claims from customers and vendors, pending and potential legal actions for damages, governmental investigations and other matters. For example, the Company has received, and may in the future continue to receive letters, claims or complaints from others alleging false advertising, intellectual property infringement, and/or violation of employment practices. Accruals for litigation and loss contingencies are reflected in the consolidated financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s consolidated results of operations in a given period. Except for the matter described in the first two paragraphs of this Note 12, as of December 31, 2024, the Company was not involved in any material legal proceedings.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

In accordance with the Company's bylaws and/or pursuant to indemnification agreements entered into with directors, officers and certain employees, the Company has indemnification obligations to its directors, officers and employees for claims brought against these persons arising out of certain events or occurrences while they are serving in such a capacity. The Company maintains a director and officer liability insurance coverage to reduce its exposure to such obligations, and payments made under these agreements. To date, there have been no indemnification claims by these directors, officers and employees.

Basic and Diluted Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Year Ended December 31,
	2024			2023
Net loss	$	(81,284	)	$	(108,296	)
Weighted-average common shares outstanding—basic and diluted		59,251,013			48,175,201
Net loss per common share—basic and diluted	$	(1.37	)	$	(2.25	)

Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share

The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive:


	Year Ended December 31,
	2024		2023
Tempus Warrants		—		9,218,800
Options to purchase common stock		8,879,218		5,805,586
Unvested RSUs		433,484		1,253,826
ESPP		61		513,881
Total		9,312,763		16,792,093

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - Level 3 - Warrant Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Beginning balance	$ 10,027	$ 0
Initial fair value of warrant liabilities upon issuance		6,942
Change in fair value-recognized as loss within Other income (expense), net in the consolidated statements of operations	18,274	3,085
Derecognition of warrant liabilities due to exercise in full	(28,301)
Ending balance	$ 0	$ 10,027

Revenue - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 $ in Millions	Dec. 31, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 1.3
Remaining performance obligation, expected time of satisfaction	12 months

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Percentage of Revenues and Accounts Receivables from Customers

Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows:


	Revenue		Accounts Receivable
	Year Ended December 31,		December 31,
	2024	2023	2024	2023
Natera, Inc.	30%	43%	13%	36%
VA MVP	*	13%	*	*
Moderna, Inc.	28%	*	*	*
Merck & Co., Inc.	*	*	31%	*
Pfizer Inc.	*	*	25%	*
* Less than 10% of revenue or accounts receivable

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Amount of Transactions along with Amounts Due From and To Tempus

Amounts of transactions with Tempus during each income statement period presented, along with amounts due from or to Tempus as of the balance sheet date, follows (in thousands):


	Income Statement
	Year Ended December 31, 2024
Orders and results delivery fees and net promotional fees—Selling, general and administrative expenses	$	498
Noncash loss from remeasurement of Tempus Warrants—Other income (expense), net		(18,274	)


	Balance Sheet
	December 31, 2024
Accrued and other current liabilities:
Unamortized Market Development Fees	$	1,400
Accrued payable to Tempus		345
Total accrued and other current liabilities	$	1,745

Other long-term liabilities:
Unamortized Market Development Fees	$	1,200
Total other long-term liabilities	$	1,200

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2025 USD ($) Payment Installment	Jul. 31, 2022 USD ($) Payment	Apr. 30, 2021 USD ($) Payment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Payment Agreement with Financing Entity
Subsequent Event [Line Items]
Principal amount				$ 1,772	$ 2,904
Computer Equipment \| Payment Agreement with Financing Entity
Subsequent Event [Line Items]
Principal amount			$ 3,100
Number of equal payments \| Payment			3
Computer Equipment \| Payment Agreement with Financing Entity \| January 2026
Subsequent Event [Line Items]
Payment of debt			$ 1,000
Computer Equipment \| Payment Agreement with Financing Entity \| January 2027
Subsequent Event [Line Items]
Payment of debt			1,000
Computer Equipment \| Payment Agreement with Financing Entity \| January 2028
Subsequent Event [Line Items]
Payment of debt			1,000
Software \| Payment Agreement with Financing Entity
Subsequent Event [Line Items]
Principal amount		$ 1,300	$ 2,400
Number of equal payments \| Payment		2	3
Subsequent Event \| Software \| January 2026
Subsequent Event [Line Items]
Payment of debt	$ 1,000
Subsequent Event \| Software \| January 2027
Subsequent Event [Line Items]
Payment of debt	1,000
Subsequent Event \| Software \| January 2028
Subsequent Event [Line Items]
Payment of debt	$ 1,000
Subsequent Event \| Software \| Purchase Agreement With Financing Entity
Subsequent Event [Line Items]
Percentage of down payment	20.00%
Principal amount	$ 2,900
Subsequent Event \| Software \| Seperate Purchase Agreement With Financing Entity
Subsequent Event [Line Items]
Principal amount	$ 2,800
Number of equal payments \| Payment	3
Subsequent Event \| Software \| Payment Agreement with Financing Entity
Subsequent Event [Line Items]
Principal amount	$ 2,800
Number of installment payment \| Installment	3
Subsequent Event \| Software \| Payment Agreement with Financing Entity \| February 2025
Subsequent Event [Line Items]
Repayment of Debt	$ 700
Subsequent Event \| Software \| Payment Agreement with Financing Entity \| February 2026
Subsequent Event [Line Items]
Repayment of Debt	1,200
Subsequent Event \| Software \| Payment Agreement with Financing Entity \| February 2027
Subsequent Event [Line Items]
Repayment of Debt	$ 900

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net loss

$ (81,284)

$ (108,296)

Adjustments to reconcile net loss to net cash used in operating activities

Stock-based compensation expense

10,686

14,051

Depreciation and amortization

10,941

11,296

Noncash operating lease cost

1,399

1,859

Amortization of discount on short-term investments

(2,667)

(2,000)

Noncash restructuring and other charges

3,605

Noncash lease impairment expense

5,565

Other

153

Changes in operating assets and liabilities

Accounts receivable

9,590

^[1]

(1,088)

Inventory and other deferred costs

4,425

(1,934)

Prepaid expenses and other assets

1,139

3,748

(8,924)

^[2]

5,178

Operating lease liabilities

(2,401)

^[2]

742

Contract liabilities

(4,116)

5,952

(3,505)

894

Net cash used in operating activities

1,200

^[2]

(10)

(45,150)

(56,258)

Cash flows from investing activities:

Purchases of available-for-sale debt securities

(121,708)

(103,945)

Proceeds from maturities of available-for-sale debt securities

88,000

127,955

Purchases of property and equipment

(1,603)

(10,911)

Proceeds from sales of property and equipment

242

Net cash (used in) provided by investing activities

(35,069)

13,099

Cash flows from financing activities:

Proceeds from sales of common stock under ATM facility, net of commissions

30,079

3,513

Proceeds from issuance of Tempus Warrants

6,000

Proceeds from exercise of Tempus Warrants

18,438

Proceeds from sale of common stock under Tempus Investment Agreement

17,745

Proceeds from sale of common stock under Merck Investment Agreement

50,000

Payment of costs related to Tempus and Merck Investment Agreements

(1,230)

Proceeds from loans

3,438

Repayments of loans

(1,130)

(3,264)

Proceeds from issuance of common stock under equity incentive plans

770

1,344

Net cash provided by financing activities

114,672

11,031

Effect of exchange rates on cash, cash equivalents and restricted cash

(22)

(16)

Net change in cash, cash equivalents and restricted cash

34,431

(32,144)

Cash, cash equivalents and restricted cash, beginning of period

58,774

90,918

Cash, cash equivalents and restricted cash, end of period

93,205

58,774

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:

Cash and cash equivalents

91,415

56,984

Restricted cash, included in other long-term assets

1,790

Total cash, cash equivalents and restricted cash

93,205

58,774

Supplemental cash flow information:

Cash paid for income taxes, net of refunds

Acquisition of property and equipment included in accounts payable and accrued liabilities

473

104

Tempus Warrants

Adjustments to reconcile net loss to net cash used in operating activities

Noncash charges related to liability

$ 18,274

$ 4,027

[1]	Includes a change in related party receivable of $2.0 million for the year ended December 31, 2024.
[2]	Includes a change in related party payable and accruals of $0.7 million for the year ended December 31, 2024.

Income Taxes - Summary of Income Tax Provision Related to Continuing Operations Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected tax (benefit) at federal statutory rate	(21.00%)	(21.00%)	(21.00%)
Effect of:
State taxes	(5.00%)	(7.00%)
Change in valuation allowance	20.00%	26.00%
Stock-based compensation	3.00%	3.00%
Research and development credit	(3.00%)	(3.00%)
Warrant revaluation	5.00%	0.00%
Other	1.00%	2.00%
Effective tax rate	0.00%	0.00%

Loans (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Amounts Outstanding

Amounts outstanding under loans are as follows (in thousands):


	December 31,
	2024			2023
Principal	$	1,772		$	2,904
Less: unamortized discount		—			(24	)
Total carrying amount		1,772			2,880
Less: current portion (included in accrued and other current liabilities)		(1,669	)		(1,646	)
Long-term portion (included in other long-term liabilities)	$	103		$	1,234

Loans

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Loans

Note 6. Loans

Amounts outstanding under loans are as follows (in thousands):


	December 31,
	2024			2023
Principal	$	1,772		$	2,904
Less: unamortized discount		—			(24	)
Total carrying amount		1,772			2,880
Less: current portion (included in accrued and other current liabilities)		(1,669	)		(1,646	)
Long-term portion (included in other long-term liabilities)	$	103		$	1,234

Equipment and Software Loans

In April 2021, the Company entered into a secured payment agreement with a financing entity to finance the purchase of $2.4 million of internal use software licenses and related software maintenance from a vendor. The financing entity and vendor are not related. The Company repaid the financed amount in three equal payments of $0.8 million in May 2021, May 2022, and May 2023. The payment agreement was noninterest bearing and the Company concluded that such interest rate (zero) did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 7% and was used to establish the present value of the payment agreement. The discount is recognized as an interest expense in the consolidated statements of operations over the life of the payment agreement.

The Company entered into two more secured payment agreements in April 2021 and July 2022, with the same financing entity, to finance the purchase of $3.1 million of computer hardware and related hardware maintenance and $1.3 million of internal use software licenses and related ongoing support, respectively. The Company repaid the financed amount in three equal payments of $1.0 million in July 2021, June 2022, and June 2023 for the first agreement, and two equal payments of $0.4 million in September 2022 and September 2023 for the second agreement. The third payment of $0.4 million for the second agreement, which was supposed to be paid in September 2024, was settled in January 2025. As of December 31, 2024, this amount was included in the accrued and other current liabilities in the consolidated balance sheets. The nature of these agreements and resulting accounting treatment are the same as the payment agreement described in the preceding paragraph, except the imputed interest rate was 9% for the July 2022 agreement.

The total initial present value of the payment agreements was $6.4 million and presented as proceeds from loans in the financing activities section of the consolidated statements of cash flows. Such proceeds were used to purchase equipment, software, and related maintenance and are reflected as cash outflows in the investing and operating activities sections. Repayments of $2.2 million, comprised of $0.8 million related to April 2021 internal use software license agreement, $1.0 million related to April 2021 computer hardware agreement, and $0.4 million related to July 2022 internal use software license agreement, were presented as financing cash outflows during the year ended December 31, 2023 in the consolidated statements of cash flows. Imputed noncash interest expense was immaterial and $0.1 million for the year ended December 31, 2024 and 2023, respectively.

Lab Equipment Loan

In November 2023, the Company purchased lab equipment from one of its main vendors for $3.4 million. Extended payment terms were provided to the Company through a financial solutions partner of the vendor. Terms included a 30% down payment and 24 equal monthly payments for the remaining balance, with such monthly payments commencing in January 2024 and the last payment due in January 2026, and no interest or financing charges. Title for the lab equipment transferred immediately upon delivery to the Company. The financial solutions partner retains a security interest until payoff is complete at the end of 2025. The purchase price for the lab equipment was equal to the cash price and thus the impact of imputing interest would have been de minimis.

The total financed amount of $3.4 million was presented as proceeds from loans in the financing activities section of the consolidated statements of cash flows during the year ended December 31, 2023. Such amounts were used to purchase lab equipment and are reflected as purchases of property and equipment in the investing activities section of the consolidated statements of cash flows during the year ended December 31, 2023. Repayments, including both the down payment and future monthly payments, were $1.0 million and $1.1 million during the years ended December 31, 2023 and 2024, respectively, are presented as financing cash outflows in the consolidated statements of cash flows.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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Share-Based Payment Arrangement [Abstract]

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Note 7. Leases

In 2021, the Company entered into a noncancelable operating lease for approximately 100,000 square feet in Fremont, California used for laboratory operations and its corporate headquarters. The lease term is 13.5 years and commenced in October 2022. The Company gained early access to the premises for the purpose of constructing and installing tenant improvements, for which the landlord contributed $15.1 million. Such contributions were accounted for as lease incentives and are recognized as reductions to lease expense over the lease term. The lease expires at the end of March 2036 and includes two options to extend the term for a period of five-years per option at market rates. The Company determined the extension options are not reasonably certain to be exercised. The lease includes escalating rent payments.

The Company has a noncancelable operating lease expiring in November 2027 for 31,280 square feet in Menlo Park, California previously used for laboratory operations and its former corporate headquarters. The lease includes escalating rent payments. In 2021, the Company expanded the leased premises by an additional 14,710 square feet of space (the “Expansion Lease”). The Expansion Lease expired at the end of December 2022 and was not extended. The Company moved all laboratory operations to the Fremont facility during the third quarter of 2023 and recorded a $5.6 million impairment loss in its consolidated statements of operations during the year ended December 31, 2023 for operating lease right-of-use assets as a result of the change in use of the Menlo Park office as mentioned below. The Company is actively marketing the vacated Menlo Park space for sublease.

The Company has noncancelable operating leases for data center space expiring between 2025 and 2026. The leases include renewal options that the Company determined are not reasonably certain to be exercised. During 2023, the data center operator agreed to terminate a portion of the lease at no cost. The Company remeasured the remaining lease liability and derecognized $0.6 million of operating lease liabilities and right-of-use assets.

The Company had an operating lease for laboratory space in Shanghai, China that was terminated early upon both parties' approval during 2023. The early termination did not result in any material penalties or charges in the Company's consolidated statements of operations. Separately, the Company also has various other short-term leases.

As of December 31, 2024 and 2023, operating leases had a weighted-average remaining lease term of 9.9 years and 10.4 years, respectively and a weighted-average discount rate of 10.6% and 10.5%, respectively. Discount rates are based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of December 31, 2024 were as follows (in thousands):


	Amount
2025	$	8,057
2026		7,230
2027		7,189
2028		5,215
2029		5,371
2030 and thereafter		37,426
Total future minimum lease payments		70,488
Less: imputed interest		(27,910	)
Present value of future minimum lease payments		42,578
Less: current portion of operating lease liability (included in accrued and other current liabilities)		(7,696	)
Long-term operating lease liabilities	$	34,882

Cash paid for operating lease liabilities, included in cash flows from operating activities in the consolidated statements of cash flows, for the years ended December 31, 2024 and 2023 was $8.1 million, and $6.0 million, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities during the years ended December 31, 2024 and 2023 were zero and $1.3 million, respectively.

Components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Lease cost
Operating lease cost	$	6,028	$	6,793
Short-term lease cost		199		198
Variable lease cost		2,027		1,828
Total lease cost	$	8,254	$	8,819

Lease Impairment

As mentioned above, the Company completed the move of its laboratory operations from its Menlo Park facility to its Fremont facility and began actively marketing the Menlo Park space for sublease during 2023. Accordingly, the Company evaluated the ongoing value of the operating lease right-of-use asset associated with the Menlo Park facility. Based on this evaluation, the Company determined that the right-of-use asset with a carrying amount of $6.7 million was no longer recoverable and was impaired and wrote it down to its estimated fair value of $1.1 million, which resulted in a noncash impairment loss of $5.6 million in its consolidated statements of operations during the year ended December 31, 2023. Estimated fair value was based on expected future sublease cash flows (with the assistance of a third-party real estate broker), net of brokerage commissions and estimated tenant incentives, discounted at a market rate of return on similar assets. The estimation of fair value also included expected downtime prior to the commencement of a future sublease.

Stock-Based Compensation - Summary of Weighted-average Assumptions Used in Determination of Fair Value of Service-Based Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility, minimum	72.61%	78.47%
Volatility, maximum	83.68%	79.31%
Risk-free interest rate, minimum	3.48%	3.47%
Risk-free interest rate, maximum	4.65%	4.66%
Dividend yield	0.00%	0.00%
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Volatility, minimum	61.35%	69.23%
Volatility, maximum	95.66%	84.88%
Risk-free interest rate, minimum	4.42%	5.14%
Risk-free interest rate, maximum	5.43%	5.51%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Minimum \| 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value (per share)	$ 0.51	$ 0.33
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days
Maximum \| 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value (per share)	$ 2.14	$ 0.91

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares, outstanding	85,171,146	50,480,694
Vesting period	4 years
Vesting rate at the end of one year	25.00%
Vesting rights description	Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Options granted as merit awards generally vest monthly over a three- or four-year period
Closing price of common stock	$ 5.78
Weighted-average grant date fair value of options granted	$ 1.53	$ 1.81
Unrecognized stock-based compensation of unvested options	$ 6.5
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period	1 year 10 months 24 days
Options Granted as Merit Awards \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Options Granted as Merit Awards \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Closing price of common stock	$ 5.78
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period	1 year 3 months 18 days
Unrecognized stock-based compensation cost of unvested RSUs	$ 2.0
Maximum \| Restricted Stock Units \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Minimum \| Restricted Stock Units \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
2011 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted in years	10 years
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of number of shares of common stock issued and outstanding	5.00%
2019 Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance or grant	7,440,524
2019 Plan \| Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	271,500		421,000
2019 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted in years	10 years
2019 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of exercise price options granted	100.00%
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance	14,140,528
Shares reserved for future issuance or grant	4,827,765
Percentage of number of shares of common stock outstanding	1.00%
Common stock, shares, outstanding	500,000
Percentage of purchase price of common stock	85.00%
Common stock shares purchased	583,695	999,194
2019 Employee Stock Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance or grant	250,000
2019 Employee Stock Purchase Plan \| Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 0.3
2019 Employee Stock Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of earnings for purchase of common stock at discounted price	15.00%
2011 Plan, 2019 Plan and Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	3,612,000	2,638,500
Inducement Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	1,000,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
2011 Plan, 2019 Plan and Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, Beginning Balance	5,805,586	5,451,132
Outstanding Options, Number of Shares, granted	3,612,000	2,638,500
Outstanding Options, Number of Shares, exercised	(80,998)	(8)
Outstanding Options, Number of Shares, forfeited or expired	(728,870)	(2,284,038)
Outstanding Options, Number of Shares, Ending Balance	8,607,718	5,805,586	5,451,132
Options vested and exercisable, Number of Shares	4,491,161
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance	$ 7.4	$ 9.9
Outstanding Options, Weighted-Average Exercise Price, granted	2.19	2.61
Outstanding Options, Weighted-Average Exercise Price, exercised	2.46	2.44
Outstanding Options, Weighted-Average Exercise Price, forfeited or expired	9.65	7.84
Outstanding Options, Weighted-Average Exercise Price, Ending Balance	5.07	$ 7.4	$ 9.9
Options vested and exercisable, Weighted-Average Exercise Price	$ 7.29
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	7 years 7 months 20 days	6 years 10 months 24 days	5 years 3 months 21 days
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years)	6 years 5 months 12 days
Outstanding Options, Aggregate Intrinsic Value	$ 21,949	$ 64	$ 7
Options vested and exercisable, Aggregate Intrinsic Value	$ 8,233
2019 Plan \| Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, Beginning Balance		421,000
Outstanding Options, Number of Shares, granted	271,500			421,000
Outstanding Options, Number of Shares, forfeited or expired		(421,000)
Outstanding Options, Number of Shares, Ending Balance	271,500		421,000
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance		$ 5.1
Outstanding Options, Weighted-Average Exercise Price, granted	$ 1.61
Outstanding Options, Weighted-Average Exercise Price, forfeited or expired		$ 5.1
Outstanding Options, Weighted-Average Exercise Price, Ending Balance	$ 1.61		$ 5.1
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	9 years 2 months 12 days		1 year
Outstanding Options, Aggregate Intrinsic Value	$ 1,133

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Note 10. Stock-Based Compensation

The Company maintains the following equity incentive plans:

2011 Equity Incentive Plan

In 2011, the Company established its 2011 Equity Incentive Plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company. Under the 2011 Plan, the Company had the ability to issue incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights ("SARs"), RSAs, and RSUs. Options under the 2011 Plan could be granted for periods of up to 10 years. The ISOs could be granted at a price per share not less than the fair value at the date of grant.

2019 Equity Incentive Plan

The Company’s board of directors adopted and the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) in May 2019 and June 2019, respectively. The 2019 Plan became effective in June 2019 in connection with the Company’s IPO, and serves as the successor to the 2011 Plan. Pursuant to the 2019 Plan, 7,440,524 shares of common stock were initially reserved for grant, including any shares that were reserved and available for issuance under the 2011 Plan at the time the 2019 Plan became effective, and any shares that become available upon forfeiture or repurchase by the Company under the 2011 Plan, will be reserved for future issuance. No further grants were made under the 2011 Plan after the adoption of 2019 Plan.

The 2019 Plan provides for the grant of ISOs, NSOs, SARs, RSAs, RSUs, PSAs, performance cash awards, and other forms of equity compensation. ISOs may be granted only to the Company’s employees and to any of the Company’s parent or subsidiary corporation’s employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants of the Company and any of the Company’s affiliates. The exercise price of a stock option generally cannot be less than 100% of the fair market value of the Company’s common stock on the date of grant. Options under the 2019 Plan may be granted for periods of up to 10 years. In addition, the number of shares of the Company's common stock available for grant and issuance shall be increased on January 1 of each calendar year during the term of the Plan by the lesser of (i) five percent (5%) of the number of shares of the common stock issued and outstanding on each December 31 immediately prior to the date of increase, or (ii) such number of shares determined by the Board.

2020 Inducement Plan

The Compensation Committee of the Company’s board of directors adopted the 2020 Inducement Plan (the “Inducement Plan”) in May 2020, which became effective upon adoption. The Inducement Plan was adopted without stockholder approval, as permitted by the Nasdaq Stock Market rules. The Inducement Plan provides for the grant of equity-based awards, including NSOs, SARs, RSAs, RSUs, PSAs, and other forms of equity compensation, and its terms are substantially similar to the stockholder-approved 2019 Plan. In accordance with relevant Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals' entry into employment with the Company. These Awards must be approved by either a majority of the Company’s independent directors or the Company’s compensation committee, provided such committee comprises solely independent directors (the “Independent Compensation Committee”) in order to comply with the exemption from the stockholder approval requirement for inducement grants provided under the Nasdaq Marketplace Rules. Pursuant to the Inducement Plan, the aggregate number of shares of Common Stock that may be issued will not exceed 1,000,000 shares.

2019 Employee Stock Purchase Plan

The Company’s board of directors adopted and the Company’s stockholders approved the 2019 Employee Stock Purchase Plan (the “ESPP”) in May 2019 and June 2019, respectively. Pursuant to the ESPP, 250,000 shares of common stock were initially reserved for future issuance. In addition, on each January 1 for the first ten calendar years after the first offering date, the aggregate number of common stock reserved for issuance under the ESPP shall be increased automatically by the number of shares equal to the lesser of (i) one percent (1%) of the total number of outstanding shares of common stock on the immediately preceding December 31, or (ii) 500,000 shares of common stock. Subject to any plan limitations, the ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of the Company’s common stock on the first or last day of the offering period, whichever is lower. The ESPP provides for separate six-month offering periods beginning on May 1 and November 1 of each year.

Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2024 were as follows:


	December 31, 2024
Outstanding stock awards		9,312,702
Reserved for future award grants		4,827,765
Reserved for future ESPP		61
Total common stock reserved for stock awards		14,140,528

Stock Option Activity

A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) for the years ended December 31, 2024 and 2023 is as follows:


	Outstanding Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2022		5,451,132		$	9.90		5.31	$	7
Options granted		2,638,500			2.61
Options exercised		(8	)		2.44
Options forfeited or expired		(2,284,038	)		7.84
Balance—December 31, 2023		5,805,586		$	7.40		6.90	$	64
Options granted		3,612,000			2.19
Options exercised		(80,998	)		2.46
Options forfeited or expired		(728,870	)		9.65
Balance—December 31, 2024		8,607,718		$	5.07		7.64	$	21,949
Options vested and exercisable as of December 31, 2024		4,491,161		$	7.29		6.45	$	8,233

Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Options granted as merit awards generally vest monthly over a three- or four-year period.

The aggregate intrinsic value of unexercised stock options is calculated as the difference between the closing price of the Company’s common stock of $5.78 on December 31, 2024 and the exercise prices of the underlying stock options. Out-of-the money stock options are excluded from aggregate intrinsic value.

The weighted-average grant date fair value of options granted was $1.53 and $1.81 per share for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the unrecognized stock-based compensation of unvested options was $6.5 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Valuation of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. Fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:


	Year Ended December 31,
	2024	2023
Expected term (in years)	5.50 - 6.08	5.50 - 6.08
Volatility	72.61 - 83.68%	78.47 - 79.31%
Risk-free interest rate	3.48 - 4.65%	3.47 - 4.66%
Dividend yield	–%	–%

Performance-Based Stock Option Activity

During 2020, the Company granted 421,000 PSAs to the Company's then CEO which were vested in the same year due to fulfillment of the performance condition. These PSAs expired at the end of 2023.

During 2024, the Company granted 271,500 PSAs to the executive leadership team. Vesting of the PSAs is based upon attainment of certain Medicare reimbursement coverages by the end of 2025 and subject to continuous service by the executives. Fair value was estimated using the Black-Scholes option-pricing model. Total grant-date fair value of the PSAs was $0.3 million.

A summary of the Company’s performance-based stock option activity for the years ended December 31, 2024 and 2023 is as follows:


	Outstanding Performance-Based Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2022		421,000		$	5.10		1.00	$	—
Options expired		(421,000	)		5.10
Balance—December 31, 2023		—		$	—		—	$	—
Options granted		271,500			1.61
Balance—December 31, 2024		271,500		$	1.61		9.20	$	1,133
Options vested and exercisable as of December 31, 2024		—		$	—		—	$	—

RSU Activity and Valuation

A summary of the Company’s RSU activity for the years ended December 31, 2024 and 2023 is as follows:


	Unvested Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2022		2,621,482		$	9.33	$	5,191
RSUs granted		24,500			2.18
RSUs vested		(839,194	)		9.91		1,520
RSUs forfeited		(552,962	)		8.89
Balance—December 31, 2023		1,253,826		$	8.99	$	2,633
RSUs granted		—			—
RSUs vested		(601,285	)		10.46		1,719
RSUs forfeited		(219,057	)		10.20
Balance—December 31, 2024		433,484		$	6.34	$	2,506

The Company grants RSUs to employees to receive shares of the Company’s common stock. The RSUs awarded are subject to the individual’s continued service to the Company through each applicable vesting date. RSUs granted to new hires generally vest annually over a four-year period. RSUs granted as merit awards generally vest semi-annually over a three- or four-year period. The Company accounts for the fair value of RSUs using the closing market price of the Company’s common stock on the date of grant.

The aggregate fair value of unvested RSUs is calculated using the closing price of the Company’s common stock of $5.78 on December 31, 2024. As of December 31, 2024, the unrecognized stock-based compensation cost of unvested RSUs was $2.0 million, which is expected to be recognized over a weighted-average period of 1.3 years.

The Company’s default tax withholding method for RSUs is the sell-to-cover method, in which shares with a market value equivalent to the tax withholding obligation are sold on behalf of the holder of the RSUs upon vesting and settlement to cover the tax withholding liability and the cash proceeds from such sales are remitted by the Company to taxing authorities.

ESPP Activity and Valuation

During the years ended December 31, 2024 and 2023, 583,695 and 999,194 shares of common stock were purchased under the ESPP, respectively. The fair value of stock purchase rights granted under the ESPP was estimated using the following range of assumptions:


	Year Ended December 31,
	2024	2023
Expected term (in years)	0.5	0.5
Volatility	61.35 - 95.66%	69.23 - 84.88%
Risk-free interest rate	4.42 - 5.43%	5.14 - 5.51%
Dividend yield	–%	–%
Fair value	$0.51 - $2.14	$0.33 - $0.91

Stock-based Compensation Expense

The following is a summary of stock-based compensation expense by function (in thousands):


	Year Ended December 31,
	2024		2023
Cost of revenue	$	658	$	1,761
Research and development		4,039		4,870
Selling, general and administrative		5,989		7,420
Total stock-based compensation expense	$	10,686	$	14,051

The following is a summary of stock-based compensation expense by award type (in thousands):


	Year Ended December 31,
	2024		2023
Service-based stock options	$	5,017	$	5,746
Performance-based stock options		112		—
RSUs		5,251		7,539
ESPP		306		766
Total stock-based compensation expense	$	10,686	$	14,051

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Note 3. Revenue

The Company disaggregates revenue by the following five customer types:

•

Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project.

•

Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's MRD test makes up substantially all of the revenue in this category.

•

Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform whole genome sequencing and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP.

•

Clinical diagnostic includes sales of ultra-sensitive, tumor-informed diagnostics tests, ordered by healthcare providers for cancer patients, that can detect cancer recurrence earlier and aids in treatment decision-making. Revenue is derived from Medicare and private insurance reimbursements.

•

Other includes sales of genomic tests and analytics to universities and non-profits. Other also includes sales of diagnostics tests ordered by healthcare providers for cancer patients, which was insignificant for periods presented.

The following table presents the Company's revenue disaggregated by customer type (in thousands):


	Year Ended December 31,
	2024		2023
Pharma tests and services (1)	$	50,939	$	31,904
Enterprise sales		25,364		31,729
Population sequencing		7,430		9,412
Clinical diagnostic		759		38
Other		122		398
Total revenue	$	84,614	$	73,481

(1) Includes related party revenue of $2.0 million for the year ended December 31, 2024.

Contract Assets and Liabilities

The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.


	December 31,
	2024		2023
Opening balances:
Accounts receivable, net	$	17,730	$	16,642

Short-term contract liabilities	$	3,288	$	1,264
Long-term contract liabilities (included in other long-term liabilities)		3,928		—
Total contract liabilities		7,216		1,264

Closing balances:
Accounts receivable, net	$	8,140	$	17,730

Short-term contract liabilities	$	3,100	$	3,288
Long-term contract liabilities (included in other long-term liabilities)		—		3,928
Total contract liabilities		3,100		7,216

Remaining Performance Obligations

Amounts collected in advance of services being provided are deferred as contract liabilities in the consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. Remaining

Performance Obligations ("RPO") are comprised mainly of contract liabilities, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. As of December 31, 2024, amounts related to unfulfilled services under contracts with an original expected duration of more than one year was $1.3 million. The Company expects to recognize the entire amount of $1.3 million in the next 12 months. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $4.7 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal		$ (9)
State	$ 4	3
Foreign	15	35
Total current	19	29
Deferred:
Foreign	(1)	54
Total deferred	(1)	54
Provision for income taxes	$ 18	$ 83

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Balance Sheet Details - Schedule of Inventory and Other Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory And Other Deferred Costs [Abstract]
Raw materials	$ 3,976	$ 5,661
Other deferred costs	1,963	4,813
Total inventory and other deferred costs	$ 5,939	$ 10,474

Segment and Geographic Information - Schedule of reported segment revenue,segment loss and significant segment expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting [Abstract]

Payroll and related costs

$ 84,614

^[1]

$ 73,481

66,910

86,463

Lab supplies and outside services

12,029

18,841

Facility costs

10,132

16,899

Professional services

9,079

12,448

Repairs and maintenance

8,210

8,479

Lease impairment

5,565

Restructuring and other charges

8,077

Change in fair value of the Tempus Warrants

18,274

4,027

Depreciation and amortization

10,941

11,770

Other segment items

^[2]

35,833

15,109

Interest income

(5,510)

(5,901)

Net loss

$ (81,284)

$ (108,296)

[1]	Includes related party revenue of $2.0 million for the year ended December 31, 2024.
[2]	(a) Other segment items included in segment net loss include materials cost related to cost of revenue, marketing expenses, office expenses, foreign currency exchange gain and losses, and other overhead expenses.

Balance Sheet Details - Schedule of Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued compensation

$ 8,544

$ 12,816

Operating lease liabilities

$ 7,696

$ 7,761

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Total accrued and other current liabilities

Loans—current portion (Note 6)

$ 1,669

$ 1,646

Market Development Fees received from Tempus (Note 8)

1,400

Employee ESPP contributions

301

311

Total accrued and other current liabilities

2,019

1,407

$ 21,629

^[1]

$ 23,941

[1]	Includes related party liabilities of $1.7 million as of December 31, 2024.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual reporting. The consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd. All intercompany balances and transactions have been eliminated in consolidation. Upon dissolution of Personalis (Shanghai) Ltd during the first quarter of 2024, an accumulated foreign currency translation adjustment of $0.2 million was reclassified from accumulated other comprehensive loss to net loss within other income (expense), net.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, revenue recognition, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of common stock warrants, provisions for income taxes, and fair value of lease right-of-use assets. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations.

At-the-Market Equity Offerings

In December 2021, the Company entered into an At-the-Market ("ATM") Sales Agreement with BTIG, LLC (“BTIG”), as amended in December 2023 (the “Sales Agreement”), under which it was permitted to offer and sell its common stock from time to time through BTIG as its sales agent. BTIG agreed to use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company agreed to pay BTIG a commission of up to 3% of the gross sales proceeds of any common stock sold through BTIG under the Sales Agreement. The Company was not obligated to make any sales of common stock under the Sales Agreement.

The Company issued and sold 6,660,731 and 1,935,214 shares of its common stock at a weighted-average price of $4.61 and $1.85 per share under the Sales Agreement and received $30.1 million and $3.5 million in proceeds, net of commissions, during 2024 and 2023, respectively.

In December 2024, the Company entered into an Amended and Restated At-the-Market Sales Agreement (the “Amended Sales Agreement”) with Piper Sandler & Co. (“Piper”) and BTIG. The Amended Sales Agreement amends and restates the Sales Agreement with BTIG, previously entered into in December 2021, as amended in December 2023, to add Piper as a sales agent (Piper and BTIG,

together, the “Sales Agents”), among certain other changes. The Sales Agents have agreed to use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the applicable Sales Agent a commission of up to 3% of the gross sales proceeds of any common stock sold through such Sales Agent under the Amended Sales Agreement. The Company is not obligated to make any sales of common stock under the Amended Sales Agreement.

Concentration of Credit Risk and Other Risks and Uncertainties

The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists.

The Company also invests in investment‑grade debt instruments and has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company’s investment policy are as follows: preservation of principal; liquidity of investments sufficient to meet cash flow requirements; avoidance of inappropriate concentration and credit risk; competitive after‑tax rate of returns; and fiduciary control of cash and investments. Under its investment policy, the Company limits the amounts invested in such securities by credit rating, maturity, investment type, and issuer. As a result, management believes that these financial instruments do not expose the Company to any significant concentrations of credit risk.

The Company purchases various reagents and sequencing materials from sole-source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand.

The Company routinely assesses the creditworthiness of its customers and does not require collateral. Historically, the Company has not experienced significant credit losses from accounts receivable. Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows:


	Revenue		Accounts Receivable
	Year Ended December 31,		December 31,
	2024	2023	2024	2023
Natera, Inc.	30%	43%	13%	36%
VA MVP	*	13%	*	*
Moderna, Inc.	28%	*	*	*
Merck & Co., Inc.	*	*	31%	*
Pfizer Inc.	*	*	25%	*
* Less than 10% of revenue or accounts receivable

Revenue Recognition

The Company applies the revenue recognition guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, (“ASC Topic 606”).

The Company derives revenue from the sale of genomic testing services. Contracts are in the form of a combination of signed agreements, statements of work, and/or purchase orders. The Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it will be entitled.

The genomic testing services are the only distinct services that meet the definition of a performance obligation and are accounted for as one performance obligation. Revenue is recognized at a point in time when test results are transferred to the customer. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price.

Standard payment terms are typically 90 days or less from the invoice date, but may vary. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised services to the customer will be one year or less. After assessing each of its revenue-generating arrangements to determine whether a significant financing component exists, the Company concluded that a significant financing component does not exist in any of its arrangements. The primary purpose of the Company's invoicing terms is to provide customers with simplified and predictable ways of purchasing services and to provide payment protection for the Company.

Practical Expedients and Exemptions

As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general and administrative expenses in the consolidated statements of operations.

Cost of Revenue

Cost of revenue consists of raw materials costs, personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation), laboratory supplies and consumables, depreciation and maintenance on equipment, and allocated facilities and information technology (“IT”) costs.

Research and Development Expenses

The Company charges research and development costs to expenses as incurred, including lab and automation development costs. The expenses primarily consist of personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation); laboratory supplies and consumables; costs of processing samples for research, product development, collaborations, and studies; depreciation and maintenance on equipment; and allocated facilities and IT costs.

Stock-Based Compensation

The Company measures and recognizes compensation cost for all share-based awards, including stock options, restricted stock awards ("RSAs"), restricted stock unit awards ("RSUs"), performance stock awards ("PSAs") and employee stock purchases related to the Employee Stock Purchase Plan ("ESPP"). For options granted to employees, non-employees, and directors, stock-based compensation is measured at grant date based on the fair value of the award. The Company determines the grant-date fair value of options using the Black-Scholes option-pricing model, except for certain performance-based awards for which an alternative valuation method may be used. The Company determines the fair value of restricted stock unit awards using the closing market price of the Company’s common stock on the date of grant. Grant-date fair value of awards is amortized over the employees’ requisite service period on a straight-line basis, or the non-employees’ vesting period as the goods are received or services rendered. Forfeitures are accounted for as they occur. The Company’s 2019 ESPP is deemed to be a compensatory plan and therefore is included in stock-based compensation expense.

Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows:

Expected Term. The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the assumed period for each tranche is computed separately and then averaged together to determine the expected term for the award.

Expected Volatility. The Company used an average historical stock price volatility of its own stock price as well as a peer group of publicly traded companies to be representative of its expected future stock price volatility, as sufficient trading history for the Company's common stock does not yet exist. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term.

Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award.

Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, estimated dividend yield is zero.

Foreign Currency Translation

The Company considers the functional currencies of its foreign subsidiaries to be the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate as of the balance sheet date, and costs and expenses are translated at average exchange rates in effect during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets.

Comprehensive Loss

Comprehensive loss includes all changes in equity (net assets) during the period from nonowner sources. Comprehensive loss consists of net loss, cumulative translation adjustments, and unrealized gains or losses on available-for-sale debt securities.

Income Taxes

The Company uses the asset and liability method under ASC Topic 740, Income Taxes, ("ASC Topic 740"), in accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expenses or benefits are the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where it is more likely than not that the deferred tax assets will not be realized.

ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC Topic 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon audit, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. ASC Topic 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of operations. Accrued interest and penalties are included within the related liability line in the consolidated balance sheets.

Undistributed earnings of foreign subsidiaries are assumed to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities at the time of purchase of three months or less. Cash equivalents include bank demand deposits and money market accounts that invest primarily in cash, U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. Cash equivalents also include commercial paper and U.S. Treasury bills, which are marketable debt securities recorded at fair value and accounted for in the same manner as other marketable debt securities described below.

Restricted Cash

Restricted cash includes cash pledged as collateral for a standby letter of credit related to a property lease. The letter of credit is required to be maintained throughout the term of the lease. If the date of availability or disbursement is less than one year, restricted cash is reported within prepaid expenses and other current assets on the consolidated balance sheets. If the date of availability or disbursement is longer than one year and the balances are maintained under an agreement that legally restricts the use of such funds, restricted cash is reported within other assets on the consolidated balance sheets. As of December 31, 2024, no amount has been drawn under the letter of credit. As of December 31, 2024 and 2023, the Company had restricted cash balances of $1.8 million.

Short-term Investments

Investments in marketable debt securities are classified as available-for-sale and recorded at fair value. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year are also classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Short-term investments primarily consist of U.S. Treasury notes, U.S. Treasury bills, commercial paper, corporate debt securities, and U.S. government agency bonds.

Any discount or premium arising at purchase is accreted or amortized to interest income or expense. Unrealized gains and losses are included within accumulated other comprehensive income (loss) in the consolidated statements of stockholders’ equity. Realized gains and losses are reported within other income (expense), net in the consolidated statements of operations. Accrued interest is excluded from both the fair value and amortized cost basis of debt securities and included in prepaid expenses and other current assets in the consolidated balance sheets. When securities are sold, any associated unrealized gain or loss initially recorded as a separate component of stockholders’ equity is reclassified out of stockholders’ equity on a specific-identification basis and recorded in earnings for the period. If an available-for-sale debt security's fair value is less than its amortized cost basis, the Company evaluates whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses.

Fair Value Measurements

Financial assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect market assumptions made by the reporting entity.

The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows:

Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

•

Quoted prices for similar assets and liabilities in active markets.

•

Quoted prices for identical or similar assets or liabilities in markets that are not active.

•

Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals).

•

Inputs that are derived principally from or are corroborated by observable market data by correlation or other means.

Level 3 — Unobservable inputs for the assets or liabilities (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable, accrued expenses and other current liabilities are carried at cost, which approximates their fair value because of their short-term nature.

Accounts Receivable, Net

Trade accounts receivable are recorded at the invoiced amount and are noninterest bearing. The Company maintains an allowance for credit losses, consisting of known specific troubled accounts as well as an amount based on overall estimated potential uncollectible accounts receivable based on historical experience and review of their current credit quality. Expected credit losses are recorded as part of selling, general and administrative expenses in the consolidated statements of operations.

Inventory and Other Deferred Costs

Inventory consists of raw materials and supplies used to fulfill customer contracts and the Company's research and development activities, and is valued at the lower of cost or net realizable value. Cost is determined using actual costs, on a first-in, first-out basis. Other deferred costs relate to materials consumed and work performed on customer orders that have yet to be completed and recognized as revenue and cost of revenue. Other deferred costs are also comprised of direct labor and overhead costs incurred.

Property and Equipment, Net

Property and equipment are recorded at cost, less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years for computer equipment, two years for software, three years for furniture and equipment, and five years for machinery and equipment. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet, and the resulting gain or loss is reflected in the consolidated statements of operations. Maintenance and repairs that are not considered improvements and do not extend the useful lives of the assets are charged to expense as incurred.

Construction-in-process assets consist primarily of laboratory equipment and computer equipment that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once the assets are placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. The Company periodically assesses the useful lives of the assets to determine whether events or circumstances may indicate that a revision to the useful life is warranted.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including operating lease right-of-use assets, annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or circumstances arise, the Company will compare the carrying amount of the asset group comprising the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the asset group. If the estimated aggregate undiscounted cash flows are less than the carrying amount of the asset group, an impairment charge is recorded as the amount by which the carrying amount of the asset group exceeds the fair value of the assets, as based on the expected discounted future cash flows attributable to those assets. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. During the year ended December 31, 2023, the Company recorded a lease impairment charge of $5.6 million related to one of its right-of-use assets. Refer to Note 7, Leases, for more details. There were no impairments of long-lived assets during the years ended December 31, 2024.

Leases

The Company determines if an arrangement includes a lease at inception and categorizes leases with contractual terms longer than 12 months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. As of December 31, 2024, the Company had no finance leases.

Certain lease contracts include obligations to pay for other services, such as maintenance. The Company elected to account for these other services as a component of the lease (i.e., the Company elected the practical expedient not to separate lease and non-lease components).

Lease liabilities are recognized at the present value of the fixed lease payments using a discount rate based on the Company’s current borrowing rate at the lease commencement date, adjusted for various factors including level of collateralization and term (the “incremental borrowing rate”), unless the rate implicit in the lease is readily determinable. The current portion of lease liabilities is included in “Accrued and other current liabilities.” At the lease commencement date, lease assets are recognized based on the initial present value of the fixed lease payments plus any direct costs from executing the leases and any lease prepayments. Lease assets are presented as “Operating lease right-of-use assets” as a long-term asset. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from leases with a term of 12 months or less. Fixed lease payments are recognized as an expense on a straight-line basis over the lease term. Variable lease costs are amounts owed by the Company to a lessor that are not fixed, such as reimbursement for common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period. The Company has also elected to include expenses related to leases with a term of one month or less in the short-term lease cost disclosure.

Warrant Liability

Changes in fair value of liability classified warrants are recognized within other income (expense), net in the consolidated statements of operations. Warrant liabilities are classified as short-term or long-term based on their remaining contractual periods. Cash proceeds in connection with the issuance of warrants for the Company's common stock are presented as financing activities in the consolidated statements of cash flows.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer ("CEO"). The Company has determined that it operates in one operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. See Note 11, Segment and Geographic Information, for additional information.

Recent Accounting Pronouncements

New Accounting Pronouncements Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. The Company adopted the new guidance retrospectively in fiscal year 2024.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item on an interim and annual basis. ASU 2024-03 also requires disclosure of the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Although the new standard requires comparative disclosures for all periods presented, entities will be permitted to begin applying the guidance prospectively. Therefore, comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on its financial statement disclosures.

Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 19, 2024 USD ($) $ / shares shares	Aug. 31, 2024 USD ($) $ / shares shares	Nov. 28, 2023 USD ($) Warrants $ / shares shares	Nov. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Proceeds from issuance of Tempus Warrants							$ 6,000
Change in fair value of convertible preferred stock warrant liability						$ 18,274	4,027
Proceeds from sale of stock						30,079	3,513
Tempus Warrants
Related Party Transaction [Line Items]
Warrants and rights outstanding			$ 28,300
Class of warrant or right intrinsic value per share \| $ / shares			$ 3.07
Tempus Agreement
Related Party Transaction [Line Items]
Market development fees				$ 6,000		6,000
Activation fees						3,000
Number of warrants \| Warrants				2
Initial fair value				$ 6,900
Proceeds from issuance of Tempus Warrants				6,000
Change in fair value of convertible preferred stock warrant liability							900
Increase in fair value of warrants								$ 3,100
First milestone fee						3,000
Activation Fees						3,000
Market development fees	$ 6,000					6,000
Market development fees received						3,000
Tempus Agreement \| Other Income (Expense)
Related Party Transaction [Line Items]
Change in fair value of convertible preferred stock warrant liability				$ 900
Warrant expense recognized						18,300	$ 4,000
Tempus Agreement \| Tempus Warrants
Related Party Transaction [Line Items]
Proceeds from issuance of Tempus Warrants						$ 6,000
Minimum \| Tempus Agreement
Related Party Transaction [Line Items]
Percentage of its gross revenues attributable to such license						10.00%
Maximum \| Tempus Agreement
Related Party Transaction [Line Items]
Percentage of its gross revenues attributable to such license						20.00%
Tempus \| Tempus Agreement
Related Party Transaction [Line Items]
Activation fees					$ 3,000
First milestone fees payment upon achivement of specified clinical validations					3,000
Second milestone fees payment subject to achieving two additional clinicial validations					6,000
Fair market value of promotional and commercialization services					9,600
Warrant issued to purchase stock \| shares			9,218,800
Warrant exercise price per share \| $ / shares			$ 2
Warrants and rights outstanding			$ 18,400
Activation Fees					3,000
Tempus \| Tempus Agreement \| First Warrant
Related Party Transaction [Line Items]
Warrant exercise price per share \| $ / shares				$ 1.5
Warrant expiration date				Dec. 31, 2024
Tempus \| Tempus Agreement \| Tempus Warrants
Related Party Transaction [Line Items]
Warrant exercise price per share \| $ / shares				$ 2.5
Warrant expiration date				Dec. 31, 2025
Tempus \| Investment Agreement
Related Party Transaction [Line Items]
Number of shares issued \| shares			3,500,000
Share Price \| $ / shares			$ 5.07
Proceeds from sale of stock			$ 17,700
Stock issuance cost			$ 1,100
Tempus \| Minimum
Related Party Transaction [Line Items]
Percentage of common stock owned	10.00%					10.00%
Tempus \| Maximum \| Tempus Agreement
Related Party Transaction [Line Items]
Market development fees					$ 12,000
Tempus \| Maximum \| Tempus Agreement \| First Warrant
Related Party Transaction [Line Items]
Warrant issued to purchase stock \| shares				4,609,400
Tempus \| Maximum \| Tempus Agreement \| Tempus Warrants
Related Party Transaction [Line Items]
Warrant issued to purchase stock \| shares				4,609,400
Merck Sharp & Dohme LLC \| Investment Agreement with Merck
Related Party Transaction [Line Items]
Number of shares issued \| shares		14,044,943
Share Price \| $ / shares		$ 3.56
Proceeds from sale of stock		$ 50,000
Stock issuance cost		300
Agreement reserve		$ 10,000
Invoice amount	$ 2,000
Receivable	$ 2,500					$ 2,500

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

For financial reporting purposes, loss before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2024			2023
Domestic	$	(81,312	)	$	(106,833	)
Foreign		46			(1,380	)
Loss before income taxes	$	(81,266	)	$	(108,213	)

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2024			2023
Current:
Federal	$	—		$	(9	)
State		4			3
Foreign		15			35
Total current		19			29
Deferred:
Foreign		(1	)		54
Total deferred		(1	)		54
Provision for income taxes	$	18		$	83

Income tax provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:


	Year Ended December 31,
	2024	2023
Expected tax (benefit) at federal statutory rate	(21%)	(21%)
Effect of:
State taxes	(5%)	(7%)
Change in valuation allowance	20%	26%
Stock-based compensation	3%	3%
Research and development credit	(3%)	(3%)
Warrant revaluation	5%	0%
Other	1%	2%
Effective tax rate	–%	–%

Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	94,215		$	83,983
Research and development credits		26,196			22,669
Capitalized research and development		27,088			22,089
Property and equipment		73			—
Deferred revenue		332			362
Accruals and reserves		2,011			2,883
Stock-based compensation		4,084			4,614
Operating lease liabilities		11,828			13,124
Other intangibles		152			209
Other		299			132
Total gross deferred tax assets		166,278			150,065
Less: valuation allowance		(161,698	)		(144,861	)
Total deferred tax assets		4,580			5,204
Deferred tax liabilities:
Property and equipment		—			(113	)
Operating lease right-of-use assets		(4,571	)		(5,084	)
Total deferred tax liabilities		(4,571	)		(5,197	)
Net deferred tax assets	$	9		$	7

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Because of the Company’s lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $16.8 million and $30.4 million during the years ended December 31, 2024 and 2023, respectively.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2024, the Company had a net operating loss carryforward for federal income tax purposes of $324.1 million, of which $91.9 million is subject to expiration beginning in 2031. The Company had a total state net operating loss carryforward of $302.5 million, which will begin to expire in 2031. Utilization of some of the federal and state net operating loss and credit carryforwards or other tax attributes, such as research tax credits, are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and similar state provisions. Under Section 382 of the Code, "change in ownership" generally occurs if one or more stockholders or groups of stockholders who own at least 5% of our stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. It is possible that an ownership change, or any future ownership change, could have a material effect on the use of our net operating loss carryforwards or other tax attributes, which could adversely affect our operating results.

As of December 31, 2024, the Company has federal credits of $14.2 million, which will begin to expire in 2031 and state research credits of $12.0 million, which have no expiration date. These tax credits are subject to the same limitations discussed above. The Company determined that the ownership changes identified above had no significant impact on federal and state research credits.

Unrecognized Tax Benefits

The Company has incurred net operating losses since inception and does not have any significant unrecognized tax benefits in the balance sheet. The Company’s policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes in the consolidated statements of operations. If the Company is eventually able to recognize its uncertain positions, the effective tax rate would be reduced. The Company currently has a full valuation allowance against its net deferred tax assets, which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. Any adjustments to the Company’s uncertain tax positions would result in an adjustment of net operating loss or tax credit carryforwards rather than resulting in a cash outlay.

The Company files U.S. federal income tax returns and various state income tax returns. Because of net operating losses and research credit carryovers, substantially all the Company’s tax years remain open to examination.

The Company has the following activity relating to unrecognized tax benefits (in thousands):


	December 31,
	2024		2023
Beginning balance	$	5,701	$	4,240
Gross increase—tax position in prior periods		—		162
Gross increase—tax position in current period		882		1,299
Ending balance	$	6,583	$	5,701

Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. During the years ended December 31, 2024 and 2023, no interest or penalties were required to be recognized relating to unrecognized tax benefits.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Basic and Diluted Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (81,284)	$ (108,296)
Weighted-average common shares outstanding—basic	59,251,013	48,175,201
Weighted-average common shares outstanding—diluted	59,251,013	48,175,201
Net loss per common share—basic	$ (1.37)	$ (2.25)
Net loss per common share—diluted	$ (1.37)	$ (2.25)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Cash and cash equivalents

Restructuring and Other Charges - Reconciliation of Beginning and Ending Related Liability Balances (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring liability, balance	$ 0	$ 3,129	$ 0
Costs incurred and charged to expense			8,077
Costs paid or otherwise settled		(3,129)	(4,948)
Restructuring liability, balance		0	3,129
One-time Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Restructuring liability, balance	0	3,129	0
Costs incurred and charged to expense	3,100		7,467
Costs paid or otherwise settled		(3,129)	(4,338)
Restructuring liability, balance		0	3,129
Other Costs (Primarily China Asset Disposals and Impairments)
Restructuring Reserve [Roll Forward]
Restructuring liability, balance	$ 0	0	0
Costs incurred and charged to expense			610
Costs paid or otherwise settled		0	(610)
Restructuring liability, balance		$ 0	$ 0

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

Equipment and Software Purchases

In January 2025, the Company entered into a $2.9 million non-cancellable purchase agreement to acquire certain equipment and related maintenance services. Under the agreement, the Company is required to make 20% down payment before the equipment is shipped, with the remaining balance due by January 2026.

Additionally, the Company signed a separate purchase agreement with the same vendor for $2.8 million in software services and related support. Under this agreement, the Company is also required to make three equal payments of $1.0 million in January 2026, January 2027 and January 2028 for a 60-month service term beginning from January 2025 to January 2030.

Software Loan

In January 2025, the Company entered into a payment agreement with a financing entity to finance a purchase of $2.8 million of internal-use software licenses and related software support services from a vendor. The financing entity and vendor are not related. The payment agreement is non-interest bearing and the Company is obligated to repay the financed amount in three installments of $0.7 million in February 2025, $1.2 million in February 2026 and $0.9 million in February 2027.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Reclassified accumulated foreign currency translation adjustment		$ 200,000
Proceeds from sale of stock			$ 30,079,000	$ 3,513,000
Dividend yield			0.00%	0.00%
Line of credit facility, maximum borrowing capacity			$ 0
Restricted cash			$ 1,800,000	$ 1,800,000
Lease impairment charge				5,600,000
Software
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives			2 years
Furniture and Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives			3 years
Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives			5 years
ASU 2023-07
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Dec. 31, 2024
Minimum \| Computer Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives			3 years
Minimum \| ASU2014-09
Summary Of Significant Accounting Policies [Line Items]
Standard payment terms			90 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of sales commission			3.00%
Maximum \| Computer Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives			5 years
Maximum \| ASU2014-09
Summary Of Significant Accounting Policies [Line Items]
Period between payment by customer and transfer of promised services			1 year
Recognition period of incremental costs			1 year
At Market Sales Agreement
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of stock			$ 30,100,000	$ 3,500,000
Commission percentage of sale proceeds from common stock	3.00%
At Market Sales Agreement \| Common Stock
Summary Of Significant Accounting Policies [Line Items]
Weighted-average stock price			$ 4.61	$ 1.85
Number of shares issued			6,660,731	1,935,214

Company and Nature of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Current assets

$ 91,415

$ 56,984

Short-term investments

93,594

57,195

Inventory and other deferred costs

8,140

^[1]

17,730

5,939

10,474

Prepaid expenses and other current assets

3,927

4,361

Total current assets

203,015

146,744

Property and equipment, net

48,274

57,366

Operating lease right-of-use assets

16,453

17,852

Other long-term assets

2,526

3,137

Total assets

270,268

225,099

Current liabilities

6,397

14,920

Short-term warrant liability

21,629

^[2]

23,941

Contract liabilities

3,100

3,288

5,085

Total current liabilities

31,126

47,234

Long-term operating lease liabilities

34,882

38,321

Long-term warrant liability

4,942

Commitments and contingencies (Note 12)

1,303

^[3]

5,161

Total liabilities

67,311

95,658

Stockholders’ equity

Common stock, $0.0001 par value - 200,000,000 shares authorized; 85,171,146 and 50,480,694 shares issued and outstanding, respectively

Additional paid-in capital

752,961

598,364

Accumulated other comprehensive loss

(23)

(222)

Accumulated deficit

(549,990)

(468,706)

Total stockholders’ equity

202,957

129,441

Total liabilities and stockholders’ equity

$ 270,268

$ 225,099

[1]	Includes related party accounts receivable of $2.5 million as of December 31, 2024.
[2]	Includes related party liabilities of $1.7 million as of December 31, 2024.
[3]	Includes related party liabilities of $1.2 million as of December 31, 2024.

Fair Value Measurements - Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amortized Cost
Less than 1 year	$ 127,369
1 to 5 years	11,942
Total	139,311
Fair Value
Less than 1 year	127,392
1 to 5 years	11,941
Total	$ 139,333

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock Units, Number of Shares, Beginning Balance	1,253,826	2,621,482
Unvested Restricted Stock Units, Number of Shares, granted		24,500
Unvested Restricted Stock Units, Number of Shares, vested	(601,285)	(839,194)
Unvested Restricted Stock Units, Number of Shares, forfeited	(219,057)	(552,962)
Unvested Restricted Stock Units, Number of Shares, Ending Balance	433,484	1,253,826
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Beginning Balance	$ 8.99	$ 9.33
Estimated fair value (per share)		2.18
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, vested	10.46	9.91
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, forfeited	10.20	8.89
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Ending Balance	$ 6.34	$ 8.99
Unvested Restricted Stock Units, Aggregate Fair Value	$ 2,633	$ 5,191
Restricted Stock Units, Aggregate Fair Value, vested	1,719	1,520
Unvested Restricted Stock Units, Aggregate Fair Value	$ 2,506	$ 2,633

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

At-the-Market Equity Offerings

Concentration of Credit Risk and Other Risks and Uncertainties


	Revenue		Accounts Receivable
	Year Ended December 31,		December 31,
	2024	2023	2024	2023
Natera, Inc.	30%	43%	13%	36%
VA MVP	*	13%	*	*
Moderna, Inc.	28%	*	*	*
Merck & Co., Inc.	*	*	31%	*
Pfizer Inc.	*	*	25%	*
* Less than 10% of revenue or accounts receivable

Revenue Recognition

Practical Expedients and Exemptions

Cost of Revenue

Research and Development Expenses

Stock-Based Compensation

Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows:

Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, estimated dividend yield is zero.

Foreign Currency Translation

Comprehensive Loss

Income Taxes

Undistributed earnings of foreign subsidiaries are assumed to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon.

Cash and Cash Equivalents

Restricted Cash

Short-term Investments

Fair Value Measurements

The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows:

Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

•

Quoted prices for similar assets and liabilities in active markets.

•

Quoted prices for identical or similar assets or liabilities in markets that are not active.

•

Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals).

•

Inputs that are derived principally from or are corroborated by observable market data by correlation or other means.

Accounts Receivable, Net

Inventory and Other Deferred Costs

Property and Equipment, Net

Impairment of Long-Lived Assets

Leases

Warrant Liability

Segments

Recent Accounting Pronouncements

New Accounting Pronouncements Adopted

New Accounting Pronouncements Not Yet Adopted

Balance Sheet Details

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 4. Balance Sheet Details

Inventory and other deferred costs consist of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	3,976	$	5,661
Other deferred costs		1,963		4,813
Total inventory and other deferred costs	$	5,939	$	10,474

Property and equipment, net consists of the following (in thousands):


	December 31,
	2024			2023
Machinery and equipment	$	29,586		$	27,809
Computer equipment		17,088			17,923
Computer software		2,985			2,961
Furniture and fixtures		2,198			2,045
Construction in progress		899			3,485
Leasehold improvements		41,556			40,811
Total		94,312			95,034
Less: accumulated depreciation and amortization		(46,038	)		(37,668	)
Property and equipment, net	$	48,274		$	57,366

Depreciation and amortization expense for the years ended December 31, 2024 and 2023 was $10.9 million and $11.3 million, respectively.

Accrued and other current liabilities consist of the following (in thousands):


	December 31,
	2024		2023
Accrued compensation	$	8,544	$	12,816
Operating lease liabilities		7,696		7,761
Loans—current portion (Note 6)		1,669		1,646
Market Development Fees received from Tempus (Note 8)		1,400		—
Employee ESPP contributions		301		311
Accrued and other current liabilities		2,019		1,407
Total accrued and other current liabilities	$	21,629	$	23,941

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Federal corporate tax rate	21.00%	21.00%	21.00%
Increase (Decrease) in valuation allowance on deferred tax assets	$ 16,800,000	$ 30,400,000
Percentage of minimum percentage owned by stockholders	5.00%
Increase in stock ownership percentage points	50.00%
Expense, interest or penalties	$ 0	0
Accrued, interest or penalties	0	$ 0
Federal
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	324,100,000
Net operating loss carryforwards, subject to expiration	$ 91,900,000
Net operating loss carryforwards, begins to expire	2031
Tax credit carryforward	$ 14,200,000
Tax credit carryforward, begins to expire	2031
State
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 302,500,000
Net operating loss carryforwards, begins to expire	2031
State \| Research
Income Tax Disclosure [Line Items]
Tax credit carryforward	$ 12,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Note 11. Segment and Geographic Information

The Company operates in one reportable segment, which is providing advanced cancer genomic tests for precision oncology and personalized testing. The Company develops, markets, and sells these tests to pharmaceutical companies, biopharmaceutical companies, diagnostic companies, universities, non-profits, and government entities. It derives revenue primarily in the United States from the sale of genomic testing services and manages its business activities on a consolidated basis. The Company does not have intra-entity sales or transfers. The Company’s CODM is its CEO, who reviews consolidated operating results, accompanied by disaggregated information about net revenues by customer types, as presented below, to make decisions about allocating resources and assessing performance for the entire Company.

Consolidated net loss is used to monitor actual performance compared to plans and forecasts. The CODM assesses performance based on revenue growth which is reported on the consolidated statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total assets. Substantially all of the Company’s long-lived assets are located in the United States.

The Company attributes revenues to geographic region based on the billing addresses of customers. The following table presents net revenues by geographic region:


	Year Ended December 31,
	2024	2023
United States	96%	90%
Others	4%	10%

The following table provides information about reported segment revenue, segment loss, and significant segment expenses (in thousands):


	Year Ended December 31,
	2024			2023
Revenue	$	84,614		$	73,481
Less:
Payroll and related costs		66,910			86,463
Lab supplies and outside services		12,029			18,841
Facility costs		10,132			16,899
Professional services		9,079			12,448
Repairs and maintenance		8,210			8,479
Lease impairment		—			5,565
Restructuring and other charges		—			8,077
Change in fair value of the Tempus Warrants		18,274			4,027
Depreciation and amortization		10,941			11,770
Other segment items(a)		35,833			15,109
Interest income		(5,510	)		(5,901	)
Segment and consolidated net loss	$	(81,284	)	$	(108,296	)

(a) Other segment items included in segment net loss include materials cost related to cost of revenue, marketing expenses, office expenses, foreign currency exchange gain and losses, and other overhead expenses.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Schedule of Future Minimum Lease Payments

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Components of Lease Cost

Components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Lease cost
Operating lease cost	$	6,028	$	6,793
Short-term lease cost		199		198
Variable lease cost		2,027		1,828
Total lease cost	$	8,254	$	8,819


	Amount
2025	$	8,057
2026		7,230
2027		7,189
2028		5,215
2029		5,371
2030 and thereafter		37,426
Total future minimum lease payments		70,488
Less: imputed interest		(27,910	)
Present value of future minimum lease payments		42,578
Less: current portion of operating lease liability (included in accrued and other current liabilities)		(7,696	)
Long-term operating lease liabilities	$	34,882

Loans - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
Loans - Additional Information (Details) $ in Thousands	Nov. 30, 2023 USD ($) Payment	Jul. 31, 2022 USD ($) Payment	Apr. 30, 2021 USD ($) Payment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lab Equipment
Debt Disclosure [Line Items]
Principal amount	$ 3,400
Number of equal payments \| Payment	24
Percentage of down payment	30.00%
Debt instrument, periodic payment	monthly
Proceeds from loans					$ 3,400
Repayment of loans				$ 1,000	1,100
Payment Agreement with Financing Entity
Debt Disclosure [Line Items]
Principal amount				1,772	2,904
Initial present value of payment agreements				6,400
Interest expense					100
Repayment of loans				2,200
Payment Agreement with Financing Entity \| Software
Debt Disclosure [Line Items]
Principal amount		$ 1,300	$ 2,400
Number of equal payments \| Payment		2	3
Noninterest bearing rate			0.00%
Imputed interest rate		9.00%	7.00%
Payment Agreement with Financing Entity \| Computer Equipment
Debt Disclosure [Line Items]
Principal amount			$ 3,100
Number of equal payments \| Payment			3
Repayment of loans					1,000
Payment Agreement with Financing Entity \| May 2021 \| Software
Debt Disclosure [Line Items]
Payment of debt			$ 800
Payment Agreement with Financing Entity \| May 2022 \| Software
Debt Disclosure [Line Items]
Payment of debt			800
Payment Agreement with Financing Entity \| May 2023 \| Software
Debt Disclosure [Line Items]
Payment of debt			800
Payment Agreement with Financing Entity \| July 2021 \| Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			1,000
Payment Agreement with Financing Entity \| June 2022 \| Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			1,000
Payment Agreement with Financing Entity \| June 2023 \| Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			$ 1,000
Payment Agreement with Financing Entity \| September 2022 \| Software
Debt Disclosure [Line Items]
Payment of debt		$ 400
Payment Agreement with Financing Entity \| September 2023 \| Software
Debt Disclosure [Line Items]
Payment of debt		400
Payment Agreement with Financing Entity \| September 2024 \| Software
Debt Disclosure [Line Items]
Payment of debt		$ 400
Payment Agreement with Financing Entity \| April 2021 internal use software license agreement \| Software
Debt Disclosure [Line Items]
Repayment of loans				$ 800
Payment Agreement with Financing Entity \| July 2022 internal use software license agreement \| Software
Debt Disclosure [Line Items]
Repayment of loans					$ 400

Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total	$ 94,312	$ 95,034
Less: accumulated depreciation and amortization	(46,038)	(37,668)
Property and equipment, net	48,274	57,366
Machinery and Equipment
Property Plant And Equipment [Line Items]
Total	29,586	27,809
Computer Equipment
Property Plant And Equipment [Line Items]
Total	17,088	17,923
Computer Software
Property Plant And Equipment [Line Items]
Total	2,985	2,961
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	2,198	2,045
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	41,556	40,811
Construction in Progress
Property Plant And Equipment [Line Items]
Total	$ 899	$ 3,485

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements


	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009


	December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	3,649	$	—	$	—		$	3,649
Money market funds		14,968		—		—			14,968	Level 1
Commercial paper		34,416		—		(18	)		34,398	Level 2
U.S. agency securities		1,985		1		—			1,986	Level 2
U.S. government securities		1,983		—		—			1,983	Level 2
Total cash and cash equivalents		57,001		1		(18	)		56,984
Short-term investments:
Commercial paper		495		—		—			495	Level 2
U.S. agency securities		1,976		—		—			1,976	Level 2
U.S. government securities		54,720		7		(3	)		54,724	Level 2
Total short-term investments		57,191		7		(3	)		57,195
Total assets measured at fair value	$	114,192	$	8	$	(21	)	$	114,179

Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds), by contractual maturity, at December 31, 2024 are as follows (in thousands):


	December 31, 2024
	Amortized Cost		Fair Value
Less than 1 year	$	127,369	$	127,392
1 to 5 years		11,942		11,941
Total	$	139,311	$	139,333

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest

rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8, Related Party Transactions, for further information about the warrants issued to Tempus.


	As of December 31, 2023
Expected term (in years)	1.00 - 2.00
Volatility	102.6 - 108.5%
Risk-free interest rate	4.23 - 4.79%
Dividend yield	–%
Total fair value of Tempus Warrants (in thousands)	$	10,027

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Company's Level 3 financial instruments (in thousands):


	Year ended December 31,
Warrant Liabilities	2024			2023
Beginning balance	$	10,027		$	—
Initial fair value of warrant liabilities upon issuance		—-			6,942
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations		18,274			3,085
Derecognition of warrant liabilities due to exercise in full		(28,301	)		—
Ending balance	$	—		$	10,027

Segment and Geographic Information - Schedule of net revenues by geographic region (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
United States
Segment Reporting Information [Line Items]
Percentage of total revenue	96.00%	90.00%
Others
Segment Reporting Information [Line Items]
Percentage of total revenue	4.00%	10.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Accounts receivable includes related party	$ 2.0
Related Party [Member]
Payable and accruals includes related party	$ 0.7

Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Beginning balance	$ 5,701	$ 4,240
Gross increase-tax position in prior periods		162
Gross increase—tax position in current period	882	1,299
Ending balance	$ 6,583	$ 5,701

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Selling, general and administrative

$ 84,614

^[1]

$ 73,481

Costs and expenses

Cost of revenue

57,789

55,273

Research and development

48,905

64,776

46,187

^[2]

49,726

Lease impairment

5,565

Restructuring and other charges

8,077

Total costs and expenses

152,881

183,417

Loss from operations

(68,267)

(109,936)

Interest income

5,510

5,901

Interest expense

(24)

(110)

Other income (expense), net

(18,485)

^[3]

(4,068)

Loss before income taxes

(81,266)

(108,213)

Provision for income taxes

Net loss

$ (81,284)

$ (108,296)

Net loss per share, basic

$ (1.37)

$ (2.25)

Net loss per share, diluted

$ (1.37)

$ (2.25)

Weighted-average shares outstanding, basic

59,251,013

48,175,201

Weighted-average shares outstanding, diluted

59,251,013

48,175,201

[1]	Includes related party revenue of $2.0 million for the year ended December 31, 2024.
[2]	Includes related party sales and marketing expenses of $0.5 million for the year ended December 31, 2024.
[3]	Includes related party other expense of $18.3 million in connection with the change in fair value of Tempus Warrants for the year ended December 31, 2024.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

For financial reporting purposes, loss before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2024			2023
Domestic	$	(81,312	)	$	(106,833	)
Foreign		46			(1,380	)
Loss before income taxes	$	(81,266	)	$	(108,213	)

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2024			2023
Current:
Federal	$	—		$	(9	)
State		4			3
Foreign		15			35
Total current		19			29
Deferred:
Foreign		(1	)		54
Total deferred		(1	)		54
Provision for income taxes	$	18		$	83

Summary of Income Tax Provision Related to Continuing Operations Statutory Income Tax Rate

Income tax provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:


	Year Ended December 31,
	2024	2023
Expected tax (benefit) at federal statutory rate	(21%)	(21%)
Effect of:
State taxes	(5%)	(7%)
Change in valuation allowance	20%	26%
Stock-based compensation	3%	3%
Research and development credit	(3%)	(3%)
Warrant revaluation	5%	0%
Other	1%	2%
Effective tax rate	–%	–%

Components of Deferred Tax Assets for Federal and State Income Taxes

Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	94,215		$	83,983
Research and development credits		26,196			22,669
Capitalized research and development		27,088			22,089
Property and equipment		73			—
Deferred revenue		332			362
Accruals and reserves		2,011			2,883
Stock-based compensation		4,084			4,614
Operating lease liabilities		11,828			13,124
Other intangibles		152			209
Other		299			132
Total gross deferred tax assets		166,278			150,065
Less: valuation allowance		(161,698	)		(144,861	)
Total deferred tax assets		4,580			5,204
Deferred tax liabilities:
Property and equipment		—			(113	)
Operating lease right-of-use assets		(4,571	)		(5,084	)
Total deferred tax liabilities		(4,571	)		(5,197	)
Net deferred tax assets	$	9		$	7

Summary of Unrecognized Tax Benefits

The Company has the following activity relating to unrecognized tax benefits (in thousands):


	December 31,
	2024		2023
Beginning balance	$	5,701	$	4,240
Gross increase—tax position in prior periods		—		162
Gross increase—tax position in current period		882		1,299
Ending balance	$	6,583	$	5,701

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of net revenues by geographic region

The Company attributes revenues to geographic region based on the billing addresses of customers. The following table presents net revenues by geographic region:


	Year Ended December 31,
	2024	2023
United States	96%	90%
Others	4%	10%

Schedule of reported segment revenue,segment loss and significant segment expenses

The following table provides information about reported segment revenue, segment loss, and significant segment expenses (in thousands):


	Year Ended December 31,
	2024			2023
Revenue	$	84,614		$	73,481
Less:
Payroll and related costs		66,910			86,463
Lab supplies and outside services		12,029			18,841
Facility costs		10,132			16,899
Professional services		9,079			12,448
Repairs and maintenance		8,210			8,479
Lease impairment		—			5,565
Restructuring and other charges		—			8,077
Change in fair value of the Tempus Warrants		18,274			4,027
Depreciation and amortization		10,941			11,770
Other segment items(a)		35,833			15,109
Interest income		(5,510	)		(5,901	)
Segment and consolidated net loss	$	(81,284	)	$	(108,296	)

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 4.7	$ 0.4
Revenue performance obligation unsatisfied service, period	unfulfilled services under contracts with an original expected duration of more than one year
Contract with customer unsatisfied services	$ 1.3

Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Reconciliation of Beginning and Ending Related Liability Balances

A reconciliation of the beginning and ending related liability balances, included within Accrued and Other Current Liabilities in the consolidated balance sheets, is as follows (in thousands):


	One-time employee termination benefits			Other costs (primarily China asset disposals and impairments)			Total restructuring and other charges
Restructuring liability balance—December 31, 2022	$	—		$	—		$	—
Costs incurred and charged to expense		7,467			610			8,077
Costs paid or otherwise settled		(4,338	)		(610	)		(4,948	)
Restructuring liability balance—December 31, 2023		3,129			—			3,129
Costs paid or otherwise settled		(3,129	)		—			(3,129	)
Restructuring liability balance—December 31, 2024	$	—		$	—		$	—

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 10,686	$ 14,051
Employee Stock Option
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	5,017	5,746
Performance-based Stock Options
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	112
RSUs
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	5,251	7,539
ESPP
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 306	$ 766

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Shares of Common Stock Available for Issuance

Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2024 were as follows:


	December 31, 2024
Outstanding stock awards		9,312,702
Reserved for future award grants		4,827,765
Reserved for future ESPP		61
Total common stock reserved for stock awards		14,140,528

Summary of Stock Option Activity

A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) for the years ended December 31, 2024 and 2023 is as follows:


	Outstanding Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2022		5,451,132		$	9.90		5.31	$	7
Options granted		2,638,500			2.61
Options exercised		(8	)		2.44
Options forfeited or expired		(2,284,038	)		7.84
Balance—December 31, 2023		5,805,586		$	7.40		6.90	$	64
Options granted		3,612,000			2.19
Options exercised		(80,998	)		2.46
Options forfeited or expired		(728,870	)		9.65
Balance—December 31, 2024		8,607,718		$	5.07		7.64	$	21,949
Options vested and exercisable as of December 31, 2024		4,491,161		$	7.29		6.45	$	8,233

Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options

air value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:


	Year Ended December 31,
	2024	2023
Expected term (in years)	5.50 - 6.08	5.50 - 6.08
Volatility	72.61 - 83.68%	78.47 - 79.31%
Risk-free interest rate	3.48 - 4.65%	3.47 - 4.66%
Dividend yield	–%	–%

Summary of Restricted Stock Units Activity

A summary of the Company’s RSU activity for the years ended December 31, 2024 and 2023 is as follows:


	Unvested Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2022		2,621,482		$	9.33	$	5,191
RSUs granted		24,500			2.18
RSUs vested		(839,194	)		9.91		1,520
RSUs forfeited		(552,962	)		8.89
Balance—December 31, 2023		1,253,826		$	8.99	$	2,633
RSUs granted		—			—
RSUs vested		(601,285	)		10.46		1,719
RSUs forfeited		(219,057	)		10.20
Balance—December 31, 2024		433,484		$	6.34	$	2,506

Stock Based Compensation Expense by Award Type and Function

The following is a summary of stock-based compensation expense by function (in thousands):


	Year Ended December 31,
	2024		2023
Cost of revenue	$	658	$	1,761
Research and development		4,039		4,870
Selling, general and administrative		5,989		7,420
Total stock-based compensation expense	$	10,686	$	14,051

The following is a summary of stock-based compensation expense by award type (in thousands):


	Year Ended December 31,
	2024		2023
Service-based stock options	$	5,017	$	5,746
Performance-based stock options		112		—
RSUs		5,251		7,539
ESPP		306		766
Total stock-based compensation expense	$	10,686	$	14,051

2019 Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options


	Year Ended December 31,
	2024	2023
Expected term (in years)	0.5	0.5
Volatility	61.35 - 95.66%	69.23 - 84.88%
Risk-free interest rate	4.42 - 5.43%	5.14 - 5.51%
Dividend yield	–%	–%
Fair value	$0.51 - $2.14	$0.33 - $0.91

Performance-Based Stock Option | 2019 Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of the Company’s performance-based stock option activity for the years ended December 31, 2024 and 2023 is as follows:


	Outstanding Performance-Based Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2022		421,000		$	5.10		1.00	$	—
Options expired		(421,000	)		5.10
Balance—December 31, 2023		—		$	—		—	$	—
Options granted		271,500			1.61
Balance—December 31, 2024		271,500		$	1.61		9.20	$	1,133
Options vested and exercisable as of December 31, 2024		—		$	—		—	$	—

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.