Key Highlights

  • Revenue rose 77% to USD 25.6 million in the third quarter, from USD 14.5 million, with clinical diagnostic Revenue at USD 4.4 million against USD 0.4 million.
  • Net loss widened to USD 33.8 million, or USD 0.32 per share, from USD 21.7 million, or USD 0.24, as total costs and expenses rose 62% to USD 61.1 million.
  • Selling, general and administrative expense doubled to USD 26.0 million, including USD 4.0 million of professional services tied to the pending Tempus merger.
  • Cash and short-term investments were USD 190.6 million at September 30, 2026, down from USD 240.0 million at the end of 2025.

Clinical Tests and Pharma Work Drive the Revenue Jump

Personalis (NASDAQ:PSNL) filed its Quarterly Report for the period ended September 30, 2026 on November 4, 2026. Revenue of USD 25.6 million was up 77%, and nine-month revenue was USD 63.4 million, up 21%. The company sells cancer genomic testing services. Pharma testing rose 30% to USD 17.1 million on more clinical trial samples for Merck, which accounted for 22% of revenue, and population sequencing for the VA Million Veteran Program rose to USD 4.1 million from USD 0.2 million. Clinical diagnostic revenue followed Medicare coverage decisions for NeXT Personal Dx in breast cancer, lung cancer, immunotherapy monitoring and neoadjuvant monitoring. Enterprise sales fell to USD 8 thousand after the Natera relationship ended.

Costs Outrun Revenue as Tests Are Sold Ahead of Reimbursement

Cost of revenue rose 51% to USD 19.0 million, mainly because the company sold clinical diagnostic tests ahead of Medicare reimbursement to gain market share, so payments were below testing costs. Diagnostic test costs added USD 3.5 million. Research and Development rose 32% to USD 16.1 million. Selling, general and administrative expense included a USD 4.3 million rise in fees to Tempus for tests sold and results delivered. The loss from operations was USD 35.5 million against USD 23.3 million. Nine-month net loss was USD 95.5 million, or USD 0.90 per share, compared with USD 57.5 million, or USD 0.65.

The Tempus Merger, USD 16.25 Reference Price and Vote

On July 20, 2026 the company agreed to merge with Tempus. Holders are to receive Tempus Class A shares at an exchange ratio set by a formula based on a USD 16.25 per share reference value, fixed at 0.3356 if the Tempus average price is at or below USD 48.42, and Tempus may elect to pay cash for up to 50% of the shares. The definitive proxy statement was filed on October 21, 2026, and the stockholder meeting is scheduled for November 30, 2026. A VA task order of up to USD 18.3 million became effective September 30, 2026. Under the formula, the stock value is about USD 16.25 per share when the Tempus price is above USD 48.42 and falls with the Tempus price below it, and completion needs stockholder approval and other conditions.

Where Things Stand

Revenue growth came from pharma work, population sequencing and newly reimbursed clinical tests, while the loss widened because costs grew faster. Personalis (NASDAQ:PSNL) cut its cash and short-term investments by USD 49.4 million (calculated) since December 31, 2025 and incurred merger-related professional fees. The filing's own narrative describes USD 63.4 million as third-quarter revenue, but the tables show that is the nine-month figure, so quarterly revenue is USD 25.6 million. Next markers are the November 30, 2026 vote, closing conditions and Medicare reimbursement on tests sold at a loss.