Earnings call transcript Q2 2023

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Operator

Greetings and welcome to Personalis Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Caroline Corner, Investor Relations. ahead. go Please

Caroline Corner

Welcome operator. second XXXX quarter Thank to call. earnings you, Personalis'

Chief Chris today's Tachibana, Executive and Rich on EVP me Officer Hall, Chief Chief Officer; Medical Chen, call Officer Aaron Joining R&D. and are Chief and and President; Officer Financial Operating and

historical the made of meaning securities this of to on considered be statements that do US should All relate forward-looking not call matters facts statements within laws.

of cash year runway, trends and expectations expectations our outcome and activities, any patents opportunity longer market outlook. decisions, goals, health and proceedings and example, this term, expectations collaboration outcome technology, business clinical reimbursement of the statements regarding timing, milestones, and enforceability of For booking legal the future the orders, reimbursement our revenue timing services, expectations, patents, financial and for to our for and of enforce existing performance size or products, validity

and to you our could subject update including These that Report law. to cause described uncertainties the are our risk review except Personalis to expectations. statements, required applicable results actual with as current recent XX-Q. no recent factors undertakes most to the statements on Annual our these filings obligation SEC, from materially We risks in by differ Form encourage

our Our about www.personalis.com, financial the available results. under press is includes second website, details release for on the and our quarter results XXXX additional Investors section

recording review. Time by has Our today’s website today. A to also our will website of you be which latest filings, Pacific on encourage call SEC P.M. X our available we

second like comments over quarter highlights. Now, to to I Chris and call the his would business turn for

Chris Hall

afternoon well, fuel our as us. milestones we pursuing everyone we growth Good continue to thank and you, joining of execute you team revenue expect I'm near-term that ahead. to our proud Thank for Caroline.

our for and assay NeXT this biopharma deepening customers. Personal for We preparing establishing for test use lastly, global in the of collaborators Personal, choice year, clinical the this NeXT quarter made progress as

of the over patients we'll cancer go very to to occurring from positioned two developments uniquely next diagnostic therapies. rapidly important and of benefit necessity as monitor several is personalized Personalis personalized The test years development oncology. the with in

shifts to occurring and required information the treatment. in actionable of in to to today. technology disease ability impart arc enables shifts the a to uniqueness cancer Personalis' these of oncology patient's provide of the Both change discriminating platform, eliminate the technology solutions needed management big their the

year, billion a what we after this be we an out to we strategy Earlier laid monitoring -- to $XX our had estimate market. MRD go

product biopsy Our tumor-informed Personal. is addressing test liquid this space called personalized NeXT a

involves indications; coverage early evidence and strategy pursuing monitoring. three cancer, deepening focused in cancer and Our lung, stage early immunotherapy stage breast

these believe in on ultra-high the these cancer decisions of uniquely also we our to to both and types guide technology focused treatment detect We recurrence that is early very because sensitivity suited areas.

that and when fragment elaborate DNA types few to me what across this circulating down aim normal for about consistently We but a residual few can patients, among not fragments Let we is only heart patients strategy. sensitivity is the to this And it disease may recurring find means achieve different million a it stages. for cancer in as do as many just most one cancer DNA blood. X believe levels What NeXT part or per as at one our Personal is there that means million. the high of cancer and

be result modified more technologies well importantly one, and to We that, provide NeXT management see outcomes. can and it Personal confidence cancer, we detect can before detect in earlier patient competitive can believe favorable cancer when we

additional two, may we remain therapy. And cancer, and don't the need when see disease-free will likely patient not

performance, seen focused early published additional cancer types. NeXT in demonstrating Over and data expect Personal's the our be last we data we've few months, to

studies. chosen by call, On mentioned last expert we were MRD we and for that our AstraZeneca Trace

NeXT use to drug MRD we development. for ultra-sensitive Personal research clinical measurement explore and AstraZeneca,

We're working an as demonstrate of assay his and the with NeXT group such to Swanton TRACERx of value Charles cancer ultra-sensitive patients. leadership Dr. Personal samples the and lung

I'll evidence supports point minute, are important end a out in to performance technology the and these and collaborations that develop more TRACERx claims. of it's but how relationship reimbursement color add high to the our validations

evidence recognized reimbursement are proud, strategy heart is NeXT our At work We're in Personal. for MRD MRD our with the we're leaders ultra-sensitive global the is with make choosing us progress capability of and to thrilled win that to deployed. clinical support being to and

is may that reimbursement have You area end in recall goal disease XXXX. to our the of one by

and that in this XXXX. have already submit to cancer continue our key anchor of be studies We and in each goal have be now focused our indications target types, timeline, in of established and key year. studies we lined are realized to will aggressive on an for each it's coverage believe up collaborators While to able next

and prior study. MRD research through University indications. for of run teams focused group detection is assay, cancer UK, Crick Charles Swanton, and is lung expert, on by anchor in cancer the generations Let's Previously, where conducted The Research identify collaboration Consortium TRACERx at first I'll and the Francis our lung the this improvement. led TRACERx London. Cancer Dr. Institute, opportunities College, significant start

lung the upcoming stage The at for to data assay Personal an and value year. deploy early an expect study of this clinical will determine conference now cancer, NeXT presented we scientific be to ultra-sensitive

the cancer, UK. coverage them focus Marston and large, breast set outcomes on with secured for globally in breast that a with samples a the clinical cancer. and Marston cancer, work to with a of for one of Second breast positive, well-annotated provide we subtypes, patients believe will Royal foundation and relationship with for early disease collaboration our Royal will our in ER including leading HERX The Royal negative in is institutions cancer. stage positive, we access several provides breast Marston triple

significant progress B-STRONGER year. this quarter to XXX to made enrolling and We plan patients establishing we this off expect prospective be at enroll committed US a trail XX sites Additionally, to patients has sites. to up kicked and approximately

trial the will samples the with pathological was path assess care Breast B-STRONGER be carried each standard with response two Criterium analysis collected and and Academic of from and stage, both a be correlates Consortium will Personal to path MRD first whether complete Cancer collaboration patient stages. CR. using CR or for out in NeXT The MRD In measurements.

NeXT The studies for second ability early these validity will breast follow-up ultra-sensitivity to further to trials cancer. Personal performance triple NeXT We're provide to stage and involve insights and a negative patient decisions. and establish five-year of expecting clinical therapy showcase important Personals' and stage

NeXT the collaboration of Third, Institute for Vall we with demonstrate efficacy VHIO therapy or monitor. Personal I/O d'Hebron of Oncology a to new and have leverage

pan-cancer therapy gives large retrospective annotated monitoring. of a our VHIO to achieve access coverage bank I/O cornerstone are the Notably, the us reimbursement to of well samples for that efforts

This exciting and UKE, announced and melanoma relationships. our UCSF collaboration and as work previously the announced existing I/O therapy, Medical University we've known also joins Duke Center, Eppendorf, on Hamburg

a already year. presented compelling reminder, As the we for have and with ASCO work the this data at the AACR UKE

Also, of be this the analysis as NeXT on upcoming Personal and leader we excuse year towards to march me, this developed oncologists market fourth clinical or by remain MRD, in track LDT as quarter in laboratory test used first of establishing we a year. -- to launch

our transform cancer Personal enabling product Our customers' market powering biopharma NeXT to and proprietary diagnostic is technology our oncology the key generation also the it's to products. of next

collaboration National Pharmaceutical biopharma this Center and East to rectal strong customers We've including with quarter, cancer. recently multiple immunotherapy with the global Cancer progress better Hospital response Company made predict for announced Ono

part treatment. our This companies well large cancer and is as of wanting to be of our pharmaceutical journey world technology a another the change for as a yet validation paradigm renowned KOL to detection

property investing we a defend an which continue important We to aggressively It's heavily seven leap our patent infringement for with second against MRD in portfolio are why three means to Foresight. a and to patents a asserted lawsuits additional proprietary the total our platform against now win forward intellectual industry-leading is which in field. Foresight initiated lawsuit our of investment, defend Diagnostics we as have patents, a

our vigorously in management our our intend position. and We active for we're transforming we reinforces cancer market it the continue the investment making our and our patent believe patients. personalized to expand of testing breakthrough of investors, have defend the to benefit leadership estate through We to customers, continued

to lead Personal how NeXT the technology cancer the to is in development industry powering personalized the progression, is Personalis' of monitor exciting potential equally assays While has best the therapies. personalized

from As are partner a announced regulatory Moderna's work earlier trial as approval key they pursue clinical therapy. year, this we their personalized of

disclosed, and As clinical begun Moderna they Phase Merck trial. their patients in X have enrolling

while And This with driver exciting still early this for a development new is expect in year said, alone. in XXXX, we days, the to significant each cancer patients US revenue thousands we've of as of be an us.

Moderna our the of and technology doing power vaccines Our aspirations partnership. with we're development are Personalis' therapies to for next as generation the

of population And Veteran starts recently turning States XXXX. notified Veterans were in Million the which the to option, exercise Program, that United VAMVP they we Affairs September next by sequencing, year Department

a received As task this late order expectation last September. XX for our million we in and reminder, would task late September, order that to the we coming is up XXXX receive year's

We VAMVP initiatives. are excited to their continue the supporting and

excited the and diagnostic of joined our and him working Ken to We're us. of Dr. experience, have health Board pleased us that also Widder care wealth set Directors. with has public industries experience his addition molecular to within in extensive to an we're Ken brings company

part appreciate multiple to our It's and all we an and make partners being fronts. exciting continue of our journey. We time and Personalis, on investors of progress

that, Aaron With I'll turn over to to review results. financial it now our

Aaron Tachibana

financial third our in detail second you, continue quarter and quarter the and the meet be quarter results Thank I full financial executed We to Chris. guidance year. and for about second providing our will well commitments.

customer the and Total for compared XXXX sample to of decreased company the and the VAMVP revenue. timing $XX.X period with the prior due receipts, reducing of business, unprofitable primarily revenue year, biopharma same of X% million second headwinds, was economic quarter

and due the X.X% of margin quarter was as generation, to R&D UKE, expense. year. and for prior prior This for include quarter non-revenue, The dedicating increase for the Duke, more sequential perform to collaborations and year-over-year to sample period operational categorized is required were Gross therefore, test clinical of evidence the for TRACERx, primarily increase that for XX.X% XX.X% and of the X.X% second processing others. XX.X% includes which compared same resources

same compared $XX.X nonrecurring of year. $X.X associated the million closure with expenses million of prior period operation $XX.X the the restructuring China million Lab one-time second a and the charge our of Operating for included were in with quarter

the and last charge, Excluding were the same expenses decreased our restructuring million from $X.X $XX million period year. operating

same in for $XX.X the was million SG&A the $XX.X million second compared million and with $XX.X million same $XX.X year. compared the expense quarter period last for period last with year, R&D was expense

net $XX.X The year. quarter net net prior of for loss the diluted $X.XX with was per compared million compared million XX.X average weighted share $X.XX prior a period loss same the share was count and the for was quarter basic of of the loss share weighted and the the share loss XX.X of a diluted and million $XX count of per the second Net basic with year. same average and for million period the for second

five paying quarters, this and out completing due optimal to million. in of In customers the $XXX.X from finished balance compared last on second primarily million, cash and the to the balance the our $XX.X the earlier usage second for was cash net sheet quarter, a second build with with Now facility cash the year. investments which payments timing helped significantly was sheet. strong the received our Also, which quarter down it short-term We was with flow. quarter, new

like I'd turn guidance. to Now, to

$XX total expect other million; of For from sales third we approximately the and XXXX, million. company revenue $XX revenue approximately million; from of enterprise revenue and approximately pharma sequencing population of $X customers of tests, quarter

$XX guidance to the pharma, revenue revenue expect our other and sales, full of be we with to XXXX, now with total be range tightened midpoint customers $XX million revenue year to $XX from We million to company increase. $XX the oncology million enterprise For million.

be revenue recognized the expected $X three be quarters. to approximately and first Population million to sequencing during

quarter than is approximately and Net loss represents which million now than $XX in of XXXX. million million a is from loss $XX estimate almost reduction $XXX Cash the which our from of $X million, prior of of $XX XXXX. usage approximately last lower million, million lower $XXX

updating forward to look our make we milestones the rest of We the progress you on as year. throughout

to with I begin And operator that, turn back session. the Operator? will the Q&A over call

Operator

Thank you.

a will Instructions] be now [Operator We conducting session. question-and-answer

Morgan go First Tejas Please ahead. with Savant question comes from Stanley.

Tejas Savant

of sort but of, growth opportunity for people thanks and can have here. business driver Aaron, here? share your now off, terms Moderna through to signed help it you the color for how XXXX, evening a think things now then plan personalized you a You up? Chris expand or times of any good revenue time the can guys, that And and as book couple us to vaccine potential of perhaps, in you cancer flagged the Hey very important other a kick Maybe couple you

Aaron Tachibana

Tejas. Hi, is question. the Aaron. This Thanks for

the PCB so the the patients, prepared of there and and had as Phase we terms enrolling sites. opportunity, in they Moderna In both, are X clinical Merck, mentioned the remarks, started on trial multiple

flow of sample a it's right bit now. terms to In slow been little us,

So, this ramp here revenue in half, be that year, it's second significantly start the moderate expectation the rest to as get our could we into XXXX. of through and the

On our call, of that we on we could it's potentially offset business. business Natera and our last about on little QX, expectation a the side what the did the off bit talk side in Natera the the lose ramp tailing Moderna

Chris Hall

we that clients Yes. have over And we would for arc that had XX personal time the talked always note, vaccine. it's I cancer of Chris, we've

not companies companies anymore, the by market leader has therapies. but those around we platform the people we able many to still to that believe because of personal cancer uniquely support are them building partnering with designed of personalized be are those we have And far Some vaccines are. with been

choice. that well partner so comes to the of as together industry And positioned we're be

Tejas Savant

why Got one And you for here. quick then, it. That's Aaron, helpful.

you you're, with contribution? down, a like to thinking sort essentially into mentioned, will? be when guide You you more the modest of you are Natera, you possibility heading about it How XXXX. if assume philosophically of zero But step that

side same And MVP things. on the, question of

the a task million-ish year, we of order contribution you quarter by end $X that should of per have September Now, XXXX? seeing sort of sort September expect through of the in

Aaron Tachibana

Yes.

one to deal MVP. the of probably because So, in first with we'll that MVP take one's easier terms

how So, it'll the exactly we expect large of end an order We know at be. September. don't

estimates order. our or quarter last the size We're expectation include the fourth same anything assuming our year. in of So, it's don't the as this

fulfilled XXXX. three to So, Probably we'll assume million million the in $X the over in $XX of the somewhere first okay? quarters range year,

on last did with the volumes question In so agreement Natera, have, our consistent with terms on of revised call, we Natera.

end So, agreement the we've quantities volume minimum and of that agreed off. QX through taper to with to us takes starting

And we're in QX. in QX, that saw down we here QX from or it seeing

here the of be second Our rest things from is through for half the expectation could year. flattish quarter second this now the

of Natera's terms beyond In happens the depend it'll upon what's happening what volumes. that, with

partner an could we the outsource for extent think that And do I and for grow. their additional them. volumes they continue capacity to to partner capability, need be that

off to more would point this on clarity here. know. at volumes the we We the come XXXX. QX we exact so based But don't our have in into And -- upon estimates in include what them time timeframe tapering

Tejas Savant

Very helpful. the color. Thanks guys. Appreciate

Aaron Tachibana

Tejas. Thanks Sure.

Operator

Next go ahead. Donnelly question, Citi. with Please Patrick

Unidentified Analyst

the on start revisions Brendan I Patrick. guidance. the for off to it Hi. want to with

driving provide wonder driven raised or So sales. mainly million, you've could and on the by the by just I midpoint pharma enterprise if you any $X commentary confidence. what's color that

Chris Hall

Yes, so great question.

first this last back off had even the doing year confidence lot than of it's being even poised we pharma clinical see And, into little the opportunities later though providing we're for because recognized marketplace we're terms year, The a year with MRD grow. to a upon from primarily earlier half. half MRD, pharma we we revenue more this or evidence collaborators. with take the based being what our higher of half bit of of believe back to haven't with continues the for In XXXX, funnel

we here the to mention the taper on side, half the the second addition, did last what going be We're Natera seeing that, should second so probably start we to is year in quarter. the on call volume off. compared to volume of saw In that flattish

Unidentified Analyst

the kind the then the quarter, the cash and for the to moving led XX for to what from of And cash usage through can usage year go there? you. on thank XX, around lowering of the you to so Great, takes decline puts

Chris Hall

of new we're year-over-year, $XX about us of heavy so for $XX XXXX, had beyond million is to usage facility. Yes, by a our we million. Most $XX cash amount declining now. investment, In that

terms from which forward usage million going took headcount In $XX an place quarter, by that cash on we basis a saved XX%, first in the reduced reduction standpoint. headcount us annual the some of

In all. addition, not being spend discretionary been defer of looking we've and terms we what at all spend or in prudent and could at reduce

Unidentified Analyst

Great. you. Thank

Chris Hall

Sure.

Operator

Next BTIG. Massaro question, ahead. Mark go with Please

Mark Massaro

What very at for one TRACERx cancer. Thanks what and the test? his as first fourth guys. in used interesting My Personalis first on about be Swanton chose had he the what why the least test. trial. the two questions. limitation the much a MRD the or lung Hey, it has tests maybe couple you may hear in Personalis interest is exactly about tests know in Charlie It would third other to of work next that was was have really the

And of that, and guys this I you what out for year. endpoints study to follow-up study, give Can the that us talked then as about a you later lung a sense believe, a reading are? size clinical the

Chris Hall

it's and the he's the Mark, Rich Chris. Collaboration. collaborators, about TRACERx. is talk in is and with Awesome. TRACERx going to worked since jump here

Rich Chen

Thank for Yes, hi, Rich. Mark. This you question. is Great. the

So, not Charlie lung the of other not have field cancers testing cancer, first platforms. there many cancer. just Charlie, for sensitive many, this as not noted, pick are that areas looked generation years, but I you enough up at of where, just I many there's And has a, think, in of to noted, think the been tests as was MRD other

a chose large I think he to that's So us. with work it's reason a,

with on year, early platform. a promise on. He very saw ago He started and noted of We the half that working a him, ultra-sensitive this. year we have that an over

start the before encouraging. the us. with now. And to So it I to was, looking talk him end in of right is the then this was to be in to this data the exciting that we're And year. about generation, that for the really I of on of We're terms collaboration think data thick start think to, track able data

Chris Hall

mean, to the us to part can't seen other, be able XXX of to opportunity other per see, times you in Personalis million, whether or give the we've one the others technology imaging whether assays I it, back, it's more And it's what a always up sensitive. And to see, gives that step it's standard care being whether marketplace.

positioned detection. to in leap really be forward able we're MRD to be a So

Mark Massaro

alive folks Okay, you of repeat MRD can true, about great. personal in have enrolled points, idea And that TRACERx that's are and that know still talk testing. of hundreds test, trial. the serial opportunity clearly Is over get patients I if the the a conceptually the each because next time would has value for

I'd be tests visibility of to over curious you time? could have sense type just So, that get you on number for a think you the what of generate

Chris Hall

Yes, so that's a Mark. great question,

cohort cohort. So actually the a TRACERx retrospective is

plasma collection the So all these to, for there a actually lot is for been for along Charlie of these thing we clinical had And has team now know, followed we patients. the the the the And great know up years, done many way, and many, foresight outcomes they've for that patients. because already his these patients. longitudinally collect been

of points along the to an part that can predict those us the test. establish of of looking I kind and that those all we for what test at and the we're we to we of it going are, that what all examine, points the the, for in already that's these be we time going and also our outcomes cohort time to patient can that the sort were want technology journey to in at using from at find here. can we data we're utility in going there's collected, points So patient. with be our makes ideal And if various test some And up looking journey, show what could it any decisions for think be sense, know because on, patients to of, made

Aaron Tachibana

a give to across us in truth What set of of one have for show indications. access we focused the be to back, us ultrasensitive to studies on an cancer with traditionally. that step think, set you of assay cancer we through large talk approach if data retrospective clinical And inform with multiple of types efficacy pipeline the of each those points the the time to hard been able three

Mark Massaro

that's guys. Thank Okay. it for you, me.

Chris Hall

Mark. Thanks,

Operator

Wainwright. ahead. Ramakanth Swayampakula Instructions] question comes [Operator Next go H.C. with Please from

Swayampakula Ramakanth

you. Thank and Good Chris afternoon, Aaron.

from to Just of set previous up follow the questions.

that data obviously this, a bit data at you you how or with would with of beyond now? little monetize end would with that test define better. this that what So being TRACERx it get the will is set experience, And your done

Chris Hall

launching market, that take And We've lot Ultimately, we super a about by that which excited the be in able next be year, and be of means feedback. get entrants stage drive patients. TRACERx. will will United market the end the on the the because this the for be of significant that we'll some testing the the product of of it'll our of first person into year, end paid covered published use so we hope of towards this end who be the are will cancer. And available clinical the it. doctors at time, companies the lung year, doing is towards this to early we're the into gotten we to insurance foundations Well, to so to it test And that's around point. States one health for next expect getting at

analysis. snapshot. one revenue having of data biopharma helps that's with clients large, to companies. have is those And many the us to driver. business But in deeply great the that MRT, be of inform MRD continue So big further we a and a sets usage robust be other of all able get to or They're snapshot biopharma involved set studies the conversations

and UCSF we et So Marston data that data with cetera. with we're other Duke see working along BHIO, Royal and that sets and the

us around Is from which form and we to around base the those and get RK? get additional revenue patients country. ultimately biopharma that or conversations We build help all and the from will coverage, that to insurance helpful, foundation business of fuel doctors clinical expect the customers, a samples

Swayampakula Ramakanth

cancer Be a the like these Stronger trial, breast on that five-year Then patients. follow-up that. includes in for thanks Yes,

interim, have period So mean a data or for the data will be full is in continuously we getting the wait of those things get you that one to to it where set? does longer time

Chris Hall

Yes, believe, deeper. negative help triple early that coverage ultimately data can Rich payment and then a it structure and clinical set with adoption breast into get, cancer. interim us could go did We little a of we and

data So well follow-up. whole anything we'll before the get you Rich, five-year Do have add, about? to

Rich Chen

been that's exactly It's at No, designed right. but follow-up follow five are time an glimpse we data earlier we interim to have -- readouts that early the as planned where years, performance to specifically on specific point. those can get an the

Swayampakula Ramakanth

you. questions. taking Thank both And for you thank my

Chris Hall

No, absolutely. questions. Thanks the for

Operator

Dan with question, ahead. Brennan Next go Cowen. Please

Dan Brennan

about Great. presentations Thank mentioned MRD, taking just you. year. Thanks for just with the remarks questions. Maybe this you in prepared later the staying some

wondering we from what flush that? you expect Just a bit can of can out kind little if

Rich Chen

Yes. of very for at targeting It's large on This on oncology upcoming this data this able conferences is the some later also to you Europe to in is year we're to where data question. later the of early we're conference hopefully Thank cancer in TRACERx. conference on an other some breast Rich. that for report additional ESMO. There Yes, we be side. a expect present track the several there's year. data this on And out

Dan Brennan

do discussed think we opportunity if of guys of the all kind contribution you potential of pharma about terms the what kind already in kind here, is of pharma from I then impact but how apologize In XXXX? assumed for relationships XXXX? in this, And just

Aaron Tachibana

specifically Aaron. of the is to baked in into We talk the for range what's of $XX this for million didn't somewhere about pharma question. inclusive contribution, terms $XX pharma the guide, PCB. million the Thanks in Dan, Hey, but

Dan Brennan

of for contribution within specifically MRD the frame the is for to there like what's Just opportunity And kind it. pharma? Got what MRD, specifically that? for trying

Aaron Tachibana

said be. the about we terms to it in yes, in year. haven't said the single-digit MRD exact about it's haven't But of we -- be So anything millions going would where publicly later numbers

Chris Hall

data as of -- really bigger always about the And it's mean traditionally XXXX. a the the move much in MRD these the I with the piece large to piece. be smallish of market. into with come to all excited XXXX, translational So and potential the together. we, Especially a super sets mean But start to in able we're biopharma I customers we've it's because positioned that platform work ImmunoID side capture the done spending we're

and that we've forward And interest a companies. expect types they with to us, bake-offs trials different big lot revenue XXXX, personal customers. XXXX, than clinical clinical into test gotten as we that's biopharma especially translational assay of be are moving the next because deploy trials, just we a And of of for work opportunities and the but of driver the some doing trial, where bigger those into from

do So way excited terms we're sales journey. along able doctors of towards really marketing But a be marching is out and it that in moving evidence smart, growth getting to is cost-effective and focus coverage a and driver. and the and that the now in there super right getting to the be to use

customers journey. revenue the through time the that And be driving then having biopharma as commercial we at point go in same

Dan Brennan

of how or for quantification we guys per there? biopharma you have think discussed of And at kind all any side sample on a about kind pricing

Chris Hall

We We've analytical used right the biopharma disclosed yet. the not pricing that, on [ph], is now is customers. finishing There clinical but next priced have personal product not but disclosed is a used version same. being it's the which the it, several We're of we've validity available the for and lab the pricing, just biopharma LDT, customers. not is an by by substantially work now RUL being and

Dan Brennan

Got it.

the disclosed, three? the coverage you breast, the finally, the of have eye? next about talked or I the getting mean, the then, I of lung, of three, amongst which maybe three year, is the end And Okay. it know by areas, you three Which the of lead

Chris Hall

back do data what is to in all there's And needs mean, our coverage, and expectation the forth happens peer And same period need simultaneously. time. to article. we'd to journal. right? [ph] for that be know, three, at you accepted perfect It to of submit in I a a an We But then get inevitably to get you right, into that needs Paul put driving is have articles, discussion with No, we're coverage. review the and Meadow, as world, be covered the data a

getting That beyond our bit into collaborators is set cetera, another getting process process control domain publication move, the of it of journeys. is little public that into the et both the then a data bit and accept but it because a on is how

expect rate. don't that of so same And we three those go at will all the

some et go slower, a publication, iterations, through some -- cetera. Something into go could may may different go couple quickly some

we the that And collaborators so collaborators And control. in there's can the et those this forth they data the where journals, cetera. and of that period a back can getting tail and there's is control the is a to and write so time beyond get journey between submitted. What our then the articles largely

And from towards take it coverage. and we'll drive it there then

so on. our laid moving about them the aggressively we're and go all will And be three we're able is way committed as we've that's journey it. you as and And things together, we'll that keep updated, that's one But the to out is data come executing obviously, submitted on to And we're expectation thinking and fronts. these make we'll that progress. of but

Dan Brennan

that and how address sheet, we need for And just how the should balance guys going sorry, think financing forward? final one, the about on you

Aaron Tachibana

of which of we our QX, end cash cash continue the Dan. two At to had $XXX cash, of runway. years so Yes, runway, we extend million is

of defer today discretionary in at in prudent spend. can. we terms continuously We're terms being of So we where where expenses we're

we have that like done. go have evidence clinical to get things Obviously, that we and

at But we So right, only terms spending good we're where to. we're where short-term, shape. where, in think need in I today, we're of

Dan Brennan

Perfect.

Okay. Thanks lot. a

Aaron Tachibana

Thank you, Dan.

Chris Hall

Thanks, Dan.

Operator

comes & question Please from with ahead. Mike Needham [Operator Company. go Instructions] Next Matson

Mike Matson

been joined if I through little a figured thanks. late, apologize I but out to how you've ask this, anyway. call so I Yes, the

revenue have generate So the much how the next feel year? that's a you do renewal, MVP for to going over

Aaron Tachibana

what revenue so any Mike, in late for Yes, how know assuming We Don't said we to new fulfilled would that order we're this so year. fourth the going much an thanks from order. that sometime September it's said, expect be, not we've question. exactly basically quarter the be

that XXXX, we an our had is here or sitting standpoint last terms it's And level standpoint from year. of in the assumption order that same volume then today

in So, $X million somewhere range. the $XX to million

Mike Matson

by it you in direction. Okay. produce burn like obviously expected million. small a then It's All right right. $X but cash the change like the And looks

So what driving what's -- is that?

Aaron Tachibana

expenses earlier defer. right, each year to expenses, we we and reduced basically quarter Well, and this reduce continue

Mike Matson

Yes.

then ramp revenue, expectations? And down the still is right. Natera with that your All prior consistent Okay. in just

Aaron Tachibana

It is this time. point at in

a saw QX to we so Natera And QX ramp terms down volume. from of in the

it Our have little with first wait could more And stays the Natera, agreement flat from relatively our but through see. the a we'll now rest of then it go bit to that year. assumption is quarter, and this per down right in QX

Mike Matson

Okay, got you. Thank it.

Aaron Tachibana

Thank you.

Operator

This teleconference. concludes today's

may thank your your disconnect this for you lines and at time, You participation.

Personalis (PSNL) 8 Aug 232023 Q2 Earnings call transcript