Freenome (FRNM) investor relations material

Executive summary

• Q3 revenue was $183.5M, primarily from $180.0M of collaboration revenue recognized following SimpleScreen CRC FDA approval; GAAP net income was $60.1M.

• The July Business Combination and PIPE generated $310.7M gross proceeds and $295.5M net proceeds.

• SimpleScreen CRC received FDA approval in July and launched commercially through Abbott on September 30; SimpleScreen Lung launched as an LDT on October 20.

• Quarter-end cash, cash equivalents and marketable securities totaled $430.0M, with funding expected to support operations into 2028.

Financial highlights

• Q3 revenue was $183.5M vs. $1.0M a year earlier; nine-month revenue was $190.0M vs. $2.5M.

• Q3 operating income was $70.0M vs. an operating loss of $65.3M; net income was $60.1M vs. a net loss of $64.5M.

• License and collaboration revenue included $157.5M for the exclusive commercialization license, a $22.5M cumulative catch-up adjustment and $2.5M of R&D services.

• Q3 operating expenses were $113.5M vs. $66.3M, including $68.4M of R&D and $44.6M of G&A; increased stock compensation was a key driver.

• Nine-month operating loss was $57.5M vs. $185.5M; net loss was $72.5M vs. $181.1M.

Outlook and guidance

• FY 2026 revenue guidance is $192M–$194M; Q4 guidance is $2M–$4M, with no meaningful test revenue or royalties expected.

• Current cash resources are expected to fund operations into 2028; R&D and G&A expenses are expected to rise as the pipeline and commercialization advance.

• CRC V2 supplemental PMA filing is on track by year-end 2026, with approval expected in H2 2027 and Abbott technology transfer in H1 2028.

• PROACT Lung enrollment is expected to finish in H1 2027, with readout toward year-end; two single-cancer readouts are expected in December, with launches in H1 2027.

• Asymptomatic multi-cancer data are expected in Q2 2027, with launch anticipated in H2 2027.