Freenome (FRNM) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $183.5M, primarily from $180M of collaboration revenue recognized after SimpleScreen CRC received FDA approval; GAAP net income was $60.1M.

• SimpleScreen CRC launched in the U.S. on September 30 through Abbott; SimpleScreen Lung launched as an LDT on October 20, after quarter-end.

• Nasdaq listing raised $310.7M gross; quarter-end cash, cash equivalents and marketable securities totaled $430.0M, with runway expected into 2028.

Financial highlights

• Q3 revenue was $183.5M vs. $1.0M in Q3 2025; license and collaboration revenue was $182.5M, including a $157.5M exclusive license and $22.5M cumulative catch-up adjustment.

• Q3 operating income was $70.0M vs. a $65.3M loss; GAAP net income was $60.1M vs. a $64.5M loss, or $0.58 diluted EPS vs. a $0.95 loss per share.

• Operating expenses were $113.5M vs. $66.3M; R&D was $68.4M and G&A was $44.6M, with stock compensation a key driver.

• Adjusted EBITDA was $117.9M vs. negative $56.3M; free cash flow was $35.7M vs. negative $44.8M, including Abbott’s $100M milestone payment.

• Nine-month revenue was $190.0M vs. $2.5M; nine-month net loss was $72.5M vs. $181.1M.

Outlook and guidance

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

• Current cash resources are expected to fund operations into 2028; the runway estimate excludes future milestone payments.

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

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

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