As of September 30, 2024, Personalis, Inc. reported significant financial developments in its quarterly 10-Q filing. The company achieved total revenue of $25.7 million for the three months ended September 30, 2024, marking a 41% increase from $18.2 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $67.8 million, a 26% increase from $53.8 million year-over-year. Notably, revenue from pharmaceutical tests surged by 96% to $15.7 million in Q3 2024, compared to $8.0 million in Q3 2023.
Despite the revenue growth, the company reported a net loss of $39.1 million for Q3 2024, compared to a net loss of $29.1 million in Q3 2023. For the nine-month period, the net loss was $64.9 million, down from $81.7 million in the prior year. The net loss per share for Q3 2024 was $(0.64), slightly higher than $(0.60) in Q3 2023, while for the nine months, it improved to $(1.19) from $(1.71).
Total costs and expenses for Q3 2024 decreased to $40.1 million from $49.0 million in Q3 2023, primarily due to reduced research and development expenses, which fell by 30% to $12.0 million. This reduction was attributed to workforce cuts and lower sample processing costs. Selling, general, and administrative expenses also decreased by 4% in Q3 2024.
On the balance sheet, cash and cash equivalents increased to $75.8 million as of September 30, 2024, up from $57.0 million at the end of 2023. Total current assets rose to $170.3 million, while total liabilities decreased to $73.1 million from $95.7 million. Total stockholders' equity increased to $166.8 million, compared to $129.4 million at the end of 2023.
Strategically, Personalis has made significant moves, including a partnership with Tempus AI, Inc., which acquired over 10% ownership in August 2024. This partnership includes a Commercialization and Reference Laboratory Agreement, with Tempus agreeing to pay $12 million in market development fees for the NeXT Personal Dx test. The company also executed workforce reductions in January and December 2023, affecting approximately 160 employees in total, which contributed to the decrease in operating expenses.
Overall, Personalis continues to navigate its growth trajectory while managing operational costs and strategic partnerships to enhance its market position in precision oncology.
About Personalis, Inc.
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