Explosive Clinical Volume Growth
Delivered 6,183 Clinical tests in Q4 2025 (41% sequential growth vs Q3; 329% year-over-year). Full year 2025 Clinical volume exceeded 16,000 tests (394% YoY growth). 2026 volume guidance: 43,000–45,000 tests (~170% growth YoY; company expects Clinical volumes to roughly quadruple).
Substantial MRD Biopharma Momentum
MRD biopharma revenue grew nearly 240% year-over-year in 2025. Full-year biopharma revenue was $49.0M (slight decline from $51.0M due to expected trial wind-downs). Company expects MRD biopharma revenue of $20M–$21M in 2026 and strategic revenue to grow from approximately $14M in 2025 to $30M–$32M in 2026 (~121% projected growth).
Medicare Coverage Wins
Achieved two Medicare coverage decisions (breast cancer and lung cancer surveillance) with favorable pricing, enabling initial reimbursed Clinical revenue and strengthening market legitimacy. Additional MolDX dossier under review for immunotherapy monitoring (IO).
Strong Cash and Liquidity Position
Ended Q4 2025 with $240M of cash and short-term investments, no material debt beyond small equipment loans. Used ~$74M of cash in 2025; plans to use approximately $100M in 2026 to accelerate market share—implying roughly 2.5 years of runway at current burn guidance.
Product Innovation and Robust Evidence Base
Introduced a real-time variant tracker module (opt-in) for NeXT Personal; early access feedback positive. Built strong clinical evidence with landmark studies (TRACERx, Royal Marsden, VHIO, UCSD I-PREDICT) and has 35+ ongoing studies, plus B-STRONGER-1 enrollment >200—supporting clinical adoption and reimbursement efforts.
Commercial Traction and Partnerships
More than 900 oncologists ordering NeXT Personal. Expanded partnership with Tempus to include colorectal cancer (CRC). Commercial footprint includes 10 dedicated reps with plans to roughly double sales reps to accelerate penetration and deepen account usage.
Guidance Reflects Scaling Strategy
2026 guidance: total revenue $78M–$80M; expected gross margin 15%–20% (Q1 possibly lowest); net loss ~ $105M. Management frames the guidance as deliberate investment to scale Clinical volume and convert volume to higher-margin reimbursed revenue over time.