Personalis Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Fair Value Measurements
Note 5. Fair Value Measurements
The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of June 30, 2024 and December 31, 2023 (in thousands):
| Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Fair Value Level | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and cash equivalents: | |||||
| Cash | $1,082 | $— | $— | $1,082 | |
| Money market funds | 11,007 | — | — | 11,007 | Level 1 |
| Commercial paper | 32,990 | — | (17) | 32,973 | Level 2 |
| U.S. government securities | 2,685 | — | — | 2,685 | Level 2 |
| Total cash and cash equivalents | 47,764 | — | (17) | 47,747 | |
| Short-term investments: | |||||
| U.S. government securities | 39,291 | — | (66) | 39,225 | Level 2 |
| Total short-term investments | 39,291 | — | (66) | 39,225 | |
| Total assets measured at fair value | $87,055 | $— | $(83) | $86,972 | |
| Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Fair Value Level | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and cash equivalents: | |||||
| Cash | $3,649 | $— | $— | $3,649 | |
| Money market funds | 14,968 | — | — | 14,968 | Level 1 |
| Commercial paper | 34,416 | — | (18) | 34,398 | Level 2 |
| U.S. agency securities | 1,985 | 1 | — | 1,986 | Level 2 |
| U.S. government securities | 1,983 | — | — | 1,983 | Level 2 |
| Total cash and cash equivalents | 57,001 | 1 | (18) | 56,984 | |
| Short-term investments: | |||||
| Commercial paper | 495 | — | — | 495 | Level 2 |
| U.S. agency securities | 1,976 | — | — | 1,976 | Level 2 |
| U.S. government securities | 54,720 | 7 | (3) | 54,724 | Level 2 |
| Total short-term investments | 57,191 | 7 | (3) | 57,195 | |
| Total assets measured at fair value | $114,192 | $8 | $(21) | $114,179 | |
Marketable debt securities at June 30, 2024 have maturities due in less than 12 months. No security has been in a continuous unrealized loss position for more than 12 months and the Company does not consider any of its marketable debt securities to be impaired.
Tempus Warrants
The Black-Scholes option-pricing model was used to estimate fair value of the warrants issued to Tempus AI, Inc. ("Tempus") at the date of issuance, November 28, 2023, and at each subsequent balance sheet date. Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected terms of the warrants. Refer to Note 8 for further information about the warrants issued to Tempus.
| As of June 30, 2024 | As of March 31, 2024 | As of December 31, 2023 | |
|---|---|---|---|
| Expected term (in years) | 0.50 - 1.50 | 0.75 - 1.75 | 1.00 - 2.00 |
| Volatility | 79.67 - 99.80% | 103.91 - 106.32% | 102.55 - 108.46% |
| Risk-free interest rate | 4.90 - 5.33% | 4.70 - 5.21% | 4.23 - 4.79% |
| Dividend yield | –% | –% | –% |
| Total fair value of Tempus Warrants (in thousands) | $2,288 | $5,262 | $10,027 |
The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):
| Warrant Liabilities | Three months endedJune 30, 2024 | Six months endedJune 30, 2024 |
|---|---|---|
| Beginning balance | $5,262 | $10,027 |
| Change in fair value—recognized as gain within Other income (expense), net in the consolidated statements of operations | (2,974) | (7,739) |
| Ending balance | $2,288 | $2,288 |
Note 6.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.