Personalis Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
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.
Mar 31, 2025 · Filed May 6, 2025
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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 March 31, 2025 and December 31, 2024 (in thousands):
| Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Fair Value Level | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and cash equivalents: | |||||
| Cash | $1,321 | $— | $— | $1,321 | |
| Money market funds | 16,478 | — | — | 16,478 | Level 1 |
| Commercial paper | 53,213 | — | (11) | 53,202 | Level 2 |
| Total cash and cash equivalents | 71,012 | — | (11) | 71,001 | |
| Short-term investments: | |||||
| Commercial paper | 11,872 | — | (4) | 11,868 | Level 2 |
| Corporate debt securities | 499 | — | — | 499 | Level 2 |
| U.S. agency securities | 2,817 | — | — | 2,817 | Level 2 |
| U.S. government securities | 99,493 | 17 | (7) | 99,503 | Level 2 |
| Total short-term investments | 114,681 | 17 | (11) | 114,687 | |
| Total assets measured at fair value | $185,693 | $17 | $(22) | $185,688 | |
| Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Fair Value Level | |
| Assets | |||||
| Cash and cash equivalents: | |||||
| Cash | $1,152 | $— | $— | $1,152 | |
| Money market funds | 44,524 | — | — | 44,524 | Level 1 |
| Commercial paper | 39,291 | — | (6) | 39,285 | Level 2 |
| U.S. agency securities | 6,453 | 1 | — | 6,454 | Level 2 |
| Total cash and cash equivalents | 91,420 | 1 | (6) | 91,415 | |
| Short-term investments: | |||||
| Commercial paper | 8,697 | 1 | (1) | 8,697 | Level 2 |
| Corporate debt securities | 498 | — | — | 498 | Level 2 |
| U.S. agency securities | 2,330 | — | — | 2,330 | Level 2 |
| U.S. government securities | 82,042 | 33 | (6) | 82,069 | Level 2 |
| Total short-term investments | 93,567 | 34 | (7) | 93,594 | |
| Total assets measured at fair value | $184,987 | $35 | $(13) | $185,009 | |
The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at March 31, 2025 are as follows (in thousands):
| Amortized Cost | Fair Value | |
|---|---|---|
| Less than 1 year | $160,931 | $160,924 |
| 1 to 5 years | 6,963 | 6,965 |
| Total | $167,894 | $167,889 |
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 at the date of issuance, November 28, 2023, and at each subsequent balance sheet date prior to their exercise in full in August 2024. Assumptions used are listed below, which are Level 3 fair value inputs. Expected term was equal to the then-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. Related Party Transactions for further information about the warrants issued to Tempus.
| Expected term (in years) | 0.75 - 1.75 |
|---|---|
| Volatility | 103.91 - 106.32% |
| Risk-free interest rate | 4.70 - 5.21% |
| Dividend yield | –% |
| Total fair value of Tempus Warrants (in thousands) | $5,262 |
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):
| WarrantLiabilities | |
|---|---|
| Beginning balance — December 31, 2023 | $10,027 |
| Change in fair value—recognized as non-cash gain within Other income (expense), net | (4,765) |
| Ending balance — March 31, 2024 | $5,262 |
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.