Fulgent Genetics, Inc.

REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Fulgent Genetics, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Fulgent Genetics, Inc., and subsidiaries (the “Company”) as of December 31, 2025, and 2024, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Goodwill and In-Process Research and Development (IPR&D) Intangible Asset —Therapeutic Development Reporting Unit—Refer to Notes 2 and 17 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill and IPR&D for impairment involves an initial assessment to determine whether events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill & IPR&D to their carrying value. The Company analyzed qualitative factors, including (i) macroeconomic, industry and market conditions, (ii) cost factors, (iii) overall financial performance compared with prior projections, (iv) the excess of fair value over carrying value as of the most recent quantitative assessment performed, and (v) other relevant entity-specific events to determine whether it was more likely than not that the fair values of the reporting unit & IPR&D were less than their carrying amount as a basis for determining whether it was necessary to perform a quantitative goodwill or IPR&D impairment test.

We identified the Company’s qualitative evaluation of goodwill and IPR&D impairment indicators as a critical audit matter because of the significant judgments made by management specifically to estimate the fair value of the reporting unit goodwill and IPR&D, specifically related to the timing assumption for commercial success. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assumptions related to the timing of commercial success.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s qualitative evaluation of goodwill and IPR&D impairment for the Therapeutic Development reporting unit included the following, among others:

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We tested the effectiveness of controls over management’s qualitative evaluation of impairment indicators, such as controls related to management’s assumptions related to the timing of commercial success.

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We evaluated management’s ability to accurately forecast timing of commercial success by comparing actual milestones achieved to milestone assumptions in management’s historical forecast.

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We evaluated the reasonableness of management’s assumptions related to the timing of commercial success by comparing the current expectations with:

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Internal communications to management and the Board of Directors.

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Forecasted information included in Company press releases as well as in external studies.

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Relevant regulatory approvals supporting timing of commercial success.

/s/DELOITTE & TOUCHE LLP

Los Angeles, California

February 27, 2026

We have served as the Company’s auditor since 2016.

CONSOLIDATED FINANCIAL STATEMENTS