Total Revenue

Up ~25% (from $41.87M in Q1 2024 to $52.4M in Q1 2025)

Q1 2025 total revenue increased by about 25%, driven largely by the strong performance of the MRD segment, which overpowered a modest decline in Immune Medicine revenue. The improvement follows previous trends where increased regulatory milestone revenues and higher clonoSEQ test volumes boosted the MRD business, supporting overall revenue growth. " "

MRD Revenue

Up ~34% (from $32.63M in Q1 2024 to $43.7M in Q1 2025)

MRD revenue grew by approximately 34% YoY, reflecting a continuation of the robust growth observed in prior periods. This increase is attributed to higher clonoSEQ test volumes and additional revenue from regulatory milestone achievements, further building on the strong performance of the MRD revenue drivers from Q1 2024. " "

Immune Medicine Revenue

Down ~6% (from $9.25M in Q1 2024 to $8.7M in Q1 2025)

Immune Medicine revenue declined by nearly 6% YoY, consistent with the ongoing weakness in this segment seen in previous periods. This slight dip suggests that challenges experienced earlier, such as reduced collaboration revenues and shifting strategic focus away from traditional services, continue to affect the revenue mix. " "

Net Loss Attributable

Improved by ~37% (from $(47,507)K in Q1 2024 to $(29,852)K in Q1 2025)

Net loss improved by about 37% YoY, driven by enhanced operational efficiencies and cost control measures, in tandem with the rising revenue mix from the MRD segment. Despite ongoing share-based compensation and other expenses, the overall reduction in net loss indicates positive underlying operational adjustments compared to Q1 2024. " "

Cash & Cash Equivalents

Down ~29% (from $71.23M in Q1 2024 to $50.65M in Q1 2025)

Cash balances declined by approximately 29% YoY due to ongoing investments in strategic initiatives and higher operating cash burn. Even with improvements in operational efficiency, the use of cash for sustaining growth initiatives and meeting strategic priorities continues to impact liquidity, a trend evident from previous period behaviors. " "

Total Assets

Down ~17% (from $620.32M in Q1 2024 to $510.85M in Q1 2025)

Total assets decreased by roughly 17% YoY, primarily due to reductions in short-term marketable securities and cash balances, coupled with ongoing depreciation and asset utilization. This result builds on the trends seen in earlier periods where asset diminishment was driven by both operating losses and strategic reallocation of resources. " "

Shareholders’ Equity

Down ~31% (from $274.77M in Q1 2024 to $190.22M in Q1 2025)

Shareholders’ equity fell by about 31% YoY, primarily as a consequence of the substantial net loss which eroded retained earnings. Additional factors include dilution from stock issuances and the persistence of unfavorable trends observed in previous periods, reinforcing the overall weakening of the equity base. " "

MRD Revenue

FY 2025

$175 million to $185 million "

$180 million to $190 million "

raised

MRD Volume Growth

FY 2025

no prior guidance

Approximately 30% growth in 2025 volumes compared to 2024 "

no prior guidance

MRD Milestone Revenue

FY 2025

$6 million to $7 million "

$8 million to $9 million "

raised

MRD Revenue Distribution

FY 2025

40-60 weighted between the first and second half "

45-55 weighted between the first and second half "

no change

Operating Expense Guidance

FY 2025

$340 million to $350 million "

$335 million to $345 million "

lowered

Cash Burn Guidance

FY 2025

$60 million to $70 million "

$50 million to $60 million "

lowered

Test Volume Growth & Indication Expansion

In Q2–Q4 2024, strong year‐over‐year growth was noted (30–43% increases) with clear drivers from blood‐based testing, community expansion, and early steps in indication expansion for DLBCL and MCL. " " " "

Q1 2025 showed record-high test volumes (23,117 tests, 36% YoY growth) with further improvements in blood-based testing share and additional Medicare coverage for MCL, reinforcing continued volume and indication expansion. " " "

Consistent robust growth with incremental gains and deeper indication penetration.

EMR Integrations & Operational Efficiencies

Across Q2–Q4 2024, the company reported multiple Epic integrations (6–19 accounts), early OncoEMR initiatives, and operational benefits like reduced callbacks and improved margins. " " " "

Q1 2025 highlighted 27 live EMR integrations (including key top accounts), further operational efficiencies (e.g. 90% reduction in callbacks) and plans to reach 50% of ordering volume from EMR-integrated accounts. " " "

Continued expansion and deepening efficiency gains with accelerating integration impact.

Pricing Strategies, ASP Growth & Payer Negotiations

In Q2–Q4 2024, discussions centered on leveraging a new Medicare gap fill rate, incremental ASP increases (target around $1,300), and active renegotiations with commercial and Medicaid payers. " " " "

In Q1 2025, emphasis was on disciplined pricing, achieving over $1,220 per test (with an outlook for an average ASP of $1,300), and closing key payer agreements with major national payers. " " "

Steady upward trajectory in ASP and effective payer negotiations, underpinning disciplined pricing efforts.

Clinical Study Adoption & MRD Endpoint Utilization

Q2–Q4 2024 calls noted growing adoption of MRD as a primary endpoint in multiple myeloma (and other indications), with studies upgrading endpoints post-ODAC and increasing new study bookings (e.g., 16 new studies in Q3, 20 in Q4). " " " "

Q1 2025 continued the trend with over 60% of the portfolio in myeloma, 22 new studies, and greater frequency of MRD testing, reinforcing the “halo effect” across additional disease areas like CLL and DLBCL. " " "

Sustained momentum and broader clinical acceptance with incremental adoption and diversified utilization across indications.

Cost Reduction Strategies, EBITDA Breakeven & Investment Trade-offs

In Q2–Q4 2024, cost reductions were achieved via operating expense cuts (11–15% reductions), improved sequencing margins, restructuring initiatives, and initiatives like the NovaSeq rollout while managing sales force and infrastructure investments. " " " "

Q1 2025 emphasized continued operating spend reductions (9% YoY), a strong push toward adjusted EBITDA breakeven in H2 2025, and measured investment in sales force coverage and strategic infrastructure (including NovaSeq X transition on track). " " " "

Consistent focus on cost discipline and efficiency while moving closer to EBITDA breakeven, with balanced investment prioritization.

Regulatory & Milestone Revenue Uncertainties

Q2–Q4 2024 discussions introduced milestone revenue contributions (e.g. $3M in Q2, $12.5M in Q4, $5M in Q3) with guidance that spread milestone payments evenly amid regulatory uncertainties and the impact of ODAC decisions. " " " " "

Q1 2025 maintained a cautiously optimistic tone; while milestones are emerging earlier, ongoing FDA developments keep the outlook cautious despite confidence in the 2025 roadmap. "

Cautious optimism persists despite positive milestone trends; regulatory uncertainties remain a consistent risk factor.

Partnership & Collaboration Risks

Q2–Q4 2024 calls discussed strategic partnerships – NeoGenomics and Genentech collaborations were highlighted with plans for pilot launches and a shift toward recurring revenue models; Roche reorganization was not seen as affecting the Genentech deal in Q3 and Q4. " " " "

Q1 2025 did not explicitly reiterate risks, suggesting a lower emphasis on potential partnership risks while maintaining the established collaborative initiatives. " "

Stable partnerships with minimal risk concerns; earlier caution appears to have eased as collaborations mature.

Technology Rollouts & Infrastructure Prioritization

In Q2 2024, the NovaSeq rollout was planned for the back half of 2025 with a 5–8% margin improvement, and the LIMS overhaul was deprioritized to focus on higher ROI initiatives; Q3 and Q4 2024 reinforced NovaSeq’s role, while LIMS was not mentioned further. " " "

Q1 2025 reaffirmed that the NovaSeq X transition remains on track in the second half, with no further discussion on LIMS, indicating focus remains on NovaSeq-driven efficiency gains. "

Consistent prioritization of NovaSeq for long-term cost and margin benefits, with LIMS overhaul deprioritized since mid-2024.

Digital/In Silico TCR Antigen Binding Model Uncertainty

In Q4 2024, there was notable uncertainty about addressing FDA requirements for the digital TCR model (with Genentech managing the regulatory side); earlier periods (Q2/Q3) did not mention this topic. "

Q1 2025 did not mention uncertainty, instead focusing on model development to replace cellular assays, suggesting progress in overcoming earlier regulatory ambiguity. "

Initial regulatory uncertainties appear to be resolving as progress is made on model development, reducing earlier concerns.