Personalis IPO: What You Need To Know

Data analytics in the biotech realm comes in the form of genomic sequencing – the process of determining the complete DNA sequence of an organism's genome, which helps in developing personalized and targeted therapies.

A cancer genomic sequencing company, with strong revenue-generating potential, is part of the IPO slate for the week.

The IPO Terms

Personalis, a Menlo Park, California-based cancer genomic company, priced 7.92 million shares at $17 per share, up from the estimated price range of $14-$16.

Taking the midpoint of the estimated price range, the size of the offering is $100.5 million.

The company has applied to list its shares on the Nasdaq under the ticker symbol PSNL.

Personalis qualifies as an "emerging growth company" as defined under the U.S. federal securities laws, and therefore has elected to comply with certain reduced public company reporting requirements.

Morgan Stanley, BofA Merrill Lynch, Cowen and Oppenheimer are the underwriters for the offering.

The Company

Personalis, founded in 2011, aids in the development of next-gen therapies by providing more comprehensive molecular data about each patient's cancer and immune response.

Its ‘NeXT' platform provides its biopharma customers numbering over 54, including the largest pharma companies, with information on all of the approximately 20,000 human genes and the immune system as opposed to several cancer panels, which cover roughly 50 to 500 genes.

The information provided include mechanisms of response and resistance to therapy as well as new potential therapeutic targets.

Personalis is also developing a complementary liquid biopsy assay.

The Finances

Personalis reported revenues of $37.77 million for the fiscal year 2018, a 300% increase from the $9.39 million reported for 2017. The net loss narrowed from $23.60 million to $19.88 million.

Revenues for the three months ended March 2019 were $14.08 million and the net loss was at $5.69 million compared to the year-ago's $5.38 million.

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