Personalis, Inc.

Good day, ladies and gentlemen, and welcome to the Personalis Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this call may be recorded. I would like to now hand the conference over to your first speaker today, Caroline Corner, Investor Relations. Please go ahead, Caroline.

Thank you, Operator. Welcome to PersonAlysis' fourth quarter and full year 2022 earnings call. Joining me on today's call are Erin Toshibana, Interim Chief Executive Officer and Chief Financial Officer, Chris Hall, President, and Rich Chen, Chief Medical Officer and SVP of R&D. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements within the meaning of the U.S. securities laws. For example, any statements regarding trends and expectations for our financial performance this year and longer term, cash runway, revenue expectations and timing, new orders, products, services, technology, the timing of data publications, clinical and regulatory milestones, the outcome and timing of reimbursement decisions, expectations for our existing and future collaboration activities, cost expectations, and our market opportunity business outlooks. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. We encourage you to review our most recent filings with the SEC, including the special note regarding forward-looking statements and risk factors described in our 10-K for the full year of 2022 to be filed today. Personnel undertakes no obligation to update these statements except as required by applicable law. Our press release of the fourth quarter and full year 2022 results is available on our website. www.personals.com under the investor section and includes additional details about our financial results. Our website also has our latest SEC filings, which we encourage you to review. A recording of today's call will be available on our website by 5 p.m. Pacific time today. Now, I would like to turn the call over to Aaron for his comments on fourth quarter business highlights.

Thank you, Caroline. 2023 is an exciting year at Personalis as we begin a new chapter in the company's story. Having built capabilities as a sequencing powerhouse and with several years as a trusted partner at many of the world's leading oncology companies, we believe we now have one of the most discerning technologies to both characterize and monitor cancer with the aim of driving a new paradigm for cancer management, guiding care from biopsy through the life of the patient. To seize the opportunities ahead of us, our leadership team has made three key changes in our strategic focus. First, we have defined a new strategy to win in MRD, starting with three high-impact indications where our highly sensitive, tumor-informed liquid biopsy assay, Next Personal, is particularly advantageous for detecting minimal residual disease. These indications are immunotherapy monitoring, breast, and lung cancer. We will speak to this strategy in more detail in a few moments, but in short, our in-house commercial efforts in 2023 will be focused where our MRD offering shines the most for detecting cancer recurrence at the earliest possible time. Longer term, with the broad utility of our technology, we need partner and other cancer indications, giving us access to additional pieces of the entire market, which could become more than $30 billion over time. Second, we have pruned our biopharma business to focus on profitability. Last month, we filed an 8K explaining that we resize our employee base, reducing our workforce by approximately 30% and lowering payroll and other expenses by an estimated $20 million annually. After careful consideration and in line with our cash conservation objectives, we also decided to close our facility in China. While such restructuring is always difficult, we believe this puts us in a healthy financial position with a cash runway that is expected to fuel us through 2025. Also, it allows us to be even more strategic in providing compelling products and at the highest level of service to key biopharma partners to drive clinical trial success and as an engine to power personalized cancer vaccine development as evidenced by our recent announcement of the extension of our partnership with Moderna. Finally, we expect that the extension of our cash runway allows for sufficient time to achieve several critical milestones, including launching NexPersonal as an LVP for the clinical market, as well as deepening the evidence and further validating the assay's ultra-high sensitivity and clinical utility. This validation, in turn, lays the foundation for obtaining reimbursements and enables us to begin to ramp up test volume and subsequently clinical revenue. Now, I'll turn the call over to Chris to speak more about these strategies and the milestones that we will be tracking, and then I'll provide the financial results and guidance following his remarks. Chris?