Exhibit 99.1
Index to Condensed Consolidated Financial Statements
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SOPHiA GENETICS SA
Unaudited Interim Condensed Consolidated Financial Statements
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SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Loss
(Amounts in USD thousands, except per share data)
(Unaudited)
Three months ended March 31,
Notes    20262025
Revenue5$21,688 $17,779 
Cost of revenue(6,939)(5,571)
Gross profit14,749 12,208 
Research and development costs(9,460)(9,118)
Selling and marketing costs(8,813)(7,534)
General and administrative costs(13,759)(11,600)
Other operating income, net— 8 
Operating loss(17,283)(16,036)
Interest income289 450 
Interest expense(1,667)(659)
Fair value adjustments on warrant obligations8(92)(38)
Foreign exchange losses, net(316)(599)
Loss before income taxes(19,069)(16,882)
Income tax expense(253)(503)
Loss for the period(19,322)(17,385)
Attributable to the owners of the parent(19,322)(17,385)
Basic and diluted loss per share7$(0.27)$(0.26)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.


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SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Comprehensive Loss
(Amounts in USD thousands)
(Unaudited)
Three months ended March 31,
20262025
Loss for the period$(19,322)$(17,385)
Other comprehensive (loss) income:
Items that may be reclassified to statement of loss
Currency translation adjustments(530)2,586 
Total items that may be reclassified to statement of loss(530)2,586 
Items that will not be reclassified to statement of loss (net of tax)
Remeasurement of defined benefit plans123 47 
Total items that will not be reclassified to statement of loss123 47 
Other comprehensive (loss) income for the period$(407)$2,633 
Total comprehensive loss for the period$(19,729)$(14,752)
Attributable to owners of the parent$(19,729)$(14,752)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA
Interim Condensed Consolidated Balance Sheets
(Amounts in USD thousands)
(Unaudited)
Notes    March 31, 2026    December 31, 2025
Assets
Current assets  
Cash and cash equivalents$65,392 $70,289 
Accounts receivable5, 614,312 15,001 
Inventory7,086 6,351 
Prepaids and other current assets9,021 7,438 
Total current assets95,811 99,079 
Non-current assets
Property and equipment5,096 5,665 
Intangible assets35,824 35,891 
Right-of-use assets11,701 12,382 
Deferred tax assets1,813 1,831 
Other non-current assets6,750 8,183 
Total non-current assets61,184 63,952 
Total assets$156,995 $163,031 
Liabilities and equity
Current liabilities
Accounts payable$12,668 $8,960 
Accrued expenses13,437 20,736 
Deferred contract revenue15,946 16,720 
Lease liabilities, current portion2,713 2,700 
Warrant obligations81,831 1,412 
Total current liabilities46,595 50,528 
Non-current liabilities
Borrowings847,844 47,733 
Lease liabilities, net of current portion11,868 12,587 
Defined benefit pension liabilities4,098 4,162 
Other non-current liabilities902 876 
Total non-current liabilities64,712 65,358 
Total liabilities111,307 115,886 
Equity
Share capital4,814 4,814 
Share premium488,423 473,675 
Treasury shares(1,007)(1,218)
Other reserves92,056 89,150 
Accumulated deficit(538,598)(519,276)
Total equity45,688 47,145 
Total liabilities and equity$156,995 $163,031 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Changes in Equity
(Amounts in USD thousands)
(Unaudited)


ShareShareTreasuryOtherAccumulated
NotescapitalpremiumsharesreservesdeficitTotal
As of January 1, 2026$4,814 $473,675 $(1,218)$89,150 $(519,276)$47,145 
Loss for the period— — — — (19,322)(19,322)
Other comprehensive loss— — — (407)— (407)
Total comprehensive loss— — — (407)(19,322)(19,729)
Share-based compensation9— — — 3,313 — 3,313 
Transactions with owners
Share options exercised and vesting of Restricted Stock Units— 435 28 — — 463 
Proceeds from ATM offering, net of transaction costs1— 14,313 183 — — 14,496 
As of March 31, 2026$4,814  $488,423 $(1,007)$92,056 $(538,598) $45,688 

ShareShareTreasuryOtherAccumulated
NotescapitalpremiumsharesreservesdeficitTotal
As of January 1, 2025$4,188 $472,244 $(702)$61,037 $(440,277)$96,490 
Loss for the period— — — — (17,385)(17,385)
Other comprehensive income— — — 2,633 — 2,633 
Total comprehensive loss— — — 2,633 (17,385)(14,752)
Share-based compensation9— — — 3,835 — 3,835 
Transactions with owners
Vesting of restricted stock units— — 7 (7)— — 
Exercise of share options— 39 1 — — 40 
As of March 31, 2025$4,188 $472,283 $(694)$67,498 $(457,662)$85,613 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Cash Flows
(Amounts in USD thousands)
(Unaudited)
Three months ended March 31,
Notes20262025
Operating activities  
Loss before tax$(19,069)$(16,882)
Adjustments for non-monetary items
Depreciation1,079 985 
Amortization1,672 1,312 
Finance expense, net1,426 925 
Fair value adjustments on warrant obligations992 38 
Expected credit loss allowance increase (reversal)630 (20)
Share-based compensation93,313 3,835 
Movements in provisions and pensions25 57 
Research tax credit(173)(172)
Loss on disposal of property and equipment3 — 
Working capital changes
Decrease (increase) in accounts receivable469 (2,961)
Decrease (increase) in prepaids and other assets189 393 
Decrease (increase) in inventory(867)972 
Increase (decrease) in accounts payables, accrued expenses, deferred contract revenue, and other liabilities(3,275)813 
Cash used in operating activities(15,086)(10,705)
Income tax paid(34)(45)
Net cash flows used in operating activities(15,120)(10,750)
Investing activities
Purchase of property and equipment(878)— 
Acquisition of intangible assets(32)(46)
Capitalized development costs(1,960)(1,445)
Interest received289 452 
Net cash flow used in investing activities(2,581)(1,039)
Financing activities
Proceeds from exercise of share options463 40 
Interest paid9(1,348)(567)
Proceeds from sale of common stock in at-the-market offering, net of transaction costs114,496 — 
Payments of principal portion of lease liabilities(569)(463)
Net cash flow provided by/(used in) financing activities13,042 (990)
Increase (decrease) in cash and cash equivalents(4,659)(12,779)
Effect of exchange differences on cash balances(238)1,081 
Cash and cash equivalents at beginning of the period70,289 80,226 
Cash and cash equivalents at end of the period$65,392 $68,528 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.

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SOPHiA GENETICS SA
Notes to the Unaudited Interim Condensed
Consolidated Financial Statements
1. Company information
General information
SOPHiA GENETICS SA and its consolidated subsidiaries (NASDAQ: SOPH) (“the Company”) is a cloud-native software technology company in the healthcare space, incorporated on March 18, 2011, and headquartered in Rolle, Switzerland. The Company is dedicated to establishing the practice of data-driven medicine as the standard of care in healthcare and for life sciences research. The Company has built a cloud-native software platform capable of analyzing data and generating insights from complex multimodal datasets and different diagnostic modalities. This platform, commercialized as “SOPHiA DDMTM,” standardizes, computes, and analyzes digital health data and is used in decentralized locations to break down data silos. The Company collectively refers to SOPHiA DDM TM Platform and related products and solutions as “SOPHiA DDM Platform.”
As of March 31, 2026, the Company had the following wholly owned subsidiaries:
Name Country of domicile
SOPHiA GENETICS S.A.S. France
SOPHiA GENETICS LTD U.K.
SOPHiA GENETICS, Inc. U.S.
SOPHiA GENETICS Intermediação de Negócios LTDA Brazil
SOPHiA GENETICS PTY LTDAustralia
SOPHiA GENETICS S.R.L. Italy
SOPHiA GENETICS GmbHGermany

The Company’s Board of Directors approved the issue of the unaudited interim condensed consolidated financial statements on May 1, 2026.
Basis of preparation
Compliance with International Financial Reporting Standards
These unaudited interim condensed consolidated financial statements, as of and for the three months ended March 31, 2026, of the Company have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2025.
Accounting policies
The material accounting policies adopted in the preparation of these unaudited interim condensed consolidated financial statements are the same as those applied in the Company’s annual consolidated financial statements as of and for the year ended December 31, 2025 and have been consistently applied, unless otherwise stated. Where expense is definitively calculated only on an annual basis, as is the case for income taxes and pension costs, appropriate estimates are made for interim reporting periods.


Income tax expense
Taxes on income in the interim periods are accrued using the tax rates that would be applicable based on the expected annual profit or loss of each of the Company’s entities.
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Post-employment defined benefit plan expense
Post-employment defined benefit plan expense in interim reporting periods is recognized on the basis of the current year cost estimate made by the actuaries in their annual report as of the end of the preceding year. Potential remeasurement gains or losses from the defined benefits plan are estimated based on the relevant indexes at the end of the reporting period and recorded in the Company’s statements of comprehensive loss.

Recent new accounting standards, amendments to standards, and interpretations
New standards, amendments to standards, and interpretations issued recently effective
There are no new IFRS standards, amendments, or interpretations that are mandatory as of January 1, 2026 that are relevant to the Company.
New standards, amendments to standards, and interpretations issued not yet effective
In April 2024, IFRS 18, Presentation and Disclosure in Financial Statements, was issued to achieve comparability of the financial performance of similar entities. The standard, which will replace IAS 1 impacts the presentation of primary financial statements and notes, including the consolidated statement of loss where companies will be required to present separate categories of income and expense for operating, investing, and financing activities as well as income taxes and discontinued operations with prescribed subtotals for each category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, and requires retrospective application. While IFRS 18 will not change recognition criteria or measurement bases, it might have a significant impact on presenting information in the financial statements, in particular the consolidated statement of loss. To date, the following potential impacts have been identified:

–Items of income and expenses presented in the consolidated statement of loss will be grouped into the new categories: operating, investing, financing, and income taxes;

–an additional mandatory subtotal for “income (loss) before financing and income taxes” will be presented;

–the enhanced principles on aggregation and disaggregation, and the useful “structured summary” concept, will require some changes to line items presented in the primary financial statements, however the change is not expected to be significant;

–certain new or enhanced disclosures will be required for:

–management-defined performance measures (MPMs) most of which are currently disclosed in the Company’s discussion and analysis of financial conditions and results of operations

–a breakdown of the nature of expenses for line items presented by function in the operating category of the consolidated statement of loss

–a reconciliation for each line item in the consolidated statement of loss between the restated amounts and the amounts previously published upon transition of IAS 1 to IFRS 18

–there will also be a minor impact on the presentation of the consolidated statement of cash flows as the starting point for the cash flow statement will be the “operating income (loss)” subtotal.

The Company intends to adopt IFRS 18 for the reporting period commencing January 1, 2027. Preparatory activities are underway to ensure readiness for adoption.
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There are no other IFRS Accounting Standards or IFRS Interpretations Committee interpretations that are not yet effective and that could have a material impact to the interim condensed consolidated financial statements.
Critical accounting estimates and judgments
The preparation of the unaudited interim condensed consolidated financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions. Information regarding accounting areas where such judgments, estimates and assumptions are of particular significance is set out in the annual financial statements under “Critical accounting estimates and judgments.”
Going concern basis
These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.
Foreign currency translation
Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The Company’s reporting currency of the Company’s consolidated financial statements is the United States Dollar (“USD”). Assets and liabilities denominated in foreign currencies are translated at the month-end spot exchange rates, income statement accounts are translated at average rates of exchange for the period presented, and equity is translated at historical exchange rates. Any translation gains or losses are recorded in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income.
Historical cost convention
The financial statements have been prepared on a historical cost basis except for certain assets and liabilities, which are carried at fair value.
Issued share capital
As of March 31, 2026, the Company had issued 89,321,220 shares, of which 71,790,366 are outstanding, and 17,530,854 are held by the Company as treasury shares. As of March 31, 2025, the Company had issued 79,321,220 shares, of which 68,821,501 were outstanding, and 12,499,719 were held by the Company as treasury shares. As of December 31, 2025, the company had issued 89,321,220 shares of which 66,486,338 are outstanding and 20,834,882 were held by the company as treasury shares.
Treasury shares
During the fourth quarter of 2025, the Company issued 10,000,000 registered shares to SOPHiA GENETICS LTD pursuant to a share delivery and repurchase agreement, which were immediately exercised, and repurchased the shares to hold as treasury shares for the purposes of administering the Company's equity incentive programs along with other uses. As of March 31, 2026, the Company held 17,530,854 treasury shares. As of December 31, 2025 the Company held 20,834,882 treasury shares.

Treasury shares are recognized at acquisition cost and recorded at the time of the transaction. Upon exercise of share options or vesting of restricted stock units, the treasury shares are subsequently transferred. Any consideration received is included in shareholders’ equity.

In August 2025, the Company established a new at-the-market (“ATM”) offering program pursuant to which from time to time the Company may sell ordinary shares having an aggregate offering price of $50.0 million. For the three months ended March 31, 2026, 2,864,872 ordinary shares were sold from treasury shares for net proceeds of $14.5 million under this program.
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2. Fair Value
As of March 31, 2026, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities:
Financial assets
•Cash and cash equivalents
•Accounts receivable
•Other non-current assets—lease deposits
Financial liabilities
•Accounts payable
•Accrued liabilities
•Borrowings

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Recurring fair-value measurements

The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis (in USD thousands):

March 31, 2026
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents:
Money market funds$29,378 $— $— 
Equity Investments:
Equity Investments$— $1,958 $— 
Total financial assets$29,378 $1,958 $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $1,831 $— 
Total financial liabilities$— $1,831 $— 

December 31, 2025
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents:
Money market funds$27,528 $— $— 
Equity Investments:
Equity Investments$— $1,977 $— 
Total financial assets$27,528 $1,977 $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $1,412 $— 
Total financial liabilities$— $1,412 $— 



During the three months ended March 31, 2026 and 2025, there were no significant changes in the business or economic circumstances that affected the fair value of the Company’s financial assets and financial liabilities. There were also no transfers between categories.

3. Financial Risk Management
In the course of its business, the Company is exposed to a number of financial risks including credit and counterparty risk, funding and liquidity risk and market risk (i.e. foreign currency risk and interest rate risk). The unaudited interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2025. There have been no significant changes in financial risk management since year-end.
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4. Segment Reporting
The Company operates in a single operating segment. The Company’s financial information is reviewed, and its performance assessed as a single segment by the senior management team led by the Chief Executive Officer (“CEO”), the Company’s Chief Operating Decision Maker (“CODM”). As announced in January 2026, the Company’s President will be promoted to CEO in July 2026 and become the CODM.

5. Revenue

Disaggregated revenue

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The Company assesses its revenues by four geographic regions Europe, the Middle East, and Africa (“EMEA”); North America (“NORAM”); Latin America (“LATAM”); and Asia-Pacific (“APAC”). Additionally, the Company assesses revenues generated in its domiciled country and any country with significant revenue. The following table disaggregates the Company's revenue from contracts with customers by geographic market (in USD thousands):

Three months ended March 31,
20262025
Switzerland$764 $395 
France3,016 2,614 
Italy3,288 2,530 
United Kingdom2,212 1,430 
Spain1,674 1,417 
Rest of EMEA5,205 4,081 
EMEA$16,159 $12,467 
United States$2,872 $2,480 
Rest of NORAM649 575 
NORAM$3,521 $3,055 
LATAM$608 $966 
APAC$1,400 $1,291 
Total revenue$21,688 $17,779 

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Revenue streams
The Company’s revenue from contracts with customers has been allocated to the revenue streams indicated in the table below (in USD thousands):

Three months ended March 31,
20262025
SOPHiA DDM Platform$21,061 $17,345 
Workflow equipment and services627 434 
Total revenue$21,688 $17,779 


6. Accounts receivable
The following table presents the trade receivable and accrued contract revenue less the expected credit loss (in USD thousands):

March 31, 2026December 31, 2025
Trade receivable$13,544 $14,404 
Accrued contract revenue1,025 963 
Allowance for expected credit losses(257)(366)
Net accounts receivable$14,312 $15,001 
The Company records increases to, reversals of, and write-offs of the allowance for expected credit losses as “Selling and Marketing” expenses within its interim condensed consolidated statements of loss. The following table provides a reconciliation of the allowance for expected credit losses for the three months ended March 31, 2026 and 2025, that is deducted from the gross carrying amount of accounts receivable to present the net amount expected to be collected (in USD thousands):
20262025
As of January 1$366 $394 
Increase69 86 
Reversals(39)(106)
Write-off(138)2 
Currency translation adjustments(1)13 
As of March 31$257 $389 

As of March 31, 2026 and December 31, 2025, the Company’s largest customer’s balance represented 15% and 15% of accounts receivable, respectively. All customer balances that individually exceeded 1% of accounts receivable in aggregate amounted to $8.1 million and $8.3 million as of March 31, 2026 and December 31, 2025, respectively.
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7. Loss per share
The Company’s shares are comprised of ordinary shares. Each share has a nominal value of $0.06 (CHF 0.05). The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period excluding treasury shares, which are owned by the Company. The table presents the loss for the three months ended March 31, 2026 and 2025, respectively (in USD thousands, except shares and loss per share):
Three months ended March 31,
20262025
Net loss attributed to shareholders$(19,322)$(17,385)
Weighted average number of shares in issue71,137,713 — 66,383,160 
Basic and diluted loss per share$(0.27)$(0.26)
For the three months ended March 31, 2026 and 2025, the potential impact, on the calculation of loss per share, of the existing potential ordinary shares related to the share option plans and warrants are not presented, as the impact would be to dilute a loss, which causes them to be deemed “non-dilutive” for the purposes of the required disclosure. For additional details refer to Note 8 — “Borrowings” and Note 9 — “Share-Based Compensation”.
8. Borrowings
Perceptive Credit Agreement
On May 2, 2024 (the “closing date”), the Company and its subsidiary SOPHiA GENETICS, Inc. entered into a credit agreement and guaranty (the “Perceptive Credit Agreement”) with Perceptive Credit Holdings IV, LP, as lender and administrative agent, pursuant to which the Company may borrow up to $50.0 million principal amount of term loans, including (i) an initial tranche of $15.0 million principal amount of term loans drawn on the closing date (“Tranche A”) and (ii) a second tranche of $35.0 million principal amount of term loans that the Company could be drawn upon on or prior to March 31, 2026 (“Tranche B”), subject to satisfaction of certain customary conditions. The term loans are scheduled to mature on the fifth anniversary of the closing date and accrue interest at Term Secured Overnight Financing Rate (“Term SOFR”) (floored at 4% per annum) plus 6.25% per annum. The obligations under the Perceptive Credit Agreement are secured by substantially all of the Company’s and certain of the Company’s subsidiaries’ assets and are guaranteed initially on the closing date by SOPHiA GENETICS SA and SOPHiA GENETICS, Inc. The Company was in full compliance with all covenants contained in the Perceptive Credit Agreement as of March 31, 2026.
In addition, the Company issued to Perceptive Credit Holdings IV, LP a warrant certificate (the “Warrant Certificate”) representing the right to purchase up to 400,000 ordinary shares at $4.9992 per share, with the right to purchase 200,000 ordinary shares available immediately and the right to purchase an additional 200,000 ordinary shares to be available upon the drawdown of the second tranche of the term loans. The purchase rights represented by the Warrant Certificate are exercisable after becoming available, on a cash basis, at the option of the holder at any time prior to 5:00 p.m., Eastern time on the tenth anniversary of the applicable date of availability. The Warrant Certificate contains customary anti-dilution adjustments.

The Company drew down the $35.0 million of Tranche B on June 25, 2025 and the right to purchase an additional 200,000 ordinary shares became available under the Warrant Certificate.

On January 23, 2026, the Company entered into an amendment (the “2026 Amendment”) to the Perceptive Credit Agreement. The 2026 Amendment provides for, among other things, $25.0 million of additional term loan commitments consisting of (i) an additional $12.5 million tranche of term loan commitments (“Tranche C”), which may be drawn subject to certain customary conditions, and (ii) an additional $12.5 million tranche of term loan commitments (“Tranche D”), which may be drawn at such time as the Company’s revenue for a trailing twelve-month period exceed $85.0 million and otherwise subject to customary conditions. Tranche C and Tranche D, if drawn, will have terms and conditions consistent with the Company’s existing term loans, will bear interest at rate per annum equal to Term SOFR (floored at 4% per annum) + 6.25% and will mature in 2029. In
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connection with the 2026 Amendment, the Company amended and restated the warrant certificate in order to issue to Perceptive Credit Holdings IV, LP the right to purchase an additional 75,000 ordinary shares, which right is exercisable immediately. The Warrant Certificate also grants Perceptive Credit Holdings IV, LP the right to purchase an additional (1) 100,000 ordinary shares, which right will become exercisable upon the Company’s draw down of the Tranche C under the Perceptive Credit Agreement and (2) another 100,000 ordinary shares, which right will become exercisable upon the Company’s draw down of the Tranche D under the Perceptive Credit Agreement.
The Company calculated the fair value of the warrant obligation on the 2026 Amendment using the Black-Scholes pricing model. The warrant obligation was recorded at an initial fair value of $0.3 million on January 23, 2026. Key inputs for the valuation of the warrant obligation upon issuance were as follows:

As of January 23, 2026
Exercise price in USD$5.18
Share price in USD$5.36
Risk-free interest rate4.20%
Expected volatility (annualized)75.88%
Expected term (years)10.00
Dividend yield—%
Black-Scholes value in USD$4.38
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The Company remeasures the fair value of the warrant obligations on a quarterly basis. Key inputs for the remeasurement of the warrant obligations as of March 31, 2026 and December 31, 2025 were as follows:

As of March 31, 2026As of December 31, 2025
Exercise price in USD$5.00 - $5.18$5.00
Share price in USD$4.95$4.67
Risk-free interest rate4.14% - 4.21%4.01% - 4.02%
Expected volatility75.22% - 75.90%68.39% - 76.10%
Expected term (years)8.09 - 9.408.34 - 9.48
Dividend yield—%—%
Black-Scholes value in USD$3.76 - $3.92$3.35 - $3.71


The following table presents any movements in the liability for the three months ended March 31, 2026 (in USD thousands):

2026
Balance as of January 1, 2025$13,237 
Gross proceeds from Tranche B35,000 
Transaction costs(437)
Proceeds net of transaction costs34,563 
Warrant obligation at issuance(474)
Interest expense3,891 
Interest paid(3,521)
Currency translation adjustments37 
Balance as of December 31, 202547,733 
Interest expense1,437 
Interest paid(1,348)
Currency translation adjustments22 
Balance as of March 31, 2026$47,844 

The following table presents the movements in the warrant obligation liability for the year ended December 31, 2025, (in USD thousands):

Warrant ObligationNumber of Warrants
Balance as of January 1, 2025$444 200,000 
Issuance of warrants from Tranche B474 200,000 
Change in fair value497 — 
Foreign exchange loss(3)— 
Balance as of December 31, 20251,412 400,000 
Issuance of warrants from 2026 Amendment329 75,000 
Change in fair value92 — 
Foreign exchange loss(2)— 
Balance as of March 31, 20261,831 475,000 
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9. Share-based compensation
Share-based compensation expense for all stock awards consists of the following (in USD thousands):

Three months ended March 31,
2026    2025
Research and development$723 $1,005 
Selling and marketing122 291 
General and administrative2,468 2,539 
Total$3,313 $3,835 
10. Related party transactions
Related parties are comprised of the Company’s executive officers and directors, including their affiliates, and any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control of, the Company.
Key management personnel are comprised of seven Executive Officers and Directors and six Non-Executive Directors as of March 31, 2026. Key management personnel were comprised of seven Executive Officers and Directors and six Non-Executive Directors as of March 31, 2025.
The following table provides compensation for key management and non-executive directors (in USD thousands):
Three months ended March 31,
20262025
Salaries and other short-term employee benefits$1,392 $1,771 
Pension costs92 71 
Share-based compensation expense2,682 2,921 
Total$4,166 $4,763 
During the three months ended March 31, 2026 and 2025 no related party transactions with Executive Officers or Directors occurred..

11. Commitments and contingencies

Commitments
The Company has no commitments for future lease payments under short-term leases not recognized on the balance sheet as of March 31, 2026 and December 31, 2025.

The Company has a minimum purchase agreement with a vendor related to computational and hosting-related costs. As part of the agreement, the Company has a total minimum commitment of approximately CHF 64.1 million ($80.2 million) from the period beginning November 1, 2022 through October 31, 2029 and an additional one-year grace period to meet the minimum commitment by October 31, 2030. As of March 31, 2026 and December 31, 2025, the Company has remaining commitments of CHF 42.4 million ($54.9 million) and CHF 44.4 million ($58.2 million), respectively.

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Contingencies

As of March 31, 2026 and December 31, 2025 the Company had no contingent assets.

The Company is regularly subject to lawsuits, claims, arbitration proceedings, administrative actions and other legal and regulatory proceedings involving intellectual property disputes, commercial disputes, competition and other matters, and the Company may become subject to additional types of lawsuits, claims, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future. As of March 31, 2026 and December 31, 2025, the Company has concluded that losses are not probable and no provisions have been recorded.

Guardant Health
In 2025 Guardant Health ("Guardant") filed suit against the Company in multiple jurisdictions. Guardant filed suit in the U.K., and in the EU at the Unified Patent Court (the “UPC”) in Paris, alleging that the Company’s MSK-Access liquid biopsy test infringes certain of their patents and seeking remedies, including unspecified monetary damages and injunctive relief. On February 17, 2026, the UPC Paris Local Division issued a procedural order setting a payment deadline of March 10, 2026, for Guardant to pay a €0.4 million ($0.5 million) interim costs award. On February 18, 2026, the Court of Appeal rejected Guardant's application for suspensive effect of the interim costs award and refused to reduce the €0.4 million ($0.5 million) amount. The Company received the initial payment in March 2026 and payment of a further €0.2 million ($0.2 million) in April 2026. The U.K. proceedings remain pending. The Company continues to defend itself against these claims. As of March 31, 2026 and December 31, 2025, the Company has concluded that losses related to this matter are not probable and no provision has been recorded.

12. Events after the reporting date

The Company has evaluated, for potential recognition and disclosure, events that occurred prior to the date at which the unaudited interim condensed consolidated financial statements were approved to be issued. There were no material subsequent events.
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