Exhibit 99.1
Index to Condensed Consolidated Financial Statements
Table of Contents
F-1
Table of Contents
SOPHiA GENETICS SA
Unaudited Interim Condensed Consolidated Financial Statements
F-2
Table of Contents
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Loss
(Amounts in USD thousands, except per share data)
(Unaudited)
Three months ended June 30,Six months ended June 30,
Notes    2026202520262025
Revenue5$23,310 $18,323 $44,998 $36,102 
Cost of revenue(8,249)(6,053)(15,188)(11,624)
Gross profit15,061 12,270 29,810 24,478 
Research and development costs(8,731)(8,493)(18,191)(17,611)
Selling and marketing costs(11,186)(10,034)(19,999)(17,568)
General and administrative costs(15,202)(12,301)(28,961)(23,901)
Other operating income, net5 66 5 74 
Operating loss(20,053)(18,492)(37,336)(34,528)
Interest income231 419 520 869 
Interest expense(1,620)(559)(3,287)(1,218)
Fair value adjustments on warrant obligations8(317)58 (409)20 
Foreign exchange losses, net(519)(3,078)(835)(3,677)
Loss before income taxes(22,278)(21,652)(41,347)(38,534)
Income tax expense(78)(762)(331)(1,265)
Loss for the period(22,356)(22,414)(41,678)(39,799)
Attributable to the owners of the parent(22,356)(22,414)(41,678)(39,799)
Basic and diluted loss per share7$(0.30)$(0.33)$(0.58)$(0.59)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.


F-3
Table of Contents
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Comprehensive Loss
(Amounts in USD thousands)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2026202520262025
Loss for the period$(22,356)$(22,414)$(41,678)$(39,799)
Other comprehensive (loss) income:
Items that may be reclassified to statement of loss
Currency translation adjustments(81)9,016 (611)11,602 
Total items that may be reclassified to statement of loss(81)9,016 (611)11,602 
Items that will not be reclassified to statement of loss (net of tax)
Remeasurement of defined benefit plans317 46 440 93 
Total items that will not be reclassified to statement of loss317 46 440 93 
Other comprehensive (loss) income for the period$236 $9,062 $(171)$11,695 
Total comprehensive loss for the period$(22,120)$(13,352)$(41,849)$(28,104)
Attributable to owners of the parent$(22,120)$(13,352)$(41,849)$(28,104)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
F-4
Table of Contents
SOPHiA GENETICS SA
Interim Condensed Consolidated Balance Sheets
(Amounts in USD thousands)
(Unaudited)
Notes    June 30, 2026    December 31, 2025
Assets
Current assets
Cash and cash equivalents$107,665 $70,289 
Accounts receivable614,112 15,001 
Inventory7,084 6,351 
Prepaids and other current assets8,429 7,438 
Total current assets137,290 99,079 
Non-current assets
Property and equipment4,903 5,665 
Intangible assets36,163 35,891 
Right-of-use assets11,039 12,382 
Deferred tax assets1,769 1,831 
Other non-current assets7,195 8,183 
Total non-current assets61,069 63,952 
Total assets$198,359 $163,031 
Liabilities and equity
Current liabilities
Accounts payable$11,904 $8,960 
Accrued expenses18,699 20,736 
Deferred contract revenue15,616 16,720 
Lease liabilities, current portion2,720 2,700 
Warrant obligations82,144 1,412 
Total current liabilities51,083 50,528 
Non-current liabilities
Borrowings847,999 47,733 
Lease liabilities, net of current portion11,108 12,587 
Defined benefit pension liabilities3,822 4,162 
Other non-current liabilities1,229 876 
Total non-current liabilities64,158 65,358 
Total liabilities115,241 115,886 
Equity
Share capital4,814 4,814 
Share premium542,657 473,675 
Treasury shares(183)(1,218)
Other reserves96,784 89,150 
Accumulated deficit(560,954)(519,276)
Total equity83,118 47,145 
Total liabilities and equity$198,359 $163,031 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
F-5
Table of Contents
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— — — — (41,678)(41,678)
Other comprehensive loss— — — (171)— (171)
Total comprehensive loss— — — (171)(41,678)(41,849)
Share-based compensation9— — — 7,805 — 7,805 
Transactions with owners
Share options exercised and vesting of Restricted Stock Units— 1,143 90 — — 1,233 
Proceeds from public offering, net of transaction costs1— 52,369 748 — — 53,117 
Proceeds from ATM offering, net of transaction costs1— 15,470 197 — — 15,667 
As of June 30, 2026$4,814 $542,657 $(183)$96,784 $(560,954)$83,118 

ShareShareTreasuryOtherAccumulated
NotescapitalpremiumsharesreservesdeficitTotal
As of April 1, 2026$4,814 $488,423 $(1,007)$92,056 $(538,598)$45,688 
Loss for the period— — — (22,356)(22,356)
Other comprehensive income— — — 236 236 
Total comprehensive loss— — — 236 (22,356)(22,120)
Share-based compensation9— — — 4,492 — 4,492 
Transactions with owners
Share options exercised and vesting of Restricted Stock Units— 708 62 — — 770 
Proceeds from public offering, net of transaction costs1— 52,369 748 — — 53,117 
Proceeds from ATM offering, net of transaction costs1— 1,157 14 — — 1,171 
As of June 30, 2026$4,814 $542,657 $(183)$96,784 $(560,954)$83,118 









F-6
Table of Contents
ShareShareTreasuryOtherAccumulated
NotescapitalpremiumsharesreservesdeficitTotal
As of January 1, 2025$4,188 $472,244 $(702)$61,037 $(440,277)$96,490 
Loss for the period— — — — (39,799)(39,799)
Other comprehensive income— — — 11,695 — 11,695 
Total comprehensive loss— — — 11,695 (39,799)(28,104)
Share-based compensation9— — — 8,191 — 8,191 
Transactions with owners
Vesting of restricted stock units— — 50 (50)— — 
Exercise of share options— 111 4 — — 115 
As of June 30, 2025$4,188 $472,355 $(648)$80,873 $(480,076)$76,692 

ShareShareTreasuryOtherAccumulated
NotescapitalpremiumsharesreservesdeficitTotal
As of April 1, 2025$4,188 $472,283 $(694)$67,498 $(457,662)$85,613 
Loss for the period— — — — (22,414)(22,414)
Other comprehensive income— — — 9,062 — 9,062 
Total comprehensive loss— — — 9,062 (22,414)(13,352)
Share-based compensation9— — — 4,356 — 4,356 
Transactions with owners
Vesting of restricted stock units— — 43 (43)— — 
Exercise of share options— 72 3 — — 75 
As of June 30, 2025$4,188 $472,355 $(648)$80,873 $(480,076)$76,692 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
F-7
Table of Contents
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Cash Flows
(Amounts in USD thousands)
(Unaudited)
Six months ended June 30,
Notes20262025
Operating activities  
Loss before tax$(41,347)$(38,534)
Adjustments for non-monetary items
Depreciation2,159 1,927 
Amortization3,499 2,740 
Finance expense, net3,354 4,037 
Fair value adjustments on warrant obligations8409 (20)
Expected credit loss allowance increase (reversal)640 252 
Share-based compensation97,805 8,191 
Movements in provisions and pensions440 304 
Research tax credit(441)(528)
Working capital changes
Decrease (increase) in accounts receivable589 (1,298)
Decrease (increase) in prepaids and other assets628 934 
Decrease (increase) in inventory(1,123)362 
Increase (decrease) in accounts payables, accrued expenses, deferred contract revenue, and other liabilities1,227 2,815 
Cash used in operating activities(22,761)(18,818)
Income tax paid(51)(146)
Net cash flows used in operating activities(22,812)(18,964)
Investing activities
Purchase of property and equipment(1,026)(130)
Acquisition of intangible assets— (87)
Capitalized development costs(4,541)(3,250)
Interest received520 876 
Net cash flow used in investing activities(5,047)(2,591)
Financing activities
Proceeds from exercise of share options1,233 115 
Interest paid8(2,715)(1,240)
Proceeds from borrowings, net of transaction costs— 34,563 
Proceeds from sale of common stock in at-the-market offering, net of transaction costs115,667 — 
Proceeds from sale of common stock in follow-on offering, net of transaction costs154,048 — 
Payments of principal portion of lease liabilities(1,201)(889)
Net cash flow provided by/(used in) financing activities67,032 32,549 
Increase (decrease) in cash and cash equivalents39,173 10,994 
Effect of exchange differences on cash balances(1,797)3,602 
Cash and cash equivalents at beginning of the period70,289 80,226 
Cash and cash equivalents at end of the period$107,665 $94,822 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.

F-8
Table of Contents
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 June 30, 2026, the Company had the following wholly owned subsidiaries:
NameCountry of domicile
SOPHiA GENETICS S.A.S.France
SOPHiA GENETICS LTDU.K.
SOPHiA GENETICS, Inc.U.S.
SOPHiA GENETICS Intermediação de Negócios LTDABrazil
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 July 31, 2026.
Basis of preparation
Compliance with International Financial Reporting Standards
These unaudited interim condensed consolidated financial statements, as of and for the three and six months ended June 30, 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.
F-9
Table of Contents
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.
F-10
Table of Contents

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 June 30, 2026, the Company had issued 89,321,220 shares, of which 85,127,825 are outstanding, and 4,193,395 are held by the Company as treasury shares. As of June 30, 2025, the Company had issued 79,321,220 shares, of which 67,579,560 were outstanding, and 11,741,660 were held by the Company as treasury shares. As of December 31, 2025, the company had issued 89,321,220 shares of which 68,486,338 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 June 30, 2026, the Company held 4,193,395 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
F-11
Table of Contents
three and six months ended June 30, 2026, 233,328 and 3,098,200 ordinary shares were sold from treasury shares for net proceeds of $1.2 million, and $15.7 million, respectively, under this program.

In June 2026, the Company completed a public offering of 12,104,900 ordinary shares which were sold from treasury shares, at a price of $4.75 per share, par value $0.06 (CHF 0.05), which included 1,578,900 ordinary shares issued upon exercise in full by the underwriters of their green-shoe option to purchase additional shares. The aggregate net proceeds received from offering, net of underwriting discounts and commissions and offering expenses, was $53.1 million.
2. Fair Value
As of June 30, 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

F-12
Table of Contents
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):

June 30, 2026
Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents:
Money market funds$46,673 $— $— 
Equity Investments:
Equity Investments$— $1,936 $— 
Total financial assets$46,673 $1,936 $— 
Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants$— $2,144 $— 
Total financial liabilities$— $2,144 $— 

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 and six months ended June 30, 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.
F-13
Table of Contents
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 was 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 June 30,Six months ended June 30,
2026202520262025
Switzerland$973 $457 $1,737 $852 
France2,725 2,716 5,741 5,330 
Italy3,044 2,784 6,332 5,314 
United Kingdom1,935 1,341 4,147 2,771 
Spain1,734 1,631 3,408 3,048 
Rest of EMEA5,431 4,436 10,636 8,517 
EMEA$15,842 $13,365 $32,001 $25,832 
United States$4,341 $2,660 $7,213 $5,140 
Rest of NORAM780 626 1,429 1,201 
NORAM$5,121 $3,286 $8,642 $6,341 
LATAM$744 $449 $1,352 $1,415 
APAC$1,603 $1,223 $3,003 $2,514 
Total revenue$23,310 $18,323 $44,998 $36,102 

F-14
Table of Contents
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 June 30,Six months ended June 30,
2026202520262025
SOPHiA DDM Platform$22,505 $17,880 $43,553 $35,225 
Workflow equipment and services805 443 1,445 877 
Total revenue$23,310 $18,323 $44,998 $36,102 


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

June 30, 2026December 31, 2025
Trade receivable$12,122 $14,404 
Accrued contract revenue2,253 963 
Allowance for expected credit losses(263)(366)
Net accounts receivable$14,112 $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 six months ended June 30, 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 
Increase123 387 
Reversals(83)(135)
Write-off(138)2 
Currency translation adjustments(5)71 
As of June 30$263 $719 

As of June 30, 2026 and December 31, 2025, the Company’s largest customer’s balance represented 16% and 15% of accounts receivable, respectively. All customer balances that individually exceeded 1% of accounts receivable in aggregate amounted to $6.6 million and $8.3 million as of June 30, 2026 and December 31, 2025, respectively.
F-15
Table of Contents
7. Loss per share
The Company’s shares are comprised of ordinary shares. Each share has a nominal value of $0.06 (CHF 0.05). The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period excluding treasury shares, which are owned by the Company. The table presents the loss for the three and six months ended June 30, 2026 and 2025, respectively (in USD thousands, except shares and loss per share):
Three months ended June 30,Six months ended June 30,
2026202520262025
Net loss attributed to shareholders$(22,356)$(22,414)$(41,678)$(39,799)
Weighted average number of shares in issue73,838,486 67,321,079 71,465,843 67,080,368 
Basic and diluted loss per share$(0.30)$(0.33)$(0.58)$(0.59)
For the three and six months ended June 30, 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 June 30, 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. As of June 30, 2026 the Company had achieved revenue exceeding $85.0 million for the trailing twelve month period. Tranche C and Tranche D, if drawn, will have terms and conditions consistent with the Company’s existing term loans, will bear
F-16
Table of Contents
interest at rate per annum equal to Term SOFR (floored at 4% per annum) + 6.25% and will mature in 2029. In 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
F-17
Table of Contents
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 June 30, 2026 and December 31, 2025 were as follows:

As of June 30, 2026As of December 31, 2025
Exercise price in USD
$5.00 - $5.18
$5.00
Share price in USD$5.77$4.67
Risk-free interest rate
4.29% - 4.37%
4.01% - 4.02%
Expected volatility
74.34% - 74.87%
68.39% - 76.10%
Expected term (years)
7.84 - 9.48
8.34 - 9.48
Dividend yield—%—%
Black-Scholes value in USD
$4.39 - $4.62
$3.35 - $3.71


The following table presents any movements in the liability for 2025 and the six months ended June 30, 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 expense2,897 
Interest paid(2,577)
Currency translation adjustments(54)
Balance as of June 30, 2026$47,999 

The following table presents the movements in the warrant obligation liability for the year ended December 31, 2025, and the six months ended June 30, 2026 (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 value409 — 
Foreign exchange loss(6)— 
Balance as of June 30, 20262,144 475,000 
F-18
Table of Contents
9. Share-based compensation
Share-based compensation expense for all stock awards consists of the following (in USD thousands):

Three months ended June 30,Six months ended June 30,
2026    202520262025
Research and development$1,046 $1,119 $1,769 $2,124 
Selling and marketing315 323 437 614 
General and administrative3,131 2,914 5,599 5,453 
Total$4,492 $4,356 $7,805 $8,191 
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 June 30, 2026. Key management personnel were comprised of seven Executive Officers and Directors and six Non-Executive Directors as of June 30, 2025.
The following table provides compensation for key management and non-executive directors (in USD thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Salaries and other short-term employee benefits$1,518 $1,083 $2,910 $2,854 
Pension costs74 69 166 140 
Share-based compensation expense3,457 3,290 6,139 6,211 
Total$5,049 $4,442 $9,215 $9,205 
During the three and six months ended June 30, 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 June 30, 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 ($79.3 million) from the period beginning November 1, 2022 through October 31, 2029. As of June 30, 2026 and December 31, 2025, the Company has remaining commitments of CHF 40.6 million ($50.2 million) and CHF 44.4 million ($58.2 million), respectively.

F-19
Table of Contents

Contingencies

As of June 30, 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 June 30, 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. That costs award remains subject to an appeal by Guardant. On July 2, 2026, the UPC Court of Appeal issued its final order rejecting Guardant’s appeal. The Court confirmed that no provisional injunction will be issued and that the Company may continue to commercialize MSK-ACCESS. The Court of Appeal also reduced the first instance interim costs award from €0.4 million to €0.3 million ($0.5 million to $0.4 million); as the underlying costs order remains under appeal, no amounts are currently repayable by the Company. In addition, the Court ordered Guardant to pay the Company an interim costs award of €0.1 million ($0.1 million) for the appeal proceedings within two weeks of the order, and both parties are entitled to a partial court fee refund of €0.038 million ($0.043 million). The U.K. proceedings remain pending. The Company continues to defend itself against these claims. As of June 30, 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.
F-20