The Company calculates basic and diluted net income (loss) per share attributable to common stockholders using the two-class method required for participating securities. Prior to the closing of the Business Combination on July 20, 2026, the Company’s convertible preferred stock was a participating security because holders would receive dividends on a basis consistent with common stockholders. Upon the closing, all preferred stock converted into common stock. Net losses are not allocated to the preferred stock because its holders have no contractual obligation to share in losses. Deemed dividends, if any, are subtracted from net income (loss) to arrive at net income (loss) attributable to common stockholders. All share and per share amounts for periods prior to the Business Combination have been retroactively adjusted for the Exchange Ratio.

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share also includes potential dilutive common shares, if dilutive. For periods prior to the Business Combination, diluted net income (loss) per share uses the more dilutive of the two-class method or the if-converted method for the preferred stock, and potential common shares are included for all other dilutive instruments.

For the three months ended September 30, 2026, diluted net income per share includes 1,713,545 shares from stock options, warrants and restricted stock units (treasury stock method) and 1,334,258 shares from the Roche Convertible Note (if-converted method, for the period before conversion on July 20, 2026), with net income increased by $0.8 million of interest expense. Restricted stock units for which the service condition has been met but the liquidity event requirement has not been satisfied are contingently issuable and are excluded from basic and diluted net income (loss) per share until the requirement is met. Vested penny warrants, which were exercisable for nominal consideration, are included in basic weighted-average shares. Immediately prior to the closing, warrants to purchase 428,560 shares of Legacy Freenome common stock at $0.01 per share were exercised, resulting in 121,237 shares of the Company’s common stock (see Note 10). As of September 30, 2026, a warrant to purchase 14,003 shares of the Company’s common stock at an exercise price of $4.85 per share remained outstanding.

The Exact Convertible Note, which converted on September 8, 2026, was excluded from diluted net income per share for the period before conversion because its effect was anti-dilutive. The Company incurred net losses for the three months ended September 30, 2025 and the nine months ended September 30, 2026 and 2025, so potentially dilutive securities were anti-dilutive in those periods and are excluded from diluted net loss per share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	60,110	$	(64,469)	$	(72,478)	$	(181,074)
Add: interest expense on convertible note	752		—		—		—
Net income (loss) – diluted	$	60,862	$	(64,469)	$	(72,478)	$	(181,074)
Denominator:
Weighted-average shares of common stock outstanding – basic and diluted	100,174,038		68,016,817		78,885,912		67,998,124
Dilutive effect of stock options, warrants and RSUs	1,713,545		—		—		—
Dilutive effect of Roche convertible note (if-converted)	1,334,258		—		—		—
Weighted-average shares of common stock outstanding – diluted	103,221,841		68,016,817		78,885,912		67,998,124
Net income (loss) per share attributable to common stockholders – basic	$	0.60	$	(0.95)	$	(0.92)	$	(2.66)
Net income (loss) per share attributable to common stockholders – diluted	$	0.58	$	(0.95)	$	(0.92)	$	(2.66)


	Three Months Ended September 30, 2026	Three Months Ended September 30, 2025	Nine Months Ended September 30, 2026	Nine Months Ended September 30, 2025
Options to purchase common stock	3,997,960	6,337,275	8,256,236	6,337,275
Restricted stock units issued and outstanding	3,853,553	4,263,933	3,879,655	4,263,933
Warrants to purchase common stock	—	14,003	14,003	14,003
Convertible notes	2,523,611	—	7,814,384	—
Total	10,375,124	10,615,211	19,964,278	10,615,211