John West
`Carol Tillis; Eliane Sousa
`Richard Chen; Christian Haudenschild
`John West"s Board Slides
`Wednesday, September 5, 2012 7:10:37 AM
`CEO Overview JW 5Sept2012.ppt
`
`From:
`To:
`Cc:
`Subject:
`Date:
`Attachments:
`
`Eliane,
`
`These are ready to print.
`
`Thank you.
`
`John
`
`Personalis EX2086
`
`
`Carol Tillis; Eliane Sousa
`Richard Chen; Christian Haudenschild
`John West"s Board Slides
`Wednesday, September 5, 2012 7:10:37 AM
`CEO Overview JW 5Sept2012.ppt
`
`From:
`To:
`Cc:
`Subject:
`Date:
`Attachments:
`
`Eliane,
`
`These are ready to print.
`
`Thank you.
`
`John
`
`Personalis EX2086
`
`
`
`Personalis Board of Directors Meeting
`CEO Overview
`
`John West
`Sept 5th, 2012
`
`Personalis Confidential 9/5/2012
`
`1
`
`Personalis EX2086
`
`
`
`Personalis Overview
`
`• R&D achieved target: prototype ready for beta testing at end of August
`•
`First purchase order imminent ($100k, rare brain disease research)
`– Exome sequencing, pipeline, annotation & case/control analysis
`– Example of rapid potential revenue & transaction size in research market
`• New labs operational (HiSeq & MiSeq; Whole genomes & now exomes)
`Increasing attraction of in-house sequencing combined with analysis
`•
`– Implement proprietary content in lab assays, 1st: Exome-plus
`– Turnaround time & CLIA attractive to customers
`– Achieve margin from the lab assay and informatics
`– Positioning towards whole-genome diagnostics, not bioinformatics
`– Proposal to move forward CapEx for 2nd HiSeq (from early 2013)
`Formal Applications submitted for CLIA & CAP accreditation
`•
`Invited presentation : NIST meeting, co-funded by FDA
`•
`• Recruiting transitioning to commercial roles
`• Cash at 8/31 $500k above newest budget
`•
`Prepared to discuss Series B scenarios & potential new investors
`
`Personalis Confidential 9/5/2012
`
`2
`
`Personalis EX2086
`
`
`
`Exomes Approach 50% of All New Human SRA Entries
`Whole Genome (including skim-coverage) 20%
`
`Personalis Confidential 9/3/2012
`
`3
`
`Personalis EX2086
`
`
`
`Exome Issues
`
`• Amount of sequencing & cost issues:
`– Exons are < 3% of the genome
`– Technology for pullout is non-uniform; draws some off target DNA too
`– Compensated by higher average coverage
`– Sample prep prior to exome sequencing is more complex, costly
`– Illumina vs Complete Genomics price war has not touched exomes
`– Net, exome pricing is about 50% of whole genome
`
`• Technical performance :
`– Little content outside the exons
`– Coverage non-uniformity due to pullout and PCR-based GC-bias
`– Worse alignment due to short molecules used to match short exons
`
`Personalis Confidential 9/5/2012
`
`4
`
`Personalis EX2086
`
`
`
`Exome Issues
`
`• Personalis Perspectives :
`– 10x sample throughput per sequencer CapEx investment
`• 48 exomes / HiSeq run vs 5 whole genomes
`• More practical for Personalis to leverage turnaround time
`
`– Room for reasonable margins
`
`– Technical challenges are an opportunity to differentiate
`• Ensure forward applicable to whole genome
`
`– Lower price point assay & higher sample throughput increase the
`sample volume accessible to our content & bioinformatics offerings
`
`Personalis Confidential 9/5/2012
`
`5
`
`Personalis EX2086
`
`
`
`Differentiation of Personalis “Exome-Plus” Service
`
`• Premium delivery of otherwise full-coverage exome sequencing:
`– Turn-around time; prep & pullout optimization
`
`• Custom pullout #1, from standard (short molecule) library prep :
`– Personalis content outside the exons
`• Proprietary: PharmGKB, VariMed, Regulome
`• Deep intronic splice sites & SV junction sequences
`– Supplementary coverage to fill in the valleys of the standard exome
`– Run on the HiSeq with the normal pullout, at standard read lengths
`
`• Custom pullout #2, from long molecule (1-2 kbp) library prep :
`– Run multiplexed on MiSeq, with longer reads
`– Focus on content with alignment-related accuracy problems
`– HLA, Segmental duplications, Expanding repeat diseases, etc
`
`Personalis Confidential 9/5/2012
`
`6
`
`Personalis EX2086
`
`
`
`Key Gross Margin Inputs
`
`Personalis Confidential 9/5/2012
`
`7
`
`Personalis EX2086
`
`
`
`Appendix
`
`Slides from July meeting related to revenue plan
`
`Personalis Confidential 9/5/2012
`
`8
`
`Personalis EX2086
`
`
`
`Revenue Plan
`
`• Personalis plan changed to begin with Pipeline product vs comprehensive
`genome interpretation:
`– 100% research market, but accuracy a key requirement for clinical
`products
`– Headline application, Case / Control studies, inherently require larger
`#’s of genomes
`
`•
`
`Lab as an expanding part of our plan:
`– Direct relationship with the customer
`– Position towards whole-genome molecular diagnostics, vs “a
`bioinformatics company”
`– Opportunity to implement our IP in physical assays
`– Capture margin of the assay by leveraging our informatics
`
`Personalis Confidential 9/5/2012
`
`9
`
`Personalis EX2086
`
`
`
`Revenue Planning
`
`• Multiple assay scales:
`– Whole genome + Personalis “Exome-plus”
`– Just Personalis “Exome-plus”
`– Just a “standard” Exome
`– User provides data
`• Revenue Components:
`– Whole genome is 3rd party pass-through, so not in revenue or COGS
`– Base of in-house capacity to generate exomes with/without Personalis content &
`Personalis Pipeline analysis (linearly scalable with moderate CapEx)
`– Professional services overlay for Rare-Variant-Discovery-Service and Genome-
`Interpretation-Service products (Experience curve & automation are key to
`scalability)
`• Customer interaction model:
`– Pipeline : Case vs Control, chunks of 48 genomes, > $100k / transaction
`– RVDS & GIS : Genomes typically in trio or solo units, but customer relationship is
`to establish a flow, which we aggregate into 48-genome chunks internally
`
`Personalis Confidential 9/5/2012
`
`10
`
`Personalis EX2086
`
`
`
`Pricing Ranges of Components in Current Model
`
`• Whole genome sequencing (pass-through) :
`– 20 units, research only, 30x coverage : $3,400 mid-2012
`– Price of reagents alone to Personalis : $4,000 – Non-competitive
`– Multiple premium offerings seeking higher unit pricing:
`• 60x coverage : $6,100
`• CLIA single unit : $ 7,500 – 9,500
`• Rapid turn-around : $ 9,500
`• Exomes :
`– Not offered by Illumina or Complete Genomics
`– Multiple services, e.g. BGI : $1,800 – Prices firming
`– Personalis standard exome with Pipeline analysis : $2,500 / unit (Quantity 48)
`– Personalis “Exome-plus” with Pipeline analysis : $3,500 / unit (Quantity 48)
`• Professional services:
`– Unit = 8 hours genetic counselor + 1 hour MD : $3,500
`
`Personalis Confidential 9/5/2012
`
`11
`
`Personalis EX2086
`
`
`
`Example Pricing, Combining Components
`
`• Case / Control research service:
`– 24 cases + 24 controls
`– Personalis “Exome-Plus” with Pipeline Analysis only
`– 48 x $3,500 = $168k / project
`
`• Rare Variant Discovery Service:
`– Unit is for one trio (parents + child) but contract sought is for flow (N trios per time period)
`– 3 x “Exome-Plus” with 1 day RUO Professional Services
`– (3 x $3,500) + $3,500 = $14,000 (i.e. above Ambry)
`
`• Premium Genome Interpretation Service:
`– Unit is for one genome, but contract sought is for a flow
`– Pass-through Illumina 30x genome + Personalis “Exome-plus” + 2 days Professional
`Services
`– $ 3,400 + $3,500 + $7,000 = $13,900 ($10,500 is recognized as Personalis revenue)
`– Multiple price points with different combinations of components, to address differing customer
`needs & compete
`
`Personalis Confidential 9/5/2012
`
`12
`
`Personalis EX2086
`
`
`
`Top Level Revenue Breakdown by Product
`
`One product intro / quarter
`RVDS & GIS (35% of 2013 plan) could slip, depending on Pipeline feedback
`
`Personalis Confidential 9/5/2012
`
`13
`
`Personalis EX2086
`
`
`
`Personalis Confidential 9/5/2012
`
`14
`
`Personalis EX2086
`
`
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