Fulgent Genetics, Inc. · NASDAQ:FLGT
Fulgent Genetics — Q4 2025 Earnings Presentation
51 slides from Fulgent Genetics's earnings presentation, Feb 27, 2026
Slide 1: Investor Presentation
Investor Presentation February 27, 2026 Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Market Data This presentation contains forward-looking statements, which are statements other than those of historical facts and which represent the estimates and expectations of Fulgent Genetics, Inc. (the “Company” or “Fulgent”) about future events based o
Slide 3: Leadership Team
Leadership Team Ming Hsieh Paul Kim Dr. Harry Gao James Xie Brandon Perthuis Natalie Prescott Dr. Ray Yin Chief Executive Chief Financial Lab Director and President and Chief Commercial General Counsel & President, Pharma Officer Officer Chief Scientific Chief Operating Officer Chief Privacy Officer
Slide 4: About Fulgent
About Fulgent Mission Develop flexible and affordable diagnostics and therapeutics We are a premier global, technology-based genetic testing that improve the everyday lives of those around us. company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive he
Slide 5: Laboratory Services
Laboratory Services 5
Slide 6: Positioned for Growth
Positioned for Growth 1 Proprietary technology platform allows for rapid scaling of a $83M broad, flexible test menu Q4 Revenue 2 Next-generation sequencing (NGS) platform complemented with growing portfolio of emerging testing technologies with a focus on oncology +9% 3 Well-positioned to execute o
Slide 7: Platform & Capabilities Across Categories
Platform & Capabilities Across 3 Categories Laboratory Services Precision Diagnostics Anatomic Pathology BioPharma Services • Reproductive Health • Dermatopathology • Spatial Phenotyping • Oncology / Liquid Biopsy • Gastrointestinal (GI) • Exome / Genome sequencing • Rare Disease • Genitourinary (GU
Slide 8: Target Market Opportunity
Target Market Opportunity Genes & Panels Known Mutation Genomic Testing Hereditary Cancer Infectious Tumor Profiling Newborn Genetics Sequencing Service Carrier Screens Spatial Disease Biology Early Detection/ Reproductive Health BioPharma Services Cancer Diagnostics Liquid Biopsy 8
Slide 9: What Sets Fulgent Apart?
What Sets Fulgent Apart? A Better Cost Structure ▪ Lab efficiencies, automation, and scale have translated to a sustainable Leads to a Broader Test Menu cost structure ▪ 18,400+ single-gene tests (1) ▪ Partnerships create leverage with sales and ▪ 900+ panels marketing ▪ Whole Genome and Exome ▪ Pro
Slide 10: AI & Proprietary Technology Platform
Web Services for: AI & Proprietary ▪ ▪ Patients and Providers Research Portal ▪ ▪ Fulgent and Picture Websites Benefit Analysis Technology Platform Record Management: ▪ Patient Record ▪ FulgentDB Differentiated Technology... Lab Workflow: ▪ Wet Lab ▪ BioBank ● Engineered genetic biochemistry, includ
Slide 11: Broad Capabilities
Broad Capabilities Next Generation Specialized Comprehensive Anatomic Sequencing Opportunities Oncology Testing Pathology Services Recent Traction with: Wide Array of Technologies Broad Capabilities ▪ Hereditary Cancer ▪ Breast pathology ▪ Cardiovascular Genetics Services Include: ▪ Gastrointestinal
Slide 12: Scalable and Affordable Menu for Customers
Scalable and Affordable Menu for Customers CNV+ Average Sales Price / Test GREATER OFFERINGS THAN MANY LEADING COMPETITORS Comprehensive Panel Whole Genome Large Panel Whole Exome Clinical Exome Small Panel Cytogenetics MANY COMPETITORS Focus Panel Molecular DO NOT OFFER Single-Gene / Custom FISH Fl
Slide 13: NGS Testing – Offerings
NGS Testing – Offerings Single Gene Cancer Panels Focus (50 Genes) 18,400+ Genes Comprehensive (154 Genes) Somatic Disease Panels Known Mutation 800+ Panels Site-Specific Testing Customizable Panels Genomic Tests Repeat Expansion Exome and Whole Genome 20 Panels 13
Slide 14: NGS Testing – Germline Oncology Test Menu
NGS Testing – Germline Oncology Test Menu Coverage: Coverage: 99% at 50x TAT: 99% at 50x TAT: Del/Dup ≥ 1 2 – 3 Weeks Del/Dup ≥ 1 2 – 3 Weeks Exon Exon Focused Comprehensive Fulgent Fulgent Focus Cancer Comprehensive Panels Cancer Panels Methods: Methods: Genes: Genes: NGS & NGS & 50 154 Del/Dup Del
Slide 15: Oncology Testing Platforms
Oncology Testing Platforms FISH Histology Cytogenetics Flow Cytometry Molecular • Expansive heme and • 225+ stains • Oncology and constitutional • 10-color platform • Hematology and solid solid tumor menu • Platform agnostic • >20% abnormality detection • Comprehensive panel tumor menu • STAT testin
Slide 16: NGS Testing – Ultra Rapid Whole Genome
NGS Testing – Ultra Rapid Whole Genome Designed for critically ill infants in the NICU/PICU to rapidly diagnose genetic disorders Change medical Covers > 20,000 Fast turnaround management for genes (38-48 hours for up to 87% of preliminary report) babies* Comprehensive detections: Exon Genome-wide S
Slide 17: NGS Testing – Panel Deep Dive
NGS Testing – Panel Deep Dive Comprehensive Beacon Carrier Screening Tests Beacon The ACOG/ACMG panel ACOG / screens for common genetic disorders seen in ACMG the general population Guidelines The Expanded Panel Panel Gene Count: 6 screens for more than 400 Beacon recessive and X-linked conditions t
Slide 18: Therapeutic Development
Therapeutic Development 18
Slide 19: Nano-Drug Delivery Platform Overview
Nano-Drug Delivery Platform Overview Platform Advantage: Soluble in both water and various organic solvents and capable of hot melt mixing with APIs • Many drug candidates in the industry failed during preclinical and clinical development and testing due to poor water solubility • Nanoencapsulation
Slide 20: FID-007 Program Overview – Phase 1
FID-007 Program Overview – Phase 1 FID-007 Phase 1/1b First in Human Clinical Trial – FID-007 Phase 1/1b Preliminary Highlights (as of 6/2/24): Preliminary Findings (n=46 patients) H&N Cancer 2 • Dose levels up to 160 mg/m /week with • 45% ORR and 72% DCR were observed in 11 heavily manageable safet
Slide 21: FID-007 Phase 1 Clinical Data Presented at ASCO 2024
FID-007 Phase 1 Clinical Data Presented at ASCO 2024 21
Slide 22: FID-007 Program Overview – Phase 2
FID-007 Program Overview – Phase 2 FID-007 Plus Cetuximab Phase 2 Update (as of 9/25/25): H&N Cancer • Multiple clinical sites activated (USC, Moffitt, City of Hope, etc.) with 39 patients dosed • 36 patients have received at least 1 dose of study treatment (FID-007 or Cetuximab) • 35 patients are e
Slide 23: FID-007: Anti-Tumor Response Observed in Preliminary Phase 2 Data
FID-007: Anti-Tumor Response Observed in Preliminary Phase 2 Data Best Overall Response by Arm Best Response for Target Lesions by Patient (N= 35) (N= 29) Overall by p16 Overall Status Arm A Arm B BOR N= 35 Neg. Pos. N= 18 (%) N= 17 (%) (%) N=16 N=19 (%) (%) CR 4 (11) 1 (6) 3 (18) 3 (19) 1 (5) PR 14
Slide 24: FID-007: Progression-Free Survival & Duration of Response
FID-007: Progression-Free Survival & Duration of Response Observed in Preliminary Phase 2 Data Kaplan-Meier Plot of Progression-Free Survival Analysis Overall Arm A Arm B Median PFS (months) 7.8 9.2 7.8 No. of Responders 18 8 10 Duration > 6 months (%) 4 (22) 2 (25) 2 (20) of Response Response Ongoi
Slide 25: FID-007: Time to Response and Duration Observed in Preliminary Phase 2 Data
FID-007: Time to Response and Duration Observed in Preliminary Phase 2 Data Data cutoff date: September 25, 2025 25
Slide 26: Potential Market Opportunity for FID-007
Potential Market Opportunity for FID-007 Pancreatic Breast H&N1 $1.86B in 2025 $2.1B by 2035 Initial Indication Ampullary NSCLC Note: U.S. opportunity shown Subsequent Indications Sources: Evaluate Pharma, Wall Street research, and management pricing expectations 1. Head & Neck, or H&N, market oppor
Slide 27: FID-022: FIH Study Design (BOIN)
FID-022: FIH Study Design (BOIN ) 1 • FID-022-001 Clinical Update Monotherapy: L6:120 mg/m 2 Infusion on Days 1 • Dose level 1 & 2 are completed and 8 of every 21- L5: 100 mg/m 2 day cycle Simulate possible L4: 80 mg/m 2 dose de- escalation L3: 60 mg/m 2 Dose escalation L2: 40 mg/m 2 BOIN design N≥3
Slide 28: Pipeline
Pipeline • FID-007: wholly-owned drug candidate initially focused on Head & Neck (H&N), Pancreatic/Ampullary cancers • Phase 2 trial ongoing for 2nd line treatment of H&N cancer • FID-022 Phase 1 trial ongoing • Potential FDA approval strategy uses 505(b)(2) studies, which may shorten clinical trial
Slide 29: Financials
Financials 29
Slide 30: Summary of Financial Performance
Summary of Financial Performance $83M Revenue LTM as of December 31, 2024, and 2025 +14% year-over-year Revenue in Q4 2025 $322.7 $283.5 9% growth year-over-year $(102)M * Last Twelve Months (LTM) Operating Cash Flow as of Q4 2025 2024 2025 ($ in millions) *As of year-end, we had not yet received th
Slide 31: Financial Performance: Revenue and Gross Margin
Financial Performance: Revenue and Gross Margin Gross Profit ($ in millions) Gross Margin $34.4 $35.5 $32.6 41.8% 42.1% 42.2% $31.8 38.6% 39.1% $28.3 Total Revenue ($ in millions) $81.8 $84.1 $83.3 $76.2 $73.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Non-GAAP G
Slide 32: 2025 Financial Performance Across Segments
2025 Financial Performance Across Segments 1) Non-GAAP metric excludes equity-based compensation, amortization of intangible assets, acquisition-related costs, any impairment loss, and a one-time professional liability expense. See Appendices for Non-GAAP reconciliations of these figures. Note: All
Slide 33: 2025 Revenue by Category
2025 Revenue by Category Total Revenue $283.5 ($ in millions) $322.7 $25.8 $2.3 +58% YoY $16.3 $106.4 +10% $97.1 YoY +14% YoY $190.5 $167.7 2024 2025 Precision Diagnostics Anatomic Pathology BioPharma Services Covid 1) We do not expect future material revenues from the sale or provision of COVID-19
Slide 34: 2025 Operating Expenses by Category
2025 Operating Expenses by Category GAAP Non-GAAP1 $193.2 $144.5 $8.0 $82.5 $112.4 $28.7 $20.3 $40.4 $0.1 $43.3 $4.3 $1.2 $29.6 $0.1 $21.6 $19.0 $24.3 Laboratory Services Therapeutic Development Laboratory Services Therapeutic Development ($ in millions) 1) Non-GAAP metric excludes equity-based comp
Slide 35: Strategies for Success Across Segments
Strategies for Success Across Segments Laboratory Services Therapeutic Development ✓ Balanced growth strategy Completed enrollment for Phase 2 ✓ Enhancing operational efficiency trial of FID-007 at YE 2025 ✓ Building integration readiness ❑ Plans to submit a meeting request with the FDA in 2Q2026;
Slide 36: 2026 Financial Guidance
2026 Financial Guidance Expected cash, cash equivalents, and investments in marketable securities of approximately $685 million as of December 31, 20262 1) Total revenue includes NGS COVID-19 testing revenue and licensing revenue. We do not expect future material revenues from the sale or provision
Slide 37: Balance Sheet
Balance Sheet ($ in millions) Periods Ended December 31, 2024 $ December 31, 2025 Cash & cash equivalents $ 55.1 50.2 Marketable securities 203.0 285.9 Trade accounts receivable, net 69.0 84.8 Prepaid income taxes 3.4 107.1 Other current assets 23.0 22.5 Total current assets 353.5 550.5 Marketable s
Slide 38: Appendix
Appendix 38
Slide 39: Prenatal Screening for Genetic Conditions
Prenatal Screening for Genetic Conditions
Slide 40: Technology
Technology 01 • NGS Comprehensive NIPS utilizing coordinative allele-aware target enrichment (COATE) suppresses allelic hybridization bias Table Of Contents • Dual end sequencing retains cfDNA fragmentation characteristics • Multi-dimensional analyses for allelic ratios, read-depth, cfDNA fragmentat
Slide 41: Fulgent NIPT/NIPS – Full Panel
Fulgent NIPT/NIPS – Full Panel Aneuploidies - 6 Aneuploidies (sex chr) 13, 15, 16, 18, 21, 22 01 Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p; 22q11.2 Single genes - 56 Table Of Co
Slide 42: Detection Rates of KNOVA in High-Risk Pregnancies
Detection Rates of KNOVA in High-Risk Pregnancies Aneuploidies - 6 13, 15, 16, 18, 21, 22 01 Aneuploidies (sex chr) Monosomy X (Turner), XXY (Kleinfelter), XXX (Triple X), XYY (Jacob) Microdeletions - 12 Table Of Contents 1p36; 2q33.1; 4p16; 5p15; 8q23; 9p; 11q23-25; 15q11.2-q13; 17p11.2; 18q; 18p;
Slide 43: Consumer Initiated Tests – Picture Genetics
Consumer Initiated Tests – Picture Genetics Targeting the Large Consumer Market with Picture Genetics 01 Launched in 2019 with significant growth amid COVID-19 ▪ with accuracy of an accredited lab Table Of Contents A consumer-focused offering that merges clinical utility ▪ Extends Fulgent’s NGS capa
Slide 44: FID-007 Clinical Data Presented at ESMO 2025
FID-007 Clinical Data Presented at ESMO 2025 BACKGROUND METHODS RESULTS Paclitaxel (PTX) is a microtubule targeting agent with FID-007-003 is a phase 2, randomized, multicenter, open-label study activity across a wide range of solid tumors. However, Enrollment (NCT06332092), targeting to enroll 42-4
Slide 45: FID-007: Demographics and Baseline Characteristics
FID-007: Demographics and Baseline Characteristics Observed in Preliminary Phase 2 Data Arm A Arm B Arm A Arm B N= 19 (%) N=20 (%) N= 19 (%) N=20 (%) Age Group (years) Prior Platinum Tx Median 65 63 Yes 11 (58) 10 (50) Range 49 - 81 45 - 78 No 8 (42) 8 (40) Gender Not reported / Unknown 0 2 (10) Mal
Slide 46: FID-007: Overview of Treatment-Related Adverse Events
FID-007: Overview of Treatment-Related Adverse Events Observed in Preliminary Phase 2 Data Overall Arm A Arm B Number (%) of Patients N=36 (%) N=19 (%) N=17 (%) Any serious TRAE 2 (6) 1 (5) 1 (6) Any TRAE of Grade 3 or above 21 (58) 7 (37) 14 (82) Any TRAE leading to death 1 (3) 1 (5) 0 Any TRAE lea
Slide 47: FID-007: Treatment-Related Adverse Events
FID-007: Treatment-Related Adverse Events (≥20% of Patients) Observed in Preliminary Phase 2 Data Overall Arm A Arm B N=36 (%) N=19 (%) N=17 (%) Preferred Term All Grades Grade 3-5 All Grades Grade 3-5 All Grades Grade 3-5 Dry skin 24 (67) 14 (74) 10 (59) Rash maculo-papular* 20 (56) 2 (6) 6 (32) 14
Slide 48: Non-GAAP Financial Adjustments
Non-GAAP Financial Adjustments 1) Acquisition-related costs incurred in Q2 2025 were adjusted as the acquisition of ANP Technologies, Inc. was signed and closed during Q3 2025. Prior reporting included these costs in general and administrative operating expenses but did not remove them for Non-GAAP
Slide 49: Non-GAAP Financial Adjustments by Segment
Non-GAAP Financial Adjustments by Segment 49
Slide 50: Thank You
Thank You 50
Slide 51: Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT
Founded in 2011 | Located in El Monte, CA | NASDAQ:FLGT