Slide 1: Q4 & FY 2025 Earnings Call
Q4 & FY 2025 Earnings Call February 26, 2026
Slide 2: Safe harbor disclosures
Safe harbor disclosures Certain statements in this presentation and the accompanying oral commentary are While the Company believes these expectations, assumptions, estimates and projections forward-looking statements within the meaning of the federal securities laws. All statements are reasonable,
Slide 3: 2025 highlights
2025 highlights $16.6M 33% ~$241M 2025 revenue; Total revenue growth, Cash, cash equivalents, +17% y/y excluding related party revenue and investments1 82 70 5.3M Installed base1 Cumulative publications1, Shares repurchased +67% y/y nearly doubled y/y in 2025 3 1. As of December 31, 2025
Slide 4: A strong track record of innovation with a robust product pipeline ahead
A strong track record of innovation with a robust product pipeline ahead 2021 2022 2023 2024 2025 2026 2027+ Instrument Instrument Instrument SP100 Launch SP200 Launch Next-Generation Detector Assay Assay Assay Assay RiSE XT ONE Proteoform Profiling Assay Kit Software Software Software Software PAS
Slide 5: Evidence is scaling as Proteograph adoption grows
Evidence is scaling as Proteograph adoption grows Growing external validation Strong presence at 2025 HUPO makes us a trusted partner Cumulative peer-reviewed World Congress in November publications 2025 cumulative publications Studies spanning cardiovascular, 2026 nearly doubled year-over-year 75 a
Slide 6: Significantly increased our installed base in 2025
Significantly increased our installed base in 2025 Ended 2025 with a strong and growing installed base of 82 instruments, representing 67% growth compared to the end of 2024 ~60% of instruments installed in 2025 were part of SIPP1 ~50% of instruments installed in 2025 were from previous STAC2 custom
Slide 7: Q4 and full year 2025 financial overview
Q4 and full year 2025 financial overview Q4’25 Q4’24 FY’25 FY’24 Revenue $4.2M $4.0M $16.6M $14.2M Product & Service Revenue $4.1M $3.6M $15.4M $11.7M Related Party Revenue -- $0.4M $0.8M $2.3M Other Revenue $0.1M $0.1M $0.5M $0.2M Gross Margin 52% 51% 51% 50% Operating Expenses $19.6M $25.5M $86.5M
Slide 8: Initiating full year 2026 revenue guidance
Initiating full year 2026 revenue guidance $16M - $18M ~3% y/y growth at midpoint 8
Slide 9: 2026 growth catalysts
2026 growth catalysts Expand addressable Win additional market through new population-scale product innovation cohort programs Revenue growth Establish leadership Grow and drive utilization position as preferred of rapidly expanding proteomic data platform installed base for AI-driven biology 9 © 20
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