Perceptive Capital Solutions Corp · NASDAQ:PCSC
Perceptive Capital Solutions — SPAC Merger (December 2025)
52 slides from Perceptive Capital Solutions's SPAC merger presentation, Dec 5, 2025
Slide 1: Harnessing the Power of a Multiomics, AI/ML-Based Platform Learning Engine
Harnessing the Power of a Multiomics, AI/ML-Based Platform Learning Engine Setting a New Pace for Early Cancer Detection Q4 2025
Slide 2: Disclaimer
Disclaimer This presentation (together with oral statements made in connection herewith, this “Presentation”) is provided for informational purposes only. This Presentation has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Participants in the Solicitation In connection with the Proposed Business Combination, PCSC and Freenome intend to prepare and file with the SEC a registration statement containing a preliminary proxy statement of PCSC and a preliminary prospectus with respect to securities to be
Slide 4: Disclaimer (Cont'd)
Disclaimer (Cont’d) If any of these risks materialize or PCSC’s or Freenome’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither PCSC nor Freenome presently know or that PCSC and
Slide 5: Introduction
Freenome :: Introduction
Slide 6: Introducing the Freenome leadership team
Introducing the Freenome leadership team Richard Bourgon, PhD SVP, Computational Res. Sally Howard, JD SVP, Regulatory & Quality Bradley Carr VP, Lab Operations Tanya Moreno, PhD VP, Research George Morris VP, Engineering Marian Navratil, PhD VP, Development Victoria Reid VP, Corporate Development C
Slide 7: Freenome at a glance
Freenome at a glance Our mission is to save lives through early cancer detection using a simple blood test Founded 2014 TotalEmployees ~390 R&DScientists ~205 Clinical and R&D Lab Space ~120k sq ft Automated Lab Process ~80% Freenome Work Cell Campus and lab infrastructure built for scale
Slide 8: ~$1.3 Billion raised from a diverse, deep investor base
~$1.3 Billion raised from a diverse, deep investor base including strategics Technology Biotech Health care Biopharma &other strategics Mutual &public funds *Subset of current investors.
Slide 9: Combining with Perceptive Capital Solutions: sponsor and deal snapshot
A leading New York-based investment firm with 26 years of experience investing in the healthcare sector ~$7.5B of assets under management Successful track record of leadership in biotech investing and innovative company formation Has successfully executed and closed four high-profile life sciences d
Slide 10: Investment Highlights
Freenome :: Investment Highlights
Slide 11: Key Investment Highlights
Key Investment Highlights Aim to transform early cancer detection with a suite of blood-based tests that target a $50B market opportunity 1 Our tests are built on a novel multiomics, AI/ML-based platform, which is designed to deliver sustainable performance advantages, data moat, and rapid test vers
Slide 12: Today's cancer screening paradigm is flawed; a new approach is necessary
~90% 5-year survival rate for certain common cancers when caught early**4 ~50% of cancers detected at advanced stage 3 Only ~14% of diagnosed cancers are detected by screening 2 Today’s cancer screening paradigm is flawed; a new approach is necessary to empower everyone to access recommended cancer
Slide 13: Starting with the Largest Screening Population: CRC performance comparison
Sensitivity*** Specificity Company Test FDA Status Advanced Adenoma High-Grade Dysplasia Stage ICRC OverallCRC Overall SimpleScreen CRC v1 PMA**Submittedin Aug’25 14% 31% 64% 81% 90% SimpleScreen CRC v2* sPMA** SubmissionAnticipated in 2H26 22% 44% 75% 85% 90% Shield v1 FDA Approved in Jul’24 13% 23
Slide 14: Partnership with Exact Sciences
Partnership with Exact Sciences not only validates our CRC data and product-market fit but also provides significant near- and long-term benefits In August 2025, Freenome announced an exclusive U.S. license agreement with Exact Sciences to commercialize Freenome’s blood-based CRC test if approved in
Slide 15: Population-level CRC screening as foundation for multi-cancer detection
Single Cancer CRC / AA Lung Liver Etc. Multi-Cancer Smoking Obesity GERD Genetic / Other Risk Factors Single-cancer early detection tests based on reimbursement pathway starting with CRC … … Is expected to enable future multi-cancer early detection tests leveraging a common platform based on reimbur
Slide 16: Multiple value-driving catalysts on the horizon
Multiple value-driving catalysts on the horizon in CRC, lung, and personalized multi-cancer detection (P-MCD)* Early Access Program (EAP); Analytical/Clinical Validation (AV/CV): United States Preventive Services Task Force (USPSTF); Laboratory Developed Test (LDT); In Vitro Diagnostic (IVD) Anticip
Slide 17: Technology
Freenome :: Technology
Slide 18: Proprietary multiomics, AI/ML-based platform
Our tests are built on a proprietary multiomics, AI/ML-based platform, which is designed to enable clinical performance advantages, data moat, and a network effect from serial testing Rapid iteration & test versioning to improve sensitivity / specificity Rapid generation of molecular data through co
Slide 19: Parallelized multiomics discovery and high-throughput production platforms
Freenome’s parallelized multiomics discovery and high-throughput production platforms to drive test improvements and future tests CommercialTesting High-Throughput, Targeted Assays for Commercial Applications Discovery (R&D)Multiomics Platform Broad Discovery Assays Embedded Multi-Cancer Signatures
Slide 20: Differentiated Single-Omic Assay: Non-bisulfite, base-level epigenetic assay
Differentiated Single-Omic Assay: Non-bisulfite, base-level epigenetic assay Our NGS workflow for methylation and other epigenetic biomarkers uniquely provides multimodal digital outputs at base-level enabling us to capture subtle biological changes important for early-stage lesions and core to any
Slide 21: Multiomics for low and high shedding tumors
Multiomics for low and high shedding tumors may be required to reach clinically-meaningful performance levels Hsu TK et al., Cancer Res. (2021) Sensitivity (n = 230) ctDNA shedding rate Low High Sensitivity (n = 39) DNA + Protein only
Slide 22: Proprietary Fragment-Level Deep Learning (FLDL) model
Proprietary Fragment-Level Deep Learning (FLDL) model optimizes learning efficiency in preparation for large commercial data volume for future test versions Fragment data M fragments with base-level features Fragment Embedding Processing and combination of pairwise features into a single fixed-sized
Slide 23: AI infrastructure under development ahead of commercial launch
AI infrastructure under development ahead of commercial launch to activate learning engine with health systems for future algorithm training and indication expansion Freenome provides: CRC/AA blood-based testing (if approved) AI-enabled learning engine Real-world data (RWD) and informatics Future bl
Slide 24: Current state of population-level molecular data generation
Current state of population-level molecular data generation Ks of tests / ~5-500 biomarkers While volumes for commercially available cancer tests today are high, the number of biomarkers tested, and thus utility of the data, is limited Limited number of genomes sequenced by national genomic institut
Slide 25: Product Pipeline
Freenome :: Product Pipeline
Slide 26: Test Versioning Programs
Test Versioning Programs Final v2 Design DNA Extraction ✓ NGS Conversion ✓ NGS Platform (Library Prep, Multiplex, Capture, Sequencing) ✓ Process/reagent variability reduction (Mitigate degradation) ✓ Computational ✓ Assay Analytical Performance ~3x cfDNA molecule recovery compared to v1 Analytical P
Slide 27: FDA PMA Approval timeline
FDA PMA Approval PMA Modules 1 & 2 (M1 & M2) 2026 2025 Prior PMA Modules 1 & 2 reviewed by FDA 2H ‘24 Module 3 Submission: Submitted 1H ‘25 Module 4 Submission: Submitted Mid ‘25 PAI and BIMO Audit Readiness: 2H ‘25 1H 2H Anticipated IVD Launch Readiness: 1H ‘26 Anticipated v1 PMA Approval: Mid ‘26
Slide 28: Panel includes initial signatures for 10+ cancers
Panel includes initial signatures for 10+ cancers that cover ~65% of all cancer diagnoses and ~70% of cancer-related deaths Freenome’s partnership with Exact Sciences and future commercial scale coupled with real-world data (RWD)* can potentially accelerate the development of the 10+ other cancer ty
Slide 29: Personalized Multi-Cancer Detection: Discovery and Platform Roadmap
Platform P-MCD Pipeline P-MCD Readout CRC V1 approval Lung LDT launch Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Ongoing iterations of base-level NGS and non-NGS (protein/AAb) platforms Liver Pancreas Gastric + Esophageal Women’s Health Panel Next-generation platforms: Focused on enhanced performance, cancer signal
Slide 30: Lung: Significant unmet need
Lung: Significant unmet need for ~14-15M individuals annually in the U.S. Eligible for Lung Cancer Screening per Guidelines 1 Freenome’s Lung Target Product Profile: Frontline Screening Triaged by Low-Dose CT (LDCT) Early Detection Makes an Impact Lung & Bronchus Survival Rates, Local vs. Metastatic
Slide 31: Lung: v1 prospective multiomics readout met performance targets
Lung: v1 prospective multiomics readout met both analytical and clinicalperformance targets to support planned LDT launch in the second half of 2026 Lung Cancer 211 Sub- types Adenocarcinoma 115 Squamous Cell 68 Other(e.g., Small Cell, etc.) 28 Negatives (Intended Use Population) 147 Total 418 Combi
Slide 32: Commercial Strategy
Freenome =: Commercial Strategy
Slide 33: Overlapping Patient Eligibility Drives Personalized Multi-Cancer Testing
Overlapping Patient Eligibility Drives Personalized Multi-Cancer Testing Total CRC Screening Population 45+ (~120M+) CRC Eligible Only ~15M Dual Eligible (CRC & Lung) CRC + Lung (Smokers) ~30M Dual Eligible (CRC & Esophageal) CRC + Esophageal (GERD) Full CRC reimbursement to Freenome when ordered al
Slide 34: Freenome's Commercial Ecosystem Supports Efficient but Expansive Footprint
Freenome’s Commercial Ecosystem Supports Efficient but Expansive Footprint Exact Sciences’ commercial engine is designed to drive CRC test adoption through primary care channel and allow Freenome to focus on multi-cancer eligible patients (e.g. CRC + lung or CRC + esophageal, etc.) through health sy
Slide 35: Differentiated health systems strategy
Differentiated health systems strategy expected to drive testing and achieve low cost per sale through direct integrations Centralized decision making while covering a large percentage of PCPs has the potential to scale test adoption while maximizing commercial resources Multi-cancer early detection
Slide 36: Freenome and Roche exclusive license and option
Freenome and Roche have entered into an exclusive license and option for up to $209M to develop and commercialize an ex-US kitted version of Freenome’s Personalized MCED test on Roche’s SBX sequencing platform The deal strengthens Roche’s initial investments in Freenome (~$400M before this transacti
Slide 37: Combining with Perceptive Capital Solutions
Combining with Perceptive Capital Solutions
Slide 38: Transaction Summary and Rationale
Transaction Summary and Rationale Transaction Summary Freenome Holdings, Inc. (“Freenome”) and Perceptive Capital Solutions Corp (“PCSC”, Nasdaq:PCSC) to merge pursuant to a business combination agreement to be entered into between PCSC and Freenome Freenome is a healthcare company utilizing its und
Slide 39: Terms of Transaction
Terms of Transaction Pro Forma Valuation Pro Forma Ownership Sources of Funds(2) Uses of Funds (2) Shares and $ in thousands (other than share price) Pipe Price At Closing Implied Share Price $10.00(1) $10.74(1) Pro Forma Shares Outstanding 108,568 108,568 PF Equity Value $1,085,675 $1,166,015 Less:
Slide 40: Key Investment Highlights
Key Investment Highlights Aim to transform early cancer detection with a suite of blood-based tests that target a $50B market opportunity 1 Our tests are built on a novel multiomics, AI/ML-based platform, which is designed to deliver sustainable performance advantages, data moat, and rapid test vers
Slide 41: Risk Factors (1 of 11)
Risk Factors (1 of 11) Certain factors may have a material adverse effect on our business, financial condition and results of operations. The risks and uncertainties described below are not the only ones we and the post-business combination public company will face. Additional risks and uncertaintie
Slide 42: Risk Factors (2 of 11)
Risk Factors (2 of 11) Risk Related to Freenome’s Business and Operations (continued) If our existing facility becomes damaged or inoperable or we are required to vacate our existing facility, our ability pursue our research and development efforts may be jeopardized. We rely on commercial courier d
Slide 43: Risk Factors (3 of 11)
Risk Factors (3 of 11) Risks Related to Freenome’s Research and Development (continued) Interim, "topline" and preliminary data from our clinical studies that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedure
Slide 44: Risk Factors (4 of 11)
Risk Factors (4 of 11) Risks Related to Regulatory Approval and other Legal Compliance Matters (continued) If we fail to comply with healthcare and other applicable laws and regulations, we could face substantial penalties and our business, reputation, and operations and financial condition could be
Slide 45: Risk Factors (5 of 11)
Risk Factors (5 of 11) Risks Related to Freenome’s Intellectual Property (continued) Issued patents covering our products and other technologies could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States and abroad. Developments in patent law
Slide 46: Risk Factors (6 of 11)
Risk Factors (6 of 11) Risks Related to Operating as a Public Company Following the Business Combination (continued) If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline. We do no
Slide 47: Risk Factors (7 of 11)
Risk Factors (7 of 11) Risks Related to the Business Combination (continued) There can be no assurance that Freenome and PCSC will be able to raise sufficient capital in the proposed PIPE Investment to consummate the proposed Business Combination. The proposed Business Combination will be subject to
Slide 48: Risk Factors (8 of 11)
Risk Factors (8 of 11) Risks Related to the Business Combination (continued) Because there are no current plans to pay cash dividends on the common stock of the post-closing combined company for the foreseeable future, you may not receive any return on investment unless you sell your PCSC Class A or
Slide 49: Risk Factors (9 of 11)
Risk Factors (9 of 11) Risks Related to the Business Combination (continued) If, following the proposed Business Combination, securities or industry analysts do not publish or cease publishing reports about the post-closing combined company, its business, or its market, or if they change their recom
Slide 50: Risk Factors (10 of 11)
Risk Factors (10 of 11) Risks Related to the Business Combination (continued) Subsequent to the completion of the proposed Business Combination, the post-closing combined company may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a signif
Slide 51: Risk Factors (11 of 11)
Risk Factors (11 of 11) Risks Related to the Business Combination (continued) Activities taken by existing PCSC shareholders to increase the likelihood of approval of the proposed Business Combination proposal and the other proposals to be described in the proxy statement/prospectus that will be fil
Slide 52: Freenome
Freenome :::
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