Freenome made a big splash in 2019, when it closed a sizable $160M funding round as its Series B (here). Now, December 5, 2025, there were a number of announcements and documents - let's catch up with recent Freenome news.
First, in June 2025, Freenome had a JAMA publication for blood-based CRC screening that met CMS coverage requirements under the CRC screening NCD. Here. See Shaukat et al. here.
Second, in August 2025, Freenome announced an exclusive license agreement iwth Exact Sciences, for Freenome's colorectal cancer blood-based screening test. Here. Freenome framed the deal as "worth up to $885M" including milestones.
Third, in mid-November, Freenome announced another exclusive agreement, this one with Roche and for out-side-the-US test commercialization. Here. This deal was framed as "worth $200M plus" and increasing Roche's investment in Freenome via a "$75m equity instrument."
Next, on December 5, 2025, Freenome announces an agreement to make a business combination (i.e. to take Freenome public0 via a SPAC-type mechanism. Here. The package involves Freenome, PCSC (Perceptive Captial Solutions Corp) and PIPE investors. Completion is "first half of 2026" and the ticker will be FRNM. The $240M value includes $90M held in PCSC currently.
The deal involves: "The PIPE is led by Perceptive and RA Capital with participation from ADAR1 Capital, Bain Capital Life Sciences, Farallon Capital Management, as well as other new and existing leading healthcare investors."
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See early coverage at Fierce Biotech. At STAT+.
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The PCSC K-8 announcement is online at SEC - here.
Scroll to the bottom and there are 8 additional links - one of which is a new investor presentation (deck) which is 51 pages long. The deck also has data on Freenome's CRC V2 test - see e.g. page 13.
See also a detailed business combination agreement - here.
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| 51-page deck online at SEC |