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Freenome

FRNM on Nasdaq. Freenome sold shares to investors and seeks to buy a healthcare company. Market value $150m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 19 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

n/a
2025
Revenue
n/a
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.01bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 March 2026
Next quarterly (estimated, 10-Q)
14 October 2026

Who owns it

None of the long-term investors we follow own it. 27 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Roche Holdings, Inc.
    Passive investor
    at least 17.4%
    (filed with 2 related holders)
    Since 20 July 2026
  • at least 14.3%+5.9 pts
    (filed with 3 related holders)
    Since 20 July 2026
    What they said

    Item 4 of the Statement is hereby amended and restated as follows: The Reporting Persons acquired the common stock reported herein for investment purposes and not with an intent, purpose or effect of changing control of the Issuer. The Reporting Persons may, from time to time,…

    Read the filing
  • Perceptive Advisors LLC
    Passive investor
    at least 10.1%
    (filed with 2 related holders)
    Since 20 July 2026
  • at least 9.5%+2.7 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • at least 8.3%+3.2 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Holocene Advisors, LP
    Passive investor
    at least 7.0%
    (filed with 1 related holder)
    Since 31 December 2025
  • IPCONCEPT (LUXEMBOURG) S.A.
    Passive investor
    7.0%
    Since 8 December 2025
  • Aberdeen Group plc
    Passive investor
    at least 6.5%
    (filed with 1 related holder)
    Since 1 April 2026
  • at least 5.7%
    (filed with 2 related holders)
    Since 7 July 2026
  • Marc L. Andreessen
    Passive investor
    at least 5.2%
    (filed with 9 related holders)
    Since 20 July 2026
  • CRCM LLC
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • BIT Capital GmbH
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026
  • IPConcept (Luxemburg) S.A.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Commodore Capital LP
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Venrock Healthcare Capital Partners III, L.P.
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Freenome’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 15 Jul 2026 and 6 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “The Company’s liquidity condition and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the accompanying unaudited condensed consolidated financial statements are issued.”
    Show the full paragraph
    The Company’s liquidity condition and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the accompanying unaudited condensed consolidated financial statements are issued. Management plans to address this uncertainty through a Business Combination. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete the initial Business Combination before the end of the Combination Period. However, there can be no assurance that the Company will be able to consummate any Business Combination by the end of the Combination Period, including if the combination Period is further extended upon approval of the Extension Amendment Proposal.

    From the 10-Q filed 15 July 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.