Slides
Page 1
Company Overview November 4, 2025 The AI Platform for Precision Medicine
Page 2
© SOPHiA GENETICS 2025 Cautionary notices 2 This presentation contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, products and technology, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this document speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this presentation to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. No offer to sell or buy This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Other material information This presentation does not contain all material information about SOPHiA GENETICS SA and its subsidiaries. No representations or warranties (expressed or implied) are made regarding the completeness of the information contained in this presentation. Refer to our Securities and Exchange Commission filings for additional information about us. Market and industry data This presentation contains industry, market and competitive position data that are based on general and industry publications, surveys and studies conducted by third parties, some of which may not be publicly available, and our own internal estimates and research. Third-party publications, surveys and studies generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. While we are not aware of any misstatements regarding the industry, market and competitive position data presented herein, these data involve a number of assumptions and limitations and contain projections and estimates of the future performance of the industries in which we operate that are subject to a high degree of uncertainty Research use only SOPHiA GENETICS products are for Research Use Only and not for use in diagnostic procedures, unless specified otherwise. The information included in this presentation is about products that may or may not be available in different countries and, if applicable, may or may not have received approval or market clearance by a governmental regulatory body for different indications for use. Please contact support@sophiagenetics.com to obtain the appropriate product information for your country of residence.
Page 3
© SOPHiA GENETICS 2025 3 The Ai Platform for Precision Medicine SOPHiA GENETICS was founded in 2011 by a team of biologists and data scientists who envisioned a world in which data and analytics would transform patient care. Over a decade later, SOPHiA GENETICS’s Ai platform SOPHiA DDMTM is regularly used by 800+ healthcare institutions across the globe to turn complex health data into actionable insights for patients with cancer and rare disorders. The Ai-powered platform analyzes over 350,000 patients per year, and 2 million+ profiles since inception, making it one of the largest, most sophisticated, and widely used analytics platforms in healthcare. Headquarters: Rolle, Switzerland and Boston, United States Headcount: ~400
Page 4
© SOPHiA GENETICS 2025 A growing opportunity to transform patient care 4 New Cancer Cases Per Year Globally People Living with Rare Disorders Globally Oncology Rare & Inherited Disorders 0 4 8 12 16 20 Millions of People 1980 1990 2000 2010 2020 Years 4.9M 6.1M 19.3M 12.4M 10M 0 100 200 300 400 1980 1990 2000 2010 2020 Years 100M 150M 350M 250M 200M Millions of People • Incidence of cancer and rare disorders is increasing worldwide • Understanding diseases of the genome is becoming increasingly nuanced • New targeted therapies are being developed each day and demand is growing TREND #1 SOURCE: Global Cancer Observatory (GLOBOCAN 2020), World Health Organization (WHO), Orphanet, GBD 2000 - 2010
Page 5
© SOPHiA GENETICS 2025 Patient data is exploding 5 SOURCE: Data, digital worlds, and the avatarization of health care, ScienceDirect 2024 GENOMICS DATA CLINICAL DATA IMAGING DATA DIGITAL PATHOLOGY DATA BIOLOGICAL DATA • 30% of all data generated in the world is healthcare data1 • Next-gen sequencing has become broadly adopted due to its clinical utility • Adoption of precision medicine is increasing as care becomes less siloed TREND #2
Page 6
© SOPHiA GENETICS 2025 SOPHiA GENETICS’ vision to use data and Ai to transform patient care 6 CLINICAL DATA GENOMICS DATA IMAGING DATA DIGITAL PATHOLOGY DATA BIOLOGICAL DATA INSIGHTS FOR BETTER THERAPY SELECTION MORE ACCURATE DIAGNOSIS BETTER OUTCOMES
Page 7
© SOPHiA GENETICS 2025 SOPHiA DDMTM – the Ai Platform for precision medicine Ai Factories Genomics | Radiomics | Multimodal Proprietary Algorithms Data warehouse Ingest, Harmonize, and Standardize Data Secure and Scalable Application menu Oncology | Rare Disorders Platform interface User friendly, Responsive, Dynamic 800+ connected institutions 70+ countries 350,000+ patients analyzed per year The Most Widely Used Ai Platform in Healthcare 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 800+ connected institutions 70+ countries 350,000+ patients analyzed per year 2M+ since inception CLOUD-BASED TECHNOLOGY AGNOSTIC $450M+ INVESTED SINCE INCEPTION 7 Note: Metrics on this page reflected as of year -end 2024.
Page 8
© SOPHiA GENETICS 2025 Building Ai in healthcare requires critical ingredients 8 Note: Metrics on this page reflected as of year -end 2024.
Page 9
© SOPHiA GENETICS 2025 The SOPHiA Community fuels Ai with network effects 9 800+ connected institutions 70+ countries 350,000+ patients analyzed per year ü Top healthcare providers, including 5 of the top 7 global cancer hospitals, use SOPHiA DDMTM daily ü Data from diverse patient populations is streamed through the platform in real-time ü Advanced algorithms learn from user insights and patients analyzed SOPHiA Community Collective intelligence Based in the cloud No exclusivity with any institution Tech agnostic Break data silos Share knowledge and expertise Generate insights using Ai Note: Metrics on this page reflected as of year -end 2024.
Page 10
© SOPHiA GENETICS 2025 Genomics business 10 INSIGHTS FOR UNIVERSITY HOSPITALS CENTRAL LABS CANCER CENTERS Raw genomic data Data is uploaded to SOPHiA DDM™ for analysis Blood or tissue sample taken from patient DNA is extracted from sample and broken into smaller pieces Prepared sample is loaded into a Next-Gen Sequencer factories BETTER OUTCOMES BETTER THERAPY SELECTION MORE ACCURATE DIAGNOSIS CLINICAL DATA GENOMICS DATA IMAGING DATA DIGITAL PATHOLOGY DATA BIOLOGICAL DATA INSIGHTS FOR BETTER THERAPY SELECTION MORE ACCURATE DIAGNOSIS BETTER OUTCOMES Based in the cloud No exclusivity with any institution Tech agnostic Break data silos Share knowledge and expertise Generate insights using Ai GENOMICS Business model =xAnalysis volume • 350,000+ genomic analyses in 2024 and 99,000+ in Q3 2025 • Volume driven by number of customers and applications • 488 customers using SOPHiA DDMTM for Genomics in Q3 2025 Average price per analysis • Price based on sophistication of application • In general, price per analysis ranges from $100 - $500 per analysis Revenue • Genomics business made up >90% of total annual revenue in 2024
Page 11
© SOPHiA GENETICS 2025 The value of SOPHiA DDMTM to customers 11 Deliver top analytical performance Expedite turnaround time Expand & scale capabilities Save costs Retain control of data With SOPHiA DDMTM Without SOPHiA DDMTM Struggle to launch stable pipelines Experience error rates up to 5% Difficulty customizing or changing workflow Send-outs can take upwards of 4 weeks for results Manual, in-house analysis can take up to 5 hours Large cost burden for in-house IT system, data management, maintenance, security, storage Waste valuable time and consumables Difficult or impossible to access data Miss revenue and partnership opportunities Requires time and resources to develop in-house capabilities Difficult to add new applications ü Launch best-in-class capabilities from within the walls of your own lab ü Achieve >99.97% accuracy regardless of workflow ü Results in 2 to 45 minutes (for interpretation + reporting) ü Save time so you can work on higher value activities ü One platform for all your tech needs ü Eliminate need for orthogonal testing ü Improves flow cell usage by up to 20% ü Access your data at any time in a secure cloud environment ü Launch research projects ü Become a precision medicine lighthouse ü Quickly add new applications ü Scale volumes efficiently Note: The benefits described above are illustrative and may vary depending on specific use cases and customer circumstances. Results are not guaranteed and may not be representative of all customer experiences. Past outcomes do not guarantee future performance, and individual resu lts may differ materially. GENOMICS
Page 12
© SOPHiA GENETICS 2025 Analysis volume is growing across applications 12 (1) Year-over-year analysis volume as of December 31, 2024. GENOMICS 350 300 250 200 150 100 50 0 2019 2020 2021 20222015 2016 2017 2018 2023 2024 400 Analysis volume ex-covid, 2015 – 2024, 000s Hereditary Cancers HemOnc SolidTumors Liquid Biopsy Oncology 6.8% 19.6% 13.1% 26.9% 13.7% Application 2024 growth% 1 Rare & Inherited disorders 27% 13% 20% 7% 14%
Page 13
© SOPHiA GENETICS 2025 Data processed on SOPHiA DDMTM has exploded 13 +50% Compounded growth in total TBs processed since 2021 Total data processed on SOPHiA DDM™ over time, TBs 70% of growth comes from increased data complexity 620 TBs 180 TBs 0 TBs End of 2021 End of 2022 End of 2024End of 2023 30% of growth comes from increased analysis volume GENOMICS Data explosion causes healthcare institutions across the globe to look to partners to handle data compute and analysis.
Page 14
© SOPHiA GENETICS 2025 Patient story 14 GENOMICS GENOMICS DATA CLINICAL DATA IMAGING DATA DIGITAL PATHOLOGY DATA BIOLOGICAL DATA Gabriel’s treatment was made possible by: • World-class algorithms able to detect fusions in tyrosine kinase alteration • Diverse, real-time, real-world data to inform the algorithm • A collective intelligence built from the insights of leading biologists across the globe 4 years later, Gabriel is alive and healthy This is Gabriel. Gabriel lives in Barretos, Brazil. At 6 months old, a 5 cm tumor was found on his brain. Analysis of the tumor discovered that Gabriel had High-Grade Glioma (HGG). HGGs are among the most lethal of cancers with a median overall survival of 14 - 20 months after optimal therapy. Gabriel lives in an area where best- in-class cancer care is not always available or accessible to patients. BEFORE Gabriel’s tumor sample was analyzed with a Solid Tumor application on SOPHiA DDMTM. SOPHiA DDMTM identified a hard-to-detect fusion in the tyrosine kinase receptor, for which a specific targeted therapy exists. 4 years later, Gabriel is alive and healthy. Gabriel’s treatment was made possible by: • World-class algorithms which detected the fusion • Diverse, real-time, real-world data to inform the algorithm • A collective intelligence built from the insights of top providers across the globe AFTER (1) Patient story based on real information from a patient treated at Hospital de Amor in Barretos, Brazil. Patient name and likeness anonymized.
Page 15
© SOPHiA GENETICS 2025 Multimodal data has the potential to create even smarter Ai 15 MULTIMODAL Business model Leveraging the multimodal algorithms for BioPharma projects in the following areas: CLINICAL DATA GENOMICS DATA IMAGING DATA DIGITAL PATHOLOGY DATA BIOLOGICAL DATA VISUALIZATION COHORTING PREDICTION MUL TIMODAL FACTORY Feature importance Feature #1 Feature #2 Feature #3 ... Feature #24 Patient-specific predicted risk: 9% 0.09 0.15 Feature #2 Clinical Feature #3 Genomics Feature #1 Radiomics Feature #4 Biological 0.05 Obtain a holistic longitudinal perspective of patient data across diverse modalities Construct customized research cohorts to contextualize patients and generate hypotheses Gain valuable insights into treatment responses or survival rates to guide clinical decisions
Page 16
© SOPHiA GENETICS 2024 | Confidential Open innovation ecosystem 16 © SOPHiA GENETICS 2025 | For research use only - Not for use in diagnostic procedures DATA & INSIGHTS RAPID INNOVATION R&D $ SMARTER AI PLATFORM USAGE GLOBAL NETWORK EFFECTSPLATFORM CAPABILITES BIOPHARMA CUSTOMERS CLINICAL CUSTOMERS SOPHiA GENETICS’ open innovation cycle • Memorial Sloan Kettering (MSK) and SOPHiA GENETICS partnered in 2023 with a vision to use SOPHiA DDM™ to bring MSK’s world-class cancer testing capabilities to institutions worldwide • The two leaders launched the Liquid Biopsy test MSK-ACCESS® powered with SOPHiA DDM™ in April 2024 and MSK-IMPACT® powered with SOPHIA DDM™ in October 2024 • In October 2024, SOPHiA GENETICS announced a definitive partnership with AstraZeneca to accelerate the global deployment of MSK- ACCESS® powered with SOPHiA DDM™ • As of September 2025, 60 leading institutions across the globe have adopted MSK-ACCESS® powered with SOPHiA DDM™ • The TAM for Liquid Biopsy is estimated to be $5B+ INNOVATION SPOTLIGHT enables continuous improvement to Platform capabilities
Page 17
© SOPHiA GENETICS 2025 SOPHiA GENETICS is a pioneer of precision medicine 17 Next-Gen Sequencing SOPHiA GENETICS proliferates the spread of NGS by enabling institutions across the globe to launch precision medicine applications Ai for Precision Medicine SOPHiA GENETICS has invested over $400 million since inception to develop Ai Factories and proprietary algorithms for multimodal analytics Ai-enabled Drug Development SOPHiA GENETICS partners with BioPharma to accelerate innovative therapies Cloud Computing The launch of SOPHiA DDMTM in 2014 marked the world’s first cloud-based healthcare analytics platform for multimodal data analysis and insights, at-scale Global Tech Enabler SOPHiA DDMTM’s cloud-native, tech agnostic design enables institutions across the globe to launch precision medicine capabilities Multimodal Analytics SOPHiA GENETICS’s Ai Factories combine genomics, radiomics, clinical, and biological data for smarter insights SOPHiA GENETICS has led waves of innovation in precision medicine for over a decade
Page 18
Financials
Page 19
© SOPHiA GENETICS 2025 Financial outlook 19 2020 2021 2022 2022 2024 2025 $75M - $77M • Revenue is now expected to be in the range of $75M to $77M, representing year-over-year growth of 15% to 18%. This compares to the prior range of $72M to $76M. • Adjusted EBITDA loss is now expected to be between $39M and $41M, which includes the impact of Swiss social charges on equity-based compensation as well as the appreciation of the Swiss Franc relative to the US dollar and its impact on our costs. 2025 GUIDANCE • Adjusted gross margin was 72.8% in 2024 and should continue to expand slightly in 2025 • We expect ~60% of each incremental revenue dollar to flow through to EBITDA ADDITIONAL DETAILS SOPHiA GENETICS Revenue, 2020 – 2024 1 $28.4M $40.5M $47.6M $62.4M $65.2M 22% CAGR Revised in Q3 2025
Page 20
© SOPHiA GENETICS 2025 2025 growth drivers 20 MSK-ACCESS® and MSK-IMPACT® powered with SOPHiA DDMTM New offerings in Liquid Biopsy and Solid Tumors offer meaningful catalysts to growth. U.S. market New wins in the U.S. position the Company to build off strong growth from 2024. Implementing and expanding across 92 new customers won in 2025 New customer base provides opportunities to expand across accounts. Growth drivers
Page 21
© SOPHiA GENETICS 2025 FY 2024 highlights Figures as of Dec 31, 2024 Q3 2025 highlights Delivering value to patients and shareholders 21 (1) Includes our estimated addressable market for 2025. These estimates are primarily based on epidemiological data, including incidence and prevalence estimates of addressable populations for each application, as well as a range of price assumptions for our products taking into account differences in panel sizes. (2) Core genomics customers. (3) Year-over-year growth comparing Q3 2025 to the prior year period. (4) From the period of 2019 to 2024. Constant currency revenue growth excluding COVID. (5) Gross margin was 66.3% on a reported basis in Q3 2025. (6) Cash and cash equivalents as of September 30, 2025, after drawing upon the second tranche of debt financing available through our May 2024 agreement with Perceptive Advisors Sizable addressable market Our market-leading technology Customers love SOPHiA DDM TM Attractive operating model Highly recurring revenue model ~$40B+ market opportunity1 $400M+ invested since inception 2,400+ scientific publications +92 new customers signed in 20242 67 NPS score for SOPHiA DDMTM 73.1% adjusted gross margin in Q3 20255 $81.6M cash balance as of Q3 20256 23% 5 year-over-year revenue CAGR4 104% Net Dollar Retention in 2024 350K+ analysis volume in 2024 ~4% annualized revenue churn 488 core genomic customers as of Q3 2025 23% reported revenue growth in Q3 20253 99K+ analysis volume in Q3 2025 108% Net Dollar Retention in Q3 2025 +31 new customers signed in Q3 20252 9% analysis volume growth in Q3 20253
Page 22
© SOPHiA GENETICS 2025 22 New York USA Lagos Nigeria Sydney Australia Barretos Brazil Tokyo Japan
Page 23
Appendix
Page 24
© SOPHiA GENETICS 2025 Reconciliation of IFRS to Adjusted Gross Profit and Gross Profit Margin 24 2024 2025 (Amounts in USD Thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY IFRS Revenue $15,779 $15,808 $15,853 $17,733 $65,173 $17,779 $18,323 $19,462 Gross Profit $10,405 $10,776 $10,654 $12,102 $43,937 $12,208 $12,270 $12,907 Gross Margin 66% 68% 67.2% 68.2% 67.4% 68.7% 67.0% 66.3% Amortization of Capitalized Development Expenses (1) 727 794 942 1,061 3,524 1,241 1,357 1,329 Adjusted Gross Profit $11,132 $11,570 $11,596 13,163 47,461 $13,449 $13,627 $14,236 Adjusted Gross Margin 71% 73% 73.1% 74.2% 72.8% 75.7% 74.4% 73.1% 2024 2025 (Amounts in USD Thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY IFRS Revenue $15,779 $15,808 $15,853 $17,733 $65,173 $17,779 $18,323 $19,462 Operating Profit / (Loss) ($18,756) ($15,005) ($15,363) ($17,444) ($66,568) ($16,036) ($18,492) ($17,862) Operating Margin (119%) (95%) (97%) (98.4%) (102.1%) (90.2%) (100.9%) (91.8%) Amortization of Capitalized Development Expenses (1) 727 794 942 1,061 3,524 1,241 1,357 1,329 Share-Based Compensation Expense (2)(5) 3,714 4,083 3,613 5,078 16,490 3,835 4,356 4,146 Amortization of Intangible Expense (3) 174 114 119 90 497 71 71 73 Non-Cash Pension Expense (4) 77 96 106 1,027 1,306 86 89 87 Transaction Costs(6) — — — — — — — 445 Litigation Expenses(7) — — — — — — — 605 Adjusted Operating Profit / (Loss) ($14,064) ($9,918) ($10,583) ($10,188) ($44,751) ($10,803) ($12,619) ($11,176) Adjusted Operating Margin (89%) (63%) (67%) (57.5%) (68.7%) (60.8%) (68.9%) (57.4%) Notes to the Reconciliation of IFRS to Adjusted Financial Measures Tables (1) Amortization of capitalized research and development expenses consists of software development costs amortized using the straight-line method over an estimated life of five years. These expenses do not have a cash impact but remain a recurring expense generated over the course of our research and development initiatives. (2) Share-based compensation expense represents the cost of equity awards issued to our directors, officers, and employees. The fair value of awards is computed at the time the award is granted and is recognized over the vesting period of the award by a charge to the income statement and a corresponding increase in other reserves within equity. These expenses do not have a cash impact but remain a recurring expense for our business and represent an important part of our overall compensation strategy. (3) Amortization of intangible assets consists of costs related to intangible assets amortized over the course of their useful lives. These expenses do not have a cash impact, but we could continue to generate such expenses through future capital investments. (4) Non-cash pension expense consists of the amount recognized in excess of actual contributions made to our defined pension plans to match actuarial expenses calculated for IFRS purposes. The difference represents a non-cash expense but remains a recurring expense for our business as we continue to make contributions to our plans for the foreseeable future. (5) Share-based compensation expense does not include social charges on equity-based compensation of $1.3 million and $(0.7) million for the three months ended September 30, 2025 and 2024, respectively, and $1.3 million and $(0.4) million for the nine months ended September 30, 2025 and 2024, respectively. (6) Transaction costs consists of expenses incurred in connection with the Company’s shelf registration statement and the ATM program. (7) Litigation expenses consists of expenses related to the company's defense of lawsuits filed by Guardant Health.
Page 25
© SOPHiA GENETICS 2025 Reconciliation of IFRS Revenue Growth to Constant Current Revenue Growth 25 (Amounts in USD Thousands) Q3 2024 Q3 2025 Y-o-Y Growth IFRS Revenue $15,853 $19,462 23% Current Period Constant Currency Impact (1) — (698) Constant Currency Revenue $15,853 $18,764 18% Presentation of Constant Currency Revenue SOPHiA GENETICS operates internationally, and its revenues are generated primarily in the U.S. dollar, the euro and Swiss franc and, to a lesser extent, British pound, Australian dollar, Brazilian real, Turkish lira and Canadian dollar depending on the company’s customers’ geographic locations. Changes in revenue include the impact of changes in foreign currency exchange rates. We present the non-IFRS financial measure “constant currency revenue” (or similar terms such as constant currency revenue growth) to show changes in revenue without giving effect to period-to-period currency fluctuations. Under IFRS, revenues received in local (non-U.S. dollar) currencies are translated into U.S. dollars at the average monthly exchange rate for the month in which the transaction occurred. When the company uses the term “constant currency”, it means that it has translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year. The company then calculates the difference between the IFRS revenue and the constant currency revenue to yield the “constant currency impact” for the current period. The company’s management and board of directors use constant currency revenue growth to evaluate growth and generate future operating plans. The exclusion of the impact of exchange rate fluctuations provides comparability across reporting periods and reflects the effects of customer acquisition efforts and land-and-expand strategy. Accordingly, it believes that this non-IFRS measure provides useful information to investors and others in understanding and evaluating revenue growth in the same manner as the management and board of directors. However, this non-IFRS measure has limitations, particularly as the exchange rate effects that are eliminated could constitute a significant element of its revenue and could significantly impact performance and prospects. Because of these limitations, you should consider this non-IFRS measure alongside other financial performance measures, including revenue and revenue growth presented in accordance with IFRS and other IFRS results. The table below provides the reconciliation of the most comparable IFRS growth measures to the non-IFRS growth measures for the current period.
Page 26
© SOPHiA GENETICS 2025 Reconciliation of IFRS Net Loss to Adjusted EBITDA 26 (Amounts in USD Thousands) Q3 2024 Q3 2025 IFRS loss for the period ($18,438) ($20,021) Exclude the impact of: Depreciation $1,152 $1,022 Amortization $1,061 $1,402 Interest income ($855) ($622) Interest expense $588 $1,663 Fair value adjustments on warrant obligations ($182) $607 Foreign exchange gains (losses), net $3,394 ($131) Income tax expense $130 $642 Share-based compensation expense (1)(3) $3,613 $4,146 Non-cash pension expense (2) $106 $87 Transaction costs(4) — $445 Litigation expenses(5) — $605 Adjusted EBITDA ($9,431) ($10,154) Notes to the Reconciliation of IFRS to Adjusted Financial Measures Tables (1) Share-based compensation expense represents the cost of equity awards issued to our directors, officers, and employees. The fair value of awards is computed at the time the award is granted and is recognized over the vesting period of the award by a charge to the income statement and a corresponding increase in other reserves within equity. These expenses do not have a cash impact but remain a recurring expense for our business and represent an important part of our overall compensation strategy. (2) Non-cash pension expense consists of the amount recognized in excess of actual contributions made to our defined pension plans to match actuarial expenses calculated for IFRS purposes. The difference represents a non-cash expense but remains a recurring expense for our business as we continue to make contributions to our plans for the foreseeable future. (3) Share-based compensation expense does not include social charges on equity-based compensation of $1.3 million and $(0.7) million for the three months ended September 30, 2025 and 2024, respectively, and $1.3 million and $(0.4) million for the nine months ended September 30, 2025 and 2024, respectively. (4) Transaction costs consists of expenses incurred in connection with the Company’s shelf registration statement and the ATM program. (5) Litigation expenses consists of expenses related to the company's defense of lawsuits filed by Guardant Health.