Freenome begins trading on Nasdaq after $310 million business combination
Freenome Holdings, Inc. completed its business combination with Perceptive Capital Solutions Corp., securing $310 million in gross proceeds to fund its cancer screening platform. The company began trading on the Nasdaq Capital Market on July 21, 2026, under the ticker "FRNM". The capital will be used to expand its portfolio of blood-based tests, advance its AI-enabled multiomics platform, and scale commercialization efforts.
*this image is generated using AI for illustrative purposes only.
Freenome Holdings, Inc. has closed its previously announced business combination with Perceptive Capital Solutions Corp., resulting in the company commencing trading on the Nasdaq Capital Market on July 21, 2026. The combined entity, renamed Freenome, Inc., will trade under the ticker symbol "FRNM". The transaction is expected to generate approximately $310 million in gross proceeds, comprising about $70 million from the former PCSC trust account and a fully committed $240 million private investment in public equity (PIPE).
The PIPE was led by Perceptive Advisors and RA Capital, with participation from ADAR1 Capital Management, Bain Capital Life Sciences, and Farallon Capital Management. This capital injection is intended to support Freenome's cancer screening portfolio, its AI/ML-enabled multiomics platform, and the scaling of its commercial infrastructure.
Capital Allocation and Strategic Pillars
Freenome plans to utilize the proceeds to advance its mission of making early cancer detection accessible and personalized. The company is focusing its efforts on three foundational pillars:
- Building a Comprehensive Cancer Detection Portfolio: Accelerating the development of blood-based screening tests, starting with colorectal cancer, while advancing lung cancer and other indications.
- Advancing the AI-Enabled Multiomics Platform: Developing next-generation assay technologies and machine learning models to improve detection and expand applications beyond oncology.
- Scaling Commercialization: Deploying commercial, laboratory, and digital infrastructure to deliver screening tests across health systems, supported by partnerships with Abbott and Roche.
Financial Overview of the Transaction
The business combination has resulted in a significant capital raise for the company. The table below details the sources of the gross proceeds.
| Source of Funds | Amount |
|---|---|
| PCSC Trust Account | $70 million |
| Private Placement (PIPE) | $240 million |
| Total Gross Proceeds | $310 million |
Leadership and Strategic Partnerships
Freenome is led by Chief Executive Officer Aaron Elliott, Ph.D., and Co-founder and Chief Product Officer Riley Ennis. The company's Board of Directors includes Ann Costello, former head of Roche Diagnostic Solutions, and Peter Kolchinsky, Ph.D., managing partner at RA Capital Management LP. Strategic partnerships with Abbott and Roche are central to the company's strategy to combine blood-based screening tests with clinical workflow and patient navigation capabilities.
Jefferies and Leerink Partners acted as joint lead placement agents for Perceptive Capital Solutions Corp. in connection with the PIPE transaction. Jefferies also served as lead financial advisor and lead capital markets advisor to PCSC. TD Cowen acted as lead financial advisor to Freenome.
What is the projected timeline for Freenome to achieve profitability with the current $310 million in gross proceeds?
How will the commercialization strategy differ between the colorectal cancer screening launch and the upcoming lung cancer test?
What specific milestones must be met to expand the AI/ML platform beyond oncology into other disease areas?
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