NTRA again beats and raises - delivers another record Signatera quarter - numerous catalysts remain - Buy, trim PT from $260 to $250

Research evidence excerpt

NTRA again beats and raises - delivers another record Signatera quarter - numerous catalysts remain - Buy, trim PT from $260 to $250

LIFE Investment Thesis We reiterate our Buy rating on NTRA. Over the past ~8 years, NTRA has made remarkable progress expanding the scope of its

sequencing-based genetic testing offerings. While NTRA is the market leader for blood-based, non-invasive prenatal testing and

carrier screening in a $2.5B US market, the company has launched novel patient-specific cancer monitoring tests in minimal residual

disease (MRD) testing with its Signatera launch, which have applications across all solid tumors in a large, estimated $20-30B+

US market. Finally, NTRA has also launched blood-based, non-invasive organ transplant monitoring tests with its Prospera launch,SCIENCE initially in a $2B+ US kidney transplant market. We view NTRA as a nimble, fast-moving, diversified platform-based genetic testing

company with multiple shots on goal—a company that, over time, could launch monitoring tests to ~20+ solid tumor cancer states

and ~5 types of organ transplants, in our view. We also expect NTRA to be an ongoing bidder for large global contracts withAND

biopharmaceutical companies alongside leading genetic testing companies. NTRA is also advancing its development of a blood-

based test (panel) for the early detection of cancer, initially in colorectal cancer and perhaps expanding to other cancer types,

which may be its largest product TAM.

Upcoming Catalysts Price Performance

■ NTRA expects PMDA approval for Signatera in CRC in Japan by the end of Q2'26. $280DIAGNOSTIC ■ We expect NTRA to have a busy ASCO with 35 abstracts and presentations. $260

■ We expect data read-outs and additional payor coverage determinations (both $240