Guardant Health Freenome’s V2 CRC Data Released with Readthroughs to GH

Research evidence excerpt

Guardant Health Freenome’s V2 CRC Data Released with Readthroughs to GH

J P M O R G A N North America Equity Research

09 July 2026

Guardant Health Overweight

GH, GH US

Freenome’s V2 CRC Data Released with Readthroughs Price (08 Jul 26):$156.17

to GH

Life Science Tools & Diagnostics

This morning, Freenome released the topline and staging results from the clinical Casey Woodring AC

validation of its V2 blood-based CRC screening assay, SimpleScreen CRC. The (1-212) 622-9074

study incorporated both blinded, previously untested samples and previously casey.woodring@jpmchase.com

evaluated samples from the PREEMPT CRC cohort. The clinical validation study Marta Nazarovets Zaremba

met all primary and secondary endpoints with Freenome reporting a census- (1-212) 622-6046

adjusted sensitivity for advanced precancerous lesions (APL) of 18.2%, ~ in line marta.zaremba@jpmchase.com

with our expectations as we outlined in our note on the subject from January 6, Jaden Rismay

2026. In addition, similar to the V2 case-control data released at ASCO, Freenome (1-212) 622-8479

jaden.rismay@jpmchase.com

included a comparison of performance between the updated assay and the prior J.P. Morgan Securities LLC

version in this clinical validation dataset, with V2 demonstrating overall CRC

sensitivity of 80.4% compared to 81.1% for V1.

Stepping back, although SimpleScreen CRC V2 demonstrated improvements over

V1 in APL sensitivity and is above GH’s sensitivity in AA (Freenome’s Simple

Screen CRC of 18.2% vs. GH’s Shield of ~13% AA sensitivity), the performance

gap doesn’t seem material enough to drive a strong clinical preference between the

two based on performance metrics alone, in our view, and we see other factors such

as sales rep interaction and branding as also having influence on adoption.