Exhibit (c)(17) Project AVIARY Presentation to the Board of Directors July 19, 2026

Disclaimer These materials were prepared solely for the information and benefit of Personalis, Inc. (“PELICAN”) in connection with a proposed transaction with Tempus AI, Inc. ( TOUCAN ) (the Transaction ). These materials are for discussion purposes only and are incomplete without reference to, and should be viewed in conjunction with, the oral presentation provided by TD Securities (USA) LLC ( TD Cowen ) to the Board and TD Cowen's written opinion letter, dated the date hereof, to be delivered to the Board. TD Cowen expresses no view as to PELICAN’s underlying business decision to effect the proposed Transaction, the relative merits of the proposed Transaction as compared to other business strategies or transactions that might be available to PELICAN or to any other aspect or implication of the proposed Transaction or any other agreement, arrangement or understanding entered into in connection with the proposed Transaction or otherwise. In preparing these materials, TD Cowen has, with PELICAN’s consent, relied upon information provided to TD Cowen by PELICAN management, or publicly available information or information otherwise reviewed by TD Cowen. TD Cowen has not independently verified any such information and has relied on it being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by PELICAN management or obtained from public sources, TD Cowen has utilized such estimates and forecasts at PELICAN’s direction and has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of PELICAN management or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates and forecasts. Please note that these materials are based on the business and operations of PELICAN as represented to TD Cowen as of the date hereof and do not purport to take into consideration any information or events arising subsequent to such date. TD Cowen makes no representation or warranty that there has been no material change in the information provided or reviewed by TD Cowen in connection herewith. TD Cowen has no obligation to update these materials. The information contained herein is highly confidential and has been prepared exclusively for the benefit and use of PELICAN in its consideration of the proposed Transaction, and may not be used for any other purpose or disclosed, copied, reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose without TD Cowen’s prior written consent, except as specifically set forth in the engagement letter between TD Cowen and PELICAN. These materials are not for the benefit of, and do not convey any rights or remedies to, any holder of securities of PELICAN or any other person. These materials are subject to various assumptions, qualifications and limitations set forth in TD Cowen's written opinion letter, dated the date hereof, to be delivered to the Board, and does not constitute a recommendation by TD Cowen to PELICAN or any other person on how to act with respect to any such proposed Transaction. TD Cowen does not address any legal, regulatory, tax or accounting effects of the proposed Transaction and nothing contained herein should be construed as legal, regulatory, tax or accounting advice. TD Securities” is a trademark of The Toronto-Dominion Bank (“TD”) and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. “TD Cowen” is a division of TD Securities and represents a marketing name of certain businesses within TD Securities. © Copyright 2026 TD. All rights reserved. ® The TD logo and other TD trademarks are the property of TD or its subsidiaries. TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces. TD Securities (USA) LLC, TD Prime Services LLC, TD Financial Products LLC, TD Arranged Services LLC and Westminster Research Associates LLC are registered with the U.S. Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority (FINRA) and of the Securities Investor Protection Corporation (SIPC). 2

4 1 Overview of Proposal Table of 6 2 Public Market Perspectives Contents 11 3 PELICAN Financial Analysis 17 4 Appendix 3

1. Overview of Proposal

Transaction Overview – TOUCAN TOUCAN PELICAN Current - 7/17/26 Unaffected - 7/16/26 At Transaction (50% Cash) At Transaction (All Stock) (US$ in Millions, except per share data) Cash Consideration Per Share $8.13 — Stock Consideration Per Share 8.13 16.25 Stock Price $52.47 $14.68 $16.25 $16.25 % Implied Premium to Closing Stock Price — — 11% 11% Price per Share & (1) Implied Premiums % Implied Premium to 30-Day VWAP $53.74 (2%) $12.72 15% 28% 28% % Implied Premium to 60-Day VWAP $51.65 2% $10.60 38% 53% 53% % Implied Premium to 90-Day VWAP $50.97 3% $9.91 48% 64% 64% % Implied Premium to 52-Week High $103.25 (49%) $15.79 (7%) 3% 3% Basic Shares Outstanding 179.565 106.751 106.751 106.751 Dilutive Effect of Options — 9.778 10.211 10.211 Share Count (2) (Treasury Method) RSUs, PSUs, and RSAs 8.164 0.627 1.202 1.202 Fully Diluted Shares 187.729 117.156 118.163 118.163 Implied Equity Value Implied Equity Value $9,850 $1,719 $1,920 $1,920 Plus: Debt $1,449 $2 $2 $2 (3) Less: Cash and Equivalents (844) (213) (213) (213) Net (Cash) / Debt Net Debt $605 ($211) ($211) ($211) Implied Enterprise Value $10,455 $1,508 $1,709 $1,709 Implied Enterprise Value EV / Revenue 2026E 6.50x 16.68x 18.90x 18.90x EV / Revenue 2027E 5.36x 10.56x 11.96x 11.96x % Cash 50% — Consideration Mix % Equity 50% 100% Exchange Ratio 0.1549x 0.3097x # of Shares to be Issued to Pelican Shareholders 16.279 32.557 Pro Forma Equity Ownership (4) 13.039 13.039 Existing Pelican Shares Already Owned by TOUCAN % Pro Forma Equity Ownership 8.0% 14.8% Source: S&P Global Market Intelligence and Bloomberg as of 7/17/26. PELICAN management projections. TOUCAN projections per Wall Street research and PELICAN management. 1. Implied premiums to the 30-, 60-, and 90-trading-day VWAPs are up and until PELICAN's unaffected share price on 7/16/26 at 3:27 p.m. ET. 2. TOUCAN fully-diluted shares outstanding (per TSM): 179.565M basic shares, 8.150M RSUs, and 0.014M RSAs. PELICAN fully-diluted shares outstanding (per TSM): 106.751M basic shares, 14.898M stock options with weighted 5 average strike price of $5.33, 0.627M RSUs, and 0.575M PSUs assumed to vest upon change of control at transaction per PELICAN management; unaffected assumes that PSUs do not vest or dilute shares outstanding. 3. TOUCAN cash and debt of $844.3M and $1,448.8M, respectively, as of 3/31/26. PELICAN cash and debt of $212.7M and $1.8M, respectively, as of 6/30/26. 4. Adjusted to exclude TOUCAN's existing ownership of 13.039M PELICAN shares per Wall Street research.

2. Public Market Perspectives

PELICAN Historical Five-Year Stock Performance (Price) 25.00 5/20/26: Medicare 10/16/25: Announced 12/16/24: Announced Coverage for NeXT New Data for NeXT Expanded Biopharma Personal Dx Personal from AZN Collaboration with Phase 3 Clinical Trial (Breast Cancer, TOUCAN Pre-Surgical Monitoring) ​ (Lung Cancer) ​​ 12/16/21: Launched 20.00 NeXT Personal for MRD 5/13/26: Medicare 8/16/24: Received $36M Coverage for NeXT Investment from TOUCAN​ 7/9/25: Expanded MRD Personal Dx (Exercise of Warrants and Collaboration with (IO Monitoring) ​ $18M Investment) & TOUCAN for CRC ​ Expanded MRD 2/10/26: Medicare 2/3/23: Announced $15.39 Collaboration ​ Coverage for NeXT Moderna Agreement to (26%) Personal Dx 15.00 Leverage NeXT Platform in 7/11/24: Announced 12/19/24: Received $50M (Lung Cancer) ​ mRNA Cancer Vaccine Partnership with Myriad Strategic Investment from 11/10/25: Medicare Trials Genetics to Cross- Merck & Multi-Year Coverage for NeXT License MRD Extension with Moderna Personal Dx Intellectual Property for INTs 8/15/22: Announced (Breast Cancer) ​ Partnership with BC Cancer to Study Economic 10.00 11/28/23: Entered into and Clinical Benefits of Strategic Collaboration with ctDNA on CRC and TOUCAN for NeXT Personal Pancreatic Cancer for MRD in Breast, Lung, and IO; Agreement Inclusive of Warrants and Milestone Payments 5.00 0.00 7/17/21 7/17/22 7/17/23 7/16/24 7/16/25 7/17/26 Source: Public filings and S&P Global Market Intelligence as of 7/17/26. Denotes key PELICAN update. 7 Denotes key TOUCAN update relating to PELICAN.

TOUCAN Historical Stock Performance Since IPO (Price) $120.00 8/16/24: Announced $36M 1/8/25: Announced 4/15/25: Established 7/9/25: Expanded MRD 1/21/26: Launched Paige Investment in PELICAN​ Collaboration with Genialis Predict, a Suite of Digital Genomic AI Innovation Collaboration with (Exercise of Warrants and to Develop RNA-Based Partnership with Illumina PELICAN to Include CRC Pathology Applications $18M Investment) & Biomarker Algorithms Expanded MRD 100.00 Collaboration ​ 11/10/25: PELICAN 5/12/26: Announced 11/4/24: Announced Medicare Pricing of $460M 7/30/24: Expanded Data Announced $600M Coverage in Breast 3/11/25: Announced Convertible Senior Notes and Sequencing Acquisition of Cancer Acquisition of Deep 6 Collaboration with Remix Ambry Genetics AI Therapeutics 5/13/26: PELICAN 80.00 Announced Medicare Coverage in IO Monitoring 60.00 $52.47 8/22/25: +42% Announced $81M Acquisition of Paige AI 40.00 9/4/24: Announced 5/14/25: Entered 6/30/25: Announced Pricing 5/20/26: PELICAN RWD Collaboration 2/10/26: PELICAN Multi-year Strategic of Upsized $650M Announced Medicare with BioNTech Announced Medicare Collaboration with Convertible Senior Notes Coverage in Breast Cancer, Coverage in Lung Cancer Boehringer Ingelheim Offering Pre-Surgical Monitoring 20.00 6/13/24: Announced 12/16/24: Announced Pricing of $411M Expanded Biopharma IPO at $37 Per Collaboration with Share PELICAN 0.00 6/13/24 11/12/24 4/14/25 9/14/25 2/14/26 7/17/26 Source: Public filings and S&P Global Market Intelligence as of 7/17/26. Denotes key TOUCAN update. 8 Denotes key PELICAN update relating to TOUCAN.

Selected Wall Street Analyst Perspectives – PELICAN OVERVIEW OF STOCK PRICE TARGETS AND RATINGS BROKER DATE STOCK PRICE TARGET RATING $18.00 Broker 1 7/15/2026 Buy $17.00 Broker 2 7/17/2026 Buy $13.00 Broker 3 7/9/2026 Hold $13.00 Broker 4 5/20/2026 Buy $11.00 Broker 5 5/13/2026 Buy $11.00 Broker 6 5/12/2026 Buy $10.00 Broker 7 5/21/2026 Buy Median $13.00 Source: Wall Street Research as of 7/17/26. 9

Selected Wall Street Analyst Perspectives – TOUCAN OVERVIEW OF STOCK PRICE TARGETS AND RATINGS BROKER DATE STOCK PRICE TARGET RATING Broker 1 7/15/2026 Buy $100.00 Broker 2 5/31/2026 Buy $80.00 Broker 3 7/13/2026 Buy $80.00 Broker 4 5/5/2026 Buy $75.00 Broker 5 6/1/2026 Buy $75.00 Broker 6 7/15/2026 Buy $71.00 Broker 7 7/5/2026 $70.00 Buy Broker 8 7/13/2026 $67.00 Buy Broker 9 7/15/2026 $65.00 Buy Broker 10 5/11/2026 $64.00 Buy Broker 11 6/1/2026 Hold $64.00 Broker 12 5/31/2026 Hold $60.00 Broker 13 5/29/2026 $58.00 Hold Broker 14 5/29/2026 $50.00 Hold Broker 15 5/29/2026 $35.00 Sell Broker 16 6/1/2026 NA Hold Broker 17 5/5/2026 NA Hold Median $67.00 Source: Wall Street Research as of 7/17/26. Note: NA denotes not available. 10

3. PELICAN Financial Analysis

Financial Analyses Summary – PELICAN Basis Indicative Equity Value Per Share Reference Range $4.00 $8.00 $12.00 $16.00 $20.00 Selected Public 2026E Revenue: $90.4M Companies $6.17 $13.29 Multiple Range: 5.06x-14.58x (2026E Revenue) Selected Public 2027E Revenue: $142.9M Companies $7.80 $16.66 Multiple Range: 4.57x-12.10x (2027E Revenue) Selected Precedent LTM (6/30/26) Revenue: $68.8M Transactions $5.66 $10.81 Multiple Range: 6.15x-15.19x (LTM Revenue) Selected Precedent NTM (6/30/26) Revenue: $112.1M Transactions $7.31 $14.41 Multiple Range: 5.52x-13.24x (NTM Revenue) Discount Rate: 19.00%-21.00% Perpetuity Growth Perpetuity Growth Rate: 3.0%-5.0% $10.56 $12.65 Method Terminal Year FCF: $694.7M 52-Week 52-Week High Date: 7/15/26 $15.79 $4.41 52-Week Low Date: 8/6/25 High / Low Wall Street High Target Stock Price: $18.00 $10.00 $18.00 Low Target Stock Price: $10.00 Research Merger Consideration: $16.25 Source: Public filings and S&P Global Market Intelligence as of 7/17/26. PELICAN management projections. Note: Fully-diluted shares outstanding (per TSM): 106.751M basic shares, 14.898M stock options with weighted average strike price of $5.33, 0.627M of RSUs, and 0.575M of PSUs per PELICAN management; assumes that PSUs do not vest or dilute shares outstanding in selected public companies and discounted cash flow analyses. th th 1. Selected companies represent 25 and 75 percentile; assume 3/31/26 cash and debt of $233.2M and $0.9M, respectively, per PELICAN management. th th 2. Selected precedent transactions represent 25 and 75 percentile; assumes PELICAN 6/30/26 cash and debt of $212.7M and $1.8M, respectively, per PELICAN management. 12 3. Discounted cash flow includes three gross equity financings (gross spread of 6.0%) per PELICAN management: gross financing in Q4 2026 of $79.3M at $11.70 per share, resulting in 6.773M additional shares and net proceeds of $74.5M, gross financing in Q4 2027 of $159.6M at $14.89 per share, resulting in 10.714M additional shares and net proceeds of $150.0M, and gross financing in 2029 of $319.1M at $23.40 per share, resulting in 13.636M additional shares and net proceeds of $300.0M. Assumes PELICAN cash and debt of $737.2M and $1.8M, respectively, as of 6/30/26, inclusive of $524.5M pro forma adjustment for forecasted equity raises, per PELICAN management. Includes estimated impact of Federal NOLs. Discounted Selected Precedent Selected Public Companies Cash Flow Informational (2) (1) Transactions Analysis Analysis (3) Analysis

Selected Public Companies Analysis – PELICAN (US$ in Millions) '26E-'27E YTD Trading Revenue '26E Gross EV / Revenue Company Market Cap Enterprise Value Cash Balance Revenue Performance Margin 2026E 2027E Growth 2026E 2027E $41,811 $40,803 $1,088 18% $2,800 $3,313 18% 65% 14.57x 12.32x 25,137 24,034 1,103 53% 1,315 1,704 30% 65% 18.28x 14.11x 9,850 10,455 844 (11%) 1,592 1,961 23% 65% 6.57x 5.33x TOUCAN 7,133 6,677 537 59% 458 582 27% 71% 14.59x 11.46x 5,005 4,566 439 40% 587 656 12% 74% 7.78x 6.96x 4,951 4,529 822 (39%) 1,004 1,200 20% 65% 4.51x 3.77x 4,004 3,993 364 41% 287 352 23% 74% 13.93x 11.35x 3,794 2,861 933 (15%) 179 219 22% 50% 15.98x 13.06x 2,292 2,084 207 111% 457 483 6% 70% 4.56x 4.32x 1,989 1,919 171 (51%) 479 600 25% 70% 4.01x 3.20x Low $1,989 $1,919 $171 (51%) $179 $219 6% 50% 4.01x 3.20x 25th Percentile 3,846 3,144 383 (14%) 457 508 19% 65% 5.06x 4.57x Mean 10,597 10,192 651 21% 916 1,107 21% 67% 10.48x 8.59x Median 4,978 4,547 680 29% 533 628 23% 67% 10.85x 9.16x 75th Percentile 9,171 9,510 911 50% 1,237 1,578 25% 71% 14.58x 12.10x High 41,811 40,803 1,103 111% 2,800 3,313 30% 74% 18.28x 14.11x PELICAN $1,719 $1,487 $233 93% $90 $143 58% 17% 16.44x 10.43x Management Case PELICAN $1,719 $1,487 $233 93% $79 $111 41% 15% 18.82x 13.40x Street Source: Public filings, S&P Global Market Intelligence and FactSet as of 7/17/26. Figures from FactSet reflect Wall Street research consensus estimates. Note: Figures are presented pro forma for capital raises, acquisitions, divestitures, additional employee stock issuances, and minority investments. PELICAN fully-diluted shares outstanding (per TSM): 106.751M basic shares, 14.898M stock options with weighted average strike price of $5.33, 0.627M RSUs per PELICAN management; assumes that PSUs do not vest or dilute shares outstanding. PELICAN cash and debt per public filings as of 3/31/26. PELICAN 13 th th unaffected share price of $14.68 as of 7/16/26 at 3:27 p.m. ET. Metrics other than 2026E and 2027E revenue multiples and other than 25 and 75 percentiles shown for informational reference.

Selected Precedent Transactions Analysis – PELICAN (US$ in Millions) Enterprise Value as Enterprise Total % Upfront Multiple of Ann. Date Target Acquiror Value Consideration ($M) Consideration LTM Revenue NTM Revenue 4/28/26 Naveris CareDx $260 $260 62% 7.65x 5.66x 11/20/25 Exact Sciences Abbott 22,778 23,789 100% 7.18x 6.29x 11/1/22 Gateway Genomics Myriad Genetics 100 100 68% 5.00x — 8/17/22 Genome Diagnostics (GenDx) Eurobio Scientific 137 137 100% 7.94x — 1/18/22 GeneDx Sema4 623 623 76% 5.37x 4.79x 1/9/22 PreventionGenetics Exact Sciences 190 190 100% 5.28x — 12/23/21 Ortho Clinical Diagnostics Quidel 7,983 6,042 100% 3.92x 3.82x 12/23/21 Personal Genome Diagnostics Labcorp 575 575 78% 26.14x 14.38x 6/1/21 HalioDx Veracyte 318 318 100% 13.07x — 3/15/21 GenMark Diagnostics Roche Holding 1,773 1,832 100% 10.46x 9.70x 3/3/21 Asuragen Bio-Techne 320 320 67% 10.67x — 3/2/21 Resolution Biosciences Agilent Technologies 695 695 79% 19.86x 13.24x 2/3/21 Decipher Biosciences Veracyte 600 600 100% 15.19x — 1/5/21 Biotheranostics Hologic 230 230 100% 6.97x — 6/22/20 ArcherDX Invitae 1,400 1,400 64% 27.69x — 7/29/19 Genomic Health Exact Sciences 2,597 2,841 100% 6.15x 5.52x 6/19/18 Foundation Medicine Roche Holding 5,335 5,278 100% 28.41x 19.67x Low $100 $100 62% 3.92x 3.82x 260 260 76% 6.15x 5.52x 25th Percentile Mean 2,701 2,661 88% 12.17x 9.23x Median 600 600 100% 7.94x 6.29x 75th Percentile 1,773 1,832 100% 15.19x 13.24x High 22,778 23,789 100% 28.41x 19.67x Memo (Informational): (1) 4/16/26 SAGA Diagnostics Roche Holding $595 $595 — — — 12/5/25 Foresight Diagnostics Natera 450 450 61% — — 11/4/24 Ambry Genetics Tempus AI 600 600 100% 2.00x 1.60x 1/8/24 C2i Genomics Veracyte 95 95 74% — — 4/27/23 Haystack Oncology Quest Diagnostics 450 450 67% — — 5/5/21 Inivata NeoGenomics 390 390 100% — — th th Source: S&P Global Market Intelligence, Public Filings, Press Releases, and FactSet as of 7/17/26. Metrics other than LTM and NTM revenue multiples and other than 25 and 75 percentiles shown for informational reference.​ Note: Reflects deal terms at time of transaction announcement.​ 1. Upfront consideration undisclosed. 14

Standalone Discounted Cash Flow Analysis – PELICAN Calendar Year Ending December 31, Terminal US$ in Millions, except share data (3) 2H'26E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Year Revenue $53 $143 $272 $457 $758 $1,150 $1,575 $1,940 $2,240 $2,539 $2,825 $3,084 $3,302 $3,467 $3,467 % Growth N/A 58% 90% 68% 66% 52% 37% 23% 15% 13% 11% 9% 7% 5% Adj. EBITDA ($52) ($96) ($45) $17 $105 $233 $393 $530 $695 $788 $876 $957 $1,024 $1,076 $1,076 % Margin N/M N/M N/M 4% 14% 20% 25% 27% 31% 31% 31% 31% 31% 31% 31% Less: D&A (5) (13) (16) (19) (21) (27) (32) (38) (45) (50) (53) (57) (60) (60) (10) Less: SBC (5) (11) (25) (33) (38) (46) (51) (51) (56) (64) (74) (82) (89) (96) (96) EBIT ($63) ($119) ($85) ($35) $46 $160 $310 $441 $594 $673 $749 $818 $876 $919 $969 % Margin N/M N/M N/M N/M 6% 14% 20% 23% 27% 27% 27% 27% 27% 27% 28% (1) Less: Tax provision (28.0%) — — — — (4) (18) (39) (56) (131) (188) (210) (229) (245) (257) (271) Plus: D&A 5 13 16 19 21 27 32 38 45 50 53 57 60 60 10 Less: Capex (2) (15) (15) (15) (50) (40) (40) (45) (50) (51) (44) (35) (24) (10) (10) Less: Change in NWC (3) (3) 18 0 2 1 1 (0) (7) (7) (7) (6) (5) (4) (3) Unlevered Free Cash Flow ($63) ($124) ($66) ($31) $15 $130 $263 $378 $451 $477 $541 $604 $661 $708 $695 Present Value of Terminal Value: Enterprise Value: Implied Terminal Rev. Multiple: Discount PV of Cash Rate Flows 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 19.00% $588 $466 $502 $543 $1,054 $1,090 $1,131 1.41x 1.52x 1.64x 20.00% 532 393 422 455 925 954 986 1.33x 1.43x 1.54x 21.00% 480 334 357 383 813 837 862 1.26x 1.35x 1.45x (4) Discount Net Cash / Enterprise Value: Equity Value: Equity Value per Share: (2) Rate (Debt) 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 19.00% $735 $1,054 $1,090 $1,131 $1,790 $1,825 $1,866 $12.14 $12.38 $12.65 20.00% 735 925 954 986 1,660 1,689 1,721 11.30 11.48 11.70 21.00% 735 813 837 862 1,549 1,572 1,598 10.56 10.71 10.89 Source: PELICAN management projections. Note: Discounted to 6/30/26, using mid-year convention. Stock-based compensation treated as a cash expense. Implied terminal revenue multiples shown for informational reference. Includes three gross equity financings (gross spread of 6.0%) per PELICAN management: gross financing in Q4 2026 of $79.3M at $11.70 per share, resulting in 6.773M additional shares and net proceeds of $74.5M, gross financing in Q4 2027 of $159.6M at $14.89 per share, resulting in 10.714M additional shares and net proceeds of $150.0M, and gross financing in 2029 of $319.1M at $23.40 per share, resulting in 13.636M additional shares and net proceeds of $300.0M. N/A denotes not applicable. N/M denotes not meaningful for negative margins. 1. Includes impact of Federal NOLs. Assumes pre-12/31/17 Federal NOLs of $95.9M subject to 100% utilization, post-12/31/17 Federal NOLs of $423.5M subject to 80% utilization as of 12/31/25 and projected Federal NOLs during Q1 and Q2 2026 of $63.6M, with Federal NOLs fully utilized by 2034, per PELICAN management. 15 2. Assumes cash and debt of $737.2M and $1.8M, respectively, as of 6/30/26, inclusive of $524.5M pro forma adjustment for forecasted equity raises, per PELICAN management. 3. Assumes D&A and Capex equate and change in NWC is equal to final year change in NWC as percentage of change in revenue applied to final year projected change in revenue (based on 4.0% perpetuity growth rate). 4. PELICAN fully-diluted shares outstanding (per TSM): 106.751M basic shares, 14.898M stock options with weighted average strike price of $5.33, 0.627M RSUs, and 31.123M additional shares from forecasted equity financing per PELICAN management; assumes that PSUs do not vest or dilute shares outstanding.

Selected Public Companies Analysis – TOUCAN (US$ in Millions) '26E-'27E YTD Trading Revenue '26E Gross EV / Revenue Company Market Cap Enterprise Value Cash Balance Revenue Performance Margin 2026E 2027E Growth 2026E 2027E $41,811 $40,803 $1,088 18% $2,800 $3,313 18% 65% 14.57x 12.32x 25,137 24,034 1,103 53% 1,315 1,704 30% 65% 18.28x 14.11x 7,133 6,677 537 59% 458 582 27% 71% 14.59x 11.46x 5,005 4,566 439 40% 587 656 12% 74% 7.78x 6.96x 4,951 4,529 822 (39%) 1,004 1,200 20% 65% 4.51x 3.77x 4,004 3,993 364 41% 287 352 23% 74% 13.93x 11.35x 3,794 2,861 933 (15%) 179 219 22% 50% 15.98x 13.06x 2,292 2,084 207 111% 457 483 6% 70% 4.56x 4.32x 1,989 1,919 171 (51%) 479 600 25% 70% 4.01x 3.20x 1,719 1,487 233 93% 79 111 41% 15% 18.82x 13.40x PELICAN Low $1,719 $1,487 $171 (51%) $79 $111 6% 15% 4.01x 3.20x 25th Percentile 2,667 2,278 266 (7%) 329 385 19% 65% 5.37x 4.98x Mean 9,784 9,295 590 31% 764 922 22% 62% 11.70x 9.39x Median 4,477 4,261 488 41% 468 591 23% 67% 14.25x 11.41x 75th Percentile 6,601 6,149 905 58% 900 1,064 27% 71% 15.63x 12.88x High 41,811 40,803 1,103 111% 2,800 3,313 41% 74% 18.82x 14.11x TOUCAN $9,850 $10,455 $844 (11%) $1,592 $1,961 23% 65% 6.57x 5.33x Street Source: Public filings, S&P Global Market Intelligence and FactSet as of 7/17/26. Figures from FactSet reflect Wall Street research consensus estimates. Note: Figures are presented pro forma for capital raises, acquisitions, divestitures, additional employee stock issuances, and minority investments. Fully-diluted shares outstanding (per TSM): 179.565M basic shares, 8.150M RSUs, and 0.014M of RSAs. PELICAN unaffected share price of $14.68 as of 7/16/26 at 3:27 p.m. ET. Metrics other than 2026E and 2027E revenue multiples shown for informational reference. 16

4. Appendix

Selected Historical Five-Year Stock Performance – Selected Companies 200% 175 150 125 100 +75% 75 50 +42% 25 +13% 0 (25) (26%) (50) (75) (100) 07/17/21 07/17/22 07/17/23 07/16/24 07/16/25 07/17/26 Selected Companies PELICAN TOUCAN S&P 500 Source: S&P Global Market Intelligence as of 7/17/26. Note: Selected Companies index includes ADPT, BLLN, CAI, CDNA, GH, GRAL, NTRA, TOUCAN, VCYT, and WGS; included beginning on date of IPO pricing. TOUCAN IPO – commenced trading on 6/13/24 at $37 per share. 18

PELICAN and TOUCAN Institutional Stockholder Base Overlap PELICAN TOUCAN PELICAN TOUCAN TOUCAN PELICAN Shares % of Shares % of Shares % of Shares % of Rank Holder Held CSO Held CSO Rank Holder Held CSO Held CSO 1 Merck 14,044,943 13.2% 1 Vanguard 10,406,289 5.8% 3,855,120 3.6% 2 Toucan 13,039,067 12.2% 2 ARK 9,607,745 5.4% 7,944,112 7.4% 3 ARK 7,944,112 7.4% 9,607,745 5.4% 3 BlackRock 8,968,330 5.0% 5,389,885 5.0% 4 Columbia Management 7,592,807 7.1% 4 Baillie Gifford 8,649,356 4.8% 5 T. Rowe Price 6,408,232 6.0% 91,467 0.1% 5 SoftBank 5,405,406 3.0% Lightspeed 6,101,850 5.7% JPMorgan 4,925,973 2.7% 574,507 0.5% 6 6 7 Deep Track 5,760,627 5.4% 7 Amova 4,326,313 2.4% 484,270 0.5% 8 BlackRock 5,389,885 5.0% 8,968,330 5.0% 8 UBS 3,996,488 2.2% 384,602 0.4% 9 Vanguard 3,855,120 3.6% 9 Franklin 2,581,644 1.4% 10 Aberdeen 3,488,308 3.3% 153,418 0.1% 10 Catalytic Wealth 2,411,368 1.3% 11 AIGH 2,900,000 2.7% 11 Morgan Stanley 2,050,796 1.1% 235,994 0.2% 12 Kennedy 2,183,572 2.0% 12 Geode 1,940,207 1.1% 1,297,655 1.2% 13 Blue Water Life Science 1,676,300 1.6% 156,412 0.1% 13 State Street 1,689,761 0.9% 1,134,170 1.1% 14 Casdin 1,600,000 1.5% 14 Alphabet 1,551,102 0.9% 15 Geode 1,297,655 1.2% 1,940,207 1.1% 15 Lingotto 1,415,766 0.8% 16 State Street 1,134,170 1.1% 1,689,761 0.9% 16 Goldman Sachs 1,277,756 0.7% 737,132 0.7% 17 Dimensional Fund 1,066,248 1.0% 17 Voloridge 1,173,402 0.7% 18 PFM Health Sciences 870,097 0.8% 18 Clear Street 955,582 0.5% Goldman Sachs 737,132 0.7% 1,277,756 0.7% Baron 899,278 0.5% 19 19 20 Portolan Capital 736,713 0.7% 20 Lefkofsky Family Foundation 832,131 0.5% Top 3 35,028,122 32.8% 9,607,745 5.4% Top 3 28,982,364 16.1% 17,189,117 16.1% Top 5 49,029,161 45.9% 9,699,212 5.4% Top 5 43,037,126 24.0% 17,189,117 16.1% Top 10 73,624,951 69.0% 18,820,960 10.5% Top 10 61,278,912 34.1% 18,632,496 17.5% Top 20 87,826,838 82.3% 23,885,096 13.3% Top 20 75,064,693 41.8% 22,037,447 20.6% Other Stockholders 18,924,043 17.7% 155,679,671 86.7% Other Stockholders 104,500,074 58.2% 84,713,434 79.4% Total Basic Shares Outstanding 106,750,881 100.0% 179,564,767 100.0% Total Basic Shares Outstanding 179,564,767 100.0% 106,750,881 100.0% Source: S&P Global Market Intelligence and public filings as of 7/17/26. Note: Based on latest basic shares outstanding data. Excludes insider ownership. Latest holdings data may not be aligned with reporting of basic shares outstanding. PELICAN basic shares outstanding per PELICAN management as of 7/16/26. 19

Weighted Average Cost of Capital – PELICAN Calculation of Unlevered Beta Current Total Cash Net Debt / Enterprise Net Marginal (1) (2) Company Name Equity Value Debt & Equivalents (Net Cash) Value Debt/Equity Tax Rate Levered β Unlevered β PELICAN $1,806 $1 $233 ($232) $1,574 — 28.0% 1.87 1.87 Selected Companies Natera, Inc. $41,811 $80 $1,088 ($1,008) $40,803 — 25.0% 1.29 1.29 Guardant Health, Inc. 25,137 — 1,103 (1,103) 24,034 — 25.0% 1.44 1.44 TOUCAN 9,850 1,449 844 605 10,455 6.1% 26.5% 2.14 2.05 (3) Billiontoone, Inc. 7,133 81 537 (457) 6,677 — 25.0% 0.99 0.99 5,005 — 439 (439) 4,566 — 25.0% 1.60 1.60 Veracyte, Inc. Caris Life Sciences, Inc. 4,951 400 822 (422) 4,529 — 25.0% 1.28 1.28 Adaptive Biotechnologies Corporation 4,004 353 364 (11) 3,993 — 25.0% 1.71 1.71 Grail, Inc. 3,794 — 933 (933) 2,861 — 25.0% 1.86 1.86 2,292 — 207 (207) 2,084 — 25.0% 1.39 1.39 Caredx, Inc. Genedx Holdings Corp. 1,989 100 171 (71) 1,919 — 25.0% 1.60 1.60 Median $4,978 $80 $680 ($431) $4,547 — 25.0% 1.60 1.60 Weighted Average Cost of Capital (WACC) Calculation (4) Target Capital Structure Cost of Equity Calculation (6) Debt / Total Capitalization — Risk-Free Rate 5.07% (7) Equity / Total Capitalization 100.0% Market Risk Premium 7.37% Debt / Equity — Relevered Beta 1.87 (2) (8) Leveraging factor 1.000x Size Premium 1.05% Cost of Equity 19.89% Cost of Debt Calculation Cost of Debt n/a Weighted Average Cost of Capital 19.89% (5) Marginal Tax Rate 28.0% Weighted Average Cost of Capital - Low 19.00% After Tax Cost of Debt — Weighted Average Cost of Capital - High 21.00% Source: Bloomberg, S&P Global Market Intelligence, U.S. Treasury, and Kroll 2025 Cost of Capital Navigator. Note: N/A denotes not applicable. 1. Beta represents Bloomberg’s historical, adjusted, levered five-year daily beta as of 7/17/26 (or since listing, if trading history is shorter). PELICAN beta based on trading data through 7/15/26, the last full trading day prior to the affected date. 2. Unlevered Beta = Levered Beta / [1 + (1 – Tax Rate) * Net Debt / Equity Value]. Levered Beta = Unlevered Beta * [1 + (1 – Tax Rate) * Net Debt / Equity Value]. 3. BLLN levered and unlevered betas not included in median of selected companies given recency of IPO. 4. Target capital structure per PELICAN management projections. 20 5. PELICAN blended marginal tax rate per PELICAN management. 6. 20-Year United States Treasury yield as of 7/17/26. 7. Expected U.S. Equity Risk Premium versus Long-Term U.S. Treasury Bonds per Kroll 2025 cost of capital navigator. 8. Kroll cost of capital navigator as of 2025 size premium reflects Decile 8 for market cap of $1,472.33M - $2,518.43M.

Implied Present Value of NOLs – PELICAN Calendar Year Ending December 31, (US$ in Millions) 2H'26E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E (1) $583.0 $645.7 $765.2 $850.6 $885.4 $843.5 $716.3 $490.1 $168.1 - - - - - Beginning Balance Ending Balance 645.7 765.2 850.6 885.4 843.5 716.3 490.1 $168.1 - - - - - - Total Federal Tax Savings - - - - $8.8 $26.7 $47.5 $67.6 $35.3 - - - - - Discount Period 0.250 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 11.000 12.000 13.000 Discount Factor (20.00% Discount Rate) 96% 83% 69% 58% 48% 40% 33% 28% 23% 19% 16% 13% 11% 9% PV of Unlevered FCF - - - - $4.2 $10.7 $15.9 $18.9 $8.2 - - - - - Implied NPV of Federal NOLs $58.0 (2) 147.084 / Shares Outstanding Implied NPV of Federal NOLs, Per Share $0.39 Source: PELICAN management projections and public filings. Note: Does not consider Section 382 limitations. Per PELICAN management, assumes pre-12/31/17 Federal NOLs of $95.9M subject to 100% utilization, post-12/31/17 Federal NOLs of $423.5M subject to 80% utilization as of 12/31/25 and projected Federal NOLs during Q1 and Q2 2026 of $63.6M, with Federal NOLs fully utilized by 2034. 21 1. Beginning balance based on sum of Federal NOLs and Federal R&D tax credits of $519.4M as of 12/31/25 per PELICAN Form 10-K and projected Federal NOLs during Q1 2026 and Q2 2026 of $63.6M per PELICAN management. 2. Illustratively assumes shares outstanding at midpoint shares outstanding for discounted cash flow analysis.

Capitalization – PELICAN Selected Public Selected Precedent Discounted Cash and Debt Companies Analysis Transactions Analysis Cash Flow Analysis Diluted Share Count Calculations Account 3/31/2026 6/30/2026 6/30/2026 Accounts Cash Balance $233.2 $212.7 $212.7 Closing Share Price (7/17/26) $15.39 Net Proceeds from Equity Financing – – $524.5 Cash Balance $233.2 $212.7 $737.2 Basic Shares Outstanding (M) 106.751 (1) Restricted Stock Units (M) Debt $0.9 $1.8 $1.8 0.627 Preferred Stock – – – Non-Controlling Interest – – – Dilutive Security Options Weighted Avg. Weighted Equivalent (2) Strike Price Total Debt and Pfd - Book Value $0.9 $1.8 $1.8 Tranche (M) Avg. Value Shares (TSM) Options 14.898 $5.33 $79.4 9.984 Net Cash $232.3 $210.9 $735.4 Total Options 14.898 $79.4 9.984 Projected Equity Financing Share Counts Gross Financing Need Basic Shares 106.751 106.751 106.751 Q4 2026E Equity Raise $79.3 Q4 2026E Equity Raise – – 6.773 Q4 2027E Equity Raise 159.6 Q4 2027E Equity Raise – – 10.714 2029E Equity Raise 319.1 2029E Equity Raise – – 13.636 Total Financing Need, Gross $558.0 Total Basic Shares 106.751 106.751 137.874 Issue Price Q4 2026E Equity Raise $11.70 Q4 2027E Equity Raise 14.89 2029E Equity Raise 23.40 Newly Issued Shares Q4 2026E Equity Raise 6.773 Q4 2027E Equity Raise 10.714 2029E Equity Raise 13.636 Total Newly Issued Shares 31.123 Underwriting Fee % 6.0% Net Proceeds $524.5 Source: PELICAN management and S&P Global Market Intelligence as of 7/17/26. PELICAN management projections. 1. 0.627M of RSUs per PELICAN management; assumes 0.575M PSUs do not vest or dilute shares outstanding. 2. Options exercise prices range from $1.06 - $40.27. 22

Standalone Management Projections – PELICAN (US$ in Millions) Calendar Year Ending December 31, CAGR 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E '25-'39 Total Revenue $70 $90 $143 $272 $457 $758 $1,150 $1,575 $1,940 $2,240 $2,539 $2,825 $3,084 $3,302 $3,467 32% % Growth (18%) 30% 58% 90% 68% 66% 52% 37% 23% 15% 13% 11% 9% 7% 5% (1) Gross Profit $16 $16 $36 $120 $244 $456 $737 $1,056 $1,338 $1,579 $1,790 $1,992 $2,174 $2,329 $2,445 43% % Margin 23% 17% 25% 44% 53% 60% 64% 67% 69% 71% 71% 71% 71% 71% 71% R&D (49) (62) (70) (76) (95) (123) (154) (177) (211) (220) (250) (278) (303) (325) (341) 15% % of Revenue 70% 68% 49% 28% 21% 16% 13% 11% 11% 10% 10% 10% 10% 10% 10% S&M (31) (53) (58) (93) (140) (232) (353) (480) (581) (648) (734) (817) (891) (955) (1,002) 28% % of Revenue 44% 58% 40% 34% 31% 31% 31% 31% 30% 29% 29% 29% 29% 29% 29% G&A (24) (28) (28) (37) (44) (55) (71) (88) (104) (118) (133) (148) (162) (173) (182) 16% % of Revenue 34% 31% 20% 13% 10% 7% 6% 6% 5% 5% 5% 5% 5% 5% 5% Total Operating Expenses ($104) ($142) ($156) ($205) ($278) ($410) ($577) ($746) ($896) ($986) ($1,117) ($1,243) ($1,357) ($1,453) ($1,526) 21% % of Revenue 149% 157% 109% 75% 61% 54% 50% 47% 46% 44% 44% 44% 44% 44% 44% Operating Income ($88) ($126) ($119) ($85) ($35) $46 $160 $310 $441 $594 $673 $749 $818 $876 $919 N/M % Margin N/M N/M N/M N/M N/M 6% 14% 20% 23% 27% 27% 27% 27% 27% 27% D&A 10 10 13 16 19 21 27 32 38 45 50 53 57 60 60 14% EBITDA ($78) ($117) ($107) ($70) ($16) $67 $187 $342 $480 $639 $723 $802 $875 $936 $980 N/M % Margin N/M N/M N/M N/M N/M 9% 16% 22% 25% 29% 28% 28% 28% 28% 28% Stock Based Comp 9 10 11 25 33 38 46 51 51 56 64 74 82 89 96 19% Adj. EBITDA ($70) ($107) ($96) ($45) $17 $105 $233 $393 $530 $695 $788 $876 $957 $1,024 $1,076 N/M % Margin N/M N/M N/M N/M 4% 14% 20% 25% 27% 31% 31% 31% 31% 31% 31% Source: Public filings, PELICAN management projections. Note: Margins less than 0% appear as N/M. 1. Includes unreimbursed diagnostic MCOGS. 23