EX-99.(c)(5)

Please wait

Exhibit (c)(5) Project Aviary Presentation to the Board of Directors February 6, 2026

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Centerview Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the Board of Directors of Personalis (“Pelican” or the “Company”) in connection with its evaluation of a potential sale of Pelican and for no other purpose. The information contained herein is based upon information supplied by or on behalf of Pelican and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by Pelican. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of Pelican or any other entity, or concerning the solvency or fair value of Pelican or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Pelican as to the future financial performance of Pelican, and at your direction Centerview has relied upon such forecasts, as provided by Pelican management, with respect to Pelican. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of Pelican. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the Board of Directors of Pelican (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of Pelican or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview. 2

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – TD Cowen Disclaimer These materials were prepared exclusively for the benefit and internal use of the TD Securities client (the “Company” or “you”) to whom they are directly addressed and delivered in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. These materials were compiled or prepared on a confidential basis solely and exclusively for the use of the Company and not with a view to public disclosure or to conform to any disclosure standards under any securities laws or other laws, rules or regulations. The information is for discussion purposes only, and must not be copied or reproduced, or disclosed, , distributed or passed to others at any time without the prior written consent of TD Securities. These materials may not be used for any purpose other than as may be specifically contemplated by a written agreement with TD Securities. These materials and the information contained herein do not purport to be all-inclusive or to contain all of the information, or to identify or suggest all of the risks (direct or indirect), that may be associated with any possible transaction or transactions or that may be necessary to evaluate any possible transaction or transactions. The information in this presentation reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. TD Securities’ opinions and estimates constitute TD Securities’ judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing the materials, TD Securities has relied upon documents and information prepared for or supplied to TD Securities by the Company and other sources, without independent verification by TD Securities. Any estimates and projections contained herein have been based upon estimates and projections contained in such documents and third-party sources, and there is no assurance that such estimates and projections will be realized. None of TD Securities, its affiliates or its or their respective officers, directors, employees, advisors or representatives (“Representatives”) makes any representation or warranty (express or implied) as to the accuracy or completeness of any information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction, and nothing contained herein or therein is, or shall be construed or relied upon as, a representation or warranty, whether as to the past, present or future. TD Securities does not have any obligation to update or otherwise revise the materials and information contained herein (though all information contained herein is subject to revision). TD Securities believes that these materials must be considered as a whole and that selecting portions of the analyses and the factors considered by TD Securities, without considering all of the factors and analyses together, could create a misleading view of the presentation. The preparation of a presentation such as this is complex and is not necessarily susceptible of partial analysis or summary description. Any attempt to do so could lend to undue emphasis on any particular factor or analysis. Any market valuations contained herein are indicative values as of the time and date indicated for illustrative purposes only. TD Securities does not warrant their completeness or accuracy. Any price or valuation constitutes our judgment and is subject to change without notice. Investors should understand that statements regarding future prospects may not be realized. TD Securities cannot guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Actual quotations could differ subject to market conditions. TD Securities’ policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. TD Securities also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Nothing herein should be construed as tax, accounting, regulatory or legal advice. TD Securities is not acting in any fiduciary, advisory, agency or similar capacity to the Company. Prior to entering into any possible transaction, you should determine the financial suitability, risks and merits of such transaction, including all economic, legal, tax, accounting or any other consequences associated therewith. Neither TD Securities nor any of its Representatives will be liable to the Company or any third party, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by the Company or a third party (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of data or loss of profit) arising from TD Securities providing you with these materials or the information contained herein or any other written or oral communication transmitted or made available to you in connection with an evaluation of a possible transaction. TD Securities and its affiliates expressly disclaim any and all liability relating to, resulting from or based, in whole or in part, on such information, errors therein or omissions therefrom. These materials do not constitute a commitment, express or implied, by TD Securities or any of its affiliates to enter into any transaction, underwrite, subscribe for, purchase or place any securities or to extend or arrange credit or to otherwise provide any financing or other services. Nothing in these materials should be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. Final terms and conditions, if any, and any obligation of TD Securities or any of its affiliates with respect to any possible transaction discussed herein will be subject to (among other things): (i) satisfactory completion, in TD Securities’ sole discretion, of customary business, financial and legal due diligence input and inquiry, (ii) execution of definitive documentation containing terms and conditions customary to TD Securities for similar transactions, (iii) market conditions, (iv) approval by the appropriate TD internal committee and (v) any other conditions that TD Securities may deem appropriate. “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. 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. The following affiliated entities are registered U.S. broker dealers with the U.S Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation: TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, TD Arranged Services LLC and Westminster Research Associates LLC. TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security -based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. TD, TD Bank Europe Limited and TD Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland. TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. All logos are property of their respective owners and are for identification purposes only. Use of these names, logos, and brands does not imply endorsement. Copyright © 2025 The Toronto-Dominion Bank and/or its affiliates. All rights reserved. ® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. 3

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Situation Update and Today’s Objectives ▪ Centerview and TD Cowen authorized to contact Morgan Stanley at 2/2 Board meeting – Conversation on 2/3 relaying that the Board is forming a response and will respond to Toucan’s outreach in due course Updates Since Last Board Meeting ▪ Cooley conducted outreach to and held preliminary discussions with Latham ▪ Pelican Management updated its preliminary long-term forecast and furnished it to Centerview and TD Cowen to provide preliminary valuation perspectives ▪ Review Pelican preliminary valuation perspectives – Focus on preliminary intrinsic valuation and associated sensitivities today Today’s Objectives ▪ Authorize a more formal response to Morgan Stanley ▪ Review preliminary perspectives on Toucan 4

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Public Market Perspectives 5

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Share Price Performance Since January 2023 (1) Pelican Peers Share Price Performance 1/8/26: Announced prelim. FY’25 results; 10/16/25: Announced new YTD 1-Yr 3-Yr 12/19/24: Announced $50mm reported 41% QoQ growth and 400% YoY positive data of use of NeXT investment from Merck via (7%) +39% +90% increase in clinical test volumes $12 Pelican Personal in AstraZeneca private placement and (1) NSCLC P3 trial (7%) (12%) (15%) extension of collaboration Peers with Moderna for ImmunoID 12/16/24: Expanded NeXT Platform collab. with $10 7/9/25: Announced expansion Toucan for of strategic collaboration with biopharma access Toucan, adding CRC to 2/3/23: Announced new commercialization agreement $8 agreement with Moderna $7.42 8/16/24: Announced expansion for use of NeXT platform in of collaboration with Toucan +274% personalized mRNA cancer with Toucan investing $36mm vaccine trials $6 into Pelican 11/10/25: 11/28/23: Announced Announced Medicare strategic collaboration with coverage for MRD Toucan to co-commercialize NeXT Personal Dx tests in breast cancer $4 $2.10 $2 +6% $1.98 11/4/25: Announced. 3Q’25 results; reported 26% QoQ growth in clinical test volumes $0 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Distribution of Trading Volume Since January 2023 # of shares (in mm) 197 % distribution 148 96 92 87 31% 21 23% 14% 15% 3% 14% $0 - $2 $2 - $4 $4 - $6 $6 - $8 $8 - $10 $10 - $12 6 Source: FactSet as of 2/5/26. (1) Peers includes Natera, Guardant, Toucan, Caris, Grail, BillionToOne, Adaptive, Veracyte, GeneDx, 10x Genomics, and CareDx.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Wall Street Perspectives Current Price: $7.42 Median PT = +48% vs. current Valuation Revenue EBITDA Broker Price Target Method Metric 2026E 2027E 2026E 2027E $13 -- DCF DCF @ 9.5% WACC, 3.5% PGR $81 $107 n.a. n.a. Buy (Subbu Nambi) 11.2x 2027E EV/Rev. $12 -- Revenue Multiple 80 115 n.a. n.a. 10% Discount Buy (Mark Massaro) $11 -- -- -- 77 103 (85) (69) Buy (Dan Brennan) $11 -- Revenue Multiple 9.2x 2026E EV/Rev. 89 n.a. n.a. n.a. Buy (Thomas Flaten) $11 Revenue Multiple -- 84 108 (78) (57) Hold (Kallum Titchmarsh) $10 Revenue Multiple ~7x 2027E EV/Rev. 81 112 (72) (63) Buy (Bill Bonello) $10 Revenue Multiple 9.0x 2026E EV/Rev. 95 108 (94) (99) Buy (Mike Matson) Median $11 $81 $108 ($81) ($66) 7 Source: Wall Street Research and FactSet as of 2/5/26. Note: dollars in millions, except per share amounts.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Pelican Management Financial Projections 8

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Preliminary Management Plan: Revenue Detail '30-34E '26-34E Segment Asset Tests / Samples 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E CAGR CAGR 1st Timepoint Tests 15,140 26,313 47,364 71,045 103,016 141,132 182,060 220,292 248,930 25% 42% Subsequent Plasma Tests 34,502 63,615 159,036 294,217 535,476 867,471 1,231,808 1,502,806 1,683,143 33% 63% NeXT Personal Dx Clinical Tests 49,642 89,928 206,400 365,263 638,491 1,008,602 1,413,868 1,723,099 1,932,073 32% 58% Diagnostics NeXT Dx Tests 1,756 3,143 5,658 8,486 12,305 16,858 21,747 26,314 29,734 25% 42% Clinical Diagnostic Revenue ($mm) $25 $69 $177 $333 $571 $898 $1,277 $1,611 $1,875 35% 71% Samples 2,873 9,337 13,352 40,057 100,142 150,213 180,256 195,217 210,249 20% 71% Personal Cancer Vaccines PCV Revenue ($mm) $10 $14 $20 $40 $100 $150 $180 $195 $210 20% 46% NeXT Tissue Samples 12,887 13,067 13,525 14,512 15,673 16,237 17,244 18,451 20,480 7% 6% Samples - WGS 2,439 3,415 4,439 5,549 6,936 8,670 10,837 13,005 15,606 22% 26% Samples - Timepoints 7,317 10,244 13,317 16,646 20,808 26,010 32,512 39,014 46,817 22% 26% NeXT Personal Biopharma Tests 9,756 13,658 17,756 22,195 27,744 34,680 43,349 52,019 62,423 22% 26% CTA/CDx Exome/MRD Samples 150 225 338 422 527 659 791 949 1,139 21% 29% (1) $53 $61 $69 $79 $90 $103 $118 $136 $155 15% 15% Biopharma Revenue ($mm) Samples 33,189 36,876 40,969 45,517 50,569 56,183 62,419 69,347 77,045 11% 11% Population Sequencing Population Sequencing Revenue ($mm) $10 $10 $10 $10 $10 $10 $10 $10 $10 0% 0% WholeCo Revenue ($mm) $98 $153 $276 $462 $772 $1,162 $1,585 $1,952 $2,250 31% 48% 9 Source: Pelican Management. Note: Dollars in millions. (1) Revenue includes CTA/CDx milestones.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Preliminary Management Plan: Double Click on Revenue ’26E ’30E ’34E ‘26 – ‘34E Revenue Revenue Revenue CAGR +48% Clinical Diagnostics $2,250 +31% $10 Biopharma +0% $155 +15% Personal Cancer Vaccine $210 +46% Population Sequencing +71% $1,875 $772 +68% $10 $90 $100 $571 $98 2026E 2030E 2034E Memo: Clinical Diagnositcs Revenue Mix NeXT Personal Dx Breast 32% 25% 25% I-O Monitoring 41% 34% 33% Lung 19% 16% 16% CRC – 13% 13% Other Indications – 8% 11% NeXT Dx 7% 4% 3% 10 Source: Pelican Management. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Preliminary Management Plan: Revenue and Adj. EBITDA Overview 2026E-2034E Prelim. Management Plan 2035E-2039E Management Extrapolation ‘35-‘39 CAGR: +8% ‘30-‘34 CAGR: +31% ‘26-‘29 CAGR: +68% $3,476 $3,310 $3,092 $2,833 $2,548 $2,250 $1,952 $1,585 $1,162 $772 $462 $276 $153 $85 $98 $70 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Total YoY Growth: n.a. (18%) +40% +57% +80% +67% +67% +51% +36% +23% +15% +13% +11% +9% +7% +5% ‘35-‘39 CAGR: +8% ‘30-‘34 CAGR: +74% $988 $941 $879 $806 $725 $640 $483 $334 $186 $70 ($15) ($57) ($71) ($78) ($91) ($103) 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E % Margin: NM NM NM NM NM NM 9% 16% 21% 25% 28% 28% 28% 28% 28% 28% 11 Source: Pelican Management. Note: Dollars in millions. (1) Reflects EBITDA burdened by SBC expense. (1) Adj. EBITDA Revenue

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Preliminary Management Plan Overview: Summary P&L 2026E-2034E Prelim. Management Plan 2035E-2039E Management Extrapolation 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Revenue $98 $153 $276 $462 $772 $1,162 $1,585 $1,952 $2,250 $2,548 $2,833 $3,092 $3,310 $3,476 % Growth 40% 57% 80% 67% 67% 51% 36% 23% 15% 13% 11% 9% 7% 5% (Less:) COGS (73) (99) (153) (215) (309) (423) (528) (601) (654) (740) (823) (898) (962) (1,010) Gross Profit $24 $54 $123 $247 $462 $739 $1,058 $1,351 $1,597 $1,808 $2,010 $2,194 $2,349 $2,466 % Margin 25% 35% 45% 53% 60% 64% 67% 69% 71% 71% 71% 71% 71% 71% (Less:) S&M (47) (56) (94) (146) (232) (349) (476) (576) (642) (727) (808) (882) (944) (991) (Less:) G&A (28) (28) (37) (44) (56) (71) (89) (105) (118) (133) (148) (162) (173) (182) (Less:) R&D (66) (70) (76) (88) (123) (154) (182) (213) (226) (256) (284) (310) (332) (349) (Less:) Partner Co-Dev't Fee 4 – – – – – – – – – – – – – EBIT ($112) ($100) ($84) ($31) $51 $165 $311 $457 $611 $692 $769 $839 $899 $944 (Plus:) D&A 9 9 13 15 19 21 23 25 29 33 37 40 43 45 Adj. EBITDA ($103) ($91) ($71) ($15) $70 $186 $334 $483 $640 $725 $806 $879 $941 $988 % Margin NM NM NM NM 9% 16% 21% 25% 28% 28% 28% 28% 28% 28% (Plus:) SBC 10 10 25 33 38 46 50 50 56 63 70 76 82 86 Adj. EBITDA (excl. SBC) ($93) ($81) ($46) $18 $108 $232 $384 $533 $696 $788 $876 $956 $1,023 $1,074 % Margin NM NM NM 4% 14% 20% 24% 27% 31% 31% 31% 31% 31% 31% 12 Source: Pelican Management. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Preliminary Management Plan in Context: Comparison vs. Consensus Current Revenues in Preliminary Management Plan are above Street through 2030; only one broker with estimates 2028+ (1) Revenue Adj. EBITDA $772 $70 Limited Wall Street Projections Past 2027 $462 ($15) ($66) $276 ($81) ($71) $198 $153 $163 $98 ($91) $132 $108 ($103) $81 2026E 2027E 2028E 2029E 2030E 2026E 2027E 2028E 2029E 2030E Memo: # of Est. Memo: # of Est. 7 6 1 1 1 4 4 – – – Prelim. Management Plan vs. Consensus: Prelim. Management Plan vs. Consensus: +21% +42% +110% +184% +290% (26%) (38%) NA NA NA Mgmt. Consensus (Median) 13 Source: Pelican Management, Wall Street research. Note: Dollars in millions. (1) Reflects EBITDA burdened by SBC expense.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Centerview Financial Analysis 14

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Financial Analysis: Overview of Valuation Methodologies Comments 52-Week Trading ▪ Pelican trading levels over the past 12 months Range Analyst For ▪ Future price targets based on latest analyst reports assuming range of outlooks and assumptions Reference Price Targets Only Precedent ▪ Analysis of premiums paid in selected life sciences transactions Premia Paid ▪ Based on projected unlevered free cash flows as of 3/31/26 Discounted Cash Flow ▪ Includes impact of estimated 3/31/26 balance sheet net cash and accounts for value of tax assets (“DCF”) Analysis ▪ 16.0% to 18.0% WACC, 3.0% to 5.0% perpetuity growth rate ▪ Selected publicly traded companies Core Selected Public Methodologies Company Analysis ▪ Valuation based on range of Enterprise Value / NTM Sales Multiples ▪ Selected precedent transactions Selected Transaction Analysis ▪ Valuation based on range of Enterprise Value / NTM Sales Multiples 15

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Financial Analysis: Discounted Cash Flow Analysis – Preliminary Management Plan Unlevered Free Cash Flow Projections CAGR Preliminary Management Plan Management Extrapolation Period 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E '30E-'34E '26E-34E Revenue $98 $153 $276 $462 $772 $1,162 $1,585 $1,952 $2,250 $2,548 $2,833 $3,092 $3,310 $3,476 31% 48% % Growth 15% 92% 80% 67% 67% 51% 36% 23% 15% 13% 11% 9% 7% 5% Adj. EBITDA ($93) ($81) ($46) $18 $108 $232 $384 $533 $696 $788 $876 $956 $1,023 $1,074 59% NM % Margin NM NM NM 4% 14% 20% 24% 27% 31% 31% 31% 31% 31% 31% (Less): SBC (10) (10) (25) (33) (38) (46) (50) (50) (56) (63) (70) (76) (82) (86) Adj. EBITDA (less SBC) ($103) ($91) ($71) ($15) $70 $186 $334 $483 $640 $725 $806 $879 $941 $988 74% NM (Less): D&A (9) (9) (13) (15) (19) (21) (23) (25) (29) (33) (37) (40) (43) (45) Operating Profit ($112) ($100) ($84) ($31) $51 $165 $311 $457 $611 $692 $769 $839 $899 $944 (1) (Less): Taxes (Excl. NOLs) – – – – (14) (46) (87) (128) (171) (194) (215) (235) (251) (264) NOPAT ($112) ($100) ($84) ($31) $37 $119 $224 $329 $440 $498 $554 $605 $647 $680 Plus: D&A 9 9 13 15 19 21 23 25 29 33 37 40 43 45 (Less): Capex (10) (12) (12) (12) (50) (20) (20) (25) (30) (34) (38) (41) (44) (46) (Less): Δ in NWC (0) (3) 18 (1) 2 (0) 1 (2) (7) (7) (7) (6) (5) (4) UFCF ($113) ($106) ($65) ($28) $8 $120 $228 $328 $432 $490 $546 $597 $640 $674 Memo: 2Q-4Q'26 uFCF ($80) Impact from NOLs – – – – 10 28 48 70 3 – – – – – Implied Enterprise Value ($bn) Implied Share Price Implied Terminal EV / LTM Sales PGR PGR PGR 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 16.0% $1.5 $1.6 $1.7 16.0% $15.30 $15.90 $16.60 16.0% 1.7x 1.8x 2.0x 17.0% 1.3 1.4 1.4 17.0% 13.60 14.05 14.55 17.0% 1.5x 1.7x 1.8x 18.0% 1.2 1.2 1.2 18.0% 12.15 12.50 12.90 18.0% 1.5x 1.6x 1.7x Source: Company filings, FactSet and Pelican Management. Notes: Dollars in millions, except for per share amounts and where otherwise stated. Share prices rounded to nearest $0.05. DCF analysis assumes valuation as of March 31, 2026 using mid-year convention applied to projected free cash flows. Implied share price reflects estimated 3/31/2026 cash balance of $230mm. Fully diluted shares underlying the analysis from Pelican management based on basic shares of 88.8mm as of 10/28/25, pro forma for 16 12.9mm shares from $109mm at-the-market sales program executed at a weighted-average price of $8.43 per share and dilution under treasury stock method (TSM) of 12.8mm service-based stock options with a weighted-average exercise price (WAEP) of $4.71, 0.3mm performance-based stock options with a WAEP of $1.61, 0.2mm RSUs, and 0.6mm PSUs all as of 9/30/25. (1) Reflects 29.8% tax rate applied to operating profit. WACC WACC WACC

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Financial Analysis: Illustrative Discounted Cash Flow Sensitivity Analysis Sensitivity Value Per Share Impact (vs. Prelim. Management Plan) Implied Share Price Prelim. Management Plan Valuation Midpoint DCF Midpoint: $14 +1.0mm NeXT Personal Dx Tests in 2034E +$11 $25 / share (Prelim. Mgmt. Plan: 1.9mm) 2034E Rev: $3.1bn 2030E-2034E Revenue CAGR of 42% (vs. 31%) +0.5mm NeXT Personal Dx Tests in 2034E +$6 Revenue $20 / share (Prelim. Mgmt. Plan: 1.9mm) 2034E Rev: $2.7bn 2030E-2034E Revenue CAGR of 36% (vs. 31%) (0.5mm) NeXT Personal Dx Tests in 2034E ($4) $10 / share (Prelim. Mgmt. Plan: 1.9mm) 2034E Rev: $1.8bn 2030E-2034E Revenue CAGR of 23% (vs. 31%) 60% Gross Margin Steady State Gross Margin ($6) $8 / share (Prelim. Mgmt. Plan: 71%, -11%) 15% Run-Rate R&D (% of Rev.) R&D ($3) $11 / share (Prelim. Mgmt. Plan: 10%, +5%) Perpetuity Growth + / - 100bps in PGR ($0) +$1 $14 / share $15 / share Rate (4.0% PGR Midpoint) + / - 100bps in Discount Rate Discount Rate $12 / share $16 / share ($2) +$2 (17.0% Discount Rate Midpoint) Source: Pelican Management. Note: Dollars in millions, except for per share amounts and where otherwise stated. Share prices rounded to nearest $1. DCF analysis assumes valuation as of March 31, 2026 using mid-year convention applied to projected free cash flows. Implied share price 17 reflects estimated 3/31/2026 cash balance of $230mm. Fully diluted shares underlying the analysis from Pelican management based on basic shares of 88.8mm as of 10/28/25, pro forma for 12.9mm shares from $109mm at-the-market sales program executed at a weighted-average price of $8.43 per share and dilution under treasury stock method (TSM) of 12.8mm service-based stock options with a weighted-average exercise price (WAEP) of $4.71, 0.3mm performance-based stock options with a WAEP of $1.61, 0.2mm RSUs, and 0.6mm PSUs all as of 9/30/25.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Selected Publicly-Traded Companies Market Revenue ($bn) EV / EV/ (1) Company Cap. ($bn) EV ($bn) 2026E 2027E 2028E '26-'28E CAGR NTM Rev. LTM EBITDA Natera $29.8 $28.8 $2.6 $3.1 $3.6 18% 10.9x n.m. Guardant 14.8 14.4 1.2 1.6 2.0 27% 11.4x n.m. Toucan 9.8 10.2 1.6 2.0 2.4 23% 6.3x n.m. Caris 6.3 5.9 1.0 1.2 1.4 21% 5.9x n.m. Grail 4.8 3.8 0.2 0.2 0.3 34% n.m. n.m. BillionToOne 4.6 4.2 0.4 0.5 0.7 32% 10.2x n.m. Veracyte 2.8 2.5 0.6 0.6 0.7 12% 4.3x 26.7x Adaptive 2.8 2.6 0.3 0.3 0.4 21% 9.5x n.m. GeneDx 2.6 2.5 0.5 0.7 0.8 20% 4.5x n.m. 10x Genomics 2.4 1.9 0.6 0.7 0.7 8% 3.0x n.m. CareDx 1.0 0.8 0.4 0.5 0.5 12% 1.9x 20.7x 75th Percentile 25% 10.0x 25.2x Median 21% 6.1x 23.7x 25th Percentile 15% 4.4x 22.2x Pelican (Cons.) $0.1 $0.1 $0.1 28% 6.6x n.m. $0.8 $0.6 Pelican Mgmt. 0.1 0.2 0.3 68% 5.5x n.m. 18 Source: FactSet and Wall Street research as of 2/5/26. Note: Dollars in USD. EBITDA peer multiples range bound between 0 and 30. Revenue peer multiples range bound between 0 and 20. (1) Reflects EBITDA burdened by SBC expense.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Selected Precedent Transactions Implied EV / Annc. Offer Enterprise % Premium To NTM Sales Date Target Acquiror Value ($bn) Value ($bn) Unaffected 52-Wk. High % Stock LTM Sales NTM Sales Growth % Mar-21 GenMark Roche $1.8 $1.8 43% 26% – 10.5x 9.7x 8% Jul-19 Genomic Health Exact Sciences 2.8 2.6 11% (20%) 62% 6.1x 5.5x 11% (1) (1) Jun-18 Foundation Roche 5.3 5.3 34% 28% – 28.4x 19.7x 44% Sep-16 Cepheid Danaher 4.4 4.0 54% 0% – 6.7x 5.9x 15% 75th Percentile +45% +26% 15% 14.9x 12.2x +22% Median +39% +13% – 8.6x 7.8x +13% 25th Percentile +28% (5%) – 6.6x 5.8x +10% Memo: Selected Others Jul-22 Meridian SD Biosensor / SJL Partners $1.5 $1.5 8% 1% – 4.3x 4.5x (5%) Dec-21 Ortho Clinical Quidel 6.0 8.0 25% 10% 71% 3.9x 3.8x 3% May-21 Immunodiagnostic Systems PerkinElmer 0.2 0.1 50% 41% – 2.6x NA NA Jul-16 Sequenom LabCorp 0.3 0.4 179% (19%) – 3.2x 2.9x 11% (2) (2) Feb-16 Alere Abbott 5.1 8.1 53% 1% – 3.3x 3.3x 1% Jan-16 Affymetrix Thermo Fisher 1.5 1.3 50% 7% – 3.7x 3.6x 4% 75th Percentile +52% +9% – 3.9x 3.8x +4% Median +50% +4% – 3.5x 3.6x +3% 25th Percentile +31% +1% – 3.2x 3.3x +1% 19 Source: Public filings, Wall Street research, and FactSet as of 2/5/26. Includes life science tools and diagnostics deals from 2016-2026YTD. (1) Transaction reflects offer value for 100% of company; prior to transaction announcement Roche owned ~56% of outstanding shares. (2) Reflects metrics as of initial February 2016 announcement.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary TD Cowen Financial Analysis 20

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Selected Public Companies Analysis (US$ in Millions) '25E-'27E YTD Trading Revenue '26E Gross EV / Revenue Company Market Cap Enterprise Value Cash Balance Revenue Performance Margin 2025E 2026E 2027E CAGR 2025E 2026E 2027E $29,797 $28,835 $1,042 (14%) $2,222 $2,600 $3,115 18% 64% 12.98x 11.09x 9.26x 14,807 14,400 1,300 (4%) 969 1,230 1,560 27% 65% 14.86x 11.71x 9.23x 9,802 10,216 875 (11%) 1,265 1,578 1,964 25% 63% 8.08x 6.47x 5.20x 6,335 5,933 802 (21%) 800 987 1,202 23% 66% 7.42x 6.01x 4.94x 4,779 3,765 1,014 10% 147 175 207 19% 48% 25.60x 21.48x 18.19x 4,578 4,178 482 4% 296 397 535 34% 67% 14.11x 10.51x 7.81x 2,845 2,479 366 (17%) 512 566 638 12% 73% 4.84x 4.38x 3.88x 2,801 2,574 227 1% 264 267 324 11% 70% 9.74x 9.66x 7.95x 2,575 2,457 172 (35%) 427 540 665 25% 72% 5.76x 4.55x 3.70x 1,017 817 200 (3%) 374 418 462 11% 70% 2.18x 1.95x 1.77x $1,017 $817 $172 (35%) $147 $175 $207 11% 48% 2.18x 1.95x 1.77x Min 25th Percentile 2,812 2,503 262 (16%) 316 402 480 13% 64% 6.17x 4.92x 4.15x Mean 7,934 7,565 648 (9%) 728 876 1,067 20% 66% 10.55x 8.78x 7.19x 4,679 3,971 642 (7%) 470 553 652 21% 66% 8.91x 8.07x 6.51x Median 75th Percentile 8,935 9,145 979 0% 927 1,169 1,471 25% 70% 13.83x 10.95x 8.91x Max 29,797 28,835 1,300 10% 2,222 2,600 3,115 34% 73% 25.60x 21.48x 18.19x PELICAN $828 $572 $261 (7%) $70 $98 $153 48% 25% 8.21x 5.85x 3.73x Management Case PELICAN $828 $572 $261 (7%) $69 $81 $108 25% 25% 8.27x 7.06x 5.28x Street Source: Public filings, S&P Global Market Intelligence, and FactSet as of 2/5/26. Estimates per Wall Street research consensus. 21 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): 104.7M basic shares, 12.612M stock options with weighted average strike price of $4.70, 0.225M of RSUs, and 0.575M of PSUs per PELICAN management. Assumes Pelican cash and debt of $240.0M and $4.6M, respectively, as of 12/31/25, with $21M pro forma adjustment for Q1 2026 ATM proceeds.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Selected Precedent Transactions Analysis (US$ in Millions) Enterprise Value as a Enterprise Total Multiple of Ann. Date Target Acquiror Value Consideration ($M) % Upfront LTM Revenue NTM Revenue 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 Min $100 $100 64% 3.92x 3.82x 296 296 78% 5.95x 5.34x 25th Percentile Mean 2,853 2,811 89% 12.46x 9.68x Median 612 612 100% 9.20x 7.99x 75th Percentile 1,979 2,084 100% 16.36x 13.52x Max 22,778 23,789 100% 28.41x 19.67x Memo: 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% — — Source: Company filings, S&P Global Market Intelligence, press releases, and FactSet as of 2/5/26. 22 Note: Private company data as of transaction announcement. Public company data per company filings.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Standalone Discounted Cash Flow Analysis Perpetuity Growth Rate Method Discounted to 3/31/26 Calendar Year Ending December 31, Terminal US$ in Millions, except share data (3) Q2-Q4 '26E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Year Revenue $80 $153 $276 $462 $772 $1,162 $1,585 $1,952 $2,250 $2,548 $2,833 $3,092 $3,310 $3,476 $3,476 % Growth N/A 92% 80% 67% 67% 51% 36% 23% 15% 13% 11% 9% 7% 5% EBITDA ($75) ($91) ($71) ($15) $70 $186 $334 $483 $640 $725 $806 $879 $941 $988 $988 % Margin (94%) (59%) (26%) (3%) 9% 16% 21% 25% 28% 28% 28% 28% 28% 28% 28% Less: D&A (7) (9) (13) (15) (19) (21) (23) (25) (29) (33) (37) (40) (43) (45) (46) EBIT ($82) ($100) ($84) ($31) $51 $165 $311 $457 $611 $692 $769 $839 $899 $944 $942 % Margin (103%) (65%) (30%) (7%) 7% 14% 20% 23% 27% 27% 27% 27% 27% 27% 27% (1) Less: Tax provision (28.0%) — — — — (5) (18) (39) (58) (168) (194) (215) (235) (251) (264) (264) Plus: D&A 7 9 13 15 19 21 23 25 29 33 37 40 43 45 46 Less: Capex (5) (12) (12) (12) (50) (20) (20) (25) (30) (34) (38) (41) (44) (46) (46) Less: Change in NWC 0 (3) 18 (1) 2 (0) 1 (2) (7) (7) (7) (6) (5) (4) (3) Unlevered Free Cash Flow ($80) ($106) ($65) ($28) $18 $148 $275 $398 $434 $490 $546 $597 $640 $674 $675 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% 16.75% $719 $650 $707 $775 $1,369 $1,427 $1,494 1.57x 1.71x 1.88x 17.75% $651 $541 $586 $638 $1,192 $1,237 $1,289 1.47x 1.59x 1.74x 18.75% $588 $453 $488 $529 $1,041 $1,077 $1,117 1.38x 1.49x 1.62x (4) Plus Net Enterprise Value: Equity Value: Discount Share Price: (2) Rate Cash 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 16.75% $228 $1,369 $1,427 $1,494 $1,597 $1,655 $1,722 $13.98 $14.48 $15.05 17.75% $228 $1,192 $1,237 $1,289 $1,420 $1,465 $1,517 12.47 12.86 13.30 18.75% $228 $1,041 $1,077 $1,117 $1,269 $1,305 $1,345 11.19 11.49 11.84 Source: Preliminary PELICAN Management Plan for 2026E – 2034E and Management Extrapolation Period for 2035E – 2039E. Note: Present value date of 3/31/26, using mid-year discounting convention. 1. Blended marginal state and federal tax rate per PELICAN Management. Taxes presented net of pre and post-12/31/17 Federal NOLs/credits of $106.1M and $232.2M, respectively per 2024 10-K. NOL balance also includes FY2025 and Q1 2026 operating loss carryforwards of $117.7M. Federal NOLs fully utilized by 2034. 23 2. Assumes cash and debt of $230.5M and $2.5M, respectively, as of 3/31/26, inclusive of $21M pro forma adjustment for Q1 2026 ATM proceeds. 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. Fully-diluted shares outstanding (per TSM): 104.7M basic shares, 12.612M stock options with weighted average strike price of $4.70, 0.225M of RSUs, and 0.575M of PSUs per PELICAN management.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Premiums Paid Analysis Median Premiums Paid to the One-Day Prior Stock Price – $1.0B to $1.5B Market Capitalization Companies One-Day Premium 25th Percentile 20.5% Median 39.6% 75th Percentile 62.5% 45.0% 41.7% 41.7% 41.4% 41.4% 41.1% 40.3% 39.9% Median One-Day 39.7% 39.6% 39.5% 40.0% Premium: 39.6% 35.0% 30.0% 25.0% 2016 → Today 2017 → Today 2018 → Today 2019 → Today 2020 → Today 2021 → Today 2022 → Today 2023 → Today 2024 → Today 2025 → Today # of 82 65 58 54 47 44 36 29 18 12 Deals Source: Refinitiv Eikon as of 2/5/26. Based on transaction announcement date. Includes majority acquisition transactions involving target companies headquartered in United States. Excludes transactions with premiums <0% and >300% and transactions cancelled, expired, dismissed, withdrawn or liquidated/out of business. 24

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Weighted Average Cost of Capital 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 $828 $5 $261 ($256) $572 — 28.0% 1.66 1.66 Comparable Companies $29,797 $80 $1,042 ($962) $28,835 — 25.0% 1.24 1.24 Natera, Inc. Guardant Health, Inc. 14,807 893 1,300 (407) 14,400 — 25.0% 1.14 1.14 Tempus Ai, Inc. 9,802 1,289 875 414 10,216 4.2% 25.0% 2.19 2.12 Caris Life Sciences, Inc. 6,335 400 802 (402) 5,933 — 25.0% 1.00 1.00 4,779 – 1,014 (1,014) 3,765 — 25.0% 1.83 1.83 Grail, Inc. (3) Billiontoone, Inc. 4,578 81 482 (400) 4,178 — 25.0% (0.04) (0.04) Veracyte, Inc. 2,845 – 366 (366) 2,479 — 25.0% 1.24 1.24 Adaptive Biotechnologies Corporation 2,801 – 227 (227) 2,574 — 25.0% 1.45 1.45 Genedx Holdings Corp. 2,575 55 172 (117) 2,457 — 25.0% 1.40 1.40 Caredx, Inc. 1,017 – 200 (200) 817 — 25.0% 1.29 1.29 Peer Median $4,679 $68 $642 ($383) $3,971 — 25.0% 1.29 1.29 Weighted Average Cost of Capital (WACC) Calculation (4) Target Capital Structure Cost of Equity Calculation (6) Risk-Free Rate Debt / Total Capitalization — 4.79% (7) Market Risk Premium 7.31% Equity / Total Capitalization 100.0% Debt / Equity — Relevered Beta 1.66 (8) (2) Size Premium Leveraging factor 1.000x 0.88% Cost of Equity 17.80% Cost of Debt Calculation Cost of Debt n/a Weighted Average Cost of Capital 17.80% (5) Marginal Tax Rate 28.0% Weighted Average Cost of Capital - Low 16.75% After Tax Cost of Debt — Weighted Average Cost of Capital - High 18.75% Source: Bloomberg, S&P Global Market Intelligence, U.S. Treasury, and Kroll 2024 Cost of Capital Navigator. 1. Beta represents Bloomberg’s historical, adjusted, levered two-year daily beta as of 2/5/26 (or since listing, if trading history is shorter). 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 excluded from median of peer set due to recency of IPO. 4. Target capital structure per management projections. 5. Blended marginal state and federal tax rate per PELICAN Management. 25 6. 20-Year United States Treasury yield as of 2/5/26. 7. Expected U.S. Equity Risk Premium versus Long-Term U.S. Treasury Bonds per Kroll 2024 cost of capital navigator. 8. Kroll cost of capital navigator as of 2024 size premium reflects Decile 8 for market cap of $731.19M-$1,417.45M.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Illustrative Present Value of NOLs (US$ in Millions) Calendar Year Ending December 31, Q2-Q4 '26E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E (1) $456.0 $538.1 $638.4 $722.1 $752.8 $706.1 $574.0 $347.3 $13.8 - Beginning Balance Ending Balance 538.1 638.4 722.1 752.8 706.1 574.0 347.3 $13.8 - - Total Federal Tax Savings - - - - $9.8 $27.7 $47.6 $70.0 $2.9 - Discount Period 0.375 1.250 2.250 3.250 4.250 5.250 6.250 7.250 8.250 9.250 Discount Factor (17.75% Discount Rate) 94% 82% 69% 59% 50% 42% 36% 31% 26% 22% PV of Unlevered FCF - - - - $4.9 $11.8 $17.1 $21.4 $0.8 - Implied NPV of Federal NOLs Implied NPV of Federal NOLs $56.0 16.75% $59.1 (2) 113.441 / Shares Outstanding Cost of Equity 17.75% 56.0 Implied NPV of Federal NOLs, Per Share $0.49 18.75% 53.1 Source: Preliminary PELICAN Management Plan for 2026E – 2034E, Management Extrapolation Period for 2035E – 2039E, and public filings. Note: Does not consider Section 382 limitations; reflects Federal NOLs. Per PELICAN management, assumes pre-12/31/17 Federal NOLs of $106.1M subject to 100% utilization, post-12/31/17 Federal NOLs of 26 $232.2M subject to 80% utilization as of 12/31/24 and NOLs during 2025 and Q1 2026 of $117.7M. Federal NOLs fully utilized by 2034. 1. Beginning balance based on sum Federal NOLs and Federal R&D tax credits of $338.3M as of 12/31/24 per PELICAN Form 10-K and NOLs during 2025 and Q1 2026 of $117.7M per PELICAN management. 2. Shares outstanding per discounted cash flow midpoint.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary External Perspectives on Toucan 27

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Company Snapshot Business Overview Public Market Overview ▪ Fast-growing healthcare technology company providing diagnostics solutions, Trading Multiples Capitalization leveraging AI to connect laboratory results to a patient’s own clinical data, providing EV / EV / personalized results Revenue EBITDA Current Share Price $52.44 – Genomics, which leverages laboratories to provide NGS diagnostics, PCR profiling Multiples Prem. / (Disc.) vs. 52-Wk. High (49%) and other anatomic and molecular pathology testing to healthcare providers CY'25A 8.0x NM Prem. / (Disc.) vs. 52-Wk. Low 41% – Data and Services, which facilitates drug discovery and development for life CY'26E 6.5x NM Diluted Shares Outstanding 186.9 sciences companies through two products: CY'27E 5.2x NM Implied Equity Value $9.8 • Insights: Provides researchers with access to multimodal healthcare data and a Plus: NCI – suite of analytic and cloud-and-compute tools for discovery, R&D and Metrics (2) Plus: Debt 1.3 commercialization CY'25A $1.3 $0.0 (Less): Cash (0.9) CY'26E 1.6 0.1 • Trials: Leverages network of physicians to provide clinical trial matching services Implied Enterprise Value $10.2 CY'27E 2.0 0.2 for pharmaceutical companies Financial Profile Key Management ’23A-’28E Sales by Segment ($mm) CAGR Eric Lefkofsky $2,388 Jim Rogers + +35% Founder and CEO $1,964 CFO 595 +29% ▪ Founded in August of 2015 $1,578▪ Appointed April 2021 + 524 ▪ Previously co-founded $1,271 ▪ Previously held senior 414 Pathos AI, Groupon and FP&A positions at Groupon 316 $693 Data and 1,793 $532 +38% Mediaocean 1,440 Services 242 1,164 955 169 452 363 Genomics Terron Bruner Mike Yasiejko 2023A 2024A 2025A 2026E 2027E 2028E Chief Commercial Officer President WholeCo Growth %: ▪ Appointed April 2021▪ Appointed January 2026, +66% +30% +83% +24% +24% +22% ▪ Previously Sr. Sales Leader previously EVP of of HCLS at Amazon Web Genomics Genomics Growth %: Services▪ Previously Associate (1) +30% +83% +24% +22% +24% +25% Partner at Bain 28 Source: Company filings, FactSet and Wall Street Research as of 2/5/26. Note: Dollars in billions unless otherwise noted. (1) Reflects organic growth rate (excluding Ambry). (2) Includes senior secured term loan, 0.75% Convertible Senior Notes due 2030, and Convertible Promissory Note due 2030.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Share Price Performance Since IPO (1) Toucan Peers Share Price Performance YTD 1-Yr Since IPO 9/11/25: Received FDA special 11/4/25: Announced Q3’25 510(k) clearance for updated Pixel $110 Toucan (11%) (24%) +30% 2/24/25: Announced FY’24 earnings; earning; projecting positive FY’25 cardiac imaging platform (1) $693mm of revenue with ~30% YoY Peers (7%) (14%) +22% adj. EBITDA revenue growth 8/22/25: Announced $100 acquisition of Paige for $81mm (predominantly paid $90 11/4/24: Announced 6/30/25: Announced pricing of in Toucan stock) 1/21/25: Announced Ambry acquisition upsized 0.75% $750mm Convertible national launch of Olivia, ($375mm cash + $225mm Senior Notes due 2030 (over- $80 AI-enabled personal health stock) and Q3’24 earnings allotment exercised) 8/16/24: Expanded concierge app collab. with Pelican $70 incl. $36mm investment (19.3% PF $52 $60 ownership) +30% $49 $50 +22% $40 $40 1/11/26: Announced prelim. FY’25 7/9/25: Expanded collab. earnings; $1.27bn in revenue with with Pelican for CRC 2/13/25: Announced collaboration with IFLI ~83% YoY revenue growth $30 12/16/24: Expanded collab. with for AI-driven lymphoma therapy development Pelican for biopharma access $20 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Distribution of Trading Volume Since IPO # of shares (in mm) 1,207 % distribution 878 469 414 39% 29% 75 30 15% 2% 13% 1% $20 - $35 $35 - $50 $50 - $65 $65 - $80 $80 - $95 $95 - $110 29 Source: FactSet as of 2/5/26. (1) Peers includes Natera, Guardant, Caris, Grail, BillionToOne, Adaptive, Veracyte, GeneDx, 10x Genomics, Pelican and CareDx.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Wall Street Perspectives Current Price: $52.44 Median PT = +62% vs. current Valuation Revenue EBITDA Broker Price Target Method Metric 2026E 2027E 2026E 2027E $105 Buy Revenue Multiple 11.5x 2027E EV/Rev., 10% Discount $1,580 $1,950 $65 $175 (Mark Massaro) -- 1,578 1,958 70 139 $100 Buy (Mark Schappel) $100 Buy Revenue Multiple 12.2x 2026E EV/Rev. 1,581 -- 76 -- (Ryan MacDonald) Revenue Multiple 11.0x 2026E EV/Rev. 1,589 2,001 55 173 $95 Buy (Subbu Nambi) -- $89 Buy Revenue Multiple 11.0x NTM EV/Rev. 1,544 -- -- -- (Yi Chen) DCF DCF @ 7.1% WACC, 3.0% PGR 1,570 1,970 79 221 $85 Buy (Kallum Titchmarsh) -- $85 Hold 1,573 -- 89 -- (Dan Arias) -- DCF 1,592 1,976 65 216 $80 Buy (Kyle Mikson) DCF DCF @ 8.6% WACC, 5.0% PGR 1,549 1,874 92 186 $80 Hold (Casey Woodring) -- Revenue Multiple ~9.5x 2Y Forward EV/Rev. 1,547 1,876 -- -- $80 Hold (David Westenberg) -- 1,583 2,035 154 -- $76 Hold (Dan Brennan) -- NA Hold 1,575 -- 88 -- (Andrew Brackmann) Memo: Revenue Multiple 7x 2027E EV/Rev. 1,578 -- 75 -- NA Hold $60-$65 / share (Doug Schenkel) Median $85 $1,578 $1,964 $76 $180 30 Source: Wall Street Research and FactSet as of 2/5/26. Note: dollars in millions, except per share amounts.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Stock Price Perspectives Toucan Share Price Implied Revenue Multiples Value Δ vs. Curr. 2026E 2027E Wall Street Price Target High $105.00 +100% 12.3x 9.9x (10/8/25) 52-Week High 103.25 +97% 12.1x 9.7x Wall Street Price Target Median 85.00 +62% 9.9x 7.9x 90-Day VWAP 76.42 +46% 8.8x 7.1x Wall Street Price Target Low 76.00 +45% 8.8x 7.1x 30-Day VWAP 64.39 +23% 7.4x 6.0x Current / At Market $52.44 -- 6.0x 4.8x (4/8/25) 52-Week Low 37.23 (29%) 4.2x 3.4x (6/25/24) All-Time Low 24.96 (52%) 2.7x 2.2x 31 Source: Bloomberg, Wall Street research and FactSet as of 2/5/26.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Wall Street Financial Expectations Revenue EBITDA $1,237 $3,812 $3,313 $3,090 $820 $3,263 $757 $2,834 $2,481 $2,833 $2,388 $478 $424 $2,035 $302 $1,964 $2,280 $221 $180 $154 $1,592 $278 $1,578 $1,874 $232 $76 $189 $1,544 $139 $55 2026E 2027E 2028E 2029E 2030E 2026E 2027E 2028E 2029E 2030E Memo: # of Est. Memo: # of Est. 14 9 6 3 3 12 7 4 3 2 Memo: % Growth Memo: % Growth 25% 24% 22% 19% 17% n.m. 138% 67% 40% 79% WS High WS Low WS Median 32 Source: FactSet and Wall Street research. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Selected Publicly-Traded Life Sciences Companies Selected diagnostics and life-sciences tools companies Market Revenue ($bn) EV/ EV / (1) Company Cap. ($bn) EV ($bn) 2026E 2027E 2028E '26-'28E CAGR NTM Rev. LTM EBITDA Natera $29.8 $28.8 $2.6 $3.1 $3.6 18% n.m. 10.9x Guardant 14.8 14.4 1.2 1.6 2.0 27% n.m. 11.4x Caris 6.3 5.9 1.0 1.2 1.4 21% n.m. 5.9x Grail 4.8 3.8 0.2 0.2 0.3 34% n.m. n.m. BillionToOne 4.6 4.2 0.4 0.5 0.7 32% n.m. 10.2x Veracyte 2.8 2.5 0.6 0.6 0.7 12% 26.7x 4.3x Adaptive 2.8 2.6 0.3 0.3 0.4 21% n.m. 9.5x GeneDx 2.6 2.5 0.5 0.7 0.8 20% n.m. 4.5x 10x Genomics 2.4 1.9 0.6 0.7 0.7 8% n.m. 3.0x CareDx 1.0 0.8 0.4 0.5 0.5 12% 20.7x 1.9x Pelican 0.8 0.6 0.1 0.1 0.1 28% n.m. 6.6x 75th Percentile 27% 25.2x 10.0x Median 21% 23.7x 6.3x 25th Percentile 15% 22.2x 4.4x Toucan $9.8 $10.2 $1.6 $2.0 $2.4 23% n.m. 6.3x 33 Source: FactSet and Wall Street research as of 2/5/26. Note: Dollars in USD. EBITDA peer multiples range bound between 0 and 30. Revenue peer multiples range bound between 0 and 20. (1) Reflects EBITDA burdened by SBC expense.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Appendix 34

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Analysis at Various Prices Premium / (Discount) vs. Curr. All Stock Consideration 70% Stock, 30% Cash Implied Pro Forma Pro Forma Implied % Prem. % Prem. % Prem. Implied Transaction Value / Price Equity Transaction 1-Day 30-Day 52W High Exchange Pelican Exchange Pelican Prelim. Mgmt. Revenue Consensus Revenue (1) (2) (3) (4) (3) (4) per Share Value Value (1/28/26) VWAP (1/22/26) Ratio Ownership Ratio Ownership 2026E 2027E 2026E 2027E $7.42 $828 $572 – (20%) (34%) 0.1414x 7% 0.0990x 5% 5.9x 3.7x 7.1x 5.3x 10.00 1,130 874 +35% +8% (11%) 0.1907x 9% 0.1335x 7% 8.9x 5.7x 10.8x 8.1x 11.00 1,247 991 +48% +19% (2%) 0.2098x 10% 0.1468x 7% 10.1x 6.5x 12.2x 9.2x 12.00 1,364 1,108 +62% +30% +7% 0.2288x 11% 0.1602x 8% 11.3x 7.2x 13.7x 10.2x 13.00 1,482 1,225 +75% +41% +16% 0.2479x 12% 0.1735x 9% 12.5x 8.0x 15.1x 11.3x 14.00 1,599 1,343 +89% +52% +24% 0.2670x 13% 0.1869x 9% 13.7x 8.8x 16.6x 12.4x 15.00 1,716 1,460 +102% +63% +33% 0.2860x 13% 0.2002x 10% 14.9x 9.5x 18.0x 13.5x 16.00 1,834 1,578 +116% +73% +42% 0.3051x 14% 0.2136x 10% 16.1x 10.3x 19.5x 14.6x 17.00 1,951 1,695 +129% +84% +51% 0.3242x 15% 0.2269x 11% 17.4x 11.1x 20.9x 15.7x 18.00 2,069 1,813 +143% +95% +60% 0.3432x 16% 0.2403x 12% 18.6x 11.8x 22.4x 16.8x 19.00 2,187 1,930 +156% +106% +69% 0.3623x 17% 0.2536x 12% 19.8x 12.6x 23.8x 17.8x 20.00 2,304 2,048 +170% +117% +78% 0.3814x 17% 0.2670x 13% 21.0x 13.4x 25.3x 18.9x Metrics $7.42 $9.22 $11.25 $52.44 $52.44 $98 $153 $81 $108 Source: Pelican Management, public filings, FactSet, and Bloomberg as of 2/5/26. Note: Dollars in millions, except per share data. Analysis assumes Toucan’s $750mm principal amount of convertible senior notes due 7/15/30 with a conversion price of $84.19 is treated as debt. (1) Based on fully diluted Pelican shares outstanding: basic shares of 104.7mm as of 2/1/26 and dilution under treasury stock method (TSM) of 12.6mm stock options with a weighted-average exercise price (WAEP) of $4.70 as of 2/1/26, 0.2mm RSUs as of 9/30/25, and 0.6mm PSUs all as of 9/30/25. (2) Based on $261mm cash and cash 35 equivalents as of 12/31/25 pro forma for Jan-26 ATM offering and $5mm of software loans treated as debt as of 12/31/25. (3) Based on Toucan’s spot (current) price of $52.44 (as of 2/5/26). (4) Adjusted to reflect Toucan’s existing ownership of 12,718,800 Pelican shares, which are excluded from purchase consideration and pro forma ownership.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Management Plan in Context: Illustrative Benchmarking (1) Market Revenue 2025E Gross Profit 2025E SG&A Expense 2025E R&D Expense 2025E EBITDA Company Cap. ($bn) 2024A 2025E $ % $ % $ % $ % $9.8 $693 $1,265 $799 63% $699 55% $170 13% $1 0% Toucan 29.8 1,697 2,222 1,419 64% 1,176 53% 625 28% (323) NM 14.8 739 969 629 65% 575 59% 331 34% (210) NM Median $739 $1,265 $799 64% $699 55% $331 28% ($210) 0% Pelican (2) $0.8 $1,952 2,250 $1,597 71% $760 34% $226 10% $640 28% Mgmt. (2034E) 36 Source: Pelican Management and FactSet as of 2/5/26. Note: Dollars in millions unless stated otherwise. Reflects calendarized figures. (1) Reflects EBITDA burdened by SBC expense. (2) Reflects 2033E estimates.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican + Toucan: Side By Side PMOs Pelican Toucan Public Market Overview Public Market Overview Public Market Overview Price as of 02/5/26 $7.42 Price as of 02/5/26 $52.44 Prem. / (Disc.) vs. 52-Wk. High (34%) Prem. / (Disc.) vs. 52-Wk. High (49%) Prem. / (Disc.) vs. 52-Wk. Low 147% Prem. / (Disc.) vs. 52-Wk. Low 41% (1) (4) 111.7 186.9 Fully Diluted Shares Outstanding Fully Diluted Shares Outstanding Equity Value $828 Equity Value $9,802 (2) (5) (261) (Less): Cash as of 12/31/25 (875) (Less): Cash as of 9/30/25 (3) 5 Plus: Debt as of 12/31/25 2030 Convertible Promissory Note 239 Plus: NCI – 2030 Convertible Senior Notes 750 Revolving Credit Facility 100 Term Loan 200 Plus: Debt as of 9/30/25 1,289 Plus: NCI – Enterprise Value $572 Enterprise Value $10,216 Trading Multiples (Based on WS Consensus) Trading Multiples (Based on WS Consensus) Trading Multiples (Based on WS Consensus) EV / Sales $mm Multiple EV / Sales $mm Multiple 2026E $81 7.1x 2026E $1,578 6.5x 2027E 108 5.3x 2027E 1,964 5.2x 2028E 132 4.3x 2028E 2,442 4.2x EV / EBITDA EV / EBITDA 2026E ($81) NM 2026E $76 NM 2027E (66) NM 2027E 180 NM 2028E (26) NM 2028E 302 NM Source: Company filings and FactSet as of 2/5/26. Note: Dollars in millions unless otherwise noted. (1) Based on 104.7mm basic shares outstanding as of 2/1/26 and dilutive impact under treasury stock method (TSM) of 12.6mm stock options with a weighted average exercise price (WAEP) of $4.70 as of 2/1/26, 0.2mm RSUs as of 9/30/25, and 0.6mm PSUs as of 9/30/25. (2) Based on $261mm cash and cash equivalents as of 12/31/25 pro forma for Jan-26 ATM offering. (3) Based on $5mm of software loans treated as debt as of 37 12/31/25. (4) Based on 177.9mm basic shares outstanding as of 10/30/25 and dilutive impact under treasury stock method (TSM) of 6.4mm RSUs and 2.6mm PSUs as of 9/30/25. (5) Based on cash and cash equivalents of $656mm, marketable securities of $104mm, long term investments of $21mm, and investment in joint venture of $94mm.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican + Toucan: Relative Exchange Ratios Over Time Exchange ratio over time in stock-for-stock transaction (displayed at no premium deal) Favorable to Pelican Exchange Ratio Statistics 0.20x Current 0.14x Minimum (7/02/24) 0.03x High: 0.18x 0.18x Maximum (1/02/25) 0.18x 3-Month Average 0.13x 6-Month Average 0.11x 0.16x 12-Month Average 0.09x 0.14x 0.12x Current: 0.14x 0.10x 0.08x 0.06x 0.04x Toucan IPO Low: 0.03x 0.02x 0.00x Favorable to Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Toucan 38 Source: FactSet as of 2/5/26. Note: Exchange ratio is calculated as Pelican’s share price divided by Toucan’s share price.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican + Toucan: Top 20 Shareholders Overlap Pelican Top 20 Shareholders Toucan Top 20 Shareholders (1) (2) (3) Holder Value ($mm) Holder Shares (mm) Value ($mm) Shares (mm) % Ownership % Ownership Merck 14.0 $104 13.4% Baillie Gifford 8.7 $458 4.9% T. Rowe Price 12.9 96 12.3% Vanguard 8.7 457 4.9% Toucan 12.7 94 12.1% Red Sky 8.1 423 4.5% Lightspeed 8.2 61 7.8% ARK 7.2 376 4.0% ARK 7.9 59 7.6% Amova 7.0 365 3.9% BlackRock 5.0 37 4.8% SoftBank 5.4 283 3.0% AIGH 3.9 29 3.7% BlackRock 5.4 282 3.0% Threadneedle 3.5 26 3.3% JPMorgan 3.8 200 2.1% abrdn 3.2 24 3.1% Jennison Associates 2.2 117 1.3% Vanguard 2.7 20 2.5% UBS 2.1 111 1.2% Kennedy 1.9 14 1.8% D. E. Shaw 2.0 106 1.1% Blue Water Life Science 1.7 12 1.6% Morgan Stanley 1.8 93 1.0% Geode 1.3 10 1.3% Geode 1.7 91 1.0% Millennium 1.2 9 1.2% Voloridge 1.6 84 0.9% SSgA Funds 0.9 7 0.9% Alphabet 1.6 81 0.9% Dimensional Fund 0.8 6 0.8% SSgA Funds 1.5 77 0.8% Amova 0.6 4 0.6% Bank of America 1.5 77 0.8% Goldman Sachs 0.5 4 0.5% Franklin Mutual 1.5 76 0.8% Michigan Dep. of Treasury 0.3 3 0.3% BNP Paribas 1.3 67 0.7% Renaissance Technologies 0.3 2 0.3% Two Sigma 1.2 65 0.7% Top 20 83.8 $622 80.1% Top 20 74.2 $3,892 41.7% Common Cross Shareholders 39 Source: FactSet as of 2/5/26. Note: Excludes insider ownership. (1) As of 12/31/2025. Does not reflect change in position resulting from the ATM offering in Jan-26. (2) Total number of shares based on 104.7mm basic shares of Pelican common stock outstanding as of 2/1/26. (3) Based on 177.9mm basic shares of Toucan common stock outstanding as of 10/30/25.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Reference Only: Precedent Life Sciences Stock Heavy Transactions Selected Stock-Heavy Life Sciences Deals Since 2013 Stock Reaction Acquiror Economic Board ACQUIROR Annc. Offer % 1-Day Exchange vs. Unaffected Ownership Seats Mgmt Date Target Acquiror Val. ($mm) Stock Prem. Ratio 1-Day 1-Mo T A T A Chmn CEO HQ 10/14/25 Astria BioCryst $920 34% 53% Fixed Ratio (9%) (2%) 15% 85% 9% 91% A A 06/12/25 CureVac BioNTech 1,250 100% 34% Fixed Val. Collar 1% 7% 5% 95% NA NA A A 08/08/24 Exscientia Recursion 688 100% 9% Fixed Ratio 4% (7%) 26% 74% 18% 82% A A 04/25/23 Spectrum Assertio 248 100% 65% Fixed Ratio (22%) (0%) 35% 65% 17% 83% A A 02/09/23 NuVasive Globus Medical 3,142 100% 25% Fixed Ratio (22%) (29%) 28% 72% 27% 73% A A 12/23/21 Ortho Clinical Quidel 6,042 71% 25% Fixed Ratio (17%) (37%) 38% 62% 33% 67% A A 05/05/21 Chiasma Amryt 327 100% 79% Fixed Ratio (12%) (10%) 40% 60% 20% 80% A A 01/12/21 Cantel STERIS 3,600 80% (1%) Fixed Ratio (3%) (9%) 14% 86% – 100% A A 12/12/20 Alexion AstraZeneca 39,039 65% 44% Fixed Ratio (5%) (7%) 15% 85% 13% 88% A A 07/29/19 Genomic Health Exact Sciences 2,841 62% 11% Fixed Val. Collar (0%) 4% 9% 91% 0% 100% A A 06/25/19 Allergan AbbVie 62,751 36% 45% Fixed Ratio (13%) 24% 17% 83% 14% 86% A A 01/03/19 Celgene Bristol 74,404 47% 54% Fixed Ratio (11%) 20% 31% 69% 13% 88% A A 04/23/17 C.R. Bard Becton Dickinson 23,824 30% 25% Fixed Ratio (4%) 1% 15% 85% 15% 85% A A 03/16/16 Skyepharma Vectura Group 630 100% NA Fixed Ratio 8% 21% 38% 62% 67% 33% A A 01/11/16 Baxalta Shire 31,743 61% 37% Fixed Ratio (3%) (19%) 34% 66% 20% 80% A A 06/04/15 Bio-Reference Labs Opko Health 1,462 100% 60% Fixed Ratio (15%) (15%) 14% 86% – 100% A A 05/06/15 Synageva Alexion 8,936 50% 136% Fixed Ratio (3%) (5%) 12% 88% 9% 91% A A 09/16/14 Auxilium Endo 2,541 60% 55% Fixed Ratio 6% (6%) 11% 89% – 100% A A 06/15/14 Covidien Medtronic 42,900 62% 29% Fixed Ratio (1%) 5% 30% 70% 0% 100% A T (1) 11/05/13 Paladin Endo 1,582 98% 20% Fixed Ratio 29% 51% 23% 78% – 100% A A A / T 07/29/13 Elan Perrigo 8,602 63% 56% Fixed Ratio (6%) (10%) 29% 71% – 100% A A (2) 04/24/13 Prolor Opko Health 483 100% 20% Fixed Ratio (0%) (2%) 18% 82% 30% 70% A A 05/20/13 Warner Chilcott Actavis 5,167 100% 34% Fixed Ratio 19% 17% 23% 77% – 100% A A 75th percentile 100% 54% 1% 6% 31% 85% 20% 100% Median 71% 36% (3%) (2%) 23% 78% 13% 88% 25th percentile 60% 25% (12%) (9%) 15% 70% 0% 80% Memo: (3) 11/06/24 Ambry Genetics Toucan $600 38% NA Fixed Ratio 28% 13% 3% 97% 0% 100% A A Source: Public filings and FactSet. Note: Includes deals greater than ~$300mm upfront and greater than one-third stock. Dollars in millions. (1) Following completion of the transaction, Paladin Labs continued to operate 40 as a separate company in Montreal under the combined company and led by the Paladin Labs management team; the combined company was led by the Endo management team. (2) OPKO board included three members who also served as board members of Prolor; composition of board didn’t change following the merger. (3) Ambry Genetics was a private company.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Strategic Landscape: Potential Strategic Counterparties Mkt. Total Revenue Acq. Cap MRD Portfolio (1) (2) (3) Company Cap '26E '28E CAGR Total Tumor Naïve Personalized Selected BD Cash Debt Equity Pelican $9.8 $1.6 $2.4 +23% $0.4 – $2.0 $2.3 Toucan ~ P (4) NeXT Personal xM MRD $29.8 $2.6 $3.6 +18% $0.5 – $6.0 $6.5 PP Latitude Signatera (5) -- 14.8 1.2 2.0 +27% 0.8 – 2.8 3.6 PO Guardant Reveal -- 6.3 1.0 1.4 +21% 0.3 0.4 1.3 2.0 OO $324.2 $80.8 $88.7 +5% $14.0 $56.3 $64.8 $135.1 PO AVENIO 189.7 47.8 54.9 +7% – 26.3 37.9 64.2 OP Oncodetect -- $297.2 $66.9 $74.1 +5% $0.0 $25.0 $59.4 $84.5 OO Other Source: Public filings and FactSet as of February 2026. Note: Dollars in billions. (1) Assumes minimum cash of $5bn for companies >$150bn market cap and $500mm for companies <$150bn market cap. (2) Assumes max 41 gross leverage of 3.0x based on NTM EBITDA for companies >$150bn market cap and 4.0x for companies <$150bn market cap. (3) Assumes an equity issuance of 20% of current equity value. (4) In Nov-23, Toucan entered into a strategic collaboration with Pelican to develop and co-commercialize NeXT Personal Dx. (5) Based on 20% of basic market capitalization, excludes shares issuable for in-the-money convertible notes. Notif. Tier 2 Tier 1 Oblig.