Exhibit (c)(8) Project Aviary Presentation to the Board of Directors June 5, 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 solely for the information and benefit of Personalis, Inc. (“PELICAN”) in connection with a proposed transaction with Tempus AI, Inc. (the Transaction ). These materials are preliminary and for discussion purposes only. TD Securities (USA) LLC ( TD Securities ) 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 Securities has, with PELICAN’s consent, relied upon information provided to TD Securities by PELICAN management, or publicly available information or information otherwise reviewed by TD Securities. TD Securities 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 Securities 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 Securities as of the date hereof and do not purport to take into consideration any information or events arising subsequent to such date. TD Securities makes no representation or warranty that there has been no material change in the information provided or reviewed by TD Securities in connection herewith. TD Securities 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 Securities’ prior written consent, except as specifically set forth in the engagement letter between TD Securities 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, and does not constitute a recommendation by TD Securities to PELICAN or any other person on how to act with respect to any such proposed Transaction. TD Securities 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). 3

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Today’s Agenda and Objectives 1. Refresh on the Toucan Value Indication 2. Banks’ Preliminary Financial Analyses – Pelican – Toucan 3. Toucan Value Indication in Context 4. Next Steps 4

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Transaction Summary Overview ▪ Based on Pelican and Toucan closing prices and VWAP as of June 4, 2026 Current Value Indication All Stock All Stock $300mm Cash + Stock Price Per Share $12.10 $11.00 $11.00 Cash Consideration Per Share–– 2.58 Memo: Current Toucan Stock Price 52.26 52.26 52.26 Implied Stock Exchange Ratio (Cash Adjusted Where Relevant) 0.2315x 0.2105x 0.1610x Implied Purchase Price - Toucan Current $1,411 $1,277 $1,277 (1) 1,461 1,322 1,312 Memo: Implied Purchase Price - Toucan DCF High (1) 1,001 906 993 Memo: Implied Purchase Price - Toucan DCF Low (2) (208) (208) (208) Less: Net Cash Implied Enterprise Purchase Price - Toucan Current $1,203 $1,069 $1,069 (3) 11% 10% 8% PF % Toucan Ownership Implied Premiums 1-Day Share Price – (9%) (9%) 30-Day VWAP 55% 41% 41% Source: Pelican Management, Wall Street research, public filings, FactSet, and Bloomberg as of 6/4/26. Note: Dollars in millions, except per share data. Analysis assumes Toucan’s $750mm of convertible senior notes due 7/15/30 with a conversion price of $84.19 and $460mm principal amount of convertible senior notes due 5/15/32 with a conversion price of $69.26 are treated as debt. Based on fully diluted Pelican shares outstanding: basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm stock options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 5 0.6mm PSUs all as of 5/31/26. (1) Highly preliminary and illustrative (based on Centerview valuation range). (2) Based on estimated $210mm cash and cash equivalents as of 6/30/26 and estimated $1mm of software loans treated as debt as of 6/30/26. (3) Adjusted to reflect Toucan’s existing ownership of 13,039,067 Pelican shares, which are excluded from purchase consideration and pro forma ownership.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Public Market Perspectives 6

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Share Price Performance Since January 2023 (1) Pelican Peers 2/10/26: 5/13/26: Announced 10/16/25: 1/8/26: Announced Announced Share Price Performance 12/19/24: Announced Medicare coverage for Announced new prelim. FY’25 results; Medicare $50mm investment from MRD tests in IO positive data of use reported 41% QoQ growth YTD 1-Yr 3-Yr coverage for Merck via private placement monitoring of NeXT Personal in and 400% YoY increase in MRD tests in +52% +135% +487% and extension of Pelican AstraZeneca NSCLC clinical test volumes $12.10 $12 NSCLC collaboration with Moderna (1) P3 trial +10% +32% +38% +511% Peers for ImmunoID NeXT Platform 7/9/25: Announced $10 expansion of strategic collaboration with Toucan, 12/16/24: Expanded 8/16/24: Announced expansion 2/3/23: Announced new adding CRC to collab. with of collaboration with Toucan $8 agreement with Moderna commercialization Toucan for with Toucan investing $36mm for use of NeXT platform in agreement biopharma access into Pelican personalized mRNA cancer 11/10/25: vaccine trials Announced $6 11/28/23: Announced Medicare coverage strategic collaboration with for MRD tests in 5/20/26: Announced Toucan to co-commercialize breast cancer Medicare coverage for $4 NeXT Personal Dx 11/4/25: Announced. 3Q’25 results; reported MRD tests in pre-surgical 26% QoQ growth in clinical test volumes breast cancer $2.58 $2 +30% $1.98 $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 Apr-26 Distribution of Trading Volume # of shares (in mm) Since IPO Since 1/1/26 223 % distribution 173 148 131 92 78 38 70 25 27% 23 21% 18% 5% 16% 11% 13% 39% 35% 11% $0 - $2 $2 - $4 $4 - $6 $6 - $8 $8 - $10 $10 - $12 7 Source: FactSet as of 6/4/26. (1) Peers includes Natera, Guardant, Caris, Grail, BillionToOne, Adaptive, Veracyte, GeneDx, 10x Genomics, and CareDx.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Pelican Wall Street Perspectives Current Price: $12.10 Median PT = (9%) vs. current Valuation Revenue EBITDA Broker Price Target Method Metric 2026E 2027E 2026E 2027E DCF @ 9.5% WACC, 3.5% $13 Broker 1 DCF $78 $118 ($104) ($83) Buy PGR $12 Broker 2 Revenue Multiple 13.0x 2027E EV/Rev. 79 99 (115) (104) Buy $11 -- Broker 3 Revenue Multiple 11.0x 2026E EV/Rev. 79 104 n.a. n.a. Buy 11.4x 2027E EV/Rev. $11 -- Broker 4 Revenue Multiple 79 116 n.a. n.a. Buy 10% Discount $10 -- Broker 5 -- -- 79 115 (102) (102) Buy $10 Broker 6 Revenue Multiple ~7x 2027E EV/Rev. 79 114 (98) (87) Buy $9 -- Broker 7 Revenue Multiple -- 79 111 (110) (87) Hold Median $11 $79 $114 ($104) ($87) 8 Source: Wall Street Research and FactSet as of 6/4/26. Note: dollars in millions, except per share amounts.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Pelican Management Financial Projections 9

– 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 15,427 29,202 51,103 73,077 113,269 165,147 217,168 264,945 294,089 27% 45% Subsequent Plasma Tests 32,562 73,093 153,495 276,292 469,696 751,514 1,074,665 1,307,867 1,488,353 33% 61% NeXT Personal Dx Clinical Tests 47,990 102,295 204,598 349,369 582,965 916,660 1,291,832 1,572,812 1,782,441 32% 57% Diagnostics NeXT Dx Tests 2,264 4,393 7,688 10,993 17,039 24,844 32,669 39,857 44,241 27% 45% Clinical Diagnostics Revenue ($mm) $14 $55 $173 $328 $557 $887 $1,266 $1,600 $1,864 35% 84% Samples 2,873 9,337 13,352 40,057 100,142 150,213 180,256 195,217 210,249 20% 71% Personal Cancer Vaccines PCV Revenue ($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 $155 15% 14% Biopharma Revenue ($mm) Samples 44,772 47,895 40,931 45,474 50,522 56,130 62,361 69,283 76,973 11% 7% Population Sequencing Population Sequencing Revenue ($mm) $14 $13 $10 $10 $10 $10 $10 $10 $10 0% (4%) WholeCo Revenue ($mm) $90 $143 $272 $457 $758 $1,150 $1,575 $1,940 $2,240 31% 49% 10 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 +49% Clinical Diagnostics $2,240 +31% Biopharma $10 (4%) $155 +14% Personal Cancer Vaccine $210 +46% Population Sequencing +84% $1,864 $758 +70% $10 $90 $100 $557 $90 2026E 2030E 2034E Memo: Clinical Diagnositcs Revenue Mix NeXT Personal Dx Indications Breast 15% 20% 20% With I-O Monitoring 55% 34% 32% Medicare Lung 21% 16% 16% Coverage CRC – 17% 17% Other Indications – 8% 11% NeXT Dx 9% 5% 4% 11 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: +72% $3,467 $3,302 $3,084 $2,825 $2,539 $2,240 $1,940 $1,575 $1,150 $758 $457 $272 $143 $85 $70 $90 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Total YoY Growth: n.a. (18%) +30% +58% +90% +68% +66% +52% +37% +23% +15% +13% +11% +9% +7% +5% ‘35-‘39 CAGR: +8% ‘30-‘34 CAGR: +76% $980 $936 $875 $802 $723 $639 $480 $342 $187 $67 ($16) ($57) ($78) ($107) ($70) ($117) 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% 22% 25% 29% 28% 28% 28% 28% 28% 12 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 $90 $143 $272 $457 $758 $1,150 $1,575 $1,940 $2,240 $2,539 $2,825 $3,084 $3,302 $3,467 % Growth 30% 58% 90% 68% 66% 52% 37% 23% 15% 13% 11% 9% 7% 5% (Less:) COGS (75) (107) (152) (213) (302) (413) (519) (603) (660) (748) (833) (909) (974) (1,022) Gross Profit $16 $36 $120 $244 $456 $737 $1,056 $1,338 $1,579 $1,790 $1,992 $2,174 $2,329 $2,445 % Margin 17% 25% 44% 53% 60% 64% 67% 69% 71% 71% 71% 71% 71% 71% (Less:) S&M (53) (58) (93) (140) (232) (353) (480) (581) (648) (734) (817) (891) (955) (1,002) (Less:) G&A (28) (28) (37) (44) (55) (71) (88) (104) (118) (133) (148) (162) (173) (182) (Less:) R&D (66) (70) (76) (95) (123) (154) (177) (211) (220) (250) (278) (303) (325) (341) (Less:) Partner Co-Dev't Fee 4 – – – – – – – – – – – – – EBIT ($126) ($119) ($85) ($35) $46 $160 $310 $441 $594 $673 $749 $818 $876 $919 (Plus:) D&A 10 13 16 19 21 27 32 38 45 50 53 57 60 60 Adj. EBITDA ($117) ($107) ($70) ($16) $67 $187 $342 $480 $639 $723 $802 $875 $936 $980 % Margin NM NM NM NM 9% 16% 22% 25% 29% 28% 28% 28% 28% 28% (Plus:) SBC 10 11 25 33 38 46 51 51 56 64 74 82 89 96 Adj. EBITDA (excl. SBC) ($107) ($96) ($45) $17 $105 $233 $393 $530 $695 $788 $876 $957 $1,024 $1,076 % Margin NM NM NM 4% 14% 20% 25% 27% 31% 31% 31% 31% 31% 31% 13 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 2028; only one broker with estimates 2028+ (1) Revenue Adj. EBITDA $272 $143 $157 ($70) ($87) ($74) $90 $114 ($104) $79 ($107) ($117) 2026E 2027E 2028E 2026E 2027E 2028E Memo: # of Est. Memo: # of Est. 7 7 4 5 5 4 Prelim. Management Plan vs. Consensus: Prelim. Management Plan vs. Consensus: +15% +26% +74% (12%) (22%) NA Mgmt. Consensus (Median) 14 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 Pelican Financial Analysis 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 $90 $143 $272 $457 $758 $1,150 $1,575 $1,940 $2,240 $2,539 $2,825 $3,084 $3,302 $3,467 31% 49% % Growth 7% 167% 90% 68% 66% 52% 37% 23% 15% 13% 11% 9% 7% 5% Adj. EBITDA ($107) ($96) ($45) $17 $105 $233 $393 $530 $695 $788 $876 $957 $1,024 $1,076 60% NM % Margin NM NM NM 4% 14% 20% 25% 27% 31% 31% 31% 31% 31% 31% (Less): SBC (10) (11) (25) (33) (38) (46) (51) (51) (56) (64) (74) (82) (89) (96) Adj. EBITDA (less SBC) ($117) ($107) ($70) ($16) $67 $187 $342 $480 $639 $723 $802 $875 $936 $980 76% NM (Less): D&A (10) (13) (16) (19) (21) (27) (32) (38) (45) (50) (53) (57) (60) (60) Operating Profit ($126) ($119) ($85) ($35) $46 $160 $310 $441 $594 $673 $749 $818 $876 $919 (1) (Less): Taxes (Excl. NOLs) – – – – (13) (45) (87) (124) (166) (188) (210) (229) (245) (257) NOPAT ($126) ($119) ($85) ($35) $33 $115 $223 $318 $428 $485 $539 $589 $631 $662 Plus: D&A 10 13 16 19 21 27 32 38 45 50 53 57 60 60 (Less): Capex (10) (15) (15) (15) (50) (40) (40) (45) (50) (51) (44) (35) (24) (10) (Less): Δ in NWC 2 (3) 18 0 2 1 1 (0) (7) (7) (7) (6) (5) (4) UFCF ($125) ($124) ($66) ($31) $6 $103 $216 $311 $415 $477 $541 $604 $661 $708 Memo: 3Q-4Q'26 uFCF ($63) Impact from NOLs – – – – 9 27 47 68 35 – – – – – (2) Impact of Capital Raises – (27) – (55) – – – – – – – – – – Implied Enterprise Value ($bn) Implied Share Price Implied Terminal EV / LTM Sales PGR PGR PGRPGR 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 16.5% $1.4 $1.5 $1.6 16.5% $13.75 $14.25 $14.85 16.5% 1.7x 1.8x 2.0x 17.8% 1.2 1.2 1.3 17.8% 11.95 12.30 12.75 17.8% 1.5x 1.6x 1.8x 19.0% 1.0 1.0 1.1 19.0% 10.45 10.75 11.05 19.0% 1.4x 1.5x 1.6x 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 June 30, 2026 using mid-year convention applied to projected free cash flows. Implied share price reflects estimated net cash balance of $208mm as of 6/30/26 and $75mm in net proceeds from 2026 raise assuming issuance at current share price, with 10% discount and 5% spread. Fully diluted shares underlying the analysis 16 from Pelican management based on basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm PSUs all as of 5/31/26. (1) Reflects 29.8% tax rate applied to operating profit. (2) Reflects impact of $150mm raise in 2027 and $300mm raise in 2029, both assuming 10% discount and 5% spread. The $75mm equity raise in 2026 at 10% discount to current share price assuming 5% spread is treated as dilutive. 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: $12 +0.5mm NeXT Personal Dx Tests in 2034E $17 / share +$5 (Prelim. Mgmt. Plan: 1.8mm) 2034E Rev: $2.7bn 2030E-2034E Revenue CAGR of 37% (vs. 31%) Revenue (0.5mm) NeXT Personal Dx Tests in 2034E $7 / share ($5) (Prelim. Mgmt. Plan: 1.8mm) 2034E Rev: $1.7bn 2030E-2034E Revenue CAGR of 22% (vs. 31%) 60% Gross Margin Steady State ($5) Gross Margin $7 / share (Prelim. Mgmt. Plan: 71%, -11%) 15% Run-Rate R&D (% of Rev.) R&D $10 / share ($3) (Prelim. Mgmt. Plan: 10%, +5%) Perpetuity Growth + / - 100bps in PGR ($0) +$0 $12 / share $13 / share Rate (4.0% PGR Midpoint) + / - 125bps in Discount Rate $11 / share $14 / share Discount Rate ($2) +$2 (17.75% Discount Rate Midpoint) Source: Company filings, FactSet and Pelican Management. Note: Share prices rounded to nearest $0.05. DCF analysis assumes valuation as of June 30, 2026 using mid-year convention applied to projected free cash flows. Implied share price reflects 17 estimated net cash balance of $208mm as of 6/30/26 and $75mm in net proceeds from 2026 raise assuming issuance at current share price, with 10% discount and 5% spread. Fully diluted shares underlying the analysis from Pelican management based on basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm PSUs all as of 5/31/26.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Financial Analysis: Selected Publicly-Traded Companies Market Revenue ($bn) EV / Company Cap. ($bn) EV ($bn) 2026E 2027E 2028E '26-'28E CAGR NTM Rev. Natera $34.2 $33.2 $2.8 $3.3 $3.9 17% 11.0x Guardant $21.0 $20.4 $1.3 $1.7 $2.1 28% 13.9x BillionToOne $5.7 $5.2 $0.5 $0.6 $0.7 25% 10.3x Caris $5.2 $4.8 $1.0 $1.2 $1.4 18% 4.4x 10x Genomics 4.5 4.0 0.6 0.7 0.7 8% 6.3x Veracyte 4.2 3.8 0.6 0.7 0.7 10% 6.1x Grail 3.4 2.5 0.2 0.2 0.3 23% 12.9x Adaptive 3.2 2.9 0.3 0.4 0.4 21% 9.3x GeneDx 1.8 1.7 0.5 0.6 0.7 25% 3.2x CareDx 1.3 1.1 0.5 0.5 0.5 5% 2.4x 75th Percentile 24% 10.9x Median 20% 7.8x 25th Percentile 12% 4.8x Pelican (Cons.) $0.1 $0.1 $0.2 41% 12.5x $1.4 $1.2 Pelican Mgmt. 0.1 0.1 0.3 73% 10.6x 18 Source: FactSet and Wall Street research as of 6/4/26. Note: Dollars in USD. EBITDA peer multiples range bound between 0 and 30. Revenue peer multiples range bound between 0 and 20.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Pelican Projections: Impact of Future Equity Raises Preliminary Pelican Projections: Ending Cash $1,400 $1,211 $1,200 $1,000 $833 Incl. Equity Raises $686 $800 $620 $547 Excl. Equity Raises $600 $308 $271 $400 $237 $229 $96 $200 $22 $46 $13 $155 $0 YE'26 YE'27 YE'28 YE'29 YE'30 YE'31 YE'32 Raise Amount (Gross) $78 $158 – 316 – – – (1) 75 150 – 300 – – – Raise Amount (Net) (2) (25) – (51) – – – Nominal Value of Raise Costs (3) (3) 2026 Equity Raise 2027-2029 Equity Raises Net Proceeds ($78mm gross at 5% underwriter spread) $75 Total Impact of Costs to NPV ($52.8) Add: Cash Impact on Per Share Value +$0.60 Fully Diluted Shares Outstanding 124mm Shares Issued: $10.89 / share (Reflects Current Share Price & 7mm Less: Share Impact of 2027 - 2029 Equity Raise Costs on Per Share Value ($0.43) 10% Discount to Current) Issuance Dilution Impact on Per Share Value ($0.72) 2027-2029 equity raises assumed to be completed at 10% discount to intrinsic value Net Impact of 2026 Equity Raise on Per Share Value ($0.12) (based on midpoint discount rate of 17.75%) Shares Issued % of Post-Raise Fully Diluted Shares Outstanding 6% 19 Source: Pelican Management and FactSet as of 6/4/26. Note: Dollars in millions, except where otherwise indicated. (1) Assumes 5% spread on gross raise amount. (2) Assumes equity is raised at 10% discount to intrinsic value. (3) Based on a discount rate of 17.75% (midpoint of 16.5% -19.0%)

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

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Selected Public Companies Analysis – PELICAN (US$ in Millions) '26E-'27E Revenue EV / Revenue YTD Trading '26E Gross Company Market Cap Enterprise Value Cash Balance Revenue Performance Margin 2026E 2027E Growth 2026E 2027E $34,200 $33,193 $1,088 (3%) $2,800 $3,281 17% 65% 11.85x 10.12x 20,969 20,357 1,103 30% 1,315 1,671 27% 65% 15.48x 12.18x 9,811 10,415 844 (11%) 1,593 1,940 22% 65% 6.54x 5.37x TOUCAN 5,698 5,241 537 28% 458 582 27% 71% 11.45x 9.00x 5,199 4,776 822 (36%) 1,008 1,203 19% 65% 4.74x 3.97x 4,220 3,781 439 19% 587 653 11% 74% 6.44x 5.79x 3,372 2,549 823 (22%) 181 220 21% 50% 14.06x 11.61x 3,152 2,922 237 11% 287 352 23% 73% 10.19x 8.31x 1,764 1,693 171 (57%) 479 600 25% 70% 3.54x 2.82x 1,313 1,105 208 23% 457 483 6% 70% 2.42x 2.29x Low $1,313 $1,105 $171 (57%) $181 $220 6% 50% 2.42x 2.29x 25th Percentile 3,207 2,642 288 (20%) 457 508 18% 65% 5.16x 4.32x Mean 8,970 8,603 627 (2%) 916 1,098 20% 67% 8.67x 7.15x Median 4,709 4,279 680 4% 533 627 21% 67% 8.37x 7.05x 75th Percentile 8,782 9,122 839 22% 1,238 1,554 25% 71% 11.75x 9.84x High 34,200 33,193 1,103 30% 2,800 3,281 27% 74% 15.48x 12.18x PELICAN $1,411 $1,179 $233 52% $90 $143 58% 17% 13.04x 8.27x Management Case PELICAN $1,411 $1,179 $233 52% $79 $114 44% 16% 14.93x 10.34x Street Source: Public filings, S&P Global Market Intelligence and FactSet as of 6/4/26. Figures from FactSet reflect Wall Street research consensus estimates. 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): 106.0M basic shares, 15.620M stock options with weighted average strike price of $5.19, 0.640M of RSUs, and 0.575M of PSUs per PELICAN management. Metrics other than 2026E and 2027E revenue multiples shown for informational reference.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Selected Precedent Transactions Analysis – PELICAN (US$ in Millions) Enterprise Value as Multiple of Enterprise Total Ann. Date Target Acquiror Value Consideration ($M) % Upfront 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 Min $100 $100 62% 3.92x 3.82x 25th Percentile 260 260 76% 6.15x 5.52x 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 Max 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% — — Source: S&P Global Market Intelligence, Public Filings, Press Releases, and FactSet as of 6/4/26. Metrics other than LTM and NTM revenue multiples shown for informational reference.​ 22 Note: Reflects deal terms at time of transaction announcement.​ 1. Upfront consideration undisclosed.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Standalone Discounted Cash Flow Analysis – PELICAN Perpetuity Growth Rate Method Discounted to 6/30/26 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 (less SBC) ($58) ($107) ($70) ($16) $67 $187 $342 $480 $639 $723 $802 $875 $936 $980 $980 % Margin (108%) (75%) (26%) (3%) 9% 16% 22% 25% 29% 28% 28% 28% 28% 28% 28% Less: D&A (5) (13) (16) (19) (21) (27) (32) (38) (45) (50) (53) (57) (60) (60) (10) EBIT ($63) ($119) ($85) ($35) $46 $160 $310 $441 $594 $673 $749 $818 $876 $919 $969 % Margin (117%) (84%) (31%) (8%) 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% 18.50% $618 $508 $548 $595 $1,127 $1,167 $1,213 1.45x 1.56x 1.70x 19.50% 559 428 460 496 987 1,019 1,056 1.37x 1.47x 1.59x 20.50% 505 362 388 417 867 893 922 1.29x 1.39x 1.49x (4) Plus Net Enterprise Value: Equity Value: Discount Equity Value per Share: (2) Rate Cash 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 18.50% $733 $1,127 $1,167 $1,213 $1,859 $1,900 $1,946 $12.57 $12.83 $13.13 19.50% 733 987 1,019 1,056 1,720 1,752 1,789 11.66 11.87 12.10 20.50% 733 867 893 922 1,600 1,626 1,655 10.87 11.04 11.23 Source: PELICAN management projections (subject to Board input) as of 5/29/26. Note: Present value date of 6/30/26, using mid-year discounting convention. Stock-based compensation treated as a cash expense. Implied terminal revenue multiples shown for informational reference. Assumes contemplated gross financing in Q4 2026 of $79.3M at offer price of $11.70 per PELICAN management, resulting in 6.773M additional shares and net proceeds of $74.5M (gross spread of 6.0%), contemplated gross financing in Q4 2027 of $159.6M at offer price of $14.89 per PELICAN management, resulting in 10.714M additional shares and net proceeds of $150.0M (gross spread of 6.0%), and contemplated gross financing in 2029 of $319.1M at offer price of $23.40 per PELICAN management, resulting in 13.636M additional shares and net proceeds of $300.0M (gross spread of 6.0%). N/A denotes not applicable. 1. Includes benefit of Federal NOLs/credits. 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. 2. Assumes cash and debt of $734.2M and $1.2M, respectively, as of 6/30/26, inclusive of $524.5M pro forma adjustment for contemplated equity raises per PELICAN management. 23 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): 106.0M basic shares, 15.620M stock options with weighted average strike price of $5.19, 0.640M of RSUs, 0.575M of PSUs, and 31.123M additional shares from contemplated equity financing per PELICAN management.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary 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 $1,411 $1 $233 ($232) $1,179 — 28.0% 1.87 1.87 Selected Companies Natera, Inc. $34,200 $80 $1,088 ($1,008) $33,193 — 25.0% 1.30 1.30 20,969 491 1,103 (612) 20,357 — 25.0% 1.44 1.44 Guardant Health, Inc. TOUCAN 9,811 1,449 844 605 10,415 6.2% 26.5% 2.15 2.05 (3) Billiontoone, Inc. 5,698 81 537 (457) 5,241 — 25.0% 0.86 0.86 Caris Life Sciences, Inc. 5,199 400 822 (422) 4,776 — 25.0% 1.36 1.36 4,220 – 439 (439) 3,781 — 25.0% 1.61 1.61 Veracyte, Inc. Grail, Inc. 3,372 – 823 (823) 2,549 — 25.0% 1.86 1.86 Adaptive Biotechnologies Corporation 3,152 8 237 (229) 2,922 — 25.0% 1.70 1.70 Genedx Holdings Corp. 1,764 100 171 (71) 1,693 — 25.0% 1.57 1.57 Caredx, Inc. 1,313 – 208 (208) 1,105 — 25.0% 1.40 1.40 Median $4,709 $80 $680 ($431) $4,279 — 25.0% 1.57 1.57 Weighted Average Cost of Capital (WACC) Calculation (4) Target Capital Structure Cost of Equity Calculation (6) Risk-Free Rate Debt / Total Capitalization — 4.98% (7) Market Risk Premium Equity / Total Capitalization 100.0% 7.31% Debt / Equity — Relevered Beta 1.87 (8) (2) Leveraging factor 1.000x Size Premium 0.77% Cost of Equity 19.41% Cost of Debt Calculation Cost of Debt Weighted Average Cost of Capital 19.41% n/a (5) Weighted Average Cost of Capital - Low 18.50% Marginal Tax Rate 28.0% Weighted Average Cost of Capital - High 20.50% After Tax Cost of Debt — Source: Bloomberg, S&P Global Market Intelligence, U.S. Treasury, and Kroll 2025 Cost of Capital Navigator. 1. Beta represents Bloomberg’s historical, adjusted, levered five-year daily beta as of 6/4/26 (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 not included in median of selected companies given recency of IPO. 4. Target capital structure per PELICAN management projections. 24 5. PELICAN blended marginal tax rate per PELICAN management. 6. 20-Year United States Treasury yield as of 6/4/26. 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 $782.51M-$1,472.33M.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Implied Present Value of NOLs – PELICAN (US$ in Millions) Calendar Year Ending December 31, 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 (19.50% Discount Rate) 96% 84% 70% 59% 49% 41% 34% 29% 24% 20% 17% 14% 12% 10% PV of Unlevered FCF - - - - $4.3 $11.0 $16.3 $19.4 $8.5 - - - - - Implied NPV of Federal NOLs Implied NPV of Federal NOLs $59.5 18.50% $62.7 (2) 147.660 / Shares Outstanding Cost of Equity 19.50% 59.5 Implied NPV of Federal NOLs, Per Share $0.40 20.50% 56.5 Source: PELICAN management projections (subject to Board input) as of 5/29/26 and public filings. Note: Does not consider Section 382 limitations; reflects Federal NOLs. 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. Federal NOLs fully utilized by 2034. 1. Beginning balance based on sum of Federal NOLs and Federal R&D tax credits of $519.5M as of 12/31/25 per PELICAN Form 10-K and projected Federal NOLs during Q1 2026 and Q2 2026 of $63.6M per 25 PELICAN management. 2. Shares outstanding at midpoint of assumed shares outstanding for discounted cash flow analysis.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Public Market Perspectives and Preliminary Financial Projections 26

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Company Snapshot Business Overview Public Market Overview ▪ Fast-growing healthcare technology company providing diagnostics Trading Multiples Capitalization solutions, leveraging AI to connect laboratory results to a patient’s own EV / EV / Revenue EBITDA clinical data, providing personalized results Current Share Price $52.26 Multiples Prem. / (Disc.) vs. 52-Wk. High (49%) – Genomics, which leverages laboratories to provide NGS diagnostics, CY'25A 8.2x NM Prem. / (Disc.) vs. 52-Wk. Low 23% RNA sequencing, ctDNA liquid biopsy panels, WGS and other anatomic CY'26E 6.5x NM Diluted Shares Outstanding 187.7 CY'27E 5.4x NM and molecular pathology testing to healthcare providers Implied Equity Value $9.8 Plus: NCI – • Represents majority of revenue for Toucan; generated ~$1bn in Metrics (1) Plus: Est. Debt as of 6/30/26 1.4 2025 CY'25A $1.3 ($0.0) (Less): Est. Cash as of 6/30/26 (0.8) CY'26E 1.6 0.1 – Data and Services, which facilitates drug discovery and development Implied Enterprise Value $10.4 CY'27E 1.9 0.1 for life sciences companies through two products: Key Management Financial Profile • Insights: Provides researchers with access to multimodal healthcare ’24A-’29E CAGR Sales by Segment ($mm) data and a suite of analytic and cloud-and-compute tools for Eric Lefkofsky Jim Rogers +34% discovery, R&D and commercialization Founder and CEO CFO ▪ Founded in August of 2015 ▪ Appointed April 2021 +29% • Trials: Leverages network of physicians to provide clinical trial ▪ Previously co-founded ▪ Previously held senior + matching services for pharmaceutical companies Pathos AI, Groupon and FP&A positions at Groupon + Data and Mediaocean +36% Services • Generated ~$0.3bn of revenue in 2025 Terron Bruner Mike Yasiejko Genomics – Toucan has historically been active in pursuing targeted M&A, Chief Commercial Officer President purchasing Ambry Genetics in 2024 and Paige AI in 2025 ▪ Appointed April 2021▪ Appointed January 2026, WholeCo Growth %: ▪ Previously Sr. Sales Leader previously EVP of ▪ Toucan is headquartered in Chicago Illinois and currently has ~3,800 of HCLS at Amazon Web Genomics employees Genomics Growth %: Services▪ Previously Associate Partner at Bain 27 Source: Company filings, FactSet and Wall Street Research as of 6/4/26. Note: Dollars in billions unless otherwise noted. (1) Includes convertible Senior Notes due 2030 and 2032, and Convertible Promissory Note due 2030.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Share Price Performance Since IPO 8/22/25: 9/11/25: Received (1) Toucan Peers Announced FDA special 510(k) Share Price Performance acquisition of clearance for YTD 1-Yr Since IPO Paige for $81mm updated Pixel 11/4/25: Announced Q3’25 6/30/25: Announced pricing of (predominantly cardiac imaging earning; projecting positive FY’25 upsized 0.75% $750mm Convertible $110 Toucan (11%) (17%) +30% paid in Toucan platform adj. EBITDA (1) Senior Notes due 2030 (over- stock) Peers +10% +32% +74% allotment exercised) $100 3/25/26: Announced collab. with 1/21/25: Announced 2/24/25: Announced FY’24 Daiichi Sankyo for biomarker 8/16/24: Expanded 11/4/24: Announced national launch of discovery $90 earnings; $693mm of collab. with Pelican Ambry acquisition Olivia, AI-enabled incl. $36mm revenue with ~30% YoY ($375mm cash + personal health 4/9/26: Announced revenue growth investment (19.3% $225mm stock) and $80 concierge app collab. with Gilead for PF ownership) Q3’24 earnings oncology R&D $69.97 $70 +74% $60 $52.26 $50 +30% $40.25 $40 7/9/25: Expanded collab. 1/11/26: Announced prelim. FY’25 5/5/26: Announced 1Q’26 earnings with with Pelican for CRC earnings; $1.27bn in revenue with (39%) miss vs. consensus on adj. EBITDA $30 12/16/24: Expanded collab. with 2/13/25: Announced collaboration with IFLI ~83% YoY revenue growth 5/15/26: Announced collab. with BMS Pelican for biopharma access for AI-driven lymphoma therapy development for oncology and neuro development $20 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Distribution of Trading Volume # of shares (in mm) Since IPO Since 1/1/26 1,484 % distribution 878 679 414 42% 75 322 30 210 90 25% 19% 2% 14% 1% 52% 34% 12% $20 - $35 $35 - $50 $50 - $65 $65 - $80 $80 - $95 $95 - $110 28 Source: FactSet as of 6/4/26. (1) Peers includes Natera, Guardant, Caris, Grail, BillionToOne, Adaptive, Veracyte, GeneDx, 10x Genomics, and CareDx.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Wall Street Perspectives Current Price: $52.26 Median PT = +26% vs. current Valuation Revenue EBITDA Broker Price Target Method Metric 2026E 2027E 2026E 2027E ~10x 2 Yr. Forward EV/Rev & Broker 1 $100 Buy Revenue Multiple & DCF $1,595 $1,973 $67 $175 DCF @ 8.0% WACC, 2.0% PGR Broker 2 Revenue Multiple 8.3x 2027E EV/Rev. 1,595 1,986 65 95 $80 Buy Broker 3 DCF DCF @ 15.1% WACC, 4.0% PGR 1,592 1,925 65 83 $80 Buy Broker 4 Revenue Multiple 7.0x 2027E EV/Rev. 1,593 1,941 64 121 $75 Buy Broker 5 Revenue Multiple 8.5x 2026E EV/Rev. 1,597 1,928 65 138 $75 Buy $70 Buy Broker 6 DCF DCF @ 7.7% WACC, 3.0% PGR 1,596 1,938 65 215 -- Broker 7 $68 Buy 1,596 1,920 65 114 Broker 8 $64 Buy Revenue Multiple 7.0x NTM EV/Rev. 1,593 2,010 -- -- -- Broker 9 $60 Buy Revenue Multiple 6.2x 2027E EV/Rev. 1,598 1,838 63 193 Broker 10 $60 Hold -- 1,591 1,989 65 112 -- Broker 11 $59 Buy 1,588 1,910 66 87 $58 Hold -- Broker 12 Revenue Multiple ~5.5x 2027E EV/Rev. 1,592 1,955 -- -- Broker 13 DCF DCF @ 8.8% WACC, 5.0% PGR 1,592 1,890 53 125 $50 Hold Broker 14 DCF -- -- 1,594 1,938 65 143 $35 Sell -- Broker 15 -- 1,590 1,970 -- -- NA Hold Broker 16 NA Hold Revenue Multiple & DCF -- -- 1,592 1,967 65 127 Median $66 $1,593 $1,940 $65 $125 29 Source: Wall Street Research and FactSet as of 6/4/26. 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 (10/8/25) 52-Week High $103.25 +98% 12.3x 10.1x Wall Street Price Target High 100.00 +91% 11.9x 9.8x Wall Street Price Target Median 66.00 +26% 8.1x 6.7x Current / At Market $52.26 -- 6.5x 5.4x 60-Day VWAP 49.46 (5%) 6.2x 5.1x 30-Day VWAP 49.43 (5%) 6.2x 5.1x (3/30/26) 52-Week Low 42.37 (19%) 5.4x 4.4x Wall Street Price Target Low 35.00 (33%) 4.5x 3.7x (6/25/24) All-Time Low 24.96 (52%) 3.3x 2.7x 30 Source: Bloomberg, Wall Street research and FactSet as of 6/4/26.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Toucan Projections: Basis for Forecast ▪ Preliminary forecast was constructed based on consensus outside-in view of Toucan utilizing Wall Street analyst forecasts and management judgement on incremental upside from Pelican partnership contribution ▪ Forecast assumptions are not yet informed by reverse diligence and will be refined as additional information is received and validated with Toucan management commentary ▪ Forecast is reflective of company development on a standalone basis in which the existing partnership / revenue streams from Pelican remain in place through projection period ▪ Toucan estimates include internal assumptions for MRD-testing revenue based on Pelican management forecast ▪ Takes into account Toucan revenue from specific unit volumes and negotiated fees / test over duration of the forecast 31

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Toucan Projections: Double Click on Revenue ’26E ’30E ’34E ‘26 – ‘34E Revenue Revenue Revenue CAGR 21% Data and Services $7,239 19% Genomics $2,247 24% $3,580 22% $1,096 $4,992 20% $1,609 $415 $2,484 $1,194 2026E 2030E 2034E Memo: Pelican Contribution to Genomics Revenue NexT Personal Fees $11 $150 $459 32 Source: Pelican Management and Wall Street research. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Financial Forecast: Pelican Mgmt. Forecast Impact 2026 2027 2028 2029 2030 Toucan Consensus Revenue ($mm) $1,592 $1,925 $2,357 $2,857 $3,430 NexT Personal Test Volume (units) 31,455 66,191 132,196 225,366 375,826 Illust. Toucan Reimbursement / Test ($) $350 $400 $400 $400 $400 Adjustments Adjustments to Toucan NexT Personal Reimbursement ($mm) $11 $26 $53 $90 $150 Revenue Forecast to Consensus Sales & Marketing Fee ($mm) 7 – – – – Revenue Forecast Total Adjustment to Toucan Forecast ($mm) $18 $26 $53 $90 $150 Adjusted Toucan Revenue ($mm) $1,609 $1,951 $2,409 $2,947 $3,580 % Increase vs Consensus +1% +1% +2% +3% +4% Consensus Toucan EBIT ($mm) ($246) ($125) $82 $349 $673 Pelican-Associated Operating Expense ($mm) (8) (14) (32) (63) (105) Illust. Adjustments to Toucan Operating Margin 57% 48% 39% 30% 30% Adjustments EBIT Forecast to Consensus EBIT Impact ($mm) $10 $13 $21 $27 $45 EBIT Forecast Adjusted Toucan EBIT ($mm) ($236) ($112) $103 $376 $718 % Increase vs Consensus n.a. n.a. +25% +8% +7% 33 Source: Pelican management and Wall Street research.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Toucan Projections: Revenue and Adj. EBITDA Overview 2026E-2039E Preliminary Toucan Projections ‘35-‘39 CAGR: +13% ‘30-‘34 CAGR: +19% $13,775 $12,552 ‘26-‘29 CAGR: +22% $11,232 $9,872 $8,527 $7,239 $6,136 $5,169 $4,311 $3,580 $2,947 $2,409 $1,951 $1,609 $1,272 $693 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Total YoY Growth: n.a. +83% +27% +21% +23% +22% +21% +20% +20% +19% +18% +18% +16% +14% +12% +10% ‘35-‘39 CAGR: +15% ‘30-‘34 CAGR: +37% $6,081 $5,449 $4,792 $4,136 $3,505 $2,826 $2,212 $1,686 $1,209 $803 $462 $186 ($26) ($116) ($137) ($626) 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E % Margin: NM NM NM NM 8% 16% 22% 28% 33% 36% 39% 41% 43% 44% 46% 47% 34 Source: Pelican management and Wall Street research. Note: Dollars in millions. (1) Reflects EBITDA burdened by SBC expense. (1) Adj. EBITDA Revenue

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Output @ Preliminary Toucan Projections: Case 1 Summary P&L 2026E-2039E Preliminary Toucan Projections 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E Revenue $1,609 $1,951 $2,409 $2,947 $3,580 $4,311 $5,169 $6,136 $7,239 $8,527 $9,872 $11,232 $12,552 $13,775 % Growth 27% 21% 23% 22% 21% 20% 20% 19% 18% 18% 16% 14% 12% 10% (Less:) COGS (566) (663) (797) (947) (1,115) (1,299) (1,533) (1,807) (2,126) (2,499) (2,837) (3,162) (3,462) (3,719) Gross Profit $1,043 $1,288 $1,612 $2,000 $2,465 $3,012 $3,636 $4,329 $5,113 $6,027 $7,036 $8,069 $9,091 $10,056 % Margin 65% 66% 67% 68% 69% 70% 70% 71% 71% 71% 71% 72% 72% 73% (Less:) SG&A (881) (964) (1,049) (1,141) (1,242) (1,359) (1,492) (1,636) (1,780) (1,972) (2,262) (2,552) (2,831) (3,085) (Less:) R&D (398) (437) (461) (484) (506) (526) (555) (596) (643) (711) (823) (937) (1,047) (1,149) EBIT ($236) ($112) $103 $376 $718 $1,127 $1,589 $2,097 $2,690 $3,344 $3,950 $4,580 $5,213 $5,822 (Plus:) D&A 120 87 83 86 86 82 97 115 136 160 186 211 236 259 Adj. EBITDA ($116) ($26) $186 $462 $803 $1,209 $1,686 $2,212 $2,826 $3,505 $4,136 $4,792 $5,449 $6,081 % Margin NM NM 8% 16% 22% 28% 33% 36% 39% 41% 42% 43% 43% 44% (Plus:) SBC and Other Adj. 191 122 137 155 173 208 185 155 142 158 173 187 199 209 Adj. EBITDA (excl. SBC) $75 $96 $323 $617 $976 $1,417 $1,871 $2,367 $2,968 $3,663 $4,309 $4,979 $5,649 $6,290 % Margin 5% 5% 13% 21% 27% 33% 36% 39% 41% 43% 44% 44% 45% 46% 35 Source: Pelican management and Wall Street research. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Toucan Preliminary Projections in Context: Comparison vs. Consensus Update Revenue EBITDA $2,409 $323 $2,327 $239 $1,951 $125 $1,940 $75 $1,609 $96 $65 $1,593 2026E 2027E 2028E 2026E 2027E 2028E Memo: # of Est. Memo: # of Est. 16 16 11 13 13 9 Preliminary Forecast vs. Consensus Preliminary Forecast vs. Consensus 1% 1% 4% 16% (23%) 35% Preliminary Toucan Projections Consensus (Median) 36 Source: Pelican management, Wall Street research, and FactSet as of 6/4/26. Note: Dollars in millions.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Centerview Toucan Financial Analysis 37

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Output @ Preliminary Financial Analysis: Case 1 Discounted Cash Flow Analysis – Preliminary Toucan Projections Unlevered Free Cash Flow Projections CAGR Forecast Projections 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E '30E-'34E '26E-34E Revenue $1,609 $1,951 $2,409 $2,947 $3,580 $4,311 $5,169 $6,136 $7,239 $8,527 $9,872 $11,232 $12,552 $13,775 19% 21% % Growth 27% 21% 23% 22% 21% 20% 20% 19% 18% 18% 16% 14% 12% 10% Adj. EBITDA $75 $96 $323 $617 $976 $1,417 $1,874 $2,373 $2,980 $3,686 $4,346 $5,031 $5,716 $6,374 32% 58% % Margin 5% 5% 13% 21% 27% 33% 36% 39% 41% 43% 44% 45% 46% 46% (Less): SBC and Other Adj. (191) (122) (137) (155) (173) (208) (188) (161) (154) (182) (210) (239) (267) (293) Adj. EBITDA (less SBC) ($116) ($26) $186 $462 $803 $1,209 $1,686 $2,212 $2,826 $3,505 $4,136 $4,792 $5,449 $6,081 37% NM (Less): D&A (120) (87) (83) (86) (86) (82) (97) (115) (136) (160) (186) (211) (236) (259) Operating Profit ($236) ($112) $103 $376 $718 $1,127 $1,589 $2,097 $2,690 $3,344 $3,950 $4,580 $5,213 $5,822 (1) (Less): Taxes (Excl. NOLs) – – (27) (99) (190) (298) (421) (555) (712) (885) (1,045) (1,212) (1,379) (1,541) NOPAT ($236) ($112) $76 $276 $528 $829 $1,169 $1,542 $1,978 $2,460 $2,905 $3,368 $3,834 $4,282 Plus: D&A 120 87 83 86 86 82 97 115 136 160 186 211 236 259 (Less): Capex (61) (82) (94) (114) (137) (163) (145) (129) (137) (162) (188) (214) (239) (262) (Less): Δ in NWC (34) (34) (46) (54) (63) (73) (86) (97) (110) (129) (135) (136) (132) (122) UFCF ($211) ($142) $18 $194 $413 $674 $1,035 $1,431 $1,866 $2,329 $2,768 $3,230 $3,699 $4,156 Memo: 3Q-4Q'26 uFCF ($105) Impact from NOLs – – 16 59 68 – – – – – – – – – Implied Enterprise Value ($bn) Implied Share Price Implied Terminal EV / LTM Sales PGR PGR PGRPGR 4.0% 5.0% 6.0% 4.0% 5.0% 6.0% 4.0% 5.0% 6.0% 16.5% $9.7 $10.1 $10.7 16.5% $48.85 $51.25 $54.10 16.5% 2.8x 3.0x 3.3x 17.5% 8.5 8.8 9.2 17.5% 42.45 44.30 46.45 17.5% 2.6x 2.8x 3.0x 18.5% 7.5 7.8 8.1 18.5% 37.05 38.50 40.15 18.5% 2.4x 2.6x 2.8x Source: Company filings, FactSet and Wall Street research. 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 June 30, 2026 using mid-year 38 convention applied to projected free cash flows. Implied share price reflects estimated 6/30/2026 cash balance of $886mm. Fully diluted shares underlying the analysis based on basic shares of 179.6mm as of 4/30/26 and dilution under treasury stock method (TSM) of 5.4mm RSUs, 2.7mm PSUs, and 0.01mm RSAs as of 3/31/26. (1) Reflects 27.9% tax rate applied to operating profit. WACC WACC WACC

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Financial Analysis: Selected Publicly-Traded Companies Market Revenue ($bn) EV / Company Cap. ($bn) EV ($bn) 2026E 2027E 2028E '26-'28E CAGR NTM Rev. Natera $34.2 $33.2 $2.8 $3.3 $3.9 17% 11.0x Guardant 21.0 20.4 1.3 1.7 2.1 28% 13.9x BillionToOne 5.7 5.2 0.5 0.6 0.7 25% 10.3x Caris 5.2 4.8 1.0 1.2 1.4 18% 4.4x 10x Genomics 4.5 4.0 0.6 0.7 0.7 8% 6.3x Veracyte 4.2 3.8 0.6 0.7 0.7 10% 6.1x Grail 3.4 2.5 0.2 0.2 0.3 23% 12.9x Adaptive 3.2 2.9 0.3 0.4 0.4 21% 9.3x GeneDx 1.8 1.7 0.5 0.6 0.7 25% 3.2x CareDx 1.3 1.1 0.5 0.5 0.5 5% 2.4x 75th Percentile 24% 10.9x Median 20% 7.8x 25th Percentile 12% 4.8x Toucan (Cons.) $1.6 $1.9 $2.3 21% 5.9x $9.8 $10.4 Toucan Mgmt. 1.6 2.0 2.4 22% 5.9x 39 Source: FactSet and Wall Street research as of 6/4/26. Note: Dollars in USD. EBITDA peer multiples range bound between 0 and 30. Revenue peer multiples range bound between 0 and 20.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Cowen Toucan Financial Analysis 40

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Selected Public Companies Analysis – TOUCAN (US$ in Millions) '26E-'27E Revenue EV / Revenue YTD Trading '26E Gross Company Market Cap Enterprise Value Cash Balance Revenue Performance Margin 2026E 2027E Growth 2026E 2027E $34,200 $33,193 $1,088 (3%) $2,800 $3,281 17% 65% 11.85x 10.12x 20,969 20,357 1,103 30% 1,315 1,671 27% 65% 15.48x 12.18x 5,698 5,241 537 28% 458 582 27% 71% 11.45x 9.00x 5,199 4,776 822 (36%) 1,008 1,203 19% 65% 4.74x 3.97x 4,220 3,781 439 19% 587 653 11% 74% 6.44x 5.79x 3,372 2,549 823 (22%) 181 220 21% 50% 14.06x 11.61x 3,152 2,922 237 11% 287 352 23% 73% 10.19x 8.31x 1,764 1,693 171 (57%) 479 600 25% 70% 3.54x 2.82x 1,411 1,179 233 52% 79 114 44% 16% 14.93x 10.34x PELICAN 1,313 1,105 208 23% 457 483 6% 70% 2.42x 2.29x Low $1,313 $1,105 $171 (57%) $79 $114 6% 16% 2.42x 2.29x 25th Percentile 2,111 1,907 234 (17%) 329 384 18% 65% 5.16x 4.42x Mean 8,130 7,680 566 4% 765 916 22% 62% 9.51x 7.64x Median 3,796 3,351 488 15% 468 591 22% 67% 10.82x 8.66x 75th Percentile 5,573 5,125 823 27% 903 1,066 27% 71% 13.51x 10.29x High 34,200 33,193 1,103 52% 2,800 3,281 44% 74% 15.48x 12.18x TOUCAN $9,811 $10,415 $844 (11%) $1,593 $1,940 21% 65% 6.54x 5.37x Street Source: Public filings, S&P Global Market Intelligence and FactSet as of 6/4/26. 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. Includes impact of $750.0M convertible note issued on July 3, 2025, assumed per TOUCAN public filings to convert at $84.19 per share, with corresponding capped call structure mitigating dilution 41 up to $111.20 per share, and impact of $460.0M convertible note issued on May 12, 2026, assumed per TOUCAN public filings to convert at $69.26 per share, with corresponding capped call structure mitigating dilution up to $98.94 per share. Metrics other than 2026E and 2027E revenue multiples shown for informational reference.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Standalone Discounted Cash Flow Analysis – TOUCAN Perpetuity Growth Rate Method Discounted to 6/30/26 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 $805 $1,951 $2,409 $2,947 $3,580 $4,311 $5,169 $6,136 $7,239 $8,527 $9,872 $11,232 $12,552 $13,775 $13,775 % Growth N/A 21% 23% 22% 21% 20% 20% 19% 18% 18% 16% 14% 12% 10% Adj. EBITDA (less SBC) ($58) ($26) $186 $462 $803 $1,209 $1,686 $2,212 $2,826 $3,505 $4,136 $4,792 $5,449 $6,081 $6,081.20294 % Margin (7%) (1%) 8% 16% 22% 28% 33% 36% 39% 41% 42% 43% 43% 44% 44% Less: D&A (60) (87) (83) (86) (86) (82) (97) (115) (136) (160) (186) (211) (236) (259) (262.194) EBIT ($118) ($112) $103 $376 $718 $1,127 $1,589 $2,097 $2,690 $3,344 $3,950 $4,580 $5,213 $5,822 $5,819 % Margin (15%) (6%) 4% 13% 20% 26% 31% 34% 37% 39% 40% 41% 42% 42% 42% (1) Less: Tax provision (26.5%) — — (11) (41) (122) (298) (421) (555) (712) (885) (1045) (1212) (1379) (1541) (1540) Plus: D&A 60 87 83 86 86 82 97 115 136 160 186 211 236 259 262 Less: Capex (31) (82) (94) (114) (137) (163) (145) (129) (137) (162) (188) (214) (239) (262) (262) Less: Change in NWC (17) (34) (46) (54) (63) (73) (86) (97) (110) (129) (135) (136) (132) (122) (55) Unlevered Free Cash Flow ($105) ($142) $34 $253 $481 $674 $1,035 $1,431 $1,866 $2,329 $2,768 $3,230 $3,699 $4,156 $4,224 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% 15.75% $5,253 $5,097 $5,584 $6,162 $10,350 $10,837 $11,415 2.67x 2.92x 3.22x 16.75% 4,850 4,226 4,602 5,041 9,076 9,452 9,892 2.48x 2.70x 2.96x 17.75% 4,484 3,526 3,819 4,158 8,010 8,303 8,642 2.32x 2.52x 2.74x (4) Plus Net Enterprise Value: Equity Value: Discount Equity Value per Share: (2) Rate Cash 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 15.75% ($606) $10,350 $10,837 $11,415 $9,744 $10,231 $10,809 $51.90 $54.50 $57.58 16.75% (606) 9,076 9,452 9,892 8,470 8,846 9,286 45.12 47.12 49.46 17.75% (606) 8,010 8,303 8,642 7,404 7,697 8,036 39.44 41.00 42.81 Source: Wall Street Research, public filings and S&P Global Market Intelligence as of 6/4/26. TOUCAN financial projections per Wall Street research as adjusted and extended by PELICAN management. Note: Present value date of 6/30/26, using mid-year discounting convention. Stock-based compensation treated as a cash expense. Implied terminal revenue multiples shown for informational reference. N/A denotes not applicable. 1. Includes benefit of Federal NOLs/credits. Assumes post-12/31/17 Federal NOLs of $332.8M subject to 80% utilization as of 12/31/25 and Federal NOLs during Q1 and Q2 2026 of $158.0M. Federal NOLs fully utilized by 2030. 2. Discounted cash flow assumes cash and debt of $842.8M and $1,448.8M, respectively, as of 6/30/26, inclusive of estimated $1.2M pro forma reduction to cash for Q2 2026 cash burn. 42 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): 179.6M basic shares, 8.150M RSUs, and 0.014M of RSAs. Includes impact of $750.0M convertible note issued on July 3, 2025, assumed per TOUCAN public filings to convert at $84.19 per share, with corresponding capped call structure mitigating dilution up to $111.20 per share, and impact of $460.0M convertible note issued on May 12, 2026, assumed per TOUCAN public filings to convert at $69.26 per share, with corresponding capped call structure mitigating dilution up to $98.94 per share.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Weighted Average Cost of Capital – TOUCAN 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 TOUCAN $9,811 $1,449 $844 $605 $10,415 6.16% 26.5% 2.15 2.05 Selected Companies Natera, Inc. $34,200 $80 $1,088 ($1,008) $33,193 — 25.0% 1.30 1.30 Guardant Health, Inc. 20,969 491 1,103 (612) 20,357 — 25.0% 1.44 1.44 (3) Billiontoone, Inc. 5,698 81 537 (457) 5,241 — 25.0% 0.86 0.86 Caris Life Sciences, Inc. 5,199 400 822 (422) 4,776 — 25.0% 1.36 1.36 4,220 – 439 (439) 3,781 — 25.0% 1.61 1.61 Veracyte, Inc. Grail, Inc. 3,372 – 823 (823) 2,549 — 25.0% 1.86 1.86 Adaptive Biotechnologies Corporation 3,152 8 237 (229) 2,922 — 25.0% 1.70 1.70 Genedx Holdings Corp. 1,764 100 171 (71) 1,693 — 25.0% 1.57 1.57 PELICAN 1,411 1 233 (232) 1,179 — 28.0% 1.87 1.87 Caredx, Inc. 1,313 – 208 (208) 1,105 — 25.0% 1.40 1.40 Median $3,796 $44 $488 ($431) $3,351 — 25.0% 1.57 1.57 Weighted Average Cost of Capital (WACC) Calculation (4) Target Capital Structure Cost of Equity Calculation (6) Debt / Total Capitalization — Risk-Free Rate 4.98% (7) Equity / Total Capitalization 100.0% Market Risk Premium 7.31% Debt / Equity — Relevered Beta 1.57 (2) (8) Size Premium Leveraging factor 1.000x 0.37% Cost of Equity 16.83% Cost of Debt Calculation Cost of Debt Weighted Average Cost of Capital 16.83% n/a (5) Marginal Tax Rate Weighted Average Cost of Capital - Low 15.75% 26.5% After Tax Cost of Debt — Weighted Average Cost of Capital - High 17.75% Source: Bloomberg, S&P Global Market Intelligence, U.S. Treasury, and Kroll 2025 Cost of Capital Navigator. 1. Beta represents Bloomberg’s historical, adjusted, levered five-year daily beta as of 6/4/26 (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 not included in median of selected companies given recency of IPO. 4. Target capital structure reflects median of selected companies. 43 5. TOUCAN marginal tax rate reflects blended 21.0% Federal tax rate and 5.46% state and local income tax rate, net of Federal income tax effect per TOUCAN Form 10-K as of 12/31/25. 6. 20-Year United States Treasury yield as of 6/4/26. 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 3 for market cap of $6,449.09M-$10,707.83M.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary Implied Present Value of NOLs – TOUCAN (US$ in Millions) Calendar Year Ending December 31, 2H'26E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E (1) $490.8 $568.6 $681.0 $604.2 $324.3 - - - - - - - Beginning Balance Ending Balance 568.6 681.0 604.2 324.3 - - - - - - - - Total Federal Tax Savings - - $16.1 $58.8 $68.1 - - - - - - - Discount Period 0.250 1.000 2.000 3.000 4.000 13.500 14.500 15.500 16.500 17.500 18.500 19.500 Discount Factor (16.75% Discount Rate) 96% 86% 73% 63% 54% 12% 11% 9% 8% 7% 6% 5% PV of Unlevered FCF - - $11.8 $36.9 $36.7 - - - - - - - Implied NPV of Federal NOLs $85.4 Implied NPV of Federal NOLs (2) 194.370 / Shares Outstanding 15.75% $87.9 Implied NPV of Federal NOLs, Per Share $0.44 Cost of Equity 16.75% 85.4 18.75% 80.8 Source: Wall Street research and public filings. TOUCAN financial projections per Wall Street research as adjusted and extended by PELICAN management. Note: Does not consider Section 382 limitations; reflects Federal NOLs. Assumes post-12/31/17 Federal NOLs of $332.8M subject to 80% utilization as of 12/31/25 and projected Federal NOLs during Q1 and Q2 2026 of $158.0M. Federal NOLs fully utilized by 2030. 1. Beginning balance based on sum of Federal NOLs and Federal R&D tax credits of $332.8M as of 12/31/25 per TOUCAN Form 10-K and projected Federal NOLs during Q1 2026 and Q2 2026 of $158.0M per Wall 44 Street Research. 2. Shares outstanding at midpoint of assumed shares outstanding for discounted cash flow analysis.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Perspectives on Toucan Preliminary Value Indication and Next Steps 45

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Key Questions in an All Stock / Majority Stock Combination 1 ▪ How should the Board assess the value indication put forward? – Pelican: Standalone valuation analysis relative to the nominal $11 per share value indication and A recent trading history – Toucan: Standalone valuation analysis relative to their currency today (i.e., current share price) B and recent trading history 2 ▪ How would a stock / majority stock acquisition ultimately be structured? – In substantial majority of transactions, a fixed exchange ratio would be agreed, such that for every X shares of Pelican, Y shares of Toucan are received – Exact mechanics to be negotiated – Exchange ratio put forward would be overlaid against the fair range implied by the Pelican and Toucan standalone valuation analyses 46

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary and Illustrative 1 Pelican and Toucan Illustrative Valuations in Context (Informed by Centerview Valuation range) Methodology For Reference: Toucan For Reference A Value Indication: $11.00 Toucan Current: $52.26 52-Week Closing Price Range (Low – High) $4.40 $12.10 Pelican (1) DCF (Low – High) Mgmt. Plan $10.45 $14.85 (16.5% - 19.0% WACC, 3.0% - 5.0% PGR) B 52-Week Closing $42.35 $103.25 Price Range (Low – High) Toucan (2) DCF (Low – High) Adjusted Consensus Forecast $37.05 $54.10 (16.5% - 18.5% WACC, 4.0% - 6.0% PGR) $0 $20 $40 $60 $80 $100 Source: Pelican Management, Wall Street research, Wall Street research, public filings, FactSet as of 6/4/26. Note: Dollars in millions, except per share data. (1) DCF analysis assumes valuation as of June 30, 2026 using mid-year convention applied to projected free cash flows. Implied share price reflects estimated 6/30/2026 cash balance of $886mm. Fully diluted shares underlying the analysis based on basic shares of 179.6mm as of 4/30/26 and dilution under treasury stock method (TSM) of 5.4mm RSUs, 2.7mm PSUs, and 0.01mm RSAs as of 3/31/26. (2) DCF analysis assumes valuation as of June 30, 2026 using mid-year convention applied to projected free cash flows. Implied share price reflects estimated net 47 cash balance of $208mm as of 6/30/26 and $75mm in net proceeds from 2026 raise assuming issuance at current share price, with 10% discount and 5% spread. Fully diluted shares underlying the analysis from Pelican management based on basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm PSUs all as of 5/31/26.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary and Illustrative 2 Exchange Ratio Analysis (Informed by Centerview Valuation range) Acceptable exchange ratio range defined by the bookends of the Pelican and Toucan standalone valuations Standalone DCF Valuation Ranges Implied Exchange Ratios (1) Pelican 100% Stock $300mm Cash / Remainder Stock Low High ( $ B ) B C C 0.40x $10.45 $14.85 A B 0.33x Toucan 0.21 (Exchange Ratio at $11) 0.16 Low High (Cash Adj. 0.19x Exchange $ ( A ) A Ratio at $11) $37.05 $54.10 C D 0.15x D D 48 Source: Company filings, Wall Street research, Pelican Management, and FactSet as of 6/4/26. 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 June 30, 2026 using mid-year convention applied to projected free cash flows. (1) Cash portion calculated as $2.58 per share.

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Potential Forms of a Counter “$X Per Share Upfront and $Y Per Share in “Needs to be $X Per Share” Milestone Payments” ✓ Simplest structure ✓ Likely extract greatest headline deal value ✓ Compensate Pelican shareholders upfront ✓ Construct a “win-win” deal tied to bona fide business improvements ✓ Ability to introduce structure at a later point to bridge any remaining value gap ✓ Pelican participates in more of the upside ? Less upside participation (albeit stock ? May mute any improvement in upfront consideration still provides some) economics ? Toucan’s willingness / ability to fund ? More complicated / ideally tied to binary incremental cash or equity today, pending (vs. subjective) thresholds improved Toucan share price ? Form of CVR payment (cash vs. stock) 49

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary and Illustrative Implied Pelican Metrics at Various Illustrative Prices (Informed by Centerview Valuation range) ▪ Pelican currently trading at/above levels at time of Toucan approach ▪ Toucan stock remains ~(30%) below January prices Toucan Share Price Today: $52.26 Today Implied Price Per Share at Today’s Exchange Ratio Vs. Prem. / (Disc.) vs. Curr. 100% Stock Toucan 60-Day Toucan 52-Wk Toucan 52-Wk Implied % Prem. % Prem. Implied Pro Forma 26-Jan VWAP: $49.46 Low: $42.37 High: $103.25 Price Equity Transaction 1-Day 30-Day Pelican Exchange Initial DCF (1) (2) (3) (4) per Share (6/4/26) VWAP Overture Low Midpoint High Value Value Ownership Ratio Metrics $12.10 $7.80 $52.26 $67.63 $37.05 $44.30 $54.10 Pelican Share $12.10 $1,411 $1,203 – +55% 11% 0.2315x $15.66 $8.58 $10.26 $12.53 Price Today 11.00 1,277 1,069 (9%) +41% 10% 0.2105x 14.24 7.80 9.32 11.39 11.50 1,338 1,130 (5%) +47% 11% 0.2201x 14.88 8.15 9.75 11.90 12.00 1,399 1,191 (1%) +54% 11% 0.2296x 15.53 8.51 10.17 12.42 12.50 1,460 1,252 +3% +60% 12% 0.2392x 16.18 8.86 10.60 12.94 13.00 1,521 1,313 +7% +67% 12% 0.2488x 16.82 9.22 11.02 13.46 13.50 1,582 1,374 +12% +73% 13% 0.2583x 17.47 9.57 11.44 13.98 14.00 1,643 1,435 +16% +79% 13% 0.2679x 18.12 9.93 11.87 14.49 14.50 1,704 1,496 +20% +86% 13% 0.2775x 18.76 10.28 12.29 15.01 15.00 1,765 1,557 +24% +92% 14% 0.2870x 19.41 10.63 12.72 15.53 Source: Pelican Management, public filings, FactSet, and Bloomberg as of 6/4/26. Note: Dollars in millions, except per share data. Analysis assumes Toucan’s $750mm of convertible senior notes due 7/15/30 with a conversion price of $84.19 and $460mm principal amount of convertible senior notes due 5/15/32 with a conversion price of $69.26 are treated as debt. (1) Based on fully diluted Pelican shares outstanding: basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm stock options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm 50 PSUs all as of 5/31/26. (2) Based on estimated $210mm cash and cash equivalents as of 6/30/26 and estimated $1mm of software loans treated as debt as of 6/30/26. (3) Adjusted to reflect Toucan’s existing ownership of 13,039,067 Pelican shares, which are excluded from purchase consideration and pro forma ownership. (4) Based on Toucan’s spot (current) price of $52.26 (as of 6/4/26).

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Preliminary and Illustrative Implied Pelican Metrics at Various Illustrative Prices (Informed by Centerview Valuation range) ▪ Pelican currently trading at/above levels at time of Toucan approach ▪ Toucan stock remains ~(30%) below January prices Toucan Share Price Today: $52.26 Today Implied Price Per Share at Today’s Exchange Ratio Vs. Prem. / (Disc.) vs. Curr. $300mm Cash, Remainder Stock Toucan 60-Day Toucan 52-Wk Toucan 52-Wk Implied % Prem. % Prem. Implied Pro Forma 26-Jan VWAP: $49.46 Low: $42.37 High: $103.25 Price Equity Transaction 1-Day 30-Day Pelican Exchange Initial DCF (1) (2) (3) (4) per Share (6/4/26) VWAP Overture Low Midpoint High Value Value Ownership Ratio Metrics $12.10 $7.80 $52.26 $67.63 $37.05 $44.30 $54.10 Pelican Share $12.10 $1,411 $1,203 – +55% 9% 0.1823x $14.90 $9.33 $10.65 $12.44 Price Today 11.00 1,277 1,069 (9%) +41% 8% 0.1610x 13.48 8.55 9.72 11.30 11.50 1,338 1,130 (5%) +47% 9% 0.1707x 14.12 8.90 10.14 11.81 12.00 1,399 1,191 (1%) +54% 9% 0.1804x 14.77 9.26 10.56 12.33 12.50 1,460 1,252 +3% +60% 9% 0.1900x 15.42 9.61 10.99 12.85 13.00 1,521 1,313 +7% +67% 10% 0.1997x 16.07 9.96 11.41 13.37 13.50 1,582 1,374 +12% +73% 10% 0.2093x 16.72 10.32 11.83 13.89 14.00 1,643 1,435 +16% +79% 10% 0.2190x 17.37 10.67 12.26 14.40 14.50 1,704 1,496 +20% +86% 11% 0.2286x 18.01 11.02 12.68 14.92 15.00 1,765 1,557 +24% +92% 11% 0.2383x 18.66 11.38 13.10 15.44 Source: Pelican Management, public filings, FactSet, and Bloomberg as of 6/4/26. Note: Dollars in millions, except per share data. Analysis assumes Toucan’s $750mm of convertible senior notes due 7/15/30 with a conversion price of $84.19 and $460mm principal amount of convertible senior notes due 5/15/32 with a conversion price of $69.26 are treated as debt. (1) Based on fully diluted Pelican shares outstanding: basic shares of 106.0mm as of 5/31/26 and dilution under treasury stock method (TSM) of 15.6mm stock options with a weighted-average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm 51 PSUs all as of 5/31/26. (2) Based on estimated $210mm cash and cash equivalents as of 6/30/26 and estimated $1mm of software loans treated as debt as of 6/30/26. (3) Adjusted to reflect Toucan’s existing ownership of 13,039,067 Pelican shares, which are excluded from purchase consideration and pro forma ownership. (4) Based on Toucan’s spot (current) price of $52.26 (as of 6/4/26).

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Next Steps – Key Considerations ▪ Toucan awaiting response to their 5/27 value indication of $11 per share ▪ Response considerations: – Pelican response to Toucan ▪ Specific counter vs. qualitative feedback ▪ Other terms (e.g., upfront vs. upfront plus CVR; cash/stock mix) – Potential contractually required third party notifications ▪ Merck, Moderna, Toucan – Potential additional third-party outreach 52

– Preliminary Draft: Highly Confidential & For Discussion Purposes Only – Appendix 53

– 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 06/04/26 $12.10 Price as of 06/04/26 $52.26 Prem. / (Disc.) vs. 52-Wk. High 0% Prem. / (Disc.) vs. 52-Wk. High (49%) Prem. / (Disc.) vs. 52-Wk. Low 175% Prem. / (Disc.) vs. 52-Wk. Low 23% (1) (2) 116.6 187.7 Fully Diluted Shares Outstanding Fully Diluted Shares Outstanding Equity Value $1,411 Equity Value $9,811 (Less): Est. Cash as of 6/30/26 (210) (Less): Est. Cash as of 6/30/26 (843) Plus: Est. Debt as of 6/30/26 1 2030 Convertible Promissory Note 239 Plus: NCI – 2030 Convertible Senior Notes 750 2032 Convertible Senior Notes 460 Plus: Est. Debt as of 6/30/26 1,449 Plus: NCI – Enterprise Value $1,203 Enterprise Value $10,417 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 $79 15.2x 2026E $1,593 6.5x 2027E 114 10.6x 2027E 1,940 5.4x 2028E 157 7.7x 2028E 2,327 4.5x EV / EBITDA EV / EBITDA 2026E ($104) NM 2026E $65 NM 2027E (87) NM 2027E 125 NM 2028E (74) NM 2028E 239 NM 54 Source: Company filings and FactSet as of 6/4/26. Note: Dollars in millions unless otherwise noted. (1) Based on 106.0mm basic shares outstanding as of 5/31/26 and dilutive impact under treasury stock method (TSM) of 15.6mm stock options with a weighted average exercise price (WAEP) of $5.19, 0.6mm RSUs, and 0.6mm PSUs all as of 5/31/26. (2) Based on 179.6mm basic shares outstanding as of 4/30/26 and dilutive impact under treasury stock method (TSM) of 5.4mm RSUs, 2.7mm PSUs, and 0.01mm RSAs as of 3/31/26.

– 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 Tumor Informed Selected BD Cash Debt Equity Pelican $9.8 $1.6 $2.3 +21% $0.3 – $2.0 $2.3 Toucan ~ P (4) NeXT Personal xM MRD Mgmt. $34.2 $2.8 $3.9 +17% $0.6 – $6.8 $7.4 PP Latitude Signatera (5) -- 21.0 1.3 2.1 +28% 0.6 – 3.5 4.1 PO Guardant Reveal -- 5.2 1.0 1.4 +18% 0.3 0.4 1.0 1.7 OO $289.3 $78.9 $85.5 +4% $15.2 $56.7 $57.9 $129.8 PP AVENIO Pathlight 158.1 50.5 59.0 +8% 3.4 7.4 31.6 42.4 OP Oncodetect -- $297.0 $66.7 $74.5 +6% $0.0 $30.5 $59.4 $89.9 OO Other Source: Public filings and FactSet as of 6/4/26. 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 gross leverage of 3.0x based on NTM EBITDA for 55 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.

– 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 56 to operate 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 – 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 High / Current: 0.23x Current 0.23x Minimum (7/02/24) 0.03x Maximum (6/04/26) 0.23x 0.20x 3-Month Average 0.15x 6-Month Average 0.14x 12-Month Average 0.12x As of 1/26/26 0.15x 0.15x 0.10x 0.05x Toucan Low: 0.03x IPO Favorable to 0.00x Toucan Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 57 Source: FactSet as of 6/4/26. 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 $170 13.4% ARK 9.6 $502 5.4% Toucan 13.0 158 12.5% Vanguard 9.6 502 5.3% Lightspeed 8.2 99 7.8% Baillie Gifford 8.6 452 4.8% ARK 7.9 96 7.6% Red Sky 8.1 421 4.5% T. Rowe Price 6.3 77 6.0% BlackRock 7.3 380 4.1% Deep Track 5.8 70 5.5% GC Wealth Management 6.6 346 3.7% Threadneedle 4.6 56 4.4% SoftBank 5.4 282 3.0% BlackRock 4.4 53 4.2% JPMorgan 4.9 257 2.7% abrdn 3.5 42 3.3% Amova 4.3 226 2.4% Columbia Management 3.0 36 2.8% UBS 2.8 145 1.5% AIGH 2.9 35 2.8% Franklin Advisers 2.6 135 1.4% Vanguard 2.9 35 2.7% Geode 1.9 101 1.1% Kennedy 2.2 26 2.1% SSgA 1.7 88 0.9% Blue Water Life Science Advisors 1.7 20 1.6% Morgan Stanley 1.7 87 0.9% Casdin 1.6 19 1.5% Alphabet 1.6 81 0.9% Geode 1.3 16 1.2% Revolution 1.3 66 0.7% SSgA 1.1 14 1.1% Goldman Sachs 1.2 63 0.7% Dimensional Fund 1.0 12 0.9% Voloridge 1.2 61 0.7% PFM Health Sciences 0.9 11 0.8% Clear Street 1.0 50 0.5% Portolan 0.7 9 0.7% BAMCO 0.9 47 0.5% Top 20 87.0 $1,052 83.1% Top 20 82.2 $4,293 45.7% Common Cross Shareholders 58 Source: FactSet as of 6/4/26. Note: Excludes insider ownership. (1) As of 3/31/2026. (2) Total number of shares based on 104.7mm basic shares of Pelican common stock outstanding as of 4/29/26. (3) Based on 179.6mm basic shares of Toucan common stock outstanding as of 4/30/26.