Natera

As of June 30, 2025, Natera had a total outstanding debt balance of $80.3 million including accrued interest under its line of credit with UBS at a variable interest rate of 30-day SOFR plus 50 bps.

SEC original ↗Natera — Earnings release (8-K exhibit)EX-99Aug 7, 2025

As of June 30, 2026, the Company had $ 1.1 billion in cash and an $ 80.3 million outstanding 10 Table of Contents balance on its Credit Line (as defined in Note 12, Debt ) including accrued interest.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

Accordingly, the Company has funded the portion of operating costs that exceeds revenues through a combination of equity issuances, debt issuances, and other financings.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

The Company continues to invest in the development and commercialization of its existing and future products and, consequently, it will need to generate additional revenues to achieve future profitability and may need to raise additional equity or debt financing.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and requires significant debt service payments, which diverts resources from other activities.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

All statements other than statements of historical facts, including statements regarding its market opportunity, anticipated products and launch schedules, reimbursement coverage and product costs, commercial and strategic partnerships and acquisitions, user experience, clinical trials and studies, and its strategies, goals and general business and market conditions, are forward-looking statements.

SEC original ↗Natera — Earnings release (8-K exhibit)EX-99Aug 7, 2025

All statements other than statements of historical facts contained in this presentation, including statements regarding our market opportunity, our anticipated products and launch schedules, our reimbursement coverage and our product costs, our commercial and strategic partnerships and potential acquisitions, our user experience, our clinical trials and studies, our strategies, our goals and general business and market conditions, are forward - looking statements .

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

8 Multiple drivers of future margin expansion Scaling for rapid volume growth Automation to meet rising demand New COGS reduction projects underway Current project pipeline can generate significant savings Revenue cycle operations Coverage expansion COGS reduction programs AI - driven efficiencies ~$300M in recurring revenues and cash flow 1 generated since 2022 Opportunities to improve reimbursement for covered services Coverage for additonal non - covered tumor types (~$250M - $300M) Broader coverage in biomarker states Medicare advantage execution Clinical practice guidelines Not for reproduction or further distribution.

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

9 Opex remaining flat to Q1 guide despite $80 million increase in revenue Key Drivers: 2025E SG&A investments* Investing in proven growth drivers creates future upside 0 20 40 60 80 100 120 140 160 180 $171M Lab expansion / infrastructure Commercial team expansion Revenue cycle expansion $166M AI capabilities for product innovation Early cancer detection development and trials Clinical trial expansion New product launches Key Drivers: 2025E R&D investments* *Based on midpoint of current guidance and 2024 actual SG&A and R&D expense as disclosed in the 2024 Form 10 - K.

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

12 Key Findings DARE trial: recurrence monitoring with Signatera supports TOMR strategy in early breast cancer Phase II prospective TOMR study ( treat on molecular recurrence ); >500 patients, >2,200 plasmas, since 2021 Utility of Signatera for early detection of recurrence in ER+/HER2 - breast cancer >99% >2X ~73% RFS among the 400+ patients who remained Signatera - negative with median follow up of 27.4 months ctDNA clearance rate at 3 months (Arm A vs.

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

We discuss these and other risks and uncertainties in greater detail in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports on Forms 10-K and 10-Q and in other filings that we make with the SEC from time to time.

SEC original ↗Natera — Earnings release (8-K exhibit)EX-99Aug 7, 2025

In light of these risks, uncertainties and assumptions, you should not place undue reliance on our forward-looking statements.

SEC original ↗Natera — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We discuss these and other risks and uncertainties in greater detail in the sections entitled Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in our periodic reports on Forms 10 - K and 10 - Q and in other filings we make with the SEC from time to time .

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

In light of these risks, uncertainties and assumptions, the forward - looking events and circumstances discussed in this presentation may not occur and our actual results could differ materially and adversely from those anticipated or implied .

SEC original ↗Natera — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

Legal Proceedings 49 Item 1A.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026

into our business operations; our ability to control our operating expenses and fund our working capital requirements; the factors that may impact our financial results, including our revenue recognition assumptions and estimates; and 3 Table of Contents anticipated trends and challenges in our business and the markets in which we operate.

SEC original ↗Natera — 10-Q Quarterly report10-QAug 7, 2026