biodesix investor deck

© 2021 Biodesix, Inc. All rights reserved. 1

November 2021

Corporate Presentation


This presentation and the accompanying oral presentation have been prepared by Biodesix, Inc. ("Biodesix", “we” or the "Company") for informational purposes only and not

for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Biodesix or any

officer, director, employee, agent or advisor of Biodesix. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Information

provided in this presentation and the accompanying oral presentation speak only as of the date hereof.

Certain information contained in this presentation relates to, or is based on, studies, publications, surveys and other data obtained from third-party sources and Biodesix's own

internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no

representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this

presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe

our own internal research is reliable, such research has not been verified by any independent source.

This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical

facts contained in this presentation, including statements regarding our future financial condition, results of operations, business strategy and plans, and objectives of

management for future operations, as well as statements regarding industry trends, are forward-looking statements. In some cases, you can identify forward-looking statements

by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will” or the negative of

these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends

that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of

risks, uncertainties, factors, and assumptions, including among other things, the dependence of the commercial success of our current and future diagnostic tests and services

on attaining significant market acceptance, difficulties we may experience in managing our growth, our failure to retain sales and marketing personnel and marketing

capabilities or to develop broad awareness of our diagnostic tests, our failure to maintain our current relationships, or enter into new relationships, with biopharmaceutical

companies, the demand for, and increased adoption of, our diagnostic tests, including our COVID-19 tests, being lower than we anticipate, our dependence on third-party

suppliers, competition in our industry and specifically in the diagnostic tests space, our failure to offer high-quality support for our diagnostic tests and services which may

adversely affect our relationships with providers and negatively impact our reputation among patients and providers. In addition, new risks may emerge from time to time, and

it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors,

may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are

reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly

any forward-looking statements for any reason after the date of this presentation or to conform these statements to actual results or to changes in our expectations.

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in

which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Disclaimer


Robin Harper Cowie

Chief Financial Officer

Scott Hutton

President & Chief Executive Officer

Director of Payor & Government Relations

Manager of Business Development, Planning & Analysis

SVP & General Manager of the Vascular

Intervention Division

Laboratory Manager

Researcher

Presenting today

President & Chief Executive Officer

Chief Operating Officer

Chief Financial Officer

VP of Finance

VP of Reimbursement & Health Economics

Senior Director and Director of Reimbursement

20+ years of industry experience with expertise in

Leadership | Mergers & Acquisitions | Sales & Marketing

VP & General Manager of Neurosurgery

VP & Business Leader of Surgical Navigation

and Intra-Operative Imaging

15+ years of industry experience with expertise in

Finance | Reimbursement | Operational Excellence


Our mission is to improve

patient outcomes and lower

healthcare costs by

developing diagnostic solutions

that reduce ineffective and

unnecessary treatments



Biological Research

New Test Discovery

Test Development

Clinical Tests

Biopharma

& Academia

Healthcare

Providers

& Patients

– Blood & Tissue-based– Companion Diagnostics (CDx)– Distribute with Partners

Non-Lung

Lung

We discover, develop and commercialize diagnostic solutions for biopharma partners, healthcare providers and patients

Diagnostic Cortex™

– Blood-based

– AI Driven– Blood &Tissue-based

– Multiple Cancers & Diseases– Multiple Technologies

– Industry leading turn-around-time

– Rapid actionable insights to inform and guide diagnosis and treatment

Commercial Sales


We focus on lung cancer because each year, more people die of lung cancer than of colon, breast, and prostate cancers combined.

236K+ Patients will be diagnosed with lung cancer annually in the US1

Lung cancer is the leading cause of cancer death worldwide.2

Only 22% of all people diagnosed with lung cancer will survive 5 years or more.

Approximately 132K AMERICAN LIVES are lost annually.2

4M+ molecular testing opportunitieswith our commercial diagnostic tests

8 on-market diagnostic tests for patients with lung disease – 5 for lung cancer and 3 tests for COVID-19

2 pipeline diagnostic tests in development for patients with lung disease

$ 29BTotal US Opportunity

1.International Agency for Research on Cancer. GLOBOCAN Lung Cancer Facts Sheet 2020. 2. American cancer Society Cancer Facts and Figures, 2021. Atlanta: American Cancer Society 2020


Why Biodesix? Our tests start at diagnosis and answer clinical questions for the patient throughout their entire cancer journey.

Lung Nodule Risk Assessment

Treatment Decisions

Diagnosis Treatment

Disease Recurrence & Progression

Monitoring

On M

ark

et


Lung Diagnostic Tests


5M+lung nodules annually eligible for risk assessment testing

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Nodify Lung Nodule Risk Assessment Testing is the diagnostic solution for identifying risk in pulmonary nodules

of patients receiving biopsy

as the sole diagnostic

procedure were benign1

of patients who underwent surgery had benign nodules1

of patients sent to CT surveillance have malignant nodules2

62% 35% 17%

Silvestri GA, et al, Chest. 2018 Sep;154(3):491-500.

USPSTF statement to expand the eligible population for lung cancer screening (March 9, 2021).

Highlights the opportunity to improve patient outcomes and lower healthcare costs by reducing

ineffective and unnecessary treatments.


Medicare coverage with a unique CPT code & ADLT status ($3,520)

Two studies ongoing (ALTITUDE & ORACLE) for combined lung nodule risk assessment

and over 35 peer-reviewed publications & abstracts

Efforts ongoing with payers

24-hour turnaround time 4-day turnaround time

Identifies patients with lung nodules that

are likely malignant

Autoantibodies on an ELISA platform from bloodP53 | CAGE | NY-ESO-1|GBU4-5 | MAGE A4 | SOX2 | HuD

78% PPV, 98% specificity & 28% sensitivity

Identifies patients with lung nodules that are likely benign

Proteins on an LC-MS platform from blood (BCD)Proteins: LG3BP | C163AClinical Profile: Age | Smoking History | Cancer HistoryRadiologic Profile: Nodule Size | Location | Spiculation

98% NPV, 97% sensitivity & 44% specificity

Blood-Based Nodule Risk Assessment


The importance of understanding lung nodule management

CT Surveillance

?What Next?

Physician

Judgement

Risk Calculators

Very Low Risk(<5%)

Low to Moderate Risk(5-65%)

High Risk(>65%)

~80%

~10%

Tanner et al 2015

*USPSTF recently published a final recommendation statement to expand the eligible population for lung cancer screening (March 9, 2021). The recommendation expands the age range

to 50 to 80 years (previously 55 to 80 years) and reduced the pack-year history to 20 pack-years of smoking (previously 30 pack-years).

Biopsy Surgery

or

Patient Chart

Clinical Profile• Age• Smoking History• Cancer History

Radiologic Profile• Nodule Size• Nodule Spiculation• Nodule Location

~10%


Nodify reclassifies risk to help reduce uncertainty in lung nodule management

CT Surveillance

solitary pulmonary nodule risk calculator

Physician Judgement

Patient Chart

Clinical Profile• Age (≥40)• Smoking History• No Cancer History

Radiologic Profile• Nodule Size (8-30mm)• Nodule Spiculation• Nodule Location

Very Low Risk

(<5%)

Low to Moderate Risk(5-65%)

High Risk(>65%)

~80%

~10%

~10%Biopsy Surgery

or

identifies likely benign nodules with test results

in one week

identifies likely malignant nodules with test results in

one day

Tanner et al 2015


We are committed to advancing our clinical data package

ALTITUDE Clinical Utility Study ORACLE Registry Study

Nodify XL2 Classifier Clinical Utility Study in Low to Moderate Risk Lung Nodules (ALTITUDE)

o First-in-class biomarker study for the early detection of lung

cancer

o Prospective, Observational, Multi-center randomized

controlled study of the Nodify XL2 and Nodify CDT tests

o Initiated December 2020

o 22 US sites

o 2,000 patient enrollment goal

o To evaluate how supplemental information from Nodify Lung

Testing impacts clinical decision making

o Interim results expected 2022

A Registry to Evaluate the Performance of the BDX-XL2 (Nodify XL2) Test (ORACLE)

o Designed to evaluate the clinical utility of the Nodify XL2 test

with the Nodify CDT test ( Phase II)

o Prospective, Observational, Registry study of the Nodify XL2

and Nodify CDT tests

o Initiated October 2018

o 15 US sites

o 1,000 patient enrollment goal

o CHEST 2021: Data from ORACLE study show that the number

of invasive procedures on benign nodules were reduced by up

to 67% with the use of the Nodify XL2 test

o 2-year follow-up anticipated in 1H 2022


___________________________________________________________________________________________

4M+ molecular testing opportunities to guide NSCLC treatment decisions

~200k 10.5 months 26 days

Only 22% of all people diagnosed with lung cancer will survive 5 years or more. If caught early, the chance

for 5-year survival improves dramatically.

testing is the solution to giving the right treatment to the right patient as soon as possible

patients diagnosed annually

with NSCLC in the US

median overall survival of

patients with advanced stage NSCLCLength of time for turn around for

tissue testing


Blood

Tumor & Immune MonitoringBlood Blood

Blood

7-14 days

ResultsCompetitive Liquid

Biopsy NGS

Tissue-Based NGS Tissue

26 days

Results

We offer the most comprehensive portfolio of tests with industry-leading turnaround times

36-hoursResultsBlood

Blood

72-hours

Results

Confirm

Diagnosis

Treatment

Decisions

Diagnosis Treatment

Recurrence

& Progression

Monitoring

52-genes, advanced stage NSCLC

6-genes, all stages of NSCLC

ddPCR


VeriStrat Good (2x median survival) vs. VeriStrat Poor

Mutations detected by ddPCR from blood

DNA (SNV/Indels): BRAF | EGFR | KRAS

RNA (Fusions): ALK | RET | ROS-1

Medicare and private payer coverage

Not restricted by stage or multiple tests per patient

per cancer

Medicare and private payer coverage with a

unique CPT code & ADLT status ($2,871)

85+ publications & abstracts30+ publications & abstracts

Less than 36-hour turnaround time Less than 36-hour turnaround time

Identifies blood-based, guideline recommended

NSCLC tumor mutations

91% sensitivity & 100% specificity

Blood-based test identifies a chronic inflammatory disease

state associated with aggressive cancer

Proprietary proteomic signature identified from blood

(BCD) by MALDI-ToF Mass Spectrometry & AI

1 https://clinicaltrials.gov/ct2/show/NCT03289780

Greater than 4,000+ patients enrolled in INSIGHT1 registry study

Rapid Turn-Around Blood-Based Tumor & Immune Profiling

ddPCR

https://clinicaltrials.gov/ct2/show/NCT03289780


Why physicians will choose the recently-launched GeneStratNGS™ test over others

Unique, easy-to-read report stands

apart from others

Tests for 52 well characterized and

prevalent cancer-related genes as an

aid in treatment decisions associated

with one or more genetic variations

Unprecedented 72-hour turnaround time,

plasma-based, next generation

sequencing assay for patients

diagnosed with advanced stage cancer

Therapy recommended genes also span

across other cancers such as Colorectal,

Endometrial, Breast, GI, Thyroid and Chordoma

Sensitivity of 95% and a Specificity of 100%

relative to the ddPCR reference

Billing using existing CPT code 81455 –

Medicare price of $2919


GeneStrat NGS™ test and our new, unique ‘all-stages’ Integrated treatment guidance strategy

Immune profiling test

Immune profiling test

52-gene test

Test Request Form

submitted with

clinical information

Advanced, metastatic,

or recurrent NSCLC

Early stage

NSCLC

Blood draw

ddPCRtargeted 6-gene test


We are committed to continually advancing our clinical data package

___________________________________________________________

INSIGHT Observational Study (NCT03289780)

Primary Immune Response (PIR) Test

___________________________________________________________

BEACON-Lung Clinical Study (NCT04676386)

An Observational Study Assessing the Clinical Effectiveness of VeriStrat and Validating Immunotherapy tests in patients with Non-Small Cell Lung Cancer (INSIGHT)

o Designed to evaluate the real-world clinical utility and performance of the Biodesix treatment guidance portfolio of tests (VeriStrat, GeneStrat and GeneStrat NGS tests) in everyday practice.

o 35 sites enrolling

o To date, over 4,000 patents enrolled with a target of 5,000.

o Final analysis with 3 –year follow up expected 2024

A Prospective Biomarker Analysis in High PD-L1 Expressing NSCLC Patients Treated With An Immune Checkpoint Inhibitor (ICI) With or Without Platinum-Based Chemotherapy (BEACON-Lung)

o Designed and executed in collaboration with the Addario Lung Cancer Medical Institute (ALCMI) team with a focus on PIR to detect early progression on ICI monotherapy versus triplet therapy

o 10 sites enrolling

o Evaluate 390 patients Final Enrollment expected 2023

o Analysis expected in 2023


Why Biodesix? Our tests start at diagnosis and answer clinical questions for the patient throughout their entire cancer journey.

Pip

elin

e

Risk of Recurrence (ROR)

Lung Nodule

Risk AssessmentTreatment Decisions

Diagnosis Treatment

Disease Recurrence

& Progression

MonitoringO

n M

ark

et

Primary Immune

Response (PIR)


Monitoring

Our Proprietary Pipeline Tests

Treatment Guidance

Primary Immune Response (PIR) Test

– Test for selecting treatment naïve NSCLC patients for immunotherapy (immune checkpoint inhibitor) regimens independent of, and complementary to PD-L1 status

– Launched BEACON-Lung Clinical Study (NCT04676386) in collaboration with Addario Lung Cancer Medical Institute (ALCMI) and included PIR test

– Anticipated launch 2023

Risk of Recurrence (RoR) Test

– Host immune profiling signature that identifies stage 1 NSCLC pre-surgery patients who are a higher risk of recurrence (ROR) and may benefit from adjuvant chemotherapy

– Anticipated launch 2023


Where our peer-products fit along the patient treatment pathway

LUNG NODULE RISK ASSESSMENT

CONFIRM DIAGNOSISTREATMENT DECISIONS

DIAGNOSIS TREATMENT

DISEASE RECURRENCE & PROGRESSION

MONITORING

imaging (CT & PET)

biopsy

surgery

Percepta(Veracyte)

Nasal Brushing Classifier(Veracyte)

Not broadly available yet

DetermaDx(Oncocyte)

failed in validation

Guardant360 CDx(Guardant Health)

FoundationOne Liquid CDx(Foundation Medicine)

FoundationOne CDx(Foundation Medicine)

Imaging

(CT & PET) symptoms


What makes Biodesix different for biopharma partners?

Proprietary,

Transparent

AI -Driven

Approach with the

Diagnostic Cortex

Platform

Approach difficult biomarker problems in an explainable, unbiased manner

Expertise in

multiple cancers

and diseases

Broad experience in multiple cancers, disease types, and uncovering host biology in systemic

diseases

Access to multiple

technologies

Molecular and proteomic technologies –tumor and host biology monitoring

Development in tissue and blood

Industry leading

turnaround time

Critical for prospective trial enrollment


A multi-technology approach integrated with transparent AI is critical to discover advanced diagnostic solutions for our biopharma partners

TUMOR PROFILING

Biomarkers

• Genomics (DNA, RNA)• Proteomics• Radiomics• Epigenomics• Transcriptomics

Our Technologies

• Droplet Digital PCR• Next Generation Sequencing• Liquid Chromatography MS (LC MS)• ELISA

IMMUNE PROFILING

Biomarkers

• Proteomics

• Genomics• Post Translational Modifications

Our Technologies

• Deep MALDI Mass Spectrometry• Liquid Chromatography MS

(LC MS)• PASEF – timsToF Mass

Spectrometry• Next Generation Sequencing • ELISA

DIAGNOSTIC

CORTEX®

ARTIFICIAL

INTELLIGENCE

PLATFORM


Biodesix develops diagnostic solutions to support our biopharma partners in bringing novel therapies to market

50+companies

150,000+ sample & data biobank

Significant experience to date working

with biopharma customers

Select publicly-disclosed

biopharma customers


Biological Research

New Test Discovery

Test Development

Clinical Tests

Biopharma

& Academia

Healthcare

Providers

& Patients

– Blood & Tissue-based– Companion Diagnostics (CDx)– Distribute with Partners

Non-Lung

Lung

We discover, develop and commercialize diagnostic solutions for biopharma partners, healthcare providers and patients

Diagnostic Cortex™

– Blood-based

– AI Driven– Blood &Tissue-based

– Multiple Cancers & Diseases– Multiple Technologies

– Industry leading turn-around-time

– Rapid actionable insights to inform and guide diagnosis and treatment

Commercial Sales


Appendix


Extensive knowledge in diagnostics & reimbursement

Scott HuttonCEO

Robin Harper CowieCFO

Kieran O’KaneCCO

Gary PestanoCDO (PhD)

Robert GeorgantasSVP Research (PhD)

Paul BeresfordCBO (PhD)

Bobbi CoffinCGO

James JettCMO (MD)

Steven SpringmeyerCMO (MD)

Linda TraylorVP CDMA (PhD)

Ryan SiurekCAO

Brianna PhillipsHead Qual & Reg


John PatienceCHAIRMAN

Scott HuttonPRESIDENT & CEO

Hany MassaranyCOMPENSATION COMMITTEE

Jean FranchiAUDIT COMMITTEE

Matt StrobeckNOMINATIONS & GOVERNANCE COMMITTEE

Jack Schuler

Charles Watts, M.D.

A Board of Directors with a vast amount of industry expertise

Birchview Capital

Crabtree Partners LLC

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=2ahUKEwj0s-6yufDmAhVBZ80KHVhkDW8QjRx6BAgBEAQ&url=https%3A%2F%2Fswedish.jobs%2F&psig=AOvVaw0eBir3ue9OKQoSJ0UtyOGS&ust=1578450742948955


PCR Testing to Assess Active Infection

– Biodesix PCR tests use highly sensitive droplet digital PCR (ddPCR) technology to identify the presence of the SARS CoV-2

virus that causes COVID-19

– Results Available within 24-48 hours of laboratory receipt

– Specimen Collection uses a simple nasal swab, with step-by-step instructions for on-site collection and shipment of test specimens to our central laboratory in Boulder, CO

Antibody Testing To Assess Previous Infection or COVID-19 Vaccine Response

Neutralizing Antibody Testing

– Fast detection of neutralizing antibodies from previous SARS-CoV-2 infection or response from COVID-19 vaccines

– Blood test with results available within 24 hours of laboratory receipt

Total Antibody Testing

– Supports rapid detection of previous SARS-CoV-2 infection after eight days from symptom onset

– Blood test with results available within 24 hours of laboratory receipt

Dual Antibody Testing

– Comprehensive antibody testing can be achieved though testing a single blood specimen with both Neutralizing and Total Antibody tests in 24 hours from laboratory receipt

Biodesix Covid-19 Testing Menu


We have two certified, high-complexity laboratories

DE SOTO, KSBOULDER, CO

✓ CAP-accredited✓ CLIA-certified✓ NYS CLEP certified: Soluble Tumor Markers,

Molecular & Cellular Tumor Markers and Virology✓ ISO 13485-certified✓ FDA Emergency Use Authorization

✓ CAP-accredited✓ COLA-accredited✓ NYS CLEP certified: Soluble Tumor Markers &

Diagnostic Immunology✓ ISO 13485-certified✓ FDA Emergency Use Authorization


Intellectual property portfolio

99 issued patents50 in the US and 49 foreign;19 U.S. and 21 foreign applications still in various stages of prosecution

26 unique & active

registered trademarksacross 11 countries

Patent Subject Matter:• VeriStrat and Nodify tests and their uses in non-small cell

lung and other diseases (e.g. breast cancer, prostate cancer, liver cancer, graft v. host disease)

• DeepMALDI mass spectrometry methods• Classifier development using the Diagnostic Cortex• Pipeline tests using proteomic testing in immunotherapies• Biodesix Blood Collection Device• Proteomic drug-associated tests developed for our 3rd

party partners

Exemplary Issued Marks:• Biodesix• Biodesix Lung Reflex• VeriStrat• GeneStrat• DeepMALDI• Diagnostic • ImmunoStrat• Nodify• Nodify Lung• Nodify XL2• Nodify CDT

Additional Filed Marks:• IQlung• IQlung + Logo• SimpleSep

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