A Swiss healthcare technology company that builds a cloud-based, AI-powered software platform called SOPHiA DDM, which hospitals and laboratories use to analyze complex genomic data for diagnosing cancer and rare diseases. It was founded in 2011 as a startup at the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland by Dr. Jurgi Camblong, Prof. Lars Steinmetz, and Dr. Pierre Hutter. The name comes from the Ancient Greek word "sophia," meaning wisdom — the same root as "philosophy" — reflecting the founders' goal of turning raw DNA data into clinical insight.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Net dollar retention fell to 104% from 130%, reversing the prior year's customer spending rebound.
Existing customer spending growth stalled. rose 19% to $77.3 million on an 11% increase in analysis volume, but net loss widened to $79.0 million as operating expenses and interest costs climbed. The company enters 2026 with $70.3 million in cash and a new $25 million loan commitment, still searching for a path to profitability.
Key takeaways
fell to 104% from 130%, driven by slower growth from existing customers, reversing the rebound achieved in 2023.
Total rose 19% to $77.3 million, primarily from an 11% increase in platform analysis volume to 391,698, with growth concentrated in EMEA and NORAM.
remained stable at 67% as a $2.1 million rise in material costs and $1.7 million in higher were offset by compute cost optimizations.
Operating loss widened to $77.5 million from $61.3 million, as selling and marketing costs rose 23% to expand the sales force and G&A rose 12% on $2.4 million in litigation expenses related to the Guardant Health patent dispute.
Net loss widened 26% to $79.0 million, impacted by a $2.6 million increase in from new debt and a $6.9 million swing to foreign exchange losses.
Cash and equivalents fell to $70.3 million from $80.2 million, with a new $25 million loan commitment providing additional liquidity; management expects this to fund operations for at least 12 months.
What changed
, flagged as a key watch item after falling to 104% in 2024, did not recover and remained at 104% in 2025, indicating existing customers are not meaningfully increasing their spending.
Biopharma trajectory, questioned after a 2024 decline, was not broken out separately in 2025, but total revenue growth accelerated to 19% from 4%, driven entirely by higher analysis volume.
Cash burn relative to the $80.2 million balance was a concern entering 2025; the company ended the year with $70.3 million in cash and added $25 million in new loan commitments, extending its runway but increasing .
What to watch
rate, to see whether it stabilizes above 100% or falls further, signaling whether the 'land and expand' strategy is still working.
Cash and equivalents relative to the $35.9 million annual operating cash outflow, to gauge whether the $70.3 million balance plus the $25 million loan commitment provides sufficient runway.
Analysis volume growth, to track whether the 11% pace continues and whether it can sustain growth if remains weak.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The company faces limited market risk from interest rates, foreign exchange, credit, and inflation, with no material impact expected from a 100 bps rate change.
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A hypothetical 100 change in interest rates is not expected to materially affect the business, and the company does not use financial instruments to hedge interest rate risk.
Foreign exchange exposure is concentrated in USD/CHF, EUR/CHF, and GBP/CHF pairs, with a 10% USD/CHF move potentially impacting pre-tax loss by approximately $2.1 million in 2025.
Progress on multimodal data initiatives like SOPHiA CarePath, previously flagged as a test of the strategy to reignite customer spending, was not mentioned as a material contributor to 2025 results, and remained flat at 104%.
Outcome of the Guardant Health patent infringement litigation in the UK and EU, which has already increased legal costs by $2.4 million and could lead to injunctions or damages.
Credit risk is concentrated in trade , with the largest customer representing 15% of the balance, though it is a major biopharma firm with a strong payment history.
The company believes it can pass through inflation-driven cost increases via price adjustments, including annual increases in multi-year contracts, but significant inflation could still pose a risk.
Cash and cash equivalents of $70.3 million are held in money market funds and short-term deposits, while $50.0 million in debt carries floating-rate interest tied to .
SOPHiA GENETICS faces material risks from platform innovation challenges, reimbursement uncertainty, intense competition, IP litigation with Guardant Health, and persistent net losses.
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The company's growth depends on expanding its SOPHiA DDM Platform, but rapid industry change, including new AI/ML technologies and potential centralized European health data systems, could make its offerings obsolete.
Uncertain coverage and reimbursement for its novel data analytics platform, especially for future IVD applications, could severely limit commercial potential and pricing power.
The company is defending against patent infringement lawsuits from Guardant Health in the UK and EU, which have already increased legal costs by $2.4 million and could lead to injunctions or significant damages.
SOPHiA GENETICS has a history of net losses ($79.0M in FY2025) and an of $519.3M, and expects to continue incurring losses, with no assurance of achieving or sustaining profitability.
The business is highly dependent on maintaining relationships with hospitals, labs, and biopharma companies, and on third-party distributors, manufacturers, and cloud providers like Microsoft Azure, over which it has limited control.
Newly emphasized risks include potential AI algorithm performance degradation over time due to data drift and the impact of recent U.S. tariffs on goods imported from Switzerland, which increase costs and pressure gross margins.
SOPHiA GENETICS provides a cloud-native, AI-powered decentralized analytics platform (SOPHiA DDM) for data-driven medicine, serving clinical and biopharma customers globally.
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The company's SOPHiA DDM Platform analyzes complex multimodal data (genomic, radiomic, clinical) to generate insights for precision medicine across oncology, rare diseases, and other areas.
It serves over 993 hospital, laboratory, and biopharma customers and has supported the analysis of approximately 2.3 million genomic profiles as of December 31, 2025.
The business is divided into clinical applications (including the Alamut genomics interpretation software) and biopharma applications (SOPHiA Insights, Trial Match, CDx, and Awareness).
The platform operates on a decentralized model, allowing customers to retain custody of their samples and data while contributing to a growing collective intelligence network.
The company estimates its 2025 at $40 billion, split between a $25 billion clinical market and a $15 billion biopharma market.
SOPHiA GENETICS employs a 'land and expand' commercial strategy, using a direct sales force in 60 countries and distributors in 50 countries to drive new customer adoption and increase utilization.
Revenue grew 19% to $77.3M driven by higher analysis volume, while net loss widened to $79.0M on increased operating and interest expenses.
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Total rose 19% to $77.3M, primarily from an 11% increase in platform analysis volume to 391,698, with strong growth in EMEA and NORAM.
remained stable at 67% as a $2.1M rise in material costs and $1.7M in higher were offset by compute cost optimizations.
Operating expenses grew 11% to $123.0M, driven by a 23% jump in selling and marketing costs to expand the sales force and a 12% rise in G&A from $2.4M in litigation expenses.
Net loss widened 26% to $79.0M, impacted by a $2.6M increase in from new debt and a $6.9M swing to foreign exchange losses.
Cash used in operations was $35.9M; liquidity of $70.3M in cash plus a new $25M loan commitment is expected to fund needs for at least 12 months.
The company provided no specific financial but expects continued net losses as it invests in R&D, sales expansion, and regulatory activities.