Abstract Choosing a genomic assay for cancer research is complicated by trade-offs. Cancer gene panels are a common choice, but they target mutational hotspots in a relatively small number of genes, often for cancers that are most commonly tested and that have common genetic etiologies. A common alternative is exome sequencing, which includes all the coding genes but, due to its larger genomic footprint, cannot reach the same depths as panels and therefore is less able to deal with low tumor purity and heterogeneity. Whole genome sequencing trades off very shallow depth and coverage over vast regions of uninterpretable genomic sequence in exchange for the identification of intergenic variants and structural variant breakpoints. All of these assays can be supplemented with RNA sequencing in order to capture gene fusions, allelic expression, splice isoforms, and gene expression. RNAseq comes with its own costs: the need to extract RNA from the same tissue, the need to perform a second assay, and the need to analyze a very different type of data from DNA sequencing. The trade-offs generally come down to three major issues: depth of sequencing, specific genes targeted, and cost. To solve these, we designed an extended, optimized cancer gene panel facilitating high depth sequencing at low cost. We started by identifying a comprehensive list of over 1,300 cancer genes. These genes were chosen through exhaustive cancer gene database and literature curation, and include genes from all major cancer pathways and from the Cancer Gene Census. We then took this gene list and applied an augmented targeting design strategy that we have previously used to create an augmented exome enrichment platform which fills in gaps that standard technical exomes miss. To validate the panel and analysis, we identified test samples including well-described cancer cell lines, cell line mixtures with engineered cancer variations, and formalin-fixed neoplastic tissues. We then performed a series of tests with these samples to measure the panel's small variant sensitivity and specificity, gauge its limits of detection, validate the detection of gene fusions, and demonstrate its ability to identify copy number alterations and loss of heterozygosity. In engineered cell lines, we detected 100% of small variants down to 5% allele frequency. We also mixed the cancer cell lines in various ratios and found similarly high sensitivity as well as very high specificity for small variant detection. We further compared our structural variation calls in the DNA and our fusion calls in the RNA with known data and found that we had very high concordance with known variations. These studies demonstrate that an extended, augmented cancer gene panel strategy solves many genomic assay trade-offs and leads to high accuracy and variant yield for cancer research applications. Citation Format: Michael J. Clark, Sean M. Boyle, Elena Helman, Shujun Luo, Gabor Bartha, Massimo Morra, Anil Patwardhan, Christian Haudenschild, Mirian Karbelashvili, Parin Sripakdeevong, Jason Harris, Deanna Church, Stephen Chervitz, John West, Richard Chen. Solving genomic assay trade-offs with an optimized, extended cancer gene panel for research and clinical applications. [abstract]. In: Proceedings of the 106th Annual Meeting of the American Association for Cancer Research; 2015 Apr 18-22; Philadelphia, PA. Philadelphia (PA): AACR; Cancer Res 2015;75(15 Suppl):Abstract nr 4744. doi:10.1158/1538-7445.AM2015-4744