Splash damage and cover

[GM ShadowLord]

An alchemist has the Explosive Bomb discovery and tosses a bomb for a direct hit on a baddie. Adjacent to the baddie are two allies who get excluded from the splash damage of the bomb because the alchemist has Precise Bombs. Directly behind the two allies and within ten feet of the original target is another baddie. Does the explosion go through the two allies somehow to hit the baddie in the back? Does he get some type of cover bonus?

Explosive Bomb (Su): The alchemist’s bombs now have a splash radius of 10 feet rather than 5 feet. Creatures that take a direct hit from an explosive bomb catch fire, taking 1d6 points of fire damage each round until the fire is extinguished. Extinguishing the flames i)

Precise Bombs (Ex): Select Int mod squares to not be affected by splash effects.

[Crimeo]

"Select squares not to be affected" seems to me to me that you do exactly what you normally do, but... exclude those squares. I don't think you should be reading any other assumptions into it, such as "surely they must then function as walls for the splash!" etc.

[Pathos]

Sounds like you are referring to Soft Cover, to which there is no bonus applied from cover.