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GRAIL 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary12 Jan, 2026
Business performance and financial highlights
Achieved $147–$148 million in 2025 revenue, primarily from Galleri test sales and biopharma development services, with a strong cash position of $904 million at year-end.
Commercial test volume grew over 35% in 2025, surpassing 185,000 total tests, and more than 17,000 unique prescribers with over 30% growth and repeat orders.
Cash burn reduced to $274 million in 2025 from $579 million in 2024.
Raised $435 million in Q4 2025, including a $110 million equity investment from Samsung.
Test capacity exceeds one million per year at the RTP site, supporting scale and margin improvement.
Commercial momentum and partnerships
Expanded access through partnerships with Quest Diagnostics, athenahealth, Samsung, Oncotest, and digital health partners, including launches in Israel, Canada, and South Korea.
Discounting programs and price elasticity strategies are being used to broaden access, with long-term pricing expected to trend toward $500 per test.
Integration with health systems and EMRs is driving adoption, with high-profile systems offering Galleri to employees.
Biopharma partners use Galleri data and tests in clinical studies for patient selection.
More than 475,000 commercial Galleri tests sold to date.
Financial outlook and guidance
2026 Galleri revenue guidance projects 22%-32% growth over 2025.
Cash burn for 2026 expected to remain below $300 million, with a financial runway extending into 2030.
Total global Galleri revenue in FY2025 was $138-139 million.
PMA submission: What are the next steps?
NHS-Galleri data: What is the key takeaway?
Medicare coverage: What is the path forward?
Galleri pricing strategy to reach $500 target
Post-FDA approval: Triggers for broad access?
Galleri's unique tech for future test improvements
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Next GRAIL earnings date
Q4 202520 Feb, 2026
GRAIL
Next GRAIL earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
GRAIL, Inc. is a biotechnology company specializing in the development of advanced technologies for early cancer detection. The company's primary product is the Galleri test, a multi-cancer early detection test designed to screen for a wide range of cancers, particularly those without current recommended screenings. In addition to Galleri, GRAIL is also working on diagnostic aids and minimal residual disease tests to assist in the detection and monitoring of cancer. The company is headquartered in Menlo Park, California, and its shares are listed on the Nasdaq.
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