GRAIL (GRAL) 44th Annual J.P. Morgan Healthcare Conference summary

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.