GRAIL (GRAL) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 11% year-over-year to $35.5 million, driven by a 29% increase in Galleri test volume and strong adoption, with over 45,000 tests sold in the quarter and more than 370,000 prescribed since 2021.

• Net loss for Q2 2025 was $114 million, a significant improvement from $1.6 billion in Q2 2024, including a $28 million impairment charge.

• Positive top-line results from PATHFINDER 2 and NHS-Galleri studies, with improved cancer detection, higher PPV, and no serious safety concerns.

• Strategic partnerships expanded, including Rush University System for Health and Everlywell, broadening access and distribution.

• Completed major restructuring in late 2024, reducing headcount by 25% and focusing on core MCED business.

Financial highlights

• Q2 2025 total revenue was $35.5 million, up from $32.0 million in Q2 2024; U.S. Galleri revenue was $34.2 million, up 21% year-over-year.

• Screening revenue for Q2 was $34.4 million, up 22% year-over-year.

• Adjusted gross profit was $16.1 million, up marginally from $16.0 million in Q2 2024; adjusted EBITDA loss narrowed to $(78.3) million from $(139.4) million.

• Cash, cash equivalents, and short-term marketable securities totaled $606.1 million as of June 30, 2025, providing runway into 2028.

• Net loss per share improved to $(3.18) from $(51.06) year-over-year.

Outlook and guidance

• On track for full-year U.S. Galleri revenue growth of 20%-30% and cash burn below $310 million.

• Cash runway extends into 2028, supporting major clinical and regulatory milestones.

• Modular PMA submission to FDA expected in H1 2026; full clinical utility results from NHS Galleri study anticipated mid-2026.

• Analyst Day scheduled for November 2025 and ESMO Congress 2025 to present key study results.