GRAIL Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
GRAIL (Nasdaq: GRAL) reported Q2 2026 total revenue of $44.7 million, up 26% year-over-year, driven by Galleri test revenue of $42.6 million, up 24%, on more than 61,000 tests, a 35% volume increase. First-half 2026 Galleri revenue reached $82.5 million with over 117,000 tests, rising 30% and 42% year-over-year, respectively.
Net loss for Q2 was $110.2 million, gross loss was $12.6 million, non-GAAP adjusted gross profit was $21.6 million, and adjusted EBITDA was $(90.3) million. Cash, cash equivalents and short-term marketable securities totaled $861.6 million, supported by a $110 million equity financing with Samsung entities.
GRAIL highlighted detailed NHS-Galleri and PATHFINDER 2 study results showing higher early-stage cancer detection and reduced late-stage diagnoses in certain cancers, expanded U.S. access through a Priority Health collaboration, and is anticipating an FDA advisory committee in the fall to review its Galleri PMA submission.
Positive
- Total Q2 2026 revenue up 26% year-over-year to $44.7 million
- Galleri Q2 revenue up 24% to $42.6 million on 35% higher test volume
- First-half 2026 Galleri revenue $82.5 million, up 30% year-over-year
- Non-GAAP adjusted gross profit rose 34% to $21.6 million in Q2
- Cash, cash equivalents and short-term securities totaled $861.6 million at June 30, 2026
- $110 million equity financing completed with Samsung entities to support Galleri commercialization plans
Negative
- Q2 2026 net loss remained large at $110.2 million, despite 3% improvement
- Q2 adjusted EBITDA loss widened 15% to $(90.3) million year-over-year
- Q2 2026 gross loss was $12.6 million, though improved 29% year-over-year
- Common shares outstanding increased to 44.7 million from 40.3 million over six months
- NHS-Galleri trial showed no significant decrease in combined Stage III and IV cancers
News Explained
The completed Samsung financing increased dilution exposure, while Galleri remains unapproved pending a potential fall FDA advisory committee.
GRAIL completed a
Galleri's Premarket Approval application remains in the FDA process: the company anticipates an advisory committee in fall 2026, while stating that the test has not been cleared or approved.
Market reaction after 2Q26 earnings report: GRAL -8.60%
Following this news, GRAL has declined 8.60%, reflecting a notable negative market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $67.80.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Q1 earnings report | Positive | +15.3% | Revenue and Galleri volume growth accompanied PMA review acceptance and clinical updates |
| Feb 19 | Q4 earnings report | Negative | -50.5% | Large quarterly loss and NHS-Galleri primary endpoint miss accompanied annual results |
| Nov 12 | Q3 earnings report | Negative | -1.9% | PMA timing changed despite revenue growth, financing activity, and positive study updates |
| Aug 12 | Q2 earnings report | Positive | +1.1% | Revenue and test volume increased alongside improved liquidity and clinical progress |
| May 13 | Q1 earnings report | Positive | -23.3% | Revenue growth and positive trial results coincided with a substantial negative reaction |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The tag-specific earnings record showed four aligned reactions and one divergence, with an average move of -11.85%.
Key Terms
mcED medical
premarket approval regulatory
adjusted ebitda financial
cancer signal origin medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q2 Galleri® Test Volume Increased
Galleri Test Volume and Revenue are up
NHS-Galleri and PATHFINDER 2 Study Results Presented at 2026 ASCO Annual Meeting Demonstrated Consistent Strong Performance and Clinical Utility for Galleri
Completed
Total revenue in the second quarter grew
"GRAIL continues to execute across our clinical and commercial priorities. We presented detailed performance, safety, and clinical utility results from the NHS-Galleri and PATHFINDER 2 studies at the 2026 American Society of Clinical Oncology Annual Meeting, further establishing Galleri as the only MCED with extensive clinical validation from interventional studies in the screening population. We also expanded access through new and existing partnerships," said Josh Ofman, Chief Executive Officer at GRAIL. "Following our PMA submission earlier this year, we anticipate an FDA advisory committee in the fall."
For the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, GRAIL reported:
- Revenue: Total revenue, comprised of screening and development services revenue, was
$44.7 million $9.1 million 26% . - Net loss: Net loss was
$110.2 million $3.7 million 3% . - Gross loss: Gross loss was
$12.6 million $5.2 million 29% . - Adjusted gross profit1: Adjusted gross profit was
$21.6 million $5.4 million 34% . - Adjusted EBITDA1: Adjusted EBITDA was
$(90.3) million $11.9 million 15% .
_______________________________ |
Cash position: Cash, cash equivalents, and short-term marketable securities totaled
Recent business highlights include:
- Presented detailed results from the two largest multi-cancer early detection (MCED) studies completed to date, NHS-Galleri and PATHFINDER 2, at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in May.
- Clinical utility results from the NHS-Galleri trial showed:
- While Galleri did not result in a significant decrease in combined Stage III and IV cancers, it did show reduced Stage IV diagnoses of 12 prespecified aggressive cancers by
22% and26% in the second and third screening rounds, respectively, demonstrating a substantial reduction in late-stage cancer diagnoses. A Stage IV reduction was also observed across all cancers. - Adding Galleri to standard-of-care screening increased cancer detection fourfold.
- The addition of Galleri resulted in a
128% increase in the number of Stage I and II screen detected cancers. - Galleri detected 366 Stage I and II cancers, more than the 290 cancers of any stage detected through the entirety of the
U.K .'s standard-of-care cancer screening program in the control arm. - Of the 937 cancers detected by Galleri, approximately
70% were Stage I through III, approximately40% were Stage I and II, and approximately20% were Stage I. - Further, the addition of Galleri was associated with a
25% reduction in cancers diagnosed after emergency presentation. - Overall, these data support the potential of MCED screening at population scale to identify cancers before symptoms appear — when they can be treated more easily and are potentially curable.
- While Galleri did not result in a significant decrease in combined Stage III and IV cancers, it did show reduced Stage IV diagnoses of 12 prespecified aggressive cancers by
- Findings from PATHFINDER 2 showed:
- Adding Galleri to recommended screenings, enabled approximately
60% of cancers to be identified by screening. This represents a 6.5x increase in number of cancers detected as compared with USPSTF A & B recommended screenings (breast, cervical, colorectal, and lung) and a 3x increase in number of cancers detected as compared with USPSTF A, B & C ratings (breast, cervical, colorectal, lung and prostate). 53% of newly detected cancers were identified in Stage I and II and more than two-thirds were identified at Stages I through III. Nearly half were cancers without recommended screening options.- The test accurately identified the Cancer Signal Origin (CSO) more than
90% of the time, enabling efficient diagnostic workups. - Overall, the results demonstrated substantially increased cancer detection with robust performance and a favorable safety profile.
- Adding Galleri to recommended screenings, enabled approximately
- Clinical utility results from the NHS-Galleri trial showed:
- Completed the expansion of our field sales and medical teams to continue to drive commercial momentum for the Galleri test.
- Announced a collaboration with Priority Health to make the Galleri test available to its self-insured employer groups, making it the first
Michigan health plan to enable employer groups to add Galleri to their existing cancer screening coverage. The health plan serves more than 1.4 million members acrossMichigan and beyond and previously launched coverage for Galleri in its Thrive and Thrive Plus Medicare Advantage plans in 2025.
- In June, GRAIL completed a previously announced
$110 million South Korea , with the potential to expand into additional Asian markets, includingJapan andSingapore , subject to regulatory approvals and other conditions.
- GRAIL anticipates the
U.S . Food and Drug Administration (FDA) will hold an advisory committee in the fall to review the Premarket Approval (PMA) application for the Galleri multi-cancer early detection blood test. The PMA submission is focused on test performance and safety results from 25,000 consented participants in theU.S .-based PATHFINDER 2 study with one year of follow-up and from the prevalent screening round (first year) of the 140,000-participant NHS-Galleri trial, the largest, and only, randomized, controlled intended use trial of any MCED test. The submission is also supported by a bridging analysis to compare performance of the version of Galleri used in clinical trials to the updated version that has been submitted to the FDA for pre-market approval.
Conference Call and Webcast
A webcast and conference call will be held today, August 5, 2026, at 1:30 p.m. PT / 4:30 p.m. ET. Individuals interested in listening to the conference call may access it on the investor relations section of GRAIL's website at investors.grail.com.
A replay of the webcast will be available on GRAIL's website for 30 days.
About GRAIL
GRAIL, Inc. is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL's targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in
For more information, visit grail.com.
About Galleri®
The Galleri multi-cancer early detection test is a proactive tool to screen for cancer. With a simple blood draw, the Galleri test can identify DNA shed by cancer cells, which can act as a unique "fingerprint" of cancer, to help screen for some of the deadliest cancers that don't have recommended screening today, such as pancreatic, esophageal, ovarian, liver, and others. The Galleri test can be used to screen for cancer before a person becomes symptomatic, when cancer may be more easily treated and potentially curable. The Galleri test can indicate the origin of the cancer, giving healthcare providers a roadmap of where to explore further. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.
For more information, visit galleri.com.
Laboratory/Test Information
GRAIL's clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) and accredited by the College of American Pathologists. The Galleri test was developed, and its performance characteristics were determined by GRAIL. The Galleri test has not been cleared or approved by the U.S. Food and Drug Administration. GRAIL's clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.
Non-GAAP Disclosure
In addition to our financial results provided throughout this press release that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes financial measures that are not calculated in accordance with GAAP. Our non-GAAP financial disclosure includes Adjusted Gross Profit and Adjusted EBITDA. We encourage investors to carefully consider our results under GAAP in conjunction with our supplemental non-GAAP information and the reconciliation between these presentations.
- Adjusted Gross Profit is a key performance measure that our management uses to assess our operational performance, as it represents the results of revenues and direct costs, which are key components of our operations. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it reflects the gross profitability of our operations, and excludes the costs associated with our sales and marketing, product development, general and administrative activities and the impact of our financing methods and income taxes.
We calculate Adjusted Gross Profit as gross profit (loss) (as defined below) adjusted to exclude amortization of intangible assets and stock-based compensation allocated to cost of revenue. Adjusted Gross Profit should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss from operations, net earnings or loss and other GAAP measures of income (loss) or profitability. Gross profit (loss) (as defined below) is the most directly comparable financial measure calculated in accordance with GAAP.
- Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of net loss to Adjusted EBITDA, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, different operational and ownership histories, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income (loss) or income (loss) from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.
The Company defines Adjusted EBITDA as net loss adjusted for amortization of intangible assets, stock-based compensation, depreciation, intangible and other assets impairment, benefit from income taxes, interest income and restructuring expenses. These adjustments include non-cash items, significant non-recurring charges and/or other non-operating expenses that we do not believe are indicative of ongoing or future business operations.
Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss from operations, net earnings or loss and other U.S. GAAP measures of income (loss). Additionally, it is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest and tax payments. Further, our definition of Adjusted EBITDA may differ from similarly titled measures used by other companies and therefore may not be comparable among companies. Net loss is the most directly comparable financial measure calculated in accordance with GAAP.
Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in tabular form following the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.
Forward-Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," "would," or "will," the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include expectations and projections of our future financial performance, future tests or products, patient awareness of our products, technology, clinical studies, planned presentations at upcoming conferences, safety results, regulatory compliance and timing of regulatory reviews, potential market opportunity, anticipated growth strategies, strategic collaborations and planned expansion into Asian markets, restructuring costs, sufficiency of cash on hand to finance our business, cost savings, budgets and strategies, planned integration with EHR systems, and growth and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and in the Quarterly Report on Form 10-Q that we plan to file for the period ended June 30, 2026. Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.
Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.
GRAIL, Inc. Condensed Consolidated Balance Sheets (unaudited) (amounts in thousands, except share and per share data) | |||
June 30, | December 31, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 55,645 | $ 249,727 | |
Short-term marketable securities | 805,964 | 654,703 | |
Accounts receivable, net | 19,757 | 18,295 | |
Supplies | 17,763 | 16,017 | |
Prepaid expenses and other current assets | 15,593 | 15,107 | |
Total current assets | 914,722 | 953,849 | |
Property and equipment, net | 44,344 | 51,813 | |
Operating lease right-of-use assets | 88,911 | 52,070 | |
Restricted cash | 6,974 | 6,974 | |
Intangible assets, net | 1,781,389 | 1,850,556 | |
Other non-current assets | 7,346 | 6,753 | |
Total assets | $ 2,843,686 | $ 2,922,015 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Accounts payable | $ 7,241 | $ 2,083 | |
Accrued liabilities | 64,495 | 63,945 | |
Operating lease liabilities, current portion | 10,698 | 11,715 | |
Other current liabilities | 1,108 | 1,927 | |
Total current liabilities | 83,542 | 79,670 | |
Operating lease liabilities, net of current portion | 80,611 | 43,148 | |
Deferred tax liability, net | 133,706 | 218,583 | |
Other non-current liabilities | 3,173 | 2,752 | |
Total liabilities | 301,032 | 344,153 | |
Preferred stock, par value of | — | — | |
Common stock | 45 | 40 | |
Additional paid-in capital | 12,955,884 | 12,786,848 | |
Accumulated other comprehensive income | 1,840 | 2,655 | |
Accumulated deficit | (10,415,115) | (10,211,681) | |
Total stockholders' equity | 2,542,654 | 2,577,862 | |
Total liabilities and stockholders' equity | $ 2,843,686 | $ 2,922,015 | |
GRAIL, Inc Condensed Consolidated Statements of Operations (unaudited) (amounts in thousands, except share and per share data) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | June 30, | June 30, | ||||
Revenue: | |||||||
Screening revenue | $ 42,642 | $ 34,379 | $ 82,474 | $ 63,512 | |||
Development services revenue | 2,045 | 1,165 | 2,998 | 3,869 | |||
Total revenue | 44,687 | 35,544 | 85,472 | 67,381 | |||
Costs and operating expenses: | |||||||
Cost of screening revenue (exclusive of amortization of intangible assets) | 23,347 | 19,346 | 44,591 | 36,469 | |||
Cost of development services revenue | 434 | 501 | 810 | 1,672 | |||
Cost of revenue — amortization of intangible assets | 33,472 | 33,472 | 66,944 | 66,944 | |||
Research and development | 47,429 | 46,626 | 95,450 | 100,251 | |||
Sales and marketing | 37,657 | 28,539 | 68,325 | 63,518 | |||
General and administrative | 50,708 | 37,914 | 93,477 | 82,988 | |||
Intangible and other assets impairment | 25,423 | 28,000 | 25,423 | 28,000 | |||
Total costs and operating expenses | 218,470 | 194,398 | 395,020 | 379,842 | |||
Loss from operations | (173,783) | (158,854) | (309,548) | (312,461) | |||
Other income: | |||||||
Interest income | 7,230 | 6,809 | 15,216 | 14,588 | |||
Other income (expense), net | (155) | (811) | 101 | (1,395) | |||
Total other income, net | 7,075 | 5,998 | 15,317 | 13,193 | |||
Loss before income taxes | (166,708) | (152,856) | (294,231) | (299,268) | |||
Benefit from income taxes | 56,461 | 38,871 | 90,797 | 79,070 | |||
Net loss | $ (110,247) | $ (113,985) | $ (203,434) | $ (220,198) | |||
Net loss per share — Basic and Diluted | $ (2.56) | $ (3.18) | $ (4.86) | $ (6.28) | |||
Weighted-average shares of common stock used in computing net loss per share: | 43,112,595 | 35,793,154 | 41,883,565 | 35,054,896 | |||
GRAIL, Inc Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (amounts in thousands) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | June 30, | June 30, | ||||
Gross loss (1) | $ (12,566) | $ (17,775) | $ (26,873) | $ (37,704) | |||
Amortization of intangible assets | 33,472 | 33,472 | 66,944 | 66,944 | |||
Stock-based compensation | 649 | 417 | 1,182 | 1,179 | |||
Adjusted Gross Profit | $ 21,555 | $ 16,114 | $ 41,253 | $ 30,419 | |||
(1) | Gross loss is calculated as total revenue less cost of screening revenue (exclusive of amortization of intangible assets), cost of development services revenue and cost of revenue—amortization of intangible assets. |
GRAIL, Inc Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (amounts in thousands) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | June 30, | June 30, | ||||
Net loss | $ (110,247) | $ (113,985) | $ (203,434) | $ (220,198) | |||
Adjusted to exclude the following: | |||||||
Amortization of intangible assets (1) | 34,583 | 34,583 | 69,167 | 69,167 | |||
Stock-based compensation | 19,557 | 14,168 | 36,350 | 30,379 | |||
Intangible and other assets impairment (2) | 25,423 | 28,000 | 25,423 | 28,000 | |||
Depreciation | 4,105 | 4,592 | 8,315 | 9,287 | |||
Benefit from income taxes | (56,461) | (38,871) | (90,797) | (79,070) | |||
Interest income | (7,230) | (6,809) | (15,216) | (14,588) | |||
Restructuring | — | — | — | (34) | |||
Adjusted EBITDA | $ (90,270) | $ (78,322) | $ (170,192) | $ (177,057) | |||
(1) | Represents amortization of intangible assets, including developed technology and trade names. |
(2) | Represents the impairment charge related to the deferred asset recognized in connection with the Samsung SPA in the current period and the in-process research and development ("IPR&D") impairment charge in the prior period. |
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SOURCE GRAIL, Inc.