GRAIL (Nasdaq: GRAL) Q2 revenue rises 26% as net loss narrows
Rhea-AI Filing Summary
GRAIL, Inc. reported solid growth for the quarter ended June 30, 2026, with total revenue up 26% year-over-year to $44.7 million. Galleri screening revenue rose 24% to $42.6 million as Galleri test volume increased 35% to more than 61,000 tests. For the first half of 2026, Galleri revenue grew 30% to $82.5 million on test volume growth of 42% to more than 117,000.
The company recorded a net loss of $110.2 million, an improvement of 3% versus the prior-year quarter, and a gross loss of $12.6 million. Non-GAAP metrics showed adjusted gross profit of $21.6 million and adjusted EBITDA of $(90.3) million. Cash, cash equivalents, and short-term marketable securities totaled $861.6 million as of June 30, 2026.
GRAIL highlighted positive clinical data from the large NHS-Galleri and PATHFINDER 2 multi-cancer early detection studies and completed a $110 million equity financing with Samsung, with plans to commercialize Galleri in South Korea and potentially other Asian markets. The company anticipates an FDA advisory committee in the fall to review its Premarket Approval application for the Galleri test.
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Filing Explained
GRAIL’s completed common-stock financing coincides with 44,666,234 shares outstanding at June 30, 2026, increasing dilution for existing holders.
At
The completed equity financing involved purchases of common stock, and the larger reported share base reduces an existing holder’s percentage ownership absent offsetting changes.
The release also states that Galleri has not been cleared or approved by the FDA.
GRAIL anticipates an FDA advisory committee in the fall to review its Premarket Approval application, so regulatory review remains the next named milestone rather than a completed approval.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue Q2 2026: $44.7 million
Galleri revenue Q2 2026: $42.6 million
Galleri test volume Q2 2026: more than 61,000 tests
+5 more
8 metrics
Total revenue Q2 2026
$44.7 million
Quarter ended June 30, 2026; 26% year-over-year increase
Galleri revenue Q2 2026
$42.6 million
Galleri screening revenue for the quarter; 24% year-over-year growth
Galleri test volume Q2 2026
more than 61,000 tests
Quarter Galleri volume; 35% year-over-year increase
Net loss Q2 2026
$110.2 million
Quarter ended June 30, 2026; 3% improvement versus prior-year quarter
Adjusted EBITDA Q2 2026
$(90.3) million
Non-GAAP adjusted EBITDA; loss increased 15% year-over-year
Adjusted gross profit Q2 2026
$21.6 million
Non-GAAP adjusted gross profit; 34% year-over-year increase
Cash and securities
$861.6 million
Cash, cash equivalents, and short-term marketable securities as of June 30, 2026
Samsung equity financing
$110 million
Equity financing completed with Samsung C&T and Samsung Electronics in June 2026
Key Terms
multi-cancer early detection, Premarket Approval, Adjusted EBITDA, Cancer Signal Origin, +2 more
6 terms
multi-cancer early detection medical
"the NHS-Galleri and PATHFINDER 2 studies at the 2026 ASCO Annual Meeting in multi-cancer early detection"
A multi-cancer early detection test is a medical screening tool—often a simple blood test—that looks for biological signals, such as abnormal DNA or protein patterns, that could indicate many different cancers before symptoms appear. For investors it matters because successful tests can reshape demand for diagnostics, influence healthcare spending and insurance coverage, and create new revenue streams or risks for companies across diagnostics, treatment and screening services; think of it as a smoke alarm that can warn of problems throughout an entire house rather than just one room.
Premarket Approval regulatory
"anticipates the U.S. Food and Drug Administration (FDA) will hold an advisory committee to review the Premarket Approval (PMA) application"
Premarket approval is the formal regulatory clearance required before certain medical devices can be sold, based on detailed evidence that the product is safe and effective. For investors, it’s a major milestone because receiving approval typically clears the way for commercial sales and reduces regulatory uncertainty, while failure or delays can block revenue and raise the risk profile; think of it like a safety certificate needed before a new car model can be sold.
Adjusted EBITDA financial
"Non-GAAP adjusted EBITDA was $(90.3) million and Adjusted EBITDA is defined as net loss adjusted for amortization and other items"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Cancer Signal Origin medical
"The test accurately identified the Cancer Signal Origin (CSO) more than 90% of the time"
Cancer signal origin is the anatomical site or tissue type where molecular signs of cancer — such as pieces of DNA, proteins or other markers found in a blood or tissue test — are coming from. Knowing the origin is like hearing a smoke alarm and finding which room is on fire: it helps doctors choose the right diagnostic follow‑ups and treatments, and it matters to investors because accurate origin detection can make diagnostic tests more valuable, marketable and likely to gain regulatory approval.
Clinical Laboratory Improvement Amendments of 1988 (CLIA) regulatory
"GRAIL’s clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA)"
A federal program that sets quality and certification rules for U.S. clinical laboratories that perform tests on human specimens, ensuring accuracy, reliability and proper personnel and equipment—think of it as a safety inspection and licensing system for medical testing labs. For investors, CLIA status signals whether a lab’s test results meet regulatory standards, which affects a lab’s ability to bill insurers, sell diagnostic services, expand testing, and avoid fines or shutdowns.
non-GAAP financial measure financial
"this press release also includes financial measures that are not calculated in accordance with GAAP, described as a non-GAAP financial measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Earnings Snapshot
Total revenue: $44.7 million
quarter ended June 30, 2026
Total revenue
$44.7 million
Increased 26% year-over-year
Galleri screening revenue
$42.6 million
Increased 24% year-over-year
Net loss
$110.2 million
Improved by $3.7 million or 3% year-over-year
Adjusted gross profit
$21.6 million
Increased by $5.4 million or 34% year-over-year
Adjusted EBITDA
$(90.3) million
Adjusted EBITDA loss increased by $11.9 million or 15% year-over-year
Galleri test volume
more than 61,000 tests
Increased 35% year-over-year
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were GRAIL (GRAL) Q2 2026 revenues?
GRAIL reported Q2 2026 total revenue of $44.7 million, up 26% year-over-year. Galleri screening revenue contributed $42.6 million, growing 24% from the same quarter in 2025 as test adoption increased.
What net loss and EPS did GRAIL (GRAL) report for Q2 2026?
GRAIL posted a Q2 2026 net loss of $110.2 million, an improvement of $3.7 million or 3% year-over-year. Basic and diluted net loss per share was $2.56, based on 43,112,595 weighted-average shares outstanding.
How did Galleri test volume and revenue trend for GRAIL (GRAL)?
In Q2 2026, Galleri test volume grew 35% to more than 61,000, with revenue up 24% to $42.6 million. For the first half of 2026, Galleri revenue reached $82.5 million, up 30%, on volume growth of 42% to more than 117,000 tests.
What is GRAIL’s (GRAL) cash position as of June 30, 2026?
As of June 30, 2026, GRAIL held $861.6 million in cash, cash equivalents, and short-term marketable securities. This liquidity is reported alongside total assets of $2.84 billion and stockholders’ equity of $2.54 billion.
What equity financing did GRAIL (GRAL) complete with Samsung?
In June 2026, GRAIL completed a $110 million equity financing with Samsung C&T Corporation and Samsung Electronics Co., Ltd. The parties intend to collaborate on commercializing the Galleri test in South Korea, with potential expansion to additional Asian markets.
What key clinical results did GRAIL (GRAL) highlight from NHS-Galleri and PATHFINDER 2?
Results showed Galleri reduced Stage IV diagnoses of 12 aggressive cancers by up to 26% in later screening rounds, increased Stage I–II screen-detected cancers by 128%, and, in PATHFINDER 2, enabled about 60% of cancers to be identified by screening with accurate cancer signal origin prediction.
What were GRAIL’s (GRAL) key non-GAAP metrics for Q2 2026?
For Q2 2026, GRAIL reported non-GAAP adjusted gross profit of $21.6 million and adjusted EBITDA of $(90.3) million. Adjusted measures exclude items such as amortization of intangible assets, stock-based compensation, depreciation, impairment charges, taxes, and interest income.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2026
_____________________________________________
(Exact Name of Registrant as Specified in Charter)
___________________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (833 ) 694-2553
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
___________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02 | Results of operations and financial condition. | ||||
On August 5, 2026, GRAIL, Inc. (the “Company” or “GRAIL”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and the exhibits attached hereto are intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Except as shall be expressly set forth by specific reference in such filing, the information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 | Exhibits. | ||||
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Press Release of GRAIL, Inc. dated August 5, 2026 (GRAIL Reports Second Quarter 2026 Financial Results) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GRAIL, INC. | ||||||||||||||
| Date: | August 5, 2026 | By: | /s/ Aaron Freidin | |||||||||||
| Name: | Aaron Freidin | |||||||||||||
| Title: | Chief Financial Officer | |||||||||||||
NEWS RELEASE Exhibit 99.1
GRAIL Reports Second Quarter 2026 Financial Results
Q2 Galleri® Test Volume Increased 35% to More Than 61,000 Year-Over-Year, and Galleri Revenue Grew 24% to $42.6 Million
Galleri Test Volume and Revenue are up 42% and 30% Year-Over-Year, Respectively, for the First Half of the Year
NHS-Galleri and PATHFINDER 2 Study Results Presented at 2026 ASCO Annual Meeting Demonstrated Consistent Strong Performance and Clinical Utility for Galleri
Completed $110 Million Equity Financing With Samsung
MENLO PARK, Calif. — August 5, 2026 — GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today reported business and financial results for the second quarter of 2026.
Total revenue in the second quarter grew 26% year-over-year to $44.7 million, and Galleri test revenue for the quarter grew 24% year-over-year to $42.6 million. Galleri test volume for the quarter grew 35% year-over-year to more than 61,000. Galleri test revenue in the first half of 2026 grew 30% year-over-year to $82.5 million. Galleri test volume in the first half of 2026 grew 42% year-over-year to more than 117,000. Net loss for the second quarter was $110.2 million. Gross loss was $12.6 million. Non-GAAP adjusted gross profit was $21.6 million, and non-GAAP adjusted EBITDA was $(90.3) million.1
“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, an increase of $9.1 million or 26%.
•Net loss: Net loss was $110.2 million, an improvement of $3.7 million or 3%.
•Gross loss: Gross loss was $12.6 million, an improvement of $5.2 million or 29%.
•Adjusted gross profit1: Adjusted gross profit was $21.6 million, an increase of $5.4 million or 34%.
1 See “Non-GAAP Disclosure” and the associated reconciliations for important information about our use of non-GAAP measures.
•Adjusted EBITDA1: Adjusted EBITDA was $(90.3) million, an increase in adjusted EBITDA loss of $11.9 million or 15%.
Cash position: Cash, cash equivalents, and short-term marketable securities totaled $861.6 million as of June 30, 2026.
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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% and 26% 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, approximately 40% were Stage I and II, and approximately 20% 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.
◦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.
•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 across Michigan and beyond and previously launched coverage for Galleri in its Thrive and Thrive Plus Medicare Advantage plans in 2025.
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•In June, GRAIL completed a previously announced $110 million equity financing with Samsung C&T Corporation and Samsung Electronics Co., Ltd. through the purchase of GRAIL common stock. GRAIL and Samsung C&T intend to collaborate to commercialize the Galleri test in South Korea, with the potential to expand into additional Asian markets, including Japan and Singapore, 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 the U.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 Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom. GRAIL’s common stock is listed under the ticker symbol “GRAL” on the Nasdaq Stock Exchange.
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.
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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.
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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.
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.
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.
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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.
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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 Contacts
Corporate Communications
Kristen Davis
Trish Rowland
pr@grail.com
Investor Relations
Alex Dobbin
Alexis Tosti
ir@grail.com
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GRAIL, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(amounts in thousands, except share and per share data)
| June 30, 2026 | December 31, 2025 | ||||||||||
| 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 $0.001 per share; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — | |||||||||
Common stock $0.001 par value per share, 1,500,000,000 shares authorized as of June 30, 2026 and December 31, 2025 and 44,666,234 and 40,331,360 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 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 | |||||||
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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, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| 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 | |||||||||||||||||||
10
GRAIL, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(amounts in thousands)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
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.
11
GRAIL, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(amounts in thousands)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| 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.
12