GRAIL, Inc. SEC Filings

GRAIL, Inc. reported strong 2025 growth while remaining deeply loss-making and released landmark trial data for its Galleri multi-cancer blood test. Full-year revenue rose 17% to $147.2 million, driven by 26% growth in U.S. Galleri revenue to $136.8 million and more than 185,000 tests sold. Fourth-quarter revenue grew 14% to $43.6 million. Net loss narrowed sharply to $408.4 million from $2.03 billion, largely because 2024 included a large goodwill and intangible impairment; adjusted EBITDA improved to $(320.6) million. Cash, cash equivalents and short-term marketable securities totaled $904.4 million, which the company says supports operations into 2030.

The randomized NHS-Galleri trial in England did not meet its primary endpoint of a statistically significant reduction in combined Stage III–IV cancers, but showed a substantial reduction in Stage IV diagnoses, higher Stage I–II detection and a four-fold higher cancer detection rate when Galleri was added to standard screening. GRAIL completed its Galleri premarket approval submission to the FDA, finished analysis of the 35,000-participant PATHFINDER 2 study, and highlighted a new U.S. Medicare coverage pathway for multi-cancer early detection tests. Based on NHS-Galleri and PATHFINDER 2 results, the company plans to expand its U.S. field sales and medical teams.

Illumina, Inc. filed an amended Schedule 13G showing its beneficial ownership in GRAIL, Inc. common stock has fallen to a minority position. Illumina reports beneficial ownership of 1,302,126 shares of GRAIL common stock, representing 3.2% of the outstanding class, with sole voting and dispositive power over all these shares.

The filing notes that as of December 31, 2025, Illumina beneficially owned 2,502,126 shares, and the 3.2% figure is based on 40,800,541 shares outstanding as of November 14, 2025. Illumina confirms it now holds 5% or less of GRAIL’s common stock.

Baker Bros. Advisors and affiliates reported a 5.3% stake in GRAIL, Inc. common stock. They beneficially own 2,085,333 shares, held through funds 667, L.P. and Baker Brothers Life Sciences, L.P., which together control this position.

The ownership calculation is based on 38,982,223 GRAIL shares outstanding as of November 10, 2025. Part of the position includes pre-funded warrants exercisable at $0.001 per share, but these can only be exercised within limits that cap aggregate beneficial ownership at 4.99%, adjustable up to 19.99% with advance notice.

PRIMECAP Management Co. filed an amended Schedule 13G reporting its beneficial ownership in GRAIL, Inc. as of the event date. The firm reports holding 1,838,684 shares, representing 4.72% of GRAIL’s outstanding common stock, with sole voting power over 1,836,818 shares.

PRIMECAP has sole dispositive power over all 1,838,684 shares and no shared voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of GRAIL.

GRAIL, Inc. received an updated ownership filing from a group of Farallon-affiliated investment funds and managers. They report beneficial ownership of 2,342,684 shares of GRAIL common stock, including shares underlying 571,021 pre-funded common stock purchase warrants, representing 5.9% of the class as of 12/31/2025.

The warrants carry a 9.99% beneficial ownership cap, but currently do not limit exercise, so all underlying shares are counted as beneficially owned. The amendment also records governance changes: Avner A. Husen is added as a Farallon managing member effective January 1, 2026, while Richard B. Fried, Rajiv A. Patel, and William Seybold ceased such roles effective December 31, 2025 and are no longer deemed beneficial owners.

GRAIL, Inc. director William J. Chase received an equity grant for his board service. On January 15, 2026, he was granted 213 deferred stock units of GRAIL common stock at a price of $97.44 per share, in lieu of $20,794.52 of cash fees otherwise payable for his role as a director.

These awards vest immediately on the grant date, meaning the units are fully earned right away. Following this transaction, Chase beneficially owned 36,803 shares of GRAIL common stock in direct form.

GRAIL, Inc. director Gregory L. Summe received equity compensation instead of cash fees. On January 15, 2026, he was granted 329 deferred stock units of GRAIL common stock, recorded at a price of $97.44 per share, in lieu of $32,136.98 in cash director fees. These awards vest immediately on the grant date and increase his directly held beneficial position to 39,123 shares of common stock. This filing reflects routine director compensation paid in stock units rather than cash.

GRAIL director Steven Mizell received 206 deferred stock units of common stock on January 15, 2026 as director compensation. These units were granted under the company’s deferred stock program and 2024 Incentive Award Plan in lieu of $20,164.38 of cash fees for his board service, using a price of $97.44 per share, which matched the closing market price on the grant date. The awards vest immediately upon grant, meaning they are fully earned right away. Following this grant, Mizell directly beneficially owns 36,675 shares of GRAIL common stock.

GRAIL, Inc. reported that it plans to present a corporate update and preliminary financial information for the quarter and year ended December 31, 2025 at the 2026 J.P. Morgan Healthcare Conference. The company states that the slide presentation to be used at the conference is being furnished as Exhibit 99.1 to this current report. The company clarifies that the information in Item 2.02 and Exhibit 99.1 is being furnished, not filed, meaning it is not subject to certain liabilities under the Securities Exchange Act and will not be incorporated by reference into other SEC filings unless specifically referenced. The report is signed on behalf of GRAIL by its Chief Financial Officer, Aaron Freidin.