CRCM and affiliated entities reported ownership of common stock of Grail, Inc. Combined filings show CRCM LP and related funds/vehicles collectively report beneficial ownership of 1,800,651 shares, representing 5% of the outstanding common stock based on a 36,047,799 share denominator. Individual CRCM vehicles report holdings ranging from 206,666 to 937,153 shares; the largest single reported holder among the group is CRCM G SPV, LP with 937,153 shares (2.6%). The filings state the shares are not held to change or influence control and include standard disclaimers of beneficial ownership by the investment manager and general partners. The reporting date for the required event is 10/06/2025.
Positive
Full disclosure of aggregated holdings: 1,800,651 shares (5%)
Clear certification that the holdings are not intended to influence control
Detailed entity mapping showing ownership by funds, SPVs, GP entities, and the managing partner
Negative
Concentration in grouped vehicles (largest sub-holder CRCM G SPV, LP: 937,153 shares, 2.6%) could create perception of concentrated exposure
Filing notes rely on an outstanding share denominator from an SEC filing dated June 30, 2025, requiring updates if share count changes
Insights
CRCM and affiliated funds hold a consolidated 5% stake in Grail, a visible minority position.
The filings list multiple CRCM vehicles that together account for 5% of common stock, with the largest sub-holder at 2.6%. This structure is typical for investment managers allocating holdings across funds and SPVs while consolidating reporting for transparency.
Key dependencies include the 36,047,799 share denominator and the funds' internal allocation; investors should note the position size is below common control thresholds and was expressly declared not intended to influence control.
Filing appears to meet Schedule 13G disclosure requirements for passive holdings with required certifications.
The document is structured as an amendment to Schedule 13G and includes Itemized ownership rows, entity identifications, citizenship, and the certification that the securities were not acquired to influence control. Multiple entities and a natural person (Chun R. Ding) signed the filing on 10/06/2025.
Material facts to watch are any future amendments that change percent ownership above 5% or reclassification to Schedule 13D, which would indicate active intent; none are present in this filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Grail, Inc.
(Name of Issuer)
Common Stock, par value $0.001
(Title of Class of Securities)
384747101
(CUSIP Number)
10/06/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,800,651.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,800,651.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,800,651.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM Opportunity Fund III, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
206,666.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
206,666.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
206,666.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.57 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM Opportunity Fund IV, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
325,562.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
325,562.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
325,562.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM INSTITUTIONAL MASTER FUND (BVI), LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
325,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
325,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
325,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM G SPV, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
937,153.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
937,153.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
937,153.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,800,651.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,800,651.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,800,651.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM Opportunity GP III LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
206,666.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
206,666.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
206,666.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.57 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
CRCM Opportunity GP IV LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
325,562.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
325,562.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
325,562.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
CUSIP No.
384747101
1
Names of Reporting Persons
Ding Chun R
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SAINT KITTS AND NEVIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,800,651.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,800,651.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,800,651.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The denominator for this calculation is based on 36,047,799 shares of Common Stock outstanding as of June 30, 2025, as reported on Form 8-K filed with the U.S. Securities and Exchange Commission on August 12, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Grail, Inc.
(b)
Address of issuer's principal executive offices:
1525 O'Brien Drive, Menlo Park, California, 94025
Item 2.
(a)
Name of person filing:
(i) CRCM Opportunity Fund III, LP, a Delaware limited partnership ("CRCM Opportunity III");
(ii) CRCM Opportunity Fund IV, LP, a Delaware limited partnership ("CRCM Opportunity IV");
(iii) CRCM Institutional Master Fund (BVI), Ltd., a British Virgin Islands limited company ("CRCM Master Fund");
(iv) CRCM G SPV, LP, a Delaware limited partnership ("CRCM G SPV");
(v) CRCM LP, a Delaware limited partnership and the investment manager ("Investment Manager") of CRCM Opportunity III, CRCM Opportunity IV, CRCM G SPV, LP and CRCM Master Fund (collectively, the "CRCM Funds") and separately managed account clients (the "Managed Accounts");
(vi) CRCM LLC, a Delaware limited liability company and the general partner ("General Partner") of the Investment Manager, with respect to the shares held by the CRCM Funds and the Managed Accounts;
(vii) CRCM Opportunity GP III LLC, a Delaware limited liability company ("Opp III GP") and the general partner of CRCM Opportunity III;
(viii) CRCM Opportunity GP IV LLC, a Delaware limited liability company ("Opp IV GP") and the general partner of CRCM Opportunity IV; and
(ix) Chun R. Ding ("Ding"), is a citizen of St. Kits and Nevis and the managing partner of the Investment Manager, the manager of the General Partner, with respect to the shares held by the CRCM Funds and the Managed Accounts.
(b)
Address or principal business office or, if none, residence:
The address of the principal business of (i-iv) CRCM Funds is 475 Sansome Street, Suite 730, San Francisco, CA 94111; (v-ix) the Investment Manager, the
General Partner, Opp III GP, Opp IV GP, and Mr. Ding (c/o CRCM) is 475 Sansome Street, Suite 730, San Francisco, CA 94111.
(c)
Citizenship:
The citizenship of each Reporting Person is set forth above.
(d)
Title of class of securities:
Common Stock, par value $0.001
(e)
CUSIP No.:
384747101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each
such Reporting Person.
(b)
Percent of class:
The shares of Common Stock reported hereby for the CRCM Funds are owned directly by the applicable fund. The Investment Manager, as investment manager of the CRCM Funds and the Managed Accounts, may be deemed to be the beneficial owner of all such shares owned by the CRCM Funds and the Managed Accounts. The General Partner, as general partner of the Investment Manager, may be deemed to be the beneficial owner of all of such shares owned by the CRCM Funds and the Managed Accounts. Opp III GP and Opp IV GP, as the general partner of CRCM Opportunity III and CRCM Opportunity IV, respectfully, may be deemed to be the beneficial owner of all of the shares owned by the fund for which they serve as general partner. Mr. Ding, as managing partner of the Investment Manager, and manager of the General Partner with the power to exercise investment discretion, may be deemed to be the beneficial owner of all such shares owned by the CRCM Funds and the Managed Accounts. Each of the Investment Manager, the General Partner, Opp III GP, Opp IV GP, and Mr. Ding hereby disclaims any beneficial ownership of any such shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of:
(iv) Shared power to dispose or to direct the disposition of:
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
CRCM and affiliated entities reported combined beneficial ownership of 1,800,651 shares, equal to 5% of common stock based on 36,047,799 outstanding shares.
Which CRCM entity holds the largest reported position in GRAL?
CRCM G SPV, LP reported the largest single sub-position of 937,153 shares, representing 2.6%.
When was this Schedule 13G filed or signed?
The filing shows signatures dated 10/06/2025 and lists that date as the event requiring the statement.
Does the filing indicate CRCM intends to influence control of Grail?
No; the certification states the securities were not acquired and are not held to change or influence control.
What share count was used to calculate the percentage ownership?
The percent calculations use a denominator of 36,047,799 shares outstanding as of June 30, 2025.
