GRAIL, Inc.

Listed Company

GRALCIK 0001699031NasdaqNon-AcceleratedEmerging GrowthServices-Medical LaboratoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$147.17M

Net Income

$-408.35M

Total Assets

$2.92B

Equity

$2.58B

Shares Out

41.02M

Op. Cash Flow

$-299.01M

Business

GRAIL, Inc. is a commercial-stage healthcare company that develops blood-based tests for early cancer detection using a proprietary targeted methylation platform. Its main product is Galleri, a multi-cancer early detection (MCED) screening test, and the company also offers a research-use-only targeted methylation platform and precision oncology applications and support services to guide follow-up care. Key business activities include commercial MCED screening, large-scale clinical and interventional studies, RUO offerings and biopharma partnerships, and laboratory operations. GRAIL distributes and markets its products primarily in the United States, participates in the UK NHS-Galleri trial, and uses channels including health systems, physicians, employers, payors, life insurers, telemedicine, and international distributors.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenue	147	126	93	56
Cost of revenue amortization of intangible assets	134	134	134	—
Research and development	196	322	339	330
Sales and marketing	117	154	162	122
General and administrative	159	214	200	174
Goodwill and intangible assets impairment	28	1,421	718	4,700
Total costs and operating expenses	709	2,315	1,608	5,498
Loss from operations	−562	−2,189	−1,515	−5,443
Interest income	29	27	8	2
Other income (expense), net	−993,000	64,000	−208,000	−238,000
Total other income, net	28	27	8	2
Loss before income taxes	−535	−2,162	−1,508	−5,441
Benefit from income taxes	126	135	42	42
Net loss	−408	−2,027	−1,466	−5,399
Net loss per share Basic (in dollars per share)	−11.11	−63.54	−47.21	−173.89
Net loss per shareDiluted (in dollars per share)	−11.11	−63.54	−47.21	−173.89
Weighted-average shares of common stock used in computing net loss per sharebasic (in shares)	37	32	31	31
Weighted-average shares of common stock used in computing net loss per sharediluted (in shares)	37	32	31	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	250	214	97	242
Short-term marketable securities	655	549	0	—
Accounts receivable, net	18	20	17	—
Supplies	16	19	22	—
Prepaid expenses and other current assets	15	17	20	—
Total current assets	954	820	156	—
Property and equipment, net	52	69	85	—
Operating lease right-of-use assets	52	66	84	—
Restricted cash	7	3	4	—
Intangible assets, net	1,900	2,017	2,687	—
Other non-current assets	7	8	8	—
Total assets	2,922	2,983	3,914	—
Accounts payable	2	5	20	—
Accrued liabilities	64	57	74	—
Operating lease liabilities, current portion	12	13	15	—
Other current liabilities	2	2	809,000	—
Total current liabilities	80	77	164	—
Operating lease liabilities, net of current portion	43	55	70	—
Deferred tax liability, net	219	346	33	—
Other non-current liabilities	3	2	1	—
Total liabilities	344	480	268	—
Commitments and contingencies (Note 10)	—	—	—	—
Preferred stock, par value of $0.001 per share; 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	—	—
Common stock $0.001 par value per share, 1,500,000,000 shares authorized, 40,331,360 and 33,893,409 shares issued and outstanding as of December 31, 2025 and December 31, 2024.	40,000	34,000	—	—
Additional paid-in capital	12,787	12,305	—	—
Accumulated other comprehensive income	3	1	1	—
Accumulated deficit	−10,212	−9,803	−7,776	—
Total stockholders equity	2,578	2,503	—	—
Total liabilities and stockholders equity	2,922	2,983	3,914	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization of intangibles assets	138	138	138	—
Depreciation	18	20	20	16
Stock-based compensation expense	58	86	97	76
Deferred income taxes	−126	−134	−38	−39
Amortization of discount on marketable securities	−21	−3	0	0
Credit loss expense	332,000	0	0	—
Cash payment for equity awards	0	−54	−77	−41
Other	1	276,000	3	1
Accounts receivable	2	−3	−1	−9
Supplies	3	3	−2	−14
Operating lease right-of-use assets and liabilities, net	1	2	7	5
Prepaid expenses and other assets	3	2	−908,000	−11
Accounts payable	−3	−15	3	2
Accrued and other liabilities	6	−13	2	12
Net cash used by operating activities	−299	−577	−596	−561
Purchases of property and equipment	−909,000	−5	−13	−23
Purchases of marketable securities	−1,308	−546	0	0
Proceeds from maturities of marketable securities	1,224	0	0	—
Net cash used in investing activities	−85	−551	−13	−23
Issuance of common stock under ESPP	5	0	0	—
Cash funding received from Illumina	0	1,244	464	609
Other	0	0	−234,000	−4
Net cash provided by financing activities	423	1,244	464	605
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	−147,000	−62,000	305,000	−511,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	39	116	−145	20
Property and equipment included in accounts payable and accrued liabilities	−42,000	0	−1	−2
Operating cash flows from operating leases, net	−17	−19	−19	−18

Filings

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