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., Aug. 5, 2026 /PRNewswire/ -- 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:
_______________________________
1 See "Non-GAAP Disclosure" and the associated reconciliations for important information about our use of non-GAAP measures.
Cash position: Cash, cash equivalents, and short-term marketable securities totaled $861.6 million as of June 30, 2026.
Recent business highlights include:
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.
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.
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,
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
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
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.
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.
SOURCE GRAIL, Inc.