GRAIL Q4 Loss Widens to $99.2M as Galleri Test Volume Grows 36%
GRAIL reported a Q4 net loss of $99.2 million, a 2% year-over-year increase, with a 36% rise in U.S. Galleri test volume driving 26% revenue growth in 2025. Despite missing the NHS Gallery primary endpoint, management completed its PMA submission and maintains a cash runway exceeding $900 million.
1. Q4 Financial Results
GRAIL reported a Q4 2025 net loss of $99.2 million, up 2% year-over-year, and screening revenue rose 34% to $42.3 million, while adjusted EBITDA loss improved 15% to $71.8 million.
2. Clinical Trial and Regulatory Update
The NHS Gallery trial missed its primary endpoint of Stage III/IV cancer reduction, but a reduction in Stage IV cases was observed; GRAIL completed its PMA submission to the FDA and expects no direct impact on review from the trial results.
3. Operational Highlights and Cash Runway
U.S. Galleri test volume grew 36% to over 185,000 tests in 2025, driving a 26% revenue increase; the company holds over $900 million in cash to fund ongoing trials and commercial expansion.