Grail Shares Plunge 30% After NHS-Galleri Trial Fails Primary Endpoint
Grail's NHS-Galleri trial missed its primary endpoint on reducing Stage III and IV cancer diagnoses, triggering a 30% after-hours stock drop. The company posted a Q4 net loss of $99.2 million on $43.6 million revenue and ended the year with $904.4 million cash runway into 2030.
1. Share Plunge and Trial Results
Grail saw its stock drop 30% in after-hours trading after its NHS-Galleri trial failed to meet the primary endpoint of reducing combined Stage III and IV cancer diagnoses.
2. Q4 Financial Performance
The company recorded a fourth-quarter net loss of $99.2 million, or $2.44 per share, compared with analyst estimates of a $4.01 loss, on revenue of $43.6 million, up 14% year-over-year.
3. Galleri Commercial Adoption
Commercial uptake remained strong with over 185,000 Galleri tests sold in fiscal 2025, driving US revenue up 26% to $136.8 million and establishing partnerships with digital health platforms.
4. Cash Runway and Regulatory Outlook
Grail ended the period with $904.4 million in cash and short-term securities, extending its financial runway into 2030, submitted its final PMA modules to the FDA in January, and expects full trial data by mid-2026.