GRAIL, Inc. reported a total revenue of $35.5 million for the second quarter of 2025, marking an increase of 11% from $32.0 million in the same period last year. The growth was primarily driven by a 22% rise in screening revenue, which reached $34.4 million, attributed to a 29% increase in Galleri sales volume. However, development services revenue fell significantly by 69% to $1.2 million, reflecting a decrease in revenue from biopharmaceutical partnerships and research services. For the first half of 2025, GRAIL's total revenue was $67.4 million, up 15% from $58.7 million in the prior year.

Despite the revenue growth, GRAIL reported a net loss of $114.0 million for the second quarter, a substantial reduction from the $1.6 billion loss recorded in the same quarter of 2024. The decrease in losses was largely due to a significant reduction in operating expenses, particularly in research and development, which fell by 51% to $46.6 million, and general and administrative expenses, which decreased by 44% to $37.9 million. The company also recognized a goodwill and intangible asset impairment of $28.0 million, a sharp decline from the $1.4 billion impairment recorded in the previous year.

Strategically, GRAIL has undergone significant changes following its spin-off from Illumina in June 2024. The company has focused on restructuring its operations to prioritize its core multi-cancer early detection (MCED) business, resulting in a workforce reduction of approximately 30%. This restructuring plan, which was substantially completed by the end of 2024, aimed to streamline operations and reduce overall spending as GRAIL progresses toward regulatory submissions for its Galleri test.

As of June 30, 2025, GRAIL reported cash, cash equivalents, and restricted cash totaling $130.8 million, alongside $475.3 million in short-term marketable securities. The company believes these resources will be sufficient to meet its working capital needs for at least the next 12 months. GRAIL has sold over 370,000 Galleri tests since its launch, with more than 80,000 tests sold in the first half of 2025 alone. The company is also preparing for a premarket approval submission to the FDA in the first half of 2026, which it anticipates will enhance market access and adoption of its products.

Looking ahead, GRAIL aims to continue expanding its commercial partnerships and increasing the adoption of its Galleri test, while managing its operational costs and focusing on achieving profitability. The company remains committed to investing in research and development to support its innovative cancer detection technologies, despite the ongoing challenges in the market and the need for additional financing in the future.

About GRAIL, Inc.

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