GRAIL, Inc.
- Open
- 73.86
- Day high
- 74.84
- Day low
- 69.83
- Prev close
- 74.36
- Volume
- 430K
- Mkt cap
- $3.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 19.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$91K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
GRAIL, Inc. (GRAL) is a Healthcare company listed on NASDAQ. The stock is up 100% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
GRAIL, Inc. (GRAL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GRAL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-2.76 | $-2.29 | +17.1% | $41M | +4.2% |
| Feb 19, 2026 | $-3.33 | $-2.44 | +26.7% | $44M | +12.7% |
| Nov 12, 2025 | $-3.36 | $-2.46 | +26.8% | $36M | +4.6% |
| Aug 12, 2025 | $-3.14 | $-3.18 | -1.3% | $36M | +4.2% |
| Feb 20, 2025 | $-4.41 | $-1.86 | +57.8% | $38M | +6.8% |
| Mar 30, 2024 | — | $-7.05 | — | $27M | — |
| Dec 31, 2023 | — | $-0.18 | — | $30M | — |
| Sep 30, 2023 | — | $-28.71 | — | $21M | — |
| Apr 2, 2023 | — | $-6.24 | — | $20M | — |
| Sep 28, 2019 | — | $-0.49 | — | — | — |
GRAL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Krevans Sarahdirector | Grant | 5,491 | $63.74 |
| Jun 22, 2026 | CHASE WILLIAM Jdirector | Grant | 5,491 | $63.74 |
| Jun 22, 2026 | MIZELL STEVENdirector | Grant | 5,491 | $63.74 |
| Jun 22, 2026 | SUMME GREGORY Ldirector | Grant | 5,491 | $63.74 |
| Jun 5, 2026 | Partridge Andrew Johnofficer: Chief Growth Officer | Sell | 1,491 | $61.08 |
| Jun 3, 2026 | Ofman Joshua J.director, officer: Chief Executive Officer | Grant | 27,901 | $64.40 |
| Jun 3, 2026 | Ofman Joshua J.director, officer: Chief Executive Officer | Grant | 3,154 | $61.13 |
| Apr 17, 2026 | MIZELL STEVENdirector | Grant | 396 | $49.79 |
| Apr 17, 2026 | CHASE WILLIAM Jdirector | Grant | 408 | $49.79 |
| Apr 17, 2026 | SUMME GREGORY Ldirector | Grant | 631 | $49.79 |
| Apr 9, 2026 | RAGUSA ROBERT Pdirector, officer: Chief Executive Officer | Sell | 123,502 | $49.92 |
| Apr 9, 2026 | Ofman Joshua J.director, officer: President | Sell | 61,665 | $49.92 |
| Apr 9, 2026 | Freidin Aaronofficer: Chief Financial Officer | Sell | 45,806 | $49.92 |
| Mar 9, 2026 | RAGUSA ROBERT Pdirector, officer: Chief Executive Officer | Sell | 980 | $53.01 |
| Mar 9, 2026 | Ofman Joshua J.officer: President | Sell | 101 | $46.74 |
Source: GRAL SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full GRAL insider & 13F page →GRAIL, Inc. company profile
Overview
GRAIL, Inc. (NASDAQ:GRAL) is a biotechnology company founded in 2015 and headquartered in Menlo Park, California. The company was spun off from genomics giant Illumina, Inc. and began trading publicly in June 2024 following regulatory pressure from European authorities. GRAIL specializes in developing multi-cancer early detection (MCED) technology, with its flagship product being the Galleri blood test that can screen for over 50 types of cancer in asymptomatic individuals. The company represents a pioneering effort in liquid biopsy technology, aiming to revolutionize cancer screening by detecting circulating tumor DNA in blood samples before traditional imaging or symptoms appear.
Business
GRAIL operates in the emerging field of multi-cancer early detection (MCED), which represents a revolutionary approach to cancer screening. Unlike traditional cancer screening methods that typically focus on one cancer type at a time (such as mammograms for breast cancer or colonoscopies for colorectal cancer), MCED technology can simultaneously screen for multiple cancer types using a single blood test. The company's core product is Galleri, a blood-based screening test that analyzes circulating cell-free DNA (cfDNA) in the bloodstream. When cancer cells die, they release fragments of their DNA into the blood. Galleri uses advanced sequencing technology and machine learning algorithms to detect these DNA fragments and identify methylation patterns that are characteristic of cancer. The test can detect signals from over 50 types of cancer and can often predict the tissue of origin, helping guide further diagnostic workup. The technology works by examining specific chemical modifications called methylation patterns on the DNA. Cancer cells have distinct methylation signatures that differ from healthy cells, and these patterns can be detected even when cancer is in early stages. The test is designed for asymptomatic individuals aged 50 and older who are at elevated risk for cancer. GRAIL operates two main business segments: 1. Screening Revenue (approximately 85-90% of total revenue): This comes from commercial sales of the Galleri test, primarily in the United States. The test is currently available as a laboratory-developed test and costs around $949. Revenue has grown from $75 million in 2023 to $109 million in 2024, representing the core growth driver for the company. 2. Development Services Revenue (approximately 10-15% of total revenue): This segment provides research and development services to biopharmaceutical partners, helping them develop companion diagnostics and other cancer detection technologies. This revenue stream has been declining as the company focuses resources on its primary Galleri commercialization efforts. The company is also developing additional products including a Diagnostic Aid for Cancer (DAC) test for patients with clinical suspicion of cancer, and Minimal Residual Disease (MRD) monitoring tests for post-treatment cancer surveillance, though investment in these programs has been substantially reduced to focus on Galleri.
Revenue model
GRAIL generates revenue primarily through direct-pay sales of its Galleri test to consumers and healthcare providers. The current business model is largely cash-pay, with patients typically paying $949 out-of-pocket for the test, though some limited insurance coverage is beginning to emerge through programs like TRICARE for military families. The company's paying customers are primarily affluent individuals aged 50 and older who can afford the out-of-pocket cost, along with healthcare providers who recommend the test. Approximately 12,000 healthcare providers have prescribed over 250,000 Galleri tests since commercial launch, with over 20% of current volume representing repeat testing, indicating some customer loyalty and adoption of annual screening protocols. The key challenge for GRAIL's business model is the lack of broad insurance reimbursement. The company is pursuing FDA approval through a Premarket Approval (PMA) submission planned for the first half of 2026, which would enable broader insurance coverage. Additionally, GRAIL is advocating for the Multi-Cancer Early Detection (MCED) Act, federal legislation that would mandate Medicare coverage for FDA-approved MCED tests. Several factors could significantly impact GRAIL's margins and revenue potential: Positive margin drivers include achieving FDA approval and broad insurance reimbursement, which could dramatically expand the addressable market from affluent cash-pay customers to the broader population. The company's new automated Galleri test version launched in late 2024 provides 4x greater sample processing capacity and reduced cost per test, improving operational efficiency. Scale economics should improve margins as volume increases, and the company's partnership integrations with Quest Diagnostics and Athena Health could reduce customer acquisition costs. Negative margin pressures include the substantial ongoing R&D investment required for clinical trials and regulatory approval, with current cash burn around $320 million annually. Competitive pressure from other MCED developers like Exact Sciences and Guardant Health could impact pricing power. The company also faces regulatory risk, as FDA approval is not guaranteed, and reimbursement negotiations with insurers may result in lower pricing than the current $949 cash-pay model. Additionally, the high fixed costs of maintaining laboratory operations and continuing clinical studies create operating leverage that works against the company during the current low-volume phase.
Competitive moat
GRAIL's competitive moat is moderately strong but not insurmountable, built primarily on its technological leadership, extensive clinical validation, and first-mover advantage in the MCED space. The company has developed sophisticated machine learning algorithms trained on one of the largest datasets of cancer and non-cancer samples, creating a significant data advantage that improves with scale. GRAIL's methylation-based approach appears to offer superior specificity compared to some competing technologies, with the NHS-Galleri trial demonstrating 99.5% specificity. The company's clinical validation represents a substantial moat, with multiple large-scale studies including the 140,000-participant NHS-Galleri trial and the 35,000-participant PATHFINDER 2 study. These studies require years to complete and hundreds of millions of dollars in investment, creating high barriers to entry for competitors. GRAIL's early market entry has also allowed it to build relationships with healthcare providers and establish brand recognition in the emerging MCED category. However, the moat faces several vulnerabilities. Technological disruption is a significant risk, as competing approaches using different biomarkers (proteins, circulating tumor cells, or alternative DNA analysis methods) could prove superior. Major competitors like Exact Sciences (with its CancerSEEK technology) and Guardant Health have substantial resources and established relationships in oncology. Additionally, large technology companies with AI capabilities could potentially develop competing algorithms if they gain access to sufficient training data. The regulatory pathway also presents moat challenges, as FDA approval requirements may not strongly favor first movers if competitors can demonstrate comparable or superior performance. The ultimate moat strength will largely depend on GRAIL's ability to achieve FDA approval first and secure favorable reimbursement terms, as well as whether its technology maintains performance advantages as competitors advance their own platforms. The company's separation from Illumina, while resolving regulatory issues, also eliminated some competitive advantages related to preferential access to sequencing technology and cost advantages.
Risks & safety
GRAIL presents a moderate to high risk profile with limited margin of safety, typical of a pre-profitability biotech company pursuing regulatory approval. • Cash burn and solvency: Current quarterly cash burn of approximately $95 million ($320 million annually projected for 2025) with $134 million in cash and short-term investments as of Q1 2025. However, the company maintains substantial additional liquidity through current assets of $728 million, providing runway into 2028 according to management guidance. • Debt levels: Very low debt-to-equity ratio of 0.027, indicating minimal financial leverage and reduced solvency risk from debt obligations. • Valuation metrics: Trading at 0.36x price-to-book ratio and negative earnings multiples due to current losses. Current ratio of 9.7x indicates strong short-term liquidity position. • Other considerations: The company faces binary regulatory risk with FDA approval timeline extending to 2026-2027. Revenue growth of 35% in 2024 demonstrates market traction, but the business remains dependent on cash-pay customers until reimbursement is achieved. The Graham net-net ratio of 7.4 suggests the stock trades below liquidation value, though this metric has limited relevance for a growth-stage biotech company.
Recent development
Over the past few years, GRAIL has undergone significant strategic transformation focused on achieving FDA approval and commercial scalability for its Galleri test. The most significant corporate development was the separation from Illumina in June 2024, which resolved European regulatory concerns and enabled independent public trading, providing GRAIL with greater strategic flexibility. The company has made substantial progress in clinical validation, completing enrollment in its pivotal PATHFINDER 2 study with 35,000 participants and finishing final study visits for the large-scale NHS-Galleri trial involving 140,000 participants. These studies are critical for FDA approval, with interim PATHFINDER 2 results expected in late 2025 and full NHS-Galleri results anticipated in mid-2026. The NHS trial has already demonstrated positive top-line results with 99.5% specificity, substantially higher than previous studies. GRAIL launched an enhanced version of the Galleri test in late 2024, featuring a reduced panel size, fully automated workflow, and 4x greater sample processing capacity per flow cell. This technological advancement addresses scalability concerns and reduces cost per test without requiring additional capital expenditure, positioning the company for potential high-volume testing post-FDA approval. The company has pursued strategic partnerships to expand market access, including integration with Quest Diagnostics' ordering system and a new partnership with Athena Health to streamline test ordering for healthcare providers. GRAIL also achieved TRICARE coverage for military families and expanded internationally with a commercial launch in Israel. Recognizing the extended timeline to profitability, GRAIL implemented significant cost reduction measures in 2024, including a 30% reduction in headcount and substantial decreases in R&D investments for secondary programs like Diagnostic Aid for Cancer (DAC) and Minimal Residual Disease (MRD). These measures extended the company's cash runway from mid-2026 to 2028 while maintaining focus on the core MCED program and FDA approval pathway.
GRAL company profile · for informational purposes only — not investment advice.
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