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GRAL

GRAIL, Inc.

GRAL

GRAIL, Inc. • NASDAQ
$110.39 ▲ 0.21% (+0.23)
Market Cap $3.86 B
52w High $115.76
52w Low $16.10
Dividend Yield 0%
P/E -10.36
Volume 370.81K
Outstanding Shares 34.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $36.194M ▲ $111.558M ▼ $-88.977M ▲ -245.834% ▲ $-2.46 ▲ $-79.736M ▲
Q2-2025 $35.544M ▲ $141.079M ▲ $-113.985M ▼ -320.687% ▲ $-3.18 ▼ $-91.679M ▲
Q1-2025 $31.837M ▼ $133.678M ▲ $-106.213M ▼ -333.615% ▼ $-3.1 ▼ $-114.328M ▼
Q4-2024 $38.252M ▲ $120.97M ▼ $-97.066M ▲ -253.754% ▲ $-2.89 ▲ $-97.497M ▲
Q3-2024 $28.652M $161.274M $-125.688M -438.671% $-3.94 $-144.277M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $540.13M ▼ $2.601B ▼ $361.068M ▼ $2.24B ▼
Q2-2025 $602.754M ▼ $2.703B ▼ $387.908M ▼ $2.315B ▼
Q1-2025 $674.583M ▼ $2.848B ▼ $433.937M ▼ $2.414B ▼
Q4-2024 $763.47M ▼ $2.983B ▼ $479.902M ▼ $2.503B ▼
Q3-2024 $853.551M $3.118B $530.318M $2.588B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-88.977M ▲ $-63.245M ▲ $66.673M ▼ $0 $3.09M ▲ $-63.629M ▲
Q2-2025 $-113.985M ▼ $-76.965M ▲ $70.369M ▲ $0 $-6.468M ▲ $-77.334M ▲
Q1-2025 $-106.213M ▼ $-95.012M ▼ $14.611M ▲ $0 $-80.339M ▲ $-95.074M ▼
Q4-2024 $-97.066M ▲ $-93.49M ▲ $-546.106M ▼ $0 $-639.886M ▼ $-93.793M ▲
Q3-2024 $-125.688M $-104.581M $-971K $0 $-105.294M $-105.552M

Five-Year Company Overview

Income Statement

Income Statement GRAIL is clearly still in the build‑out phase: revenue exists but is very small, while losses are very large. The company’s costs to develop, validate, and commercialize its tests far exceed current sales, leading to negative gross profit and heavy operating losses each year. Losses spiked a few years ago and have since narrowed somewhat, but they remain substantial. Overall, the income statement looks like that of a high‑growth research company that is prioritizing technology and market development over near‑term profitability.

Balance Sheet

Balance Sheet The balance sheet shows a business funded mainly by equity rather than debt, which limits financial leverage risk but also means ongoing dilution is a possibility if more capital is needed. Total assets have been shrinking from an earlier peak, reflecting continued use of cash to fund operations. Cash on hand is meaningful but not abundant relative to the scale of the losses, while debt is modest. Shareholders’ equity is still positive, yet it has been eroding over time as cumulative losses build up. This is a typical profile for a pre‑profit healthcare innovator but underlines a finite financial runway without fresh funding.

Cash Flow

Cash Flow Cash flow is consistently negative. The company burns cash each year from its core operations, and that outflow has not yet shown a decisive improvement. Capital spending is relatively small, so most of the cash use is tied to research, clinical programs, and commercialization rather than big physical assets. Free cash flow is solidly negative, meaning the business is not funding itself and instead depends on external capital to sustain its plans. Future sustainability will hinge on either much higher revenue, tighter spending, new financing, or some combination of these.

Competitive Edge

Competitive Edge GRAIL holds a leading position in the emerging field of multi‑cancer early detection, mainly through its Galleri test. Its advantages include being early to market, having strong brand recognition among clinicians, and possessing one of the largest clinical evidence bases in this niche. Its data, machine‑learning models, and relationships with systems like the UK’s National Health Service provide meaningful barriers for new entrants. However, competition is intense from well‑funded peers in liquid biopsy and cancer screening, and there are ongoing patent disputes and regulatory uncertainties. The company’s edge rests on maintaining superior clinical evidence, strong partnerships, and clear demonstration of medical value versus alternatives.

Innovation and R&D

Innovation and R&D Innovation is GRAIL’s core strength. The company uses advanced DNA methylation analysis and machine learning on large, carefully built datasets to detect cancer signals from blood. It has invested heavily in large clinical trials and is pushing beyond early detection into areas like minimal residual disease and recurrence monitoring, often in collaboration with major pharmaceutical partners. A sizable late‑stage pipeline and expanding international efforts, such as work to reach Asian markets, point to a long runway of potential new products. At the same time, this strategy is expensive and heavily dependent on successful trial results, regulatory approvals, and reimbursement decisions, all of which carry significant uncertainty and timing risk.

Summary

GRAIL is a high‑potential, high‑risk healthcare innovator: scientifically ambitious, commercially early, and financially loss‑making. The business model is still in the investment phase, with small revenue and large ongoing losses putting pressure on the balance sheet and cash flow. On the strategic side, the company appears well‑positioned in a promising new category, supported by differentiated technology, rich clinical data, and important partnerships. Future outcomes will largely hinge on regulatory approvals, payer coverage, trial readouts, and the pace at which multi‑cancer screening is adopted in everyday medicine. Until then, the company combines strong technological promise with meaningful execution, financing, and competitive risks.

NEWS

November 18, 2025 · 4:02 PM UTC

GRAIL to Present at Piper Sandler 37th Annual Healthcare Conference

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November 12, 2025 · 4:02 PM UTC

GRAIL Reports Third Quarter 2025 Financial Results

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November 4, 2025 · 4:02 PM UTC

GRAIL to Present at 7th Annual Wolfe Research Healthcare Conference

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October 29, 2025 · 4:02 PM UTC

GRAIL to Announce Third Quarter 2025 Financial Results

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October 20, 2025 · 6:30 AM UTC

GRAIL, Inc. Announces $325.0 Million Private Placement Financing

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