GRAIL reported continued revenue growth driven by its Galleri test, with a significant increase in U.S. Galleri revenue. The company also made progress on regulatory submissions and clinical trial analysis, positioning itself for future commercial expansion. Despite ongoing net losses, the company highlighted a strong cash position and improvements in adjusted EBITDA.
Total revenue grew 14% year-over-year to $43.6 million in Q4 and 17% year-over-year to $147.2 million for the full year.
positiveU.S. Galleri revenue grew 31% year-over-year to $41.3 million in Q4 and 26% year-over-year to $136.8 million for the full year.
positiveCompleted Galleri PMA submission to the FDA in January.
positiveAnnounced topline results from the NHS-Galleri trial showing substantial reduction in Stage IV cancer diagnoses and increased early-stage detection.
positiveCash, cash equivalents, and short-term marketable securities totaled $904.4 million as of December 31, 2025, providing financial flexibility.
positiveNet loss for the full year was $408.4 million, an improvement from the prior year but still substantial.
attentionGross loss for the full year was $62.6 million, indicating that the cost of revenue exceeds revenue generated.
attentionAdjusted EBITDA for the full year was $(320.6) million, showing continued operational cash burn.
attentionThe NHS-Galleri trial did not meet its primary endpoint of a statistically significant reduction in combined Stage III and IV cancer, despite positive trends in other areas.
attentionAmortization of Illumina acquisition-related intangible items was $138.3 million for the full year.
attentionMargin metrics will be available once backend extracts data from insights_json
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Screening revenue | N/A | — | — | — |
Development services revenue | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
2025 was a year of significant commercial growth for GRAIL, and we’re excited by the building momentum for multi-cancer early detection.
Our teams completed Galleri’s PMA submission to the FDA in January.
We remain on track for continued commercial growth in 2026 with new and expanding partnerships in digital health and further integration into health systems.
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