0001628280-26-017319
SEC filingGRAIL, Inc. reported total revenue of $147.2 million for FY 2025, derived from screening revenue ($138.6 million) and development services revenue ($8.6 million). The company incurred a significant net loss of $408.4 million, driven by a loss from operations of $562.2 million. Total costs and operating expenses were $709.3 million, including substantial research and development ($195.8 million), sales and marketing ($116.7 million), general and administrative ($159.1 million), and a goodwill and intangible assets impairment charge ($28.0 million). The company ended the year with $249.7 million in cash and cash equivalents, $654.7 million in short-term marketable securities, and total assets of $2.92 billion. A net cash outflow of $299.0 million from operating activities was offset by $423.3 million in net cash provided by financing activities, primarily from equity issuances.
GRAIL, Inc. reported total revenue of $147.2 million for the fiscal year ended December 31, 2025, consisting of $138.6 million in screening revenue and $8.6 million in development services revenue. The company incurred a substantial net loss of $408.4 million, which was an improvement from the prior year's net loss of $2.03 billion. The loss from operations was $562.2 million, driven by total costs and operating expenses of $709.3 million. Key expense components included research and development ($195.8 million), sales and marketing ($116.7 million), general and administrative ($159.1 million), and a $28.0 million impairment charge for goodwill and intangible assets. The company's net loss per share was $11.00 for both basic and diluted calculations.
The company's revenue is derived from two primary sources: screening revenue and development services revenue. Screening revenue, generated from the sale of cancer screening testing services for patients, accounted for $138.6 million (approximately 94% of total revenue). Development services revenue, which includes activities performed in partnership with biopharmaceutical companies, contributed $8.6 million (approximately 6% of total revenue). The company has sold more than 475,000 commercial tests cumulatively as of December 31, 2025, including more than 185,000 tests in 2025. Revenue is primarily generated in the United States, with international revenue representing a smaller portion of total revenue.
The company's financial statements do not disclose gross profit or gross margin figures. The significant net loss of $408.4 million reflects the company's current stage of commercial development and substantial ongoing investments in research and development, sales and marketing, and general administrative functions. The cost structure includes $133.9 million in amortization of intangible assets related to developed technology and trade names. The company recorded a $28.0 million impairment charge for goodwill and intangible assets during the year, reflecting changes in market conditions and projected cash flows for certain development assets.
Net cash used by operating activities was $299.0 million for the year ended December 31, 2025. Cash flows from investing activities resulted in a net cash outflow of $85.0 million, primarily due to purchases of marketable securities. Financing activities provided $423.3 million in net cash, mainly from proceeds from issuance of common stock and pre-funded warrants in connection with a private investment of public equity (PIPE) and an at-the-market equity distribution program. The company ended the year with $249.7 million in cash and cash equivalents and $654.7 million in short-term marketable securities. Total assets were $2.92 billion, including $1.85 billion in net intangible assets. Total liabilities were $344.2 million, resulting in stockholders' equity of $2.58 billion.
The company continues to focus on establishing Galleri as a population multi-cancer screening standard and expanding commercial leadership in large global markets. Key strategic elements include pursuing FDA approval for Galleri, with a pre-market approval application submitted in January 2026, and seeking reimbursement and coverage from payors. The company faces significant challenges including the need for additional financing to support operations, the uncertainty of obtaining regulatory approvals, and competition in the cancer detection space. The company's ability to continue as a going concern is dependent on managing net losses, generating positive cash flows from operations, and obtaining additional financing to support working capital requirements.