Grail, Inc. · NASDAQ:GRAL
Grail — Q1 2026 Earnings Presentation
16 slides from Grail's earnings presentation, May 5, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44th Annual J.P. Morgan Healthcare Conference January 12, 2026 Bob Ragusa, Chief Executive Officer Josh Ofman, President 1
Slide 2: Forward-looking statements
This presentation contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” “would,” or “will,”
Slide 3: Agenda
Agenda Business Review Bob Ragusa, Chief Executive Officer Galleri Differentiation & Opportunity Josh Ofman, President Q&A 3
Slide 4: GRAIL at a glance
Upcoming GRAIL at a glance Complete PMA submission >4 years $147-148M Present full datasets from In market with Galleri MCED test 2025 revenue 140k randomized controlled NHS-Galleri trial and 35k PATHFINDER 2 study >800k 1M+ Continue to expand US Clinical and commercial tests Test capacity at RTP si
Slide 5: Strengthened balance sheet
Strengthened balance sheet $435M raised in Q4, and $110M anticipated from Samsung upon close $325M Private placement $110M Samsung1 strategic investment $110M Close anticipated in January ATM sales 1 Samsung C&T and Samsung Electronics. 5
Slide 6: Strong commercial momentum
Strong commercial momentum Growth drivers Adoption trends Partnerships enable ordering and execution simplicity >185k total Galleri volume Health systems integrate Galleri into workflows 35% growth over 2024 ~17k prescribers1 >30% growth over 2024 Digital health partners expand access >30% repeat or
Slide 7: Financial profile
Financial profile Revenue Total Revenue US Galleri Revenue Total Revenue 2024 $126M 4Q 2025 $41-42M $43-44M Year over year +30-33% +13-15% FY 2025 $136-137M1 $147-148M 2025 $147-148M Year over year +25-26% +17-18% Cash position Cash Burn3 • $904M as of December 31, 20252 2024 $579M 2025 $274M 1 Tota
Slide 8: 2026 guidance
2026 guidance Total Galleri revenue Cash burn1 2024 $109M 2024 $579M 2025 2025 $274M $138-139M 2026 guidance: <$300M 2026 guidance: 22–32% growth Runway2 into 2030 1 Cash burn is calculated as t he change in cash, cash equivalents, marketable securities, and rest ricted cash, excluding net pr oceeds
Slide 9: Population-scale MCED screening could reduce cancer burden
Population-scale MCED screening could reduce cancer burden Only 14% of cancers >70% of cancer deaths are found with standard of care screening1 are from cancers without screening2 Adding Galleri to standard of care single-cancer screenings could enable screen detection of ~60% of cancers 3 Future of
Slide 10: Defining the field: Galleri is highly differentiated
Defining the field: Galleri is highly differentiated Simple blood test for individuals at elevated risk of cancer Intended to complement current single-cancer screening tests High PPV (62%) Low false positive rate (0.4%) High CSO accuracy (>90%) Only MCED validated in screening population Technology
Slide 11: Strong performance data & robust PMA package
Strong performance data & robust PMA package PATHFINDER 2 PMA package 7x increase in cancer detection rate when First 25,000 PATHFINDER 2 participants added to A/B rated single cancer screenings 1 1 year follow up >50% cancers detected were stage 1 & 2 + NHS-Galleri prevalent screening round data fo
Slide 12: Evidence base expanding with full study readouts and clinical utility data
Evidence base expanding with full study readouts and clinical utility data 2026 Enrolling Full Full REACH PATHFINDER 2 NHS-Galleri (Galleri-Medicare) readout readout study 35,000 PATHFINDER 2 140,000 individual 50,000 individual, single-arm participants randomized, controlled study with synthetic ma
Slide 13: Near-term growth drivers prior to broad reimbursement
Near-term growth drivers prior to broad reimbursement Expanding awareness of MCED Significant differentiation for Galleri Increasing patient, provider & employer conviction with data and potential regulatory approval Further integration into health systems including electronic ordering Growth of dig
Slide 14: Progressing towards population scale testing
Progressing towards population scale testing Lab Clinical utility & cost infrastructure Large effectiveness to support registrational Cancer detection rate quality & scale studies to when added to stand of care1 support PMA Absolute reduction in late- Lab capacity >1M samples/year stage cancer diagn
Slide 15: Advancing towards our vision of population-scale multi-cancer early detection
Advancing towards our vision of population-scale multi- cancer early detection Near term milestones • Complete modular PMA submission in Q1 2026 • Present full data from longitudinal randomized, controlled NHS-Galleri trial in mid-2026 (clinical utility and performance) • Present full results from P
Slide 16: Q&A
Q&A Advancing towards our vision of population-scale multi-cancer early detection 16