Grail, Inc. · NASDAQ:GRAL
Grail — 44th Annual J.P. Morgan Healthcare Conference 2026
16 slides from Grail's conference presentation, Jan 12, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44th Annual J.P. Morgan Healthcare Conference January 12, 2026 1 Bob Ragusa, Chief Executive Officer Josh Ofman, President
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
3 Agenda Business Review Bob Ragusa, Chief Executive Officer Galleri Differentiation & Opportunity Josh Ofman, President Q&A
Slide 4: GRAIL at a glance
>800k In market with Galleri MCED test >4 years 4 GRAIL at a glance Upcoming Complete PMA submission Present full datasets from 140k randomized controlled NHS-Galleri trial and 35k PATHFINDER 2 study Continue to expand US commercial market Advance Galleri in international markets MCED: multi-cancer
Slide 5: Strengthened balance sheet
5 Strengthened balance sheet $110M Samsung1 strategic investment Close anticipated in January $325M Private placement 1 Samsung C&T and Samsung Electronics. $435M raised in Q4, and $110M anticipated from Samsung upon close $110M ATM sales
Slide 6: Strong commercial momentum
6 Strong commercial momentum >185k total Galleri volume 35% growth over 2024 ~17k prescribers1 >30% growth over 2024 >30% repeat orders2 Partnerships enable ordering and execution simplicity Distributor partners tap international markets Growth drivers Health systems integrate Galleri into workflows
Slide 7: Financial profile
7 Financial profile Revenue Cash position • $904M as of December 31, 20252 1 Total global Galleri revenue in FY2025 was $138-139M . 2 Unrestricted cash, cash equivalents, and short-term marketable securities. 3 Cash burn is calculated as the change in cash, cash equivalents, marketable securities, a
Slide 8: 2026 guidance
8 2026 guidance Total Galleri revenue Cash burn1 1 Cash burn is calculated as the change in cash, cash equivalents, marketable securities, and restricted cash, excluding net pr oceeds from the PIPE and ATM offerings and including cash received from employee ESPP contributions. All 2025 financial inf
Slide 9: Population-scale MCED screening could reduce cancer burden
9 Population-scale MCED screening could reduce cancer burden Only 14% of cancers are found with standard of care screening1 Image of early stage cancers detected Adding Galleri to standard of care single-cancer screenings could enable screen detection of ~60% of cancers3 Future of MCED Broadly Acces
Slide 10: Defining the field: Galleri is highly differentiated
10 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 Methyla
Slide 11: Strong performance data & robust PMA package
Strong performance data & robust PMA package First 25,000 PATHFINDER 2 participants 1 year follow up + NHS-Galleri prevalent screening round data for 140,000 participants 1 year follow up + Bridging data2 PMA packagePATHFINDER 2 7x increase in cancer detection rate when added to A/B rated single can
Slide 12: Evidence base expanding with full study readouts and clinical utility data
12 Evidence base expanding with full study readouts and clinical utility data Full PATHFINDER 2 readout 35,000 PATHFINDER 2 participants 1 year follow up Full NHS-Galleri readout 140,000 individual randomized, controlled longitudinal clinical study 3 annual Galleri tests or standard of care 1 year f
Slide 13: Near-term growth drivers prior to broad reimbursement
13 Near-term growth drivers prior to broad reimbursement Expanding awareness of MCED Increasing patient, provider & employer conviction with data and potential regulatory approval Further integration into health systems including electronic ordering Significant differentiation for Galleri Growth of
Slide 14: Clinical utility & cost effectiveness
Clinical utility & cost effectivenessLarge registrational studies to support PMA 14 Progressing towards population scale testing 1 PATHFINDER 2 and Galleri-Medicare (REACH) endpoint. 2 NHS-Galleri and Galler i-Medicare (REACH) endpoint.. Lab infrastructure to support quality & scale Lab capacity >1M
Slide 15: Advancing towards our vision of population-scale multi-cancer early detection
15 Advancing towards our vision of population-scale multi- cancer early detection • 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 PATHFINDER 2 study
Slide 16: Q&A
16 Q&A Advancing towards our vision of population-scale multi-cancer early detection
GRAIL — 44th Annual J.P. Morgan Healthcare Conference 2026 on 6ix