Grail 2025 Q3 Earnings 29.2% Net Loss Reduction and 26.3% Revenue Growth

Grail (GRAL) reported Q3 2025 earnings that exceeded expectations, with revenue rising 26.3% year-over-year and net losses narrowing by 29.2%. The company refined its 2025 guidance, lowering full-year cash burn to $290 million and reaffirming its path to FDA PMA submission for Galleri in Q1 2026.

Revenue

Screening revenue led the way with $32.81 million, while development services contributed $3.39 million. The absence of amortization of intangible assets kept total revenue at $36.19 million. Automation and volume efficiencies drove a 55% non-GAAP adjusted gross margin, up from 41% in Q3 2024.

Earnings/Net Income

Grail narrowed losses to $2.46 per share, a 37.6% improvement from Q3 2024. The net loss of $88.98 million marked a 29.2% reduction year-over-year, reflecting disciplined cost management and operational scaling. Despite the negative EPS, the 37.6% improvement in per-share losses indicates progress toward profitability.

Post-Earnings Price Action Review

The strategy of buying Grail shares on its Q3 2025 earnings date and holding for 30 days generated an average gain of 12.5% per transaction. This was fueled by a 6.01% post-earnings surge in after-hours trading and a Guggenheim Securities “Buy” upgrade to $100. The stock closed at $93.39 on November 12, 2025, capitalizing on PATHFINDER 2 study optimism and strategic partnerships. Holding shares for 30 days post-earnings allowed investors to capture continued momentum from regulatory progress and market confidence.

CEO Commentary

CEO Robert Ragusa highlighted 39% growth in Galleri test volumes and expanded adoption among 16,000 healthcare providers. Strategic priorities include FDA PMA submission, NHS Galleri data finalization, and international expansion via the Samsung collaboration. The CEO emphasized a $325 million private placement and refined 2025 cash burn guidance, extending liquidity to 2030.

Guidance

Grail raised its U.S. Galleri revenue growth to the mid-20%–30% range and cut full-year cash burn to $290 million. The company anticipates submitting a modular PMA to the FDA in Q1 2026 and releasing NHS Galleri results mid-2026. Non-GAAP adjusted gross margin reached 55% in Q3 2025.

Additional News

1. Samsung Partnership: Grail and Samsung agreed to a $110 million equity investment and strategic collaboration to commercialize Galleri in Asia, pending regulatory approval.

2. Private Placement: A $325 million private placement extended Grail’s cash runway to 2030, supporting commercialization and reimbursement efforts.

3. PATHFINDER 2 Study: The trial demonstrated Galleri’s potential to detect cancers seven-fold more effectively than standard screenings, bolstering regulatory and market confidence.