GRAIL Inc (NASDAQ: GRAL) is a genomic medicine company that develops multi-cancer early detection (MCED) blood tests. Revenue comes from test sales, primarily the Galleri test, ordered by healthcare providers and covered by a limited set of self-insured employers, select health insurers, and certain government payors including TRICARE, as of December 31, 2025. Broad Medicare and large commercial payor reimbursement is not yet in place. GRAIL submitted a PMA to the FDA in January 2026, and a law passed in February 2026 creates a Medicare coverage benefit category for FDA-approved MCED tests, with CMS authority to initiate coverage as early as January 1, 2029 for the aged 50-65 population. The company operates its own laboratory and methylation platform, runs clinical trials including NHS-Galleri, PATHFINDER, and PATHFINDER 2, and relies on Amazon Web Services for cloud infrastructure. Research and development expenses totaled $195.8 million in FY2025, down 39% from $322.4 million in FY2024, driven by workforce reductions and completion of major clinical study enrollments. Net cash used by operating activities was $299.0 million in FY2025. CEO is Robert Ragusa.

Revenue model

Transactional test revenue from the Galleri MCED blood test, billed to self-insured employers, select commercial payors, and certain government payors such as TRICARE. Broad Medicare and large commercial payor reimbursement is not yet established as of December 31, 2025.

Products and services

Galleri, a multi-cancer early detection blood test based on a methylation platform. Support services include medical science liaison outreach, clinical care documents, a Galleri experience council for peer-to-peer physician consultations, an early cancer detection board, and patient navigation services for cancer-signal-detected results.

Customers and end markets

Healthcare providers, health systems, digital health platforms, self-insured employers, commercial health insurers, and certain government payors including TRICARE. Clinical trial partners include the UK National Health Service (NHS-Galleri trial). End market is cancer screening for asymptomatic adults.

Value-chain role

Test developer, laboratory operator, and clinical evidence generator. Operates its own laboratory information management systems for specimen tracking, test validation, and quality control. Relies on third-party cloud infrastructure (Amazon Web Services) for data processing and machine learning.

Geographic exposure

Primary operations in the United States. Clinical trials conducted in the United States and the United Kingdom. International expansion for Galleri and precision oncology portfolio is referenced but early-stage as of the FY2025 10-K filed March 12, 2026.

Source: SEC 10-K, filed 2026-03-12

Industry: Services-Medical Laboratories Peers: Altimmune Inc Neurogene Inc C4 Therapeutics, Inc Climb Bio Inc Foghorn Therapeutics Inc Korro Bio Inc Q32 Bio Inc Tourmaline Bio, Inc. Taysha Gene Therapies Inc