Grail Inc shares plunged 30% in after-hours trading Thursday following mixed results from its NHS-Galleri trial. The Menlo Park-based biotech reported a fourth-quarter net loss of $99.2 million, or ($2.44) per share, which beat analyst expectations of a ($4.01) loss. Revenue reached $43.6 million, up 14% year-over-year.

The company's flagship NHS-Galleri trial failed to meet its primary clinical endpoint of statistically significant reduction in combined Stage III and IV cancer diagnoses. Despite this setback, commercial adoption of the Galleri multi-cancer early detection test remained strong, with over 185,000 tests sold during fiscal 2025. U.S. Galleri revenue grew 26% annually to $136.8 million.

Grail ended the year with $904.4 million in cash, cash equivalents, and short-term marketable securities, providing a financial runway into 2030. CEO Bob Ragusa emphasized the trial's findings that adding Galleri to standard care resulted in a four-fold improvement in overall cancer detection rates. The company completed its final modular submission for Premarket Approval to the FDA in January and plans to expand its U.S. sales force while extending the NHS-Galleri trial's follow-up period.