GRAIL, Inc. (Nasdaq: GRAL), a healthcare company focused on early cancer detection, reported its first quarter 2025 financial results today. The company has positioned itself in the multi-cancer early detection (MCED) market with its Galleri test, aimed at screening for multiple types of cancer through a simple blood draw.

In the first quarter of 2025, GRAIL’s total revenue reached $31.8 million, reflecting a year-over-year increase of 19%. Screening revenue accounted for $29.1 million, which marks a 24% growth compared to the first quarter of the prior year. US Galleri revenue specifically grew by 22% to $28.7 million, within the company’s guidance of a 20% to 30% growth for the full year.

The company reported a net loss of $106.2 million for the quarter, an improvement of 51% from a loss of $218.9 million the same quarter the previous year. GRAIL’s gross loss was $19.9 million, which improved by 9% from the previous year’s loss. The adjusted gross profit was $14.3 million, marking a 19% increase.

GRAIL saw sales of more than 37,000 Galleri tests during the quarter. Notably, more than 20% of the total volume comes from repeat testing. GRAIL ended the quarter with a cash position of $677.9 million, giving it a cash runway extending into 2028. The company has indicated a full-year cash burn expectation of no more than $320 million for 2025, a decrease of over 40% compared to 2024.

The first quarter also witnessed significant operational highlights, including initial results from the NHS-Galleri trial indicating a substantially higher positive predictive value (PPV) than seen in previous studies. GRAIL’s Galleri test achieved a PPV higher than the 43% noted in the PATHFINDER study.

In terms of expectations for the remainder of 2025, GRAIL plans to provide data from the first 25,000 participants in its other registrational study, PATHFINDER 2, later this year. The final results from the NHS-Galleri trial are expected in mid-2026.

The company’s overall financial performance reflects a strategic focus on scaling operations while managing costs effectively to support growth in the evolving landscape of cancer detection technology.