Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  </li>
<li>The #1 MCED screening test maker has guided to cash burn of &lt;$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.</li>
<li>Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.</li>
</ul>


With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  
The #1 MCED screening test maker has guided to cash burn of &lt;$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.
Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.


GRAIL Inc. (GRAL.US): 3Q’FY25 Revenue In Line; Galleri PMA Submission To FDA Approaches

<ul>
<li>GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.</li>
<li>Samsung C&amp;T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.</li>
<li>I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.</li>
</ul>


GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
Samsung C&amp;T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.


GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>The writeup is a disclaimer about GRAIL (NASDAQ: GRAL) and is not investment advice.</li><li>GRAIL's innovative Galleri blood test aims to revolutionize early cancer detection and has significant potential.</li><li>The memo includes a statistical prediction about a clinical trial's success, indicating potential regulatory approval.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)The writeup is a disclaimer about GRAIL (NASDAQ: GRAL) and is not investment advice.GRAIL's innovative Galleri blood test aims to revolutionize early cancer detection and has significant potential.The memo includes a statistical prediction about a clinical trial's success, indicating potential regulatory approval.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul>
<li>GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.</li>
<li>Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.</li>
<li>A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.</li>
</ul>


GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.
Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.
A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.


GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

<ul>
<li>I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.</li>
<li>A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.</li>
<li>At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.</li>
</ul>


I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.
A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.
At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.


GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance

United States

GRAIL, Inc. operates as a biotechnology company. The Company focuses on combining science, technology, and clinical studies to reveal cancer at its beginings. GRAIL offers its services in the United States.

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GRAIL (GRAL US)

GRAIL Inc. (GRAL.US): 3Q’FY25 Revenue In Line; Galleri PMA Submission To FDA Approaches

GRAIL Inc. anticipates FDA submission for Galleri in 1Q’FY26, with strong cash position and leadership in MCED testing market in the United States.

Andrei Zakharov

GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...

Andrei Zakharov

Grail Inc (GRAL) - Monday, Jul 7, 2025

This writeup outlines GRAIL's potential as a transformative player in early cancer detection with its Galleri test, while clarifying it is not...

Value Investors Club (VIC)

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance

GRAIL shares have materially outperformed Nasdaq and peers. The stock has bottomed in the low $13s and gained more than 100%. I see further room...

Andrei Zakharov

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GRAIL Inc. (GRAL.US): 3Q’FY25 Revenue In Line; Galleri PMA Submission To FDA Approaches

​GRAIL Inc. anticipates FDA submission for Galleri in 1Q’FY26, with strong cash position and leadership in MCED testing market in the United States.

Andrei Zakharov

GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

​Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...

Andrei Zakharov

Grail Inc (GRAL) - Monday, Jul 7, 2025

This writeup outlines GRAIL's potential as a transformative player in early cancer detection with its Galleri test, while clarifying it is not...

Value Investors Club (VIC)

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance

GRAIL shares have materially outperformed Nasdaq and peers. The stock has bottomed in the low $13s and gained more than 100%. I see further room...

Andrei Zakharov

GRAIL Inc. anticipates FDA submission for Galleri in 1Q’FY26, with strong cash position and leadership in MCED testing market in the United States.

Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...