Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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

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

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

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