Grail reported Q2 2024 revenue of $32.0 million, up 43% YoY, while posting a net loss of $1.59 billion including $1.42 billion in goodwill and intangible impairment charges. The company has sold over 215,000 Galleri cancer detection tests as of June 30. Non-GAAP adjusted gross profit was $16.0 million and adjusted EBITDA was $(139.4) million.The company announced a strategic restructuring to focus on core multi-cancer early detection priorities, including reducing headcount by approximately 30% and decreasing investment in non-Galleri programs. The restructuring is expected to generate $27 million in savings in 2024 and reduce cash burn to $325 million in 2025.Following its separation from Illumina on June 24, Grail continues to advance key clinical trials including the 50,000-participant REACH study for Medicare validation and the completed enrollment of over 35,000 participants in PATHFINDER 2. The cost reduction measures are expected to extend the company's cash runway from 2026 into 2028, with $958.8 million in cash and equivalents as of June 30, 2024.

Grail reported Q2 2024 revenue of $32.0 million, up 43% YoY, while posting a net loss of $1.59 billion including $1.42 billion in goodwill and intangible impairment charges. The company has sold over 215,000 Galleri cancer detection tests as of June 30. Non-GAAP adjusted gross profit was $16.0 million and adjusted EBITDA was $(139.4) million.The company announced a strategic restructuring to focus on core multi-cancer early detection priorities, including reducing headcount by approximately 30% and decreasing investment in non-Galleri programs. The restructuring is expected to generate $27 million in savings in 2024 and reduce cash burn to $325 million in 2025.Following its separation from Illumina on June 24, Grail continues to advance key clinical trials including the 50,000-participant REACH study for Medicare validation and the completed enrollment of over 35,000 participants in PATHFINDER 2. The cost reduction measures are expected to extend the company's cash runway from 2026 into 2028, with $958.8 million in cash and equivalents as of June 30, 2024.