Early Cancer Detection Firm Grail Leads Nasdaq Gainers as Stock Jumps 20%

Company Performance - Shares of Grail surged 20% intraday, making it the biggest gainer in the Nasdaq 100 index [1] - Grail shares had been little changed since the company's June split from Illumina until soaring Wednesday [3] Financial Projections - Grail projected fiscal 2024 revenue of $124 million to $126 million [3] - The company expects fiscal 2025 U.S. sales of its Galleri blood test to rise 20% to 30% year-over-year [3][4] - Grail expects to burn through less than $320 million over fiscal 2025 [3] - The company has $767 million cash on hand to end 2024, providing runway into 2028 [3] Business Background - Grail was spun off from Illumina Health following legal battles with regulators and started trading on its own last June [2] - The company is developing a number of early detection cancer screening tests [2][4] Market Position - Grail's stock performance surpassed Arm Holdings (ARM) and Netflix (NFLX) in recent trading [1]