Burning Rock Biotech Limited 3Q 2025 results 20 November 2025 Disclaimer This presentation has been prepared by Burning Rock Biotech Limited (the "Company") solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions present ...

Summary of Exact Sciences FY Conference Call - November 14, 2025 Industry Overview - The conference is part of the seventh annual Healthcare Symposium, focusing on healthcare investment and innovations in cancer detection and treatment [1][2] - The aging population is a significant concern, with the percentage of individuals aged 65 and older increasing, necessitating better healthcare solutions [2] - U.S. healthcare spending is projected to rise from 18% of GDP to 20% by the early 2030s, driven by the burden of diseases like cancer [3] Key Points on Cancer Detection and Treatment - Cancer cases are expected to rise significantly, with projections of over 35 million cases and 18.5 million deaths by 2050 [3] - The symposium discusses the importance of early cancer detection, particularly through multi-cancer early detection (MCED) technologies [10][52] - Advances in treatment have shifted cancer from a death sentence to a manageable chronic disease, emphasizing the need for early detection [10] Company-Specific Insights Exact Sciences - Exact Sciences aims to prevent cancer, detect it earlier, and optimize treatment, with a focus on expanding from colorectal cancer to multiple cancers [14][15] - The flagship product, Cologuard, has screened over 20 million people, significantly impacting survival rates [27] - Exact Sciences is developing a multi-cancer early detection test, which is seen as complementary to existing screening methods [28] Quest Diagnostics - Quest emphasizes access to innovative cancer detection technologies and partnerships with various organizations to enhance screening capabilities [12][31] - The company is developing a multi-cancer risk test in collaboration with MD Anderson, focusing on identifying cancer risk through circulating tumor proteins [35] Guardant Health - Guardant's mission is to conquer cancer with data, focusing on early-stage detection and utilizing a common tech stack for various cancer indications [16][17] - The company is actively involved in trials for detecting multiple cancers, starting with colorectal cancer [21][24] Grail - Grail was founded to develop blood tests capable of detecting multiple cancers, with its product Galleri able to detect up to 50 cancers [18][19] - The company emphasizes the importance of education in shifting the market towards multi-cancer screening [20] Economic and Healthcare Implications - Early detection through MCED could reduce stage four cancer incidence by over 40% and overall cancer mortality by 18% [57] - The cost of detecting cancer at earlier stages is significantly lower than at later stages, highlighting the economic benefits of early screening [58] - The healthcare system must adapt to recognize the value of diagnostics, which are currently undervalued compared to treatment interventions [62] Challenges and Future Directions - The panelists discussed the need for collaboration with insurance companies and government to align incentives for early testing [60][65] - There is a focus on developing evidence strategies to demonstrate the clinical utility of MCED tests to secure reimbursement [65] - The potential for early detection of pancreatic cancer is promising, with technologies showing high performance in identifying this type of cancer [76][78] Conclusion - The symposium highlighted the collaborative efforts among various companies to advance cancer detection technologies and improve patient outcomes through early intervention and innovative partnerships [9][46]

Summary of Guardant Health FY Conference Call Company and Industry Overview - **Company**: Guardant Health (NasdaqGS:GH) - **Industry**: Healthcare, specifically focusing on oncology and multi-cancer early detection Key Points and Arguments 1. **Aging Population and Healthcare Spending**: The aging population is increasing, with the percentage of people aged 65 and older projected to grow significantly. Healthcare spending in the U.S. is currently about 18% of GDP and is expected to rise to 20% by the early 2030s, necessitating innovative solutions in healthcare delivery [3][4][5] 2. **Cancer Statistics**: There are currently around 20 million cancer cases and nearly 10 million deaths, projected to rise to over 35 million cases and 18.5 million deaths by 2050. This highlights the urgent need for advancements in cancer detection and treatment [4] 3. **Multi-Cancer Early Detection (MCED)**: The symposium focused on the future of multi-cancer screening, emphasizing the importance of early detection in improving treatment outcomes and reducing mortality rates. Early detection is seen as a key strategy in managing cancer as a chronic disease rather than a terminal one [11][12][54] 4. **Panelist Contributions**: - **Guardant Health**: Focuses on conquering cancer with data, utilizing a common tech stack for various cancer stages and indications. The company emphasizes the importance of early detection through blood tests [18][19][43] - **Exact Sciences**: Aims to prevent cancer and optimize treatment, with a strong focus on colorectal cancer through its Cologuard product. The company is expanding into multi-cancer early detection [16][30] - **Quest Diagnostics**: Highlights the importance of access to innovative testing and the integration of various health dimensions beyond cancer [14][32] - **Grail**: Developed the Galleri test, capable of detecting up to 50 cancers through blood samples, emphasizing the shared signals across different cancer types [20][21] 5. **Economic Impact of Early Detection**: Exact Sciences conducted a health economic model showing that implementing MCED could reduce stage four cancer incidence by over 40% and overall cancer mortality by 18%. Early detection is significantly less expensive than late-stage treatment [57][58] 6. **Partnerships and Collaboration**: The importance of partnerships among companies, healthcare providers, and payers is emphasized to enhance access, streamline processes, and improve patient outcomes. Collaboration is seen as essential for developing effective screening protocols and ensuring patient follow-up [38][60] 7. **Challenges in Implementation**: The panelists discussed the challenges of integrating new testing methods into existing healthcare systems, including the need for education among healthcare providers and patients, as well as the necessity of aligning incentives with payers [42][66] 8. **Future Directions**: The discussion included the potential for advancements in detecting precancerous conditions and the need for ongoing research and partnerships to improve early detection technologies [72][73] Other Important Content - **Vaccine Access**: The symposium also touched on the disparities in vaccine access, with higher-income individuals purchasing a disproportionate share of vaccines, highlighting the need for improved access for lower and middle-income populations [5] - **Healthcare System Navigation**: The complexity of the healthcare system necessitates effective navigation strategies to ensure patients receive timely follow-up care after initial screenings [41][52] This summary encapsulates the critical discussions and insights shared during the Guardant Health FY Conference Call, focusing on the advancements and challenges in the field of oncology and early cancer detection.

Summary of GRAIL (GRAL) 2025 Conference Call Company Overview - GRAIL is focused on early cancer detection, aiming to identify cancers when they are most treatable [2][3] - The company has developed the Gallery test, a multi-cancer early detection test designed for population-scale screening [3][4] Core Industry Insights - Current cancer screening methods are limited, primarily testing for single cancers, leading to late-stage cancer diagnoses [3][12] - GRAIL's Gallery test is positioned to address this gap by detecting multiple cancers early, significantly improving survival rates [12][13] Key Financial Highlights - Total revenue for Q1 2025 was $32 million, a 19% increase year-on-year [9] - U.S. Gallery revenue was $29 million, up 22%, aligning with the company's guidance for the year [9] - Cash balance stands at $678 million, providing operational runway into 2028 [10] Commercial Developments - Over 325,000 Gallery tests sold through March 2025, with strong commercial momentum noted [4][22] - Partnerships with Quest Diagnostics and Athena Health have been established to enhance provider access to the Gallery test [5][24] - The U.S. military's TRICARE program has added the Gallery test as a covered benefit for eligible patients [6] Clinical Evidence and Research - GRAIL has conducted over 640,000 Gallery tests across commercial and clinical applications [5] - The Gallery test has shown a positive predictive value (PPV) of 43%, significantly higher than leading single cancer screening tests [16][17] - The test's specificity is reported at 99.5%, with high accuracy in determining the cancer signal's origin [19] Market Opportunity - The total addressable market (TAM) in the U.S. is over 100 million individuals, expanding to 160 million when including the EU and nearly 50 million in Japan [21][22] - The company aims to capture a significant share of the market by providing broad access to multi-cancer early detection [26] Future Outlook - GRAIL is focused on obtaining FDA approval and broad reimbursement for the Gallery test, with significant investments in infrastructure and operations [6][10] - Upcoming milestones include the readout of foundational data from the Pathfinder study and final clinical utility data from the NHS Gallery study expected in mid-2026 [28] Additional Insights - Market research indicates a strong consumer desire for innovative cancer screening options, with a majority of adults wanting early detection [8] - The company is committed to reducing costs per test as it scales operations, which will enhance accessibility [10][26] - GRAIL's long-term vision includes expanding its capabilities to meet the needs of individuals at elevated risk of cancer [26][27]

Core Insights - GRAIL, Inc. reported a total revenue of $31.8 million for Q1 2025, reflecting a 19% year-over-year growth, with U.S. Galleri revenue specifically at $28.7 million, marking a 22% increase [2][8] - The company achieved a net loss of $106.2 million for the quarter, which is an improvement of 51% compared to the previous year [2][8] - GRAIL's cash position stands at $677.9 million as of March 31, 2025, providing a financial runway into 2028 [3] Revenue and Financial Performance - Total revenue for the first quarter was $31.8 million, up from $26.7 million in the same period last year, indicating a growth of $5.1 million or 19% [2][8] - Galleri revenue reached $29.1 million, which is a 24% increase year-over-year [2] - Adjusted gross profit was reported at $14.3 million, an increase of 19% from the previous year [8] - Adjusted EBITDA for the quarter was $(98.7) million, showing an improvement of 35% compared to the prior year [8] Galleri Test and Clinical Trials - GRAIL completed a review of Galleri test performance in the NHS-Galleri trial, showing a higher positive predictive value (PPV) than previous studies [5][6] - The NHS-Galleri trial is the largest randomized controlled trial of any multi-cancer early detection (MCED) test, with final results expected in mid-2026 [7] - The trial aims to reduce late-stage cancer diagnoses through three consecutive years of screening [7] Business Developments and Partnerships - GRAIL has partnered with athenahealth to integrate Galleri test ordering into their electronic health record platform, enhancing test access for over 160,000 U.S. providers [14] - The company launched an educational initiative called Generation Possible, featuring actress Kate Walsh to raise awareness about MCED testing [14] Market Position and Future Outlook - GRAIL focuses on early cancer detection using next-generation sequencing and machine learning, aiming to alleviate the global burden of cancer [11] - The company plans to share registrational data from the PATHFINDER 2 study later this year, further advancing its market position in cancer detection [7]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $38.3 million, an increase of $7.9 million or 26% compared to Q4 2023 [17] - Full-year revenue for 2024 was $125.6 million, up 35% from 2023, with screening revenue of $108.6 million, reflecting a 45% increase year-over-year [18] - The net loss for Q4 2024 was $97.1 million, an improvement of 48% compared to Q4 2023, while the full-year net loss was $2 billion, an increase of $561 million or 38% from 2023 [19][20] - Non-GAAP adjusted gross profit for Q4 2024 was $17.9 million, up 17% from Q4 2023, and for the full year, it was $57.8 million, an increase of 44% from 2023 [21][22] - The company ended the year with a cash position of $766.8 million and expects cash burn for 2025 to be no more than $320 million, a projected decrease of over 40% from 2024 [23][24] Business Line Data and Key Metrics Changes - U.S. Galleri revenue grew by 45% year-over-year, with over 137,000 tests sold throughout 2024, including more than 40,000 tests in Q4 [9][19] - Development services revenue for Q4 2024 was $6.7 million, a decrease of 13% compared to Q4 2023, while full-year development service revenue was $17 million, down 6% from 2023 [18][19] Market Data and Key Metrics Changes - The U.S. Military's TRICARE health insurance program has added the Galleri test to its list of covered benefits for patients aged 50 and older with an elevated risk of cancer [13][14] Company Strategy and Development Direction - The company aims to drive multi-cancer early detection as a new standard of care and is focused on scalability and cost efficiency following the launch of an updated version of the Galleri test [25][26] - The company is in the final stages of data collection for its registrational studies and anticipates completion of its modular PMA submission with the FDA in the first half of 2026 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and momentum, highlighting strong growth for Galleri and improved cost efficiency [25][26] - The company has built in flexibility to cover potential delays in FDA submission timelines, with a cash runway extending into 2028 [66][68] Other Important Information - The company has implemented a significant restructure to extend its capital runway and is focused on reducing its spending profile [9][23] Q&A Session Summary Question: Details on the new Galleri test and pricing flexibility - Management indicated that the new version of the test allows for a reduction in COGS and potential pricing flexibility, but elasticity testing has not yet been conducted [30][38] Question: Current events regarding MCED legislation - Management remains encouraged by the reintroduction of the MCED bill and its bipartisan support, with no significant changes in the level of support [31][40] Question: Collaboration with Quest Diagnostics and TRICARE - Management confirmed that the collaboration with Quest and the TRICARE news were considered in the 2025 guidance, with no changes to the guidance at this time [44][48] Question: Success metrics for the PATHFINDER 2 study - The main endpoints for the PATHFINDER 2 study include traditional measures of test performance and safety, with results expected to be part of the final modular submission to the FDA [57][60] Question: Impact of cash preservation initiatives on payer coverage - Management stated that there have been no changes to cash preservation initiatives and that the restructuring provides a cash runway into 2028 [61][62] Question: Impact of FDA submission timelines on cash burn - Management believes they have built in flexibility to cover any potential delays in FDA submission timelines, maintaining confidence in the current timeline [66][68] Question: Impact of recent AI developments on Q1 results - Management indicated that while AI presents long-term opportunities, there has been no immediate impact on Q1 results [70]