GRAIL (NasdaqGS:GRAL) FY Conference January 12, 2026 10:30 AM ET Company ParticipantsJoshua Ofman - President and Chief Medical OfficerBob Ragusa - CEOConference Call ParticipantsNone - AnalystHenry Jiang - AnalystHenry JiangGood morning. Thank you all for joining us today. My name is Henry Jiang. I'm with the banking team here at J.P. Morgan, and it's my pleasure to be introducing the GRAIL team today. Joining me on stage and presenting today will be Bob Ragusa, CEO, and Dr. Josh Ofman, President. Just a q ...

Core Viewpoint - Guggenheim upgraded GRAIL Inc. from Neutral to Buy with a price target of $100, citing strengthened conviction in the company's leading position in multi-cancer early detection testing due to recent clinical data [1] Group 1: Company Position and Product - GRAIL's Galleri test, despite ongoing criticism, is recognized as the most advanced commercial multi-cancer early detection product, supported by extensive prospective data [2] - Analysts noted that while Galleri has imperfections, it maintains a competitive edge and significant total addressable market potential [2] Group 2: Factors Influencing Upgrade - The upgrade was influenced by increased confidence from positive PATHFINDER 2 ESMO data, evolving feedback from key opinion leaders, proprietary analysis indicating a large market opportunity in the U.S. and U.K., and newly secured partnerships to access that market [3] Group 3: Future Outlook - While uncertainties regarding Medicare reimbursement and regulatory approvals for multi-cancer early detection tests persist, GRAIL's early lead and strong clinical foundation position it for significant long-term growth [4]

PATHFINDER 2 Study Key Findings - The PATHFINDER 2 study evaluated the performance and safety of the Galleri MCED test in individuals eligible for cancer screening [15, 18] - The study involved approximately 35,000 participants [11, 16] - The observed positive predictive value (PPV) across all cancers was approximately 61.6% (95% CI: 54.9-67.8%) [19] - The negative predictive value (NPV) was 99.1% (95% CI: 99.0-99.3%) [19] - The episode sensitivity was 40.4% (95% CI: 35.3-45.8%), and specificity was 99.6% (95% CI: 99.5-99.7%) [19] - For 12 cancers responsible for two-thirds of US cancer deaths, the episode sensitivity was 73.7% (65.6-80.4%) [23, 25] - MCED testing increased the number of screen-detected cancers by over 7 times when added to recommended screening [26, 43] - 73% of all MCED-detected cancers do not have recommended screening options [32] - The median time to diagnostic resolution for true positive MCED test results was 36 days (IQR: 24-61 days) [38] - 0.6% of participants had an invasive procedure to evaluate a positive MCED result, with no serious study-related adverse events reported at the time of initial analysis [41, 42]