Alex Vukasin

Alex Vukasin of Canaccord Genuity inquired about GRAIL's Q2 cash burn and the key dynamics expected to impact the burn rate in the second half of 2025.

Answer

CFO Aaron Freidin noted a first-half burn of approximately $160 million and projected a decrease in the second half, driven by higher volumes, increased revenue, and greater efficiency from the new automated platform. CEO Bob Ragusa added that the company's restructuring provided flexibility, leading to an improved full-year cash burn guidance of no more than $310 million.

Alex Vukasin, on behalf of Kyle Mixon from Canaccord Genuity, asked about the long-term potential volume mix between primary care physicians and pulmonologists. He also inquired about the expected timing and impact of the HEDIS quality measures for lung cancer screening.

Answer

Scott Hutton, President, CEO & Director, responded that it is too early to forecast a specific long-term volume mix, as the strategy is to follow pulmonologist referrals. Regarding HEDIS, Hutton stated the measures have been put on hold for the year due to cited complexities. He noted this delays a potential tailwind but does not impact the company's 2025 or 2026 forecasts.