Finance
GRAIL Reports Third Quarter 2025 Financial Results
Q3 U.S. Galleri Revenue Grew 28% Year-Over-Year to $32.6 Million
Q3 Galleri Tests Sold Grew 39% Year-Over-Year to More Than 45,000
Galleri PMA Submission to FDA Now Anticipated in Q126
Cash Position of More Than $850 Million Includes Recently Completed Private Placement
MENLO PARK, Calif., Nov. 12, 2025 /PRNewswire/ — GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today reported business and financial results for the third quarter of 2025.
Total revenue in the third quarter grew 26% year-over-year to $36.2 million, and Galleri revenue grew 29% year-over-year to $32.8 million. U.S. Galleri revenue was $32.6 million, representing 28% growth year-over-year. Net loss for the quarter was $89.0 million. Gross loss was $13.7 million. Non-GAAP adjusted gross profit was $20.0 million, and non-GAAP adjusted EBITDA was $(71.7) million.1
“We remain very pleased by Galleri’s commercial uptake with 39% growth in Galleri test volume in the third quarter. Our teams continue to build awareness of Galleri among providers and patients, and recent data from our registrational PATHFINDER 2 study adds to the evidence base,” said Bob Ragusa, Chief Executive Officer at GRAIL. “We have also made key recent strides in opportunities beyond the U.S., led by our strategic collaboration with Samsung to bring Galleri to key Asian markets, as well as Galleri’s commercial introduction in Canada. Looking ahead, we anticipate completing our PMA submission for Galleri to the FDA in the first quarter of 2026.”
For the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, GRAIL reported:
- Revenue: Total revenue, comprised of screening and development services revenue, was $36.2 million, an increase of $7.5 million or 26%.
- Net loss: Net loss was $89.0 million, an improvement of $36.7 million or 29%.
- Gross loss: Gross loss was $13.7 million, an improvement of $8.5 million or 38%.
- Adjusted gross profit1: Adjusted gross profit was $20.0 million, an increase of $8.2 million or 69%.
- Adjusted EBITDA1: Adjusted EBITDA was $(71.7) million, an improvement of $36.5 million or 34%.
- Cash position: Cash, cash equivalents, restricted cash and short-term marketable securities totaled $547.1 million as of September 30, 2025.
Recent business highlights include:
- Positive results from PATHFINDER 2 and SYMPLIFY studies add to the evidence base for the effectiveness of multi-cancer early detection.
- Positive detailed performance and safety results from the pre-specified analysis of the first approximately 25,000 participants in the registrational PATHFINDER 2 study were presented at the European Society of Medical Oncology (“ESMO”) Congress 2025 in October:
- Adding Galleri to recommended screenings for breast, cervical, colorectal, and lung cancers (USPSTF A and B recommendations) led to a more than seven-fold increase in the number of cancers found within a year
- Galleri detected approximately three times as many cancers when added to standard-of-care screening for breast, cervical, colorectal, lung, and prostate cancers (USPSTF A, B, and C recommendations)
- Approximately three-quarters of the cancers detected by Galleri do not have standard of care screening options
- More than half of the new cancers detected by Galleri were stage 1 or 2 and more than two-thirds were detected at stages 1-3
- Galleri positive predictive value (“PPV”), or the likelihood of receiving a cancer diagnosis following a positive test result, was 61.6%
- Specificity was 99.6%, translating to a false positive rate of 0.4%
- Cancer signal of origin accuracy was 92%, leading to efficient diagnostic workups
- Diagnostic resolution took a median of 46 days, and only 0.6% of all participants had an invasive procedure and invasive procedures were two times more common in participants with cancer than in those without
- No serious, study-related adverse events were reported
- Positive long-term results from an extended registry follow-up of the SYMPLIFY study with the University of Oxford were presented at the Early Detection of Cancer Conference (“EDCC”) in October. A previous primary analysis, published in The Lancet Oncology, followed participants until diagnostic resolution or up to nine months and demonstrated Galleri’s PPV was 75.5%. Patients reported to have a false positive Galleri result were followed for 24 months in national cancer registries for England and Wales.
- The updated analysis presented at EDCC showed that approximately one-third of participants initially believed to have a false positive result were later diagnosed with cancer during the subsequent follow up period
- This reduction in false positives resulted in an increase of Galleri’s PPV in this symptomatic population to 84.2%
- Announced a collaboration with Medcan, a global leader in proactive health and wellness services, to provide access to the Galleri test at Medcan’s clinics. Additionally, Manulife Canada announced it now offers access to Galleri, in partnership with Medcan, to eligible life insurance customers through its innovative Manulife Vitality program.
- Announced a strategic collaboration with Samsung in October to bring the Galleri test to key Asian markets. Subject to execution of definitive agreements, the parties will work as exclusive partners to commercialize Galleri in Korea, and possibly other key Asian markets, including Japan and Singapore. In addition, the parties intend to explore potential additional strategic and operational collaborations. Samsung has also agreed to make an equity investment of $110 million in GRAIL, subject to closing conditions.
- Completed a private placement of equity in October resulting in gross proceeds of approximately $325 million, before deducting placement agents’ fees and other expenses. Including proceeds from this transaction, GRAIL’s cash position of more than $850 million provides runway into 2030.
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1 See “Non-GAAP Disclosure” and the associated reconciliations for important information about our use of non-GAAP measures. |
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Conference Call and Webcast
A webcast and conference call will be held today, Nov. 12, 2025, at 1:30 p.m. PT / 4:30 p.m. ET. Individuals interested in listening to the conference call may access it on the investor relations section of GRAIL’s website at investors.grail.com.
A replay of the webcast will be available on GRAIL’s website for 30 days.
GRAIL Analyst Day 2025 Tomorrow
GRAIL will host its Analyst Day 2025 tomorrow, Nov. 13, 2025, at the Company’s central laboratories in Research Triangle Park, North Carolina beginning at 8:00 a.m. PT / 11:00 a.m. ET.
The live webcast and recorded replay will be available at the investor relations section of GRAIL’s website at investors.grail.com and at https://grail-analyst-day-2025.open-exchange.net/registration.
About GRAIL
GRAIL, Inc. is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL’s targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom. GRAIL’s common stock is listed under the ticker symbol “GRAL” on the NASDAQ Stock Exchange.
For more information, visit grail.com.
About Galleri®
The Galleri multi-cancer early detection test is a proactive tool to screen for cancer. With a simple blood draw, the Galleri test can identify DNA shed by cancer cells, which can act as a unique “fingerprint” of cancer, to help screen for some of the deadliest cancers that don’t have recommended screening today, such as pancreatic, esophageal, ovarian, liver, and others. The Galleri test can be used to screen for cancer before a person becomes symptomatic, when cancer may be more easily treated and potentially curable. The Galleri test can indicate the origin of the cancer, giving healthcare providers a roadmap of where to explore further. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.
For more information, visit galleri.com.
Laboratory/Test Information
GRAIL’s clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) and accredited by the College of American Pathologists. The Galleri test was developed, and its performance characteristics were determined by GRAIL. The Galleri test has not been cleared or approved by the U.S. Food and Drug Administration. GRAIL’s clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.
Non-GAAP Disclosure
In addition to our financial results provided throughout this press release that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release also includes financial measures that are not calculated in accordance with GAAP. Our non-GAAP financial disclosure includes Adjusted Gross Profit (Loss) and Adjusted EBITDA. We encourage investors to carefully consider our results under GAAP in conjunction with our supplemental non-GAAP information and the reconciliation between these presentations.
- Adjusted Gross Profit (Loss) is a key performance measure that our management uses to assess our operational performance, as it represents the results of revenues and direct costs, which are key components of our operations. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it reflects the gross profitability of our operations, and excludes the costs associated with our sales and marketing, product development, general and administrative activities, and depreciation and amortization, and the impact of our financing methods and income taxes.
We calculate Adjusted Gross Profit (Loss) as gross profit (loss) (as defined below) adjusted to exclude amortization of intangible assets and stock-based compensation allocated to cost of revenue. Adjusted Gross Profit (Loss) should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss from operations, net earnings or loss and other GAAP measures of income (loss) or profitability. The following table presents a reconciliation of gross loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted Gross Profit.
- Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of net income (loss) to Adjusted EBITDA, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, different operational and ownership histories, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income (loss) or income (loss) from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as net income (loss) adjusted to exclude interest (income) expense, income tax expense (benefit), depreciation, impairment of goodwill and intangible assets, and amortization of intangible assets, which represent intangible assets resulting from pushdown accounting, legal and professional services fees related to Illumina’s acquisition of the Company in August 2021 (“the Acquisition”) and corresponding antitrust litigation, including compliance with the hold separate arrangements imposed by the European Commission, and our divestment from Illumina, restructuring charges, and stock-based compensation. We believe that the items subject to these further adjustments are not indicative of our ongoing operations due to their nature, especially considering the impact of certain items as a result of the Acquisition.
Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss from operations, net earnings or loss and other U.S. GAAP measures of income (loss). Additionally, it is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as interest and tax payments. Further, our definition of Adjusted EBITDA may differ from similarly titled measures used by other companies and therefore may not be comparable among companies. The following table presents a reconciliation of net loss, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted EBITDA on a consolidated basis.
Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in tabular form below.
Forward-Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” “would,” or “will,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include expectations and projections of our future financial performance, future tests or products, patient awareness of our products, technology, clinical studies, safety results, regulatory compliance, potential market opportunity, anticipated growth strategies, restructuring costs, sufficiency of cash on hand to finance our business, cost savings, budgets and strategies, satisfaction of closing conditions and negotiation of definitive agreements in the Samsung collaboration, and growth and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2024 and in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025. Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.
Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.
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GRAIL, Inc. |
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Condensed Consolidated Balance Sheets |
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(unaudited) |
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(amounts in thousands, except share and per share data) |
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September 30, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ 126,892 |
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$ 214,234 |
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Short-term marketable securities |
413,238 |
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549,236 |
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Accounts receivable, net |
16,282 |
|
20,312 |
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Supplies |
18,390 |
|
18,632 |
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Prepaid expenses and other current assets |
14,579 |
|
17,447 |
|
Total current assets |
589,381 |
|
819,861 |
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Property and equipment, net |
56,180 |
|
69,061 |
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Operating lease right-of-use assets |
56,061 |
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66,373 |
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Restricted cash |
6,974 |
|
3,349 |
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Intangible assets, net |
1,885,140 |
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2,016,890 |
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Other non-current assets |
7,295 |
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7,773 |
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Total assets |
$ 2,601,031 |
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$ 2,983,307 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
$ 3,407 |
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$ 4,844 |
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Accrued liabilities |
58,076 |
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57,241 |
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Operating lease liabilities, current portion |
14,022 |
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13,260 |
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Other current liabilities |
1,928 |
|
1,580 |
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Total current liabilities |
77,433 |
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76,925 |
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Operating lease liabilities, net of current portion |
44,568 |
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54,881 |
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Deferred tax liability, net |
236,265 |
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345,860 |
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Other non-current liabilities |
2,802 |
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2,236 |
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Total liabilities |
361,068 |
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479,902 |
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Preferred stock, par value of $0.001 per share; 50,000,000 shares |
— |
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— |
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Common stock $0.001 par value per share, 1,500,000,000 shares |
36 |
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34 |
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Additional paid-in capital |
12,349,976 |
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12,305,250 |
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Accumulated other comprehensive income |
2,456 |
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1,451 |
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Accumulated deficit |
(10,112,505) |
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(9,803,330) |
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Total stockholders’ equity |
2,239,963 |
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2,503,405 |
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Total liabilities and stockholders’ equity |
$ 2,601,031 |
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$ 2,983,307 |
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GRAIL, Inc. |
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Condensed Consolidated Statements of Operations |
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(unaudited) |
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(amounts in thousands, except share and per share data) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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Revenue: |
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Screening revenue |
$ 32,807 |
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$ 25,374 |
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$ 96,319 |
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$ 77,076 |
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Development services revenue |
3,387 |
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3,278 |
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7,256 |
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10,267 |
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Total revenue |
36,194 |
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28,652 |
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103,575 |
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87,343 |
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Costs and operating expenses: |
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Cost of screening revenue (exclusive of |
15,910 |
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15,970 |
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52,379 |
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45,481 |
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Cost of development services revenue |
544 |
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1,442 |
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2,216 |
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3,499 |
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Cost of revenue — amortization of intangible |
33,473 |
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33,473 |
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100,417 |
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100,417 |
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Research and development |
48,647 |
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78,231 |
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148,898 |
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274,052 |
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Sales and marketing |
25,503 |
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35,625 |
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89,021 |
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123,433 |
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General and administrative |
37,408 |
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47,418 |
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120,396 |
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171,745 |
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Goodwill and intangible assets impairment |
— |
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— |
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28,000 |
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1,420,936 |
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Total costs and operating expenses |
161,485 |
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212,159 |
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541,327 |
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2,139,563 |
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Loss from operations |
(125,291) |
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(183,507) |
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(437,752) |
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(2,052,220) |
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Other income: |
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Interest income |
6,107 |
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11,661 |
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20,695 |
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17,367 |
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Other income (expense), net |
466 |
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(561) |
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(929) |
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(514) |
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Total other income, net |
6,573 |
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11,100 |
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19,766 |
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16,853 |
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Loss before income taxes |
(118,718) |
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(172,407) |
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(417,986) |
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(2,035,367) |
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Benefit from income taxes |
29,741 |
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46,719 |
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108,811 |
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105,428 |
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Net loss |
$ (88,977) |
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$ (125,688) |
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$ (309,175) |
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$ (1,929,939) |
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Net loss per share — Basic and Diluted |
$ (2.46) |
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$ (3.94) |
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$ (8.73) |
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$ (61.61) |
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Weighted-average shares of common stock |
36,124,256 |
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31,880,054 |
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35,415,266 |
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31,326,117 |
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GRAIL, Inc. |
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Reconciliation of GAAP to Non-GAAP Financial Measures |
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(unaudited) |
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(amounts in thousands) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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Gross loss (1) |
$ (13,733) |
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$ (22,233) |
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$ (51,437) |
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$ (62,054) |
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Amortization of intangible assets |
33,473 |
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33,473 |
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100,417 |
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100,417 |
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Stock-based compensation |
271 |
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578 |
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1,450 |
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1,522 |
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Adjusted Gross Profit |
$ 20,011 |
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$ 11,818 |
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$ 50,430 |
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$ 39,885 |
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(1) |
Gross loss is calculated as total revenue less cost of screening revenue (exclusive of amortization of intangible assets), cost of development services revenue and cost of revenue—amortization of intangible assets. |
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GRAIL, Inc. |
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Reconciliation of GAAP to Non-GAAP Financial Measures |
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(unaudited) |
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(amounts in thousands) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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Net loss |
$ (88,977) |
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$ (125,688) |
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$ (309,175) |
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$ (1,929,939) |
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Adjusted to exclude the following: |
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Interest income |
(6,107) |
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(11,661) |
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(20,695) |
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(17,367) |
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Benefit from income tax expense |
(29,741) |
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(46,719) |
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(108,811) |
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(105,428) |
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Amortization of intangible assets (1) |
34,583 |
|
34,583 |
|
103,750 |
|
103,750 |
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Depreciation |
4,399 |
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4,647 |
|
13,686 |
|
14,865 |
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Goodwill and intangible impairment (2) |
— |
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— |
|
28,000 |
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1,420,936 |
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Illumina/GRAIL merger & divestiture |
— |
|
226 |
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— |
|
22,158 |
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Stock-based compensation(4) |
14,139 |
|
17,449 |
|
44,518 |
|
72,502 |
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Restructuring(5) |
— |
|
19,007 |
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(34) |
|
19,007 |
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Adjusted EBITDA |
$ (71,704) |
|
$ (108,156) |
|
$ (248,761) |
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$ (399,516) |
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(1) |
Represents amortization of intangible assets, including developed technology and trade names. |
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(2) |
Reflects impairment of goodwill and intangible assets recognized as a result of the Acquisition. |
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(3) |
Represents legal and professional services costs associated with the Acquisition and corresponding antitrust litigation, including compliance with the hold separate arrangements imposed by the European Commission, and legal and professional services costs associated with the divestiture. |
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(4) |
Represents all stock-based compensation recognized on our standalone financial statements for the periods presented. |
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(5) |
Represents employee severance, benefits, payroll taxes, and other costs associated with the Restructuring Plan. |
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SOURCE GRAIL, Inc.
Finance
Campaign finance data shows most Anchorage Assembly races are close on fundraising
Half of the Anchorage Assembly’s seats will be decided in this April’s municipal election. According to campaign finance reports submitted to the Alaska Public Offices Commission earlier this week, many of the six races are close in terms of fundraising, with some exceptions.
In the years since Anchorage shifted to mail-based balloting for its elections, many candidates have generally adjusted their spending strategies, retaining cash until March, when voters begin receiving their ballot packets. Several of this cycle’s candidates appear to have held off on major spending. But a number of challengers seeking to knock off incumbents have made significant expenditures already.
Voters will begin receiving their ballots in the mail in mid-March, and ballots are due back by the April 7 deadline.
District 1 – Downtown/North Anchorage
Assembly Chair Chris Constant is barred by term limits from running again. Four candidates are vying to fill his seat, though only two reported significant fundraising and campaign expenditures.
Sydney Scout reported raising $50,130 since launching her campaign last year. She’s spent a little more than half of that, with close to $23,000 in cash still on hand.
Among Scout’s donors are a number of political action groups representing labor and public safety unions. She saw a few larger contributions from local donors but overwhelmingly reported smaller contributions under $500. Among her financial supporters are many prominent local politicos, including several current members of the Assembly and Anchorage School Board, as well as Democratic groups.
Most of her $27,509 in expenditures so far have gone to campaign services paid to Amber Lee Strategies, as well as $7,500 to True Blue Associates, a strategy firm run by two former progressive bloggers who have worked for Democrats in the Legislature in the past. There are a number of purchases for ads on Meta’s social media platforms, Facebook and Instagram, as well as in-person campaign events.
Justin Milette reported raising $36,771 in his Alaska Public Offices Commission disclosure, with at least $13,000 from Milette himself. He received several other major donations, including $5,000 from a loan officer at Alaska Growth Capital, another $5,000 from a local attorney and $2,500 from independent investor Justin Weaver. That was about the same amount Weaver contributed to Scout’s campaign.
Milette received contributions from a number of prominent local political figures and advocates, including Republican gubernatorial candidate Treg Taylor and Sami Graham, who briefly served as chief of staff for former Mayor Dave Bronson.
Most of Milette’s spending — $22,566 — has gone to the firm Red Dirt Campaigns for a range of services, including donor data, printing, canvassing data and media products.
Two other candidates filed to run for the seat, Nicholas Danger and Max Powers. Danger reported no campaign income. Powers had not submitted a fundraising disclosure report to APOC as of Thursday.
District 2 – Eagle River
Assembly member Scott Myers, who currently represents the communities north of the Anchorage Bowl, is not running for a second term.
First-time candidate Donald Handeland reported raising more than $40,000, of which a little more than $26,000 has been spent so far.
Though Handeland reported contributing $2,500 of his own money, he raised the overwhelming majority of his funds through relatively modest donations from well over a hundred people.
Many prominent conservatives show up on Handeland’s donor rolls, including former heads of the Alaska Republican Party Tuckerman Babcock, Randy Ruedrich and Peter Goldberg; both of the district’s current Assembly members, Myers and Jared Goecker; and many of the individuals who regularly contributed to Bronson’s mayoral campaigns.
Handeland reported spending more than $13,000 on campaign services from Red Dirt Campaigns. He also bought digital ads on social media. He split costs with four other candidates for a fundraising event called “Axe the Tax” at a local ax-throwing parlor. The fundraiser was premised on candidates’ shared opposition to a proposed city sales tax, which was eventually pulled back by Mayor Suzanne LaFrance in early January.
Campaigning against Handeland is Kyle Walker, who ran unsuccessfully to represent the district during the last cycle. Of the $8,258 he reported raising, $5,500 came from union PAC contributions. The remainder were small individual donors.
Though Walker reported a little more than $4,000 in expenses so far, he listed another $13,666 in financial commitments to the Ship Creek Group for campaign management and a comprehensive suite of services. Ship Creek has been a major player in local politics, working primarily with moderate and left-leaning candidates, but is attached to only one other Assembly campaign this cycle.
District 3 – West Anchorage
The race is a rematch of the 2023 contest for the same seat, in which Assembly Vice Chair Anna Brawley beat challenger Brian Flynn by a 17-point margin. Then as now, there is a lot of money flowing to both candidates.
So far, Flynn has outraised Brawley but is also spending down his war chest more aggressively, primarily on campaign services by firms both inside and outside of Alaska.
Brawley reported $52,044 in campaign contributions, including thousands of dollars from just under a dozen organized labor PACs. Her largest individual donor was retired banker Victor Mollozzi, who contributed $4,000 in two separate installments. Among her prominent backers are current members of the Assembly and school board, Democratic former U.S. Sen. Mark Begich and Democratic gubernatorial candidate and former state Rep. Jonathan Kreiss-Tomkins.
Brawley has spent several thousand dollars so far on campaign services from Amber Lee Strategies, the same firm that handled her 2023 run. She’s also paid for printed signs, as well as access to the Alaska Democratic Party’s voter information. But most of her resources are in reserve. Brawley listed $17,400 committed to the The Mobilization Center, a local outfit that handles field operations for political campaigns.
Flynn reported raising $81,663. Among his contributors are a number of prominent local Republican and conservative politicians, including outgoing School Board member and current Assembly candidate Dave Donley, Republican former House Minority Leader and current state Rep. Mia Costello, and former Anchorage first lady Deb Bronson.
Flynn received a few hefty donations from individuals. John and Kari Ellsworth, who own part of the Anchorage Wolverines junior hockey franchise, gave a combined $6,500. Business owners Teresa Hall and Diane Bachman each gave $5,000.
According to Flynn’s APOC report, he’s spent $63,414. The biggest portion of that, more than $21,000, has gone to Optima Public Relations, a Wasilla-based firm that primarily handles conservative and Republican political campaigns. He also spent more than $7,000 on direct mail handled by national Republican consulting firm Axiom Strategies, and several hundred dollars more to its polling arm Remington Research for text messaging services. A $3,700 expenditure was listed to former Assembly candidate Travis Szanto for “putting up signs, sign frames.”
District 4 – Midtown
Incumbent Felix Rivera is terming off the Assembly. The race to replace him is between two older candidates who both have experience with local political campaigns, and are roughly even on their fundraising and expenditures so far.
Dave Donley has served as a Republican in the Alaska Legislature, and is winding down three terms on the Anchorage School Board. He reported raising close to $39,000 so far, of which he’s spent almost $28,000. A number of influential conservative politicians, both current and former, chipped in to his campaign, including gubernatorial candidates Treg Taylor and Shelley Hughes, as well as former Anchorage mayors Rick Mystrom and George Wuerch. He also received contributions from several union PACs.
Donley’s main expenditures include services provided by Red Dirt Campaigns, which range from consulting work and data to social media and content production. He’s also spent money advertising on conservative opinion blogs.
Paralegal and former nurse Janice Park reported raising $42,226, and has spent less than half of that. Park has unsuccessfully run several times for legislative positions as a Democrat. She received contributions from several current and former Democratic lawmakers, as well as current members of the Assembly and the Anchorage Democrats. Her largest contributor was Justin Weaver, the private investor, who so far has donated $14,000 to Park.
Park has made a lot of small ad buys to Meta for social media reach, as well as on traditional analog printed signs. But her largest expenditure is for “campaign consulting, including communications, compliance, and strategy” to True Blue Associates.
Kim Winston, a third candidate who formally filed for the seat, reported no income to APOC.
District 5 – East Anchorage
Incumbent George Martinez is fending off a challenge from Cody Anderson, a retired non-commissioned Air Force officer and church pastor.
Martinez raised close to $11,000, most of it in new contributions from individual donors and unions, on top of $5,000 in money carried over from a past campaign. Several current Assembly members chipped in modest amounts, along with a $300 contribution from the Anchorage Democrats.
Martinez only listed $5,634 in campaign spending so far. The two largest expenditures in his APOC report were $1,000 for “promotion/advertisement” to a company based in Miami, Florida, and $1,256 to Alaska Airlines for “travel,” with no additional details listed in the report.
Anderson reported raising $45,878, however his campaign finance disclosure listed payments to his campaign manager and other substantial expenditures as income, distorting the total by more than $16,000, according to a review of his APOC report.
Among those donations are thousands of dollars from employees at Mountain City Church, where Anderson works, including $1,000 from former head Jerry Prevo and $2,000 from lead pastor Ron Hoffman. The Anchorage Republican Women’s Club donated $750.
Anderson’s biggest expenditures listed were $5,500 to his campaign manager for various services and $7,500 for content creation and social media placement to Stephanie Williams, who worked as a special assistant under former Mayor Bronson before resigning in 2021.
District 6 – South Anchorage
Incumbent Zac Johnson is running for a second term against Bruce Vergason, whose background is in business and construction, as well as a third candidate, Janelle Anausuk Sharp, an environmental scientist.
Johnson reported $33,272 in contributions, with $9,239 spent and more in future financial commitments to a local political firm.
Johnson received contributions from several organized labor groups, along with current and former members of the Assembly.
He listed $11,500 in future payments committed to Ship Creek Group for comprehensive campaign management services.
In his APOC filing, Vergason listed $43,843 in fundraising and $17,052 in spending. He received major contributions from local business owner Susanne Gionet and physician John Nolte, who donated $5,000 each.
On top of $6,290 paid to Optima for campaign work, Vergason also paid $2,460 to election data firm i360 for canvassing services, along with significant outlays for sign printing. Vergason was part of January’s ax-themed fundraiser, coordinating with Handeland, Anderson, Donley and Flynn on the joint event.
Sharp appears to have raised around $3,500. Though her APOC disclosure listed a significantly higher figure, it erroneously categorized expenses as income. Cheryl Frasca, who is listed as her campaign treasurer, has a long record of handling compliance reports for political campaigns, including several current Republican gubernatorial candidates, and headed the municipality’s Office of Management and Budget under Bronson.
Outside of a $679 contribution to Optima for campaign logo design, Sharp’s biggest expenditure was $4,233 to The Business MD for services that include “assisting with general campaign strategy and organization, communications guidance, and outreach planning to help strengthen voter connection organization, all of which is advisory in nature.” The company is run by a local businesswoman focused on emotional intelligence coaching.
Finance
Epstein waged a years-long quest to meet Putin and talk finance
Jeffrey Epstein was on a mission to meet with Vladimir Putin when an intriguing proposal dropped into his email.
The Russian president was ready to receive Epstein, according to an October 2014 message from a correspondent on a database of more than 3.5 million files belonging to the late convicted sex offender that have roiled global politics and business.
“I spoke t= Putin,” wrote the interlocutor, whose identity has been redacted by the US Department of Justice. “He would be very glad if you were to visit and explain=financial markets in the 21 st century. Digital currency. derivative= structured finance. I would set up the meeting when you are next in=Europe. I am sure you two will like each other.”
Hours later, Epstein forwarded the message with a request for advice to Kathy Ruemmler, who’s stepping down as Goldman Sachs Group Inc.’s general counsel after details of her association with the disgraced financier emerged in the files released by the Justice Department.
In his response, Epstein anticipated that her advice would be not to go “for the moment” and that was in fact the case. Ruemmler’s reply was brief: “Yes my answer is still the same,” she wrote. “Your fun i= denied.”
The caution at that point was understandable. Months earlier, Putin had sent Russian troops to annex Crimea from Ukraine, prompting wide-ranging US and European Union sanctions and sparking the geopolitical crisis that has since spiraled into the largest conflict in Europe since World War II.
Epstein’s fascination with Putin and Russia was undimmed, though, even as the documents paint a picture of a man who appeared largely clueless about who had genuine power and influence with the Kremlin leader. The files show a years-long effort to secure a one-on-one meeting with Putin, whose name appears about 1,000 times in the database.
The emails are quoted here as they appear in the DOJ release, including spelling and grammatical errors.
Ultimately, it seems, his quest was unsuccessful. Kremlin spokesman Dmitry Peskov said Putin never met Epstein as far as he’s aware, and no evidence has emerged so far to show that they did.
Earlier that year, in January, Epstein pitched former Norwegian Prime Minister Thorbjorn Jagland as the politician apparently prepared to meet with Putin in Sochi. The Russian Black Sea resort was shortly to host the 2014 Winter Olympics, the most expensive in history as Putin lavished $50 billion to present the games as a showcase of his country’s post-Soviet restoration.
Sport wasn’t on Epstein’s mind. “you can explain to putin , that there should be a sopshiticated russian version of bitcoin,” he wrote. “it would be the most advanced financial instrument availbale on a global basis.”
Jagland was among the most prominent European politicians at the time as secretary general of the Council of Europe for a decade between October 2009 and September 2019. Jagland met Putin on May 20, 2013, according to the Kremlin’s website, and returned to Sochi in 2014 for the opening of the Olympics.
On May 8, 2013, Epstein asked Jagland to secure him an audience with the Russian leader. “I know you are going to meet putin on the 20th, He is desperate to engage western investment in his country,” the financier wrote. “I have his solution. He needs to securitize russian investment, that means the govt takes the first loss.”
Epstein went on: “I recoginize that there are human rights issues that are at the forefront of your trip howver, if it is helpful to you, I would be happy to meet with him sometime in June and explain the solution to his top prioirty, I think this would be good for your goals. exchange somehting he really wants. for someting you want.”
In a further exchange a few days later, Jagland told Epstein “all this is not easy for me to explain to Putin. You have to do it. My job is to get a meeting with him.”
Epstein replied that Putin “is in a unique position to do something grand, like sputnik did for the space race.” He added: “I would be happy to meet with him , but for a minimum of two to three hours, not shorter.”
Apparently, a counter-offer came from Moscow that failed to enthuse Epstein. On May 21, he claimed in a message to former Israeli Prime Minister Ehud Barak that Putin had proposed a meeting during the annual St. Petersburg International Economic Forum the following month.
“I told him no,” Epstein wrote to Barak. “If he wants to meet he will need to set aside real time and privacy, lets see what happens.”
Days earlier, on May 9, referring to Putin, Epstein admitted to the Israeli politician that “I never met him.”
Two years later, in 2015, Barak wrote to thank Epstein for arranging his own participation at the St. Petersburg forum, where he said he held meetings with Bank of Russia Governor Elvira Nabiullina and Foreign Minister Sergei Lavrov as well as the heads of the country’s two largest banks, Herman Gref of Sberbank and VTB Bank’s Andrey Kostin.
A spokesperson for Barak didn’t immediately offer comment.
As early as November 2010, Epstein was boasting to an unidentified correspondent that he had “a friend of Putin,s” who could help him secure a Russian visa, in response to an apparent party invitation.
Epstein noted on an application form for a year-long Russian visa in 2011 that he’d been issued with visas every year but one between 2002 and 2007, and had traveled to the country. It’s unclear from the files how many times he made use of the visas to visit Russia, though they indicate he made repeated plans to go there.
In April 2018, he received an email advising that his Russian visa was expiring and he’d need an official invitation letter to “renew for a 3 year business visa.” The visa was subsequently issued in June.
Epstein sent more emails to Jagland asking about meetings with Putin until June 2018. That last message, about a month before Putin held his first summit with US President Donald Trump in Helsinki, was the most concise.
“Would love to meet with Putin,” Epstein wrote.
Norwegian authorities started a corruption probe into Jagland this month over his links to Epstein.
Jagland is “fully cooperating with the police and has provided a detailed account of all relevant matters,” his lawyer, Anders Brosveet, said in a statement, declining to comment further. “He denies all charges against him.”
Trump’s election in 2016 gave Epstein more opportunity to cultivate Russian contacts, presenting himself as someone who could explain the political newcomer. This is what Epstein did during Trump’s first term, telling foreign officials how best to deal with the new president, according to one person who knew him at that time, asking not to be identified because the matter is sensitive.
One, apparently, was Vitaly Churkin, the Russian ambassador to the United Nations in New York until his death in February 2017. Epstein claimed to Jagland that he’d coached the late Churkin on how to talk to Trump, and suggested he tell Putin that Lavrov could also “get insight on talking to me.”
Writing in June 2018, Epstein said: “churkin was great . he understood trump after =ur conversations. it is not complex. he must=be seen to get something its that simple.”
According to the DOJ files, Epstein also had regular contact with Sergei Belyakov, a former deputy economy minister and a graduate of Russia’s FSB security service who was involved in organizing the St. Petersburg economic forum. In one 2015 email, Epstein described him as a “very good guy.”
Belyakov didn’t respond to a request for comment.
Epstein bragged about his own FSB connections in another 2015 message to an unknown contact that he’d accused of attempting to blackmail him.
“I felt it necessary to contact some friends in FSB, and I though did not give them your name,” Epstein wrote. “So i expect never ever to hear a threat from you again.”
–With assistance from Ott Ummelas and Dan Williams.
Finance
Urgent superannuation warning for thousands as Aussie loses $165,000: ‘I just clicked’
Thousands of Australians are still likely in the dark about losing hundreds of thousands of dollars in their retirement savings. Authorities are still waiting for victims to come forward after more than a $1 billion was quietly lost from superannuation funds of workers across the country.
Social media ads and aggressive sales tactics were used to lure in regular working Australians. That was the case for Queensland woman Claire* who was encouraged to move her superannuation into a new fund and ultimately lost $165,000 when she later learned it had disappeared.
Claire only realised something was wrong when she received a strange email from “equity trustees” which in the moment didn’t mean anything to her at all.
“I was just lucky that I clicked on it,” she told Yahoo Finance.
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Claire, who works in education, admits she isn’t a sophisticated investor. She paid almost no attention to her superannuation but came across an ad while “doomscrolling” Facebook that caught her eye.
“It was along the lines of nine out of 10 super funds are underperforming. Is your’s one of them?” she recalled. “It wasn’t dodgy looking.”
She clicked to find out if her super fund was on the list.
“To get the article you had to put your name and your phone number and your email in, or something like that.”
However when she did, she didn’t get an article. Instead she got a call from a business on the Gold Coast.
Claire was urged to send through her latest superannuation statement, which she did, and that’s when the “constant” calls started.
Despite her reservations and skepticisms – and repeatedly declining their overtures – the pushy tactics from financial advisors on the other end of the line eventually wore her down and she was convinced to move her superannuation from industry fund QSuper to a fund she couldn’t actually find anything about on Google, called NQ Super.
“They essentially had an answer for everything and made it sound safe as houses, and if I didn’t do this I’m an absolute idiot… They sort of played on my naivety and my lack of knowledge of the super system,” she said.
In her late 30s, Claire was promised much higher returns by the time she retired if she switched.
In a subsequent statement of advice put together by an advisory firm called Venture Egg, and seen by Yahoo Finance, she was told the money would be put into mostly standard investments such as the Betashares Nasdaq ETF and Vanguard ETF funds for Australian and international stocks – common, low risk products that track broad sections of the stock market.
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