Grail reported that its large NHS‑Galleri multicancer screening trial did not meet the primary endpoint of a statistically significant reduction in late‑stage (III–IV) combined cancer diagnoses. Top‑line data showed a favorable trend for a pre‑specified group of 12 high‑mortality cancers and reductions in stage IV disease in some analyses, but the overall primary endpoint fell short. The company said it will extend follow‑up by 6–12 months and present detailed results at ASCO. Markets reacted immediately: Grail shares plunged roughly 45–50% on the news, imperiling the company’s regulatory and reimbursement strategy for multicancer early detection (MCED) tests.