Grail reported that the large NHS‑Galleri multicancer early detection trial did not meet its primary endpoint of a statistically significant reduction in Stage III–IV cancers. The company released topline results alongside Q4 and 2025 financials after screening ~142,000 participants aged 50–77; CEO Bob Ragusa said the data nonetheless suggested stage shifts for some cancer types. Independent experts sharply criticized the readout. Eric Topol called the experiment a failure and questioned the trial design, while modelers such as Ruth Etzioni urged caution in interpretation. An earlier BMJ investigation into study design and performance added to scrutiny. Investors reacted immediately: Grail shares plunged in after‑hours trading. The company said it will press on with commercial expansion and medical team growth, but regulators and payors will confront fresh uncertainty about MCED test clinical utility and trial design choices.