Guggenheim Grand Rounds - Dx/Tools Series: Discussing Galleri NHS-Galleri and PATHFINDER 2 ASCO Late-Breaking Data

Research evidence excerpt

Guggenheim Grand Rounds - Dx/Tools Series: Discussing Galleri NHS-Galleri and PATHFINDER 2 ASCO Late-Breaking Data

Diagnostics & Life Sciences Tools June 9, 2026

Subbu Nambi, Ph.D.

subbu.nambi@guggenheimpartners.com Guggenheim Grand Rounds - Dx/Tools Series:

617 874 7383 Discussing Galleri NHS-Galleri and PATHFINDER 2 Ricki Levitus

ricki.levitus@guggenheimpartners.com ASCO Late-Breaking Data

212 823 6556

Thomas VonDerVellen Key Message: Last week, we hosted an oncologist who was an investigator on thomas.vondervellen@guggenheimpartners.com

617 859 4657 PATHFINDER 2 for a Grand Rounds call to discuss the data GRAL presented at ASCO.

We walked through the KOL's real world utilization of Galleri, reactions to the NHS-

Galleri and PATHFINDER 2 data presented at ASCO, and the path to FDA approval

and broader adoption. The headline takeaway is that our KOL was clearly constructive

Ticker Price Rating on the totality of the Galleri data demonstrating its clinical utility, and viewed the NHS-

GRAL 61.52 Buy Galleri primary endpoint construction (combining stage III and stage IV) as the source of

the miss, and therefore does not view the miss as a reflection of test performance. He

sees PATHFINDER 2 and NHS Galleri data sets as consistent with one another, and he

expects FDA approval based on the data generated thus far.

Key Takeaways

1. Our KOL's use of Galleri continues to expand and the negative NHS data-related

headlines have not changed physician or patient behavior in his system. Both the

KOL's personal ordering and the 45-hospital system that he oversees have continued

to trend positively since the initial top-line miss was announced and through the time

of our call.

2. Our KOL views the NHS-Galleri primary endpoint construction as the source of