Baker Bros. Advisors LP Reports New 9.8% Stake in GRAIL, Inc. (GRAL)

On May 15, 2026, Baker Bros. Advisors LP and its affiliated reporting persons, including Julian C. Baker and Felix J. Baker, filed an Amendment No. 2 to their Schedule 13G regarding GRAIL, Inc. (GRAL). The filing reveals that the reporting persons have acquired a significant position in the company, now beneficially owning 4,028,614 shares of Common Stock. This represents a 9.8% ownership stake based on 41,134,219 shares outstanding as of March 31, 2026. The holdings are distributed across two funds: Baker Brothers Life Sciences, L.P. (holding 3,750,541 shares or 9.1%) and 667, L.P. (holding 278,073 shares or 0.7%). Additionally, the funds hold pre-funded warrants that are currently non-exercisable due to a 4.99% beneficial ownership limitation. This filing marks a substantial increase from a previously reported 0% position, signaling a new major investment by the healthcare-focused investment firm. The securities were acquired in the ordinary course of business without the intent to change or influence control of the issuer.