I started a raid and had lost a couple people and then had to retreat (work issues). When I was able to return to the game, I still had 5 battles remaining all of my heroes that I did the first battle with and the Gamorean guard still maintained the damage I had done.
The only drawback was that I was not credited for the damage done in the Guild Raid list.
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Wish I had done that...no chars left and 2 challenges remaining