$GRAL

GRAIL, Inc.

CIK:0001699031|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 44,687	$ 35,544	$ 85,472	$ 67,381
Costs and operating expenses:
Cost of revenue — amortization of intangible assets	33,472	33,472	66,944	66,944
Research and development	47,429	46,626	95,450	100,251
Sales and marketing	37,657	28,539	68,325	63,518
General and administrative	50,708	37,914	93,477	82,988
Intangible and other assets impairment	25,423	28,000	25,423	28,000
Total costs and operating expenses	218,470	194,398	395,020	379,842
Loss from operations	(173,783)	(158,854)	(309,548)	(312,461)
Other income:
Interest income	7,230	6,809	15,216	14,588
Other income (expense), net	(155)	(811)	101	(1,395)
Total other income, net	7,075	5,998	15,317	13,193
Loss before income taxes	(166,708)	(152,856)	(294,231)	(299,268)
Benefit from income taxes	56,461	38,871	90,797	79,070
Net loss	$ (110,247)	$ (113,985)	$ (203,434)	$ (220,198)
Net loss per share
Net loss per share—Basic (in dollars per share)	$ (2.56)	$ (3.18)	$ (4.86)	$ (6.28)
Net loss per share—Diluted (in dollars per share)	$ (2.56)	$ (3.18)	$ (4.86)	$ (6.28)
Weighted-average shares of common stock used in computing net loss per share—Basic (in shares)	43,112,595	35,793,154	41,883,565	35,054,896
Weighted-average shares of common stock used in computing net loss per share—Diluted (in shares)	43,112,595	35,793,154	41,883,565	35,054,896
Screening revenue
Revenue:
Total revenue	$ 42,642	$ 34,379	$ 82,474	$ 63,512
Costs and operating expenses:
Cost of revenue	23,347	19,346	44,591	36,469
Development Services
Revenue:
Total revenue	2,045	1,165	2,998	3,869
Costs and operating expenses:
Cost of revenue	$ 434	$ 501	$ 810	$ 1,672

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (203,434)	$ (220,198)
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization of intangible assets	69,167	69,167
Depreciation	8,315	9,287
Stock-based compensation expense	36,350	30,379
Deferred income taxes	(91,220)	(79,070)
Amortization of discount on marketable securities	(12,778)	(11,811)
Intangible and other assets impairment	25,423	28,000
Credit loss expense	631	412
Other	(259)	1,094
Changes in operating assets and liabilities:
Accounts receivable, net	(2,093)	3,587
Supplies	(1,746)	(902)
Operating lease right-of-use assets and liabilities, net	(395)	363
Prepaid expenses and other assets	(1,078)	4,790
Accounts payable	5,190	1,405
Accrued and other liabilities	208	(8,480)
Net cash used in operating activities	(167,719)	(171,977)
Cash flows from investing activities
Purchases of property and equipment	(935)	(431)
Purchases of marketable securities	(800,279)	(502,489)
Proceeds from maturities of marketable securities	661,200	587,900
Net cash (used in) provided by investing activities	(140,014)	84,980
Cash flows from financing activities
Issuance of common stock under ESPP	4,593	0
Proceeds from issuance of common stock in connection with the Samsung SPA, net of issuance costs	109,018	0
Net cash provided by financing activities	113,611	0
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	40	190
Net decrease in cash, cash equivalents, and restricted cash	(194,082)	(86,807)
Cash, cash equivalents and restricted cash — beginning of period	256,701	217,583
Cash, cash equivalents and restricted cash — end of period	62,619	130,776
Represented by:
Cash and cash equivalents	55,645	127,427
Restricted cash	6,974	3,349
Total	62,619	130,776
Supplemental cash flow information:
Property and equipment included in accounts payable and accrued liabilities	(89)	(127)
Operating cash flows paid for operating leases, net	(8,525)	(8,671)
Right-of-use assets obtained in exchange for new operating lease liabilities	45,139	0
Tax benefit recognized in connection with the Samsung SPA deferred asset	$ 6,343	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 55,645	$ 249,727
Short-term marketable securities	805,964	654,703
Accounts receivable, net	19,757	18,295
Supplies	17,763	16,017
Prepaid expenses and other current assets	15,593	15,107
Total current assets	914,722	953,849
Property and equipment, net	44,344	51,813
Operating lease right-of-use assets	88,911	52,070
Restricted cash	6,974	6,974
Intangible assets, net	1,781,389	1,850,556
Other non-current assets	7,346	6,753
Total assets	2,843,686	2,922,015
Current liabilities:
Accounts payable	7,241	2,083
Accrued liabilities	64,495	63,945
Operating lease liabilities, current portion	10,698	11,715
Other current liabilities	1,108	1,927
Total current liabilities	83,542	79,670
Operating lease liabilities, net of current portion	80,611	43,148
Deferred tax liability, net	133,706	218,583
Other non-current liabilities	3,173	2,752
Total liabilities	301,032	344,153
Preferred stock, par value of $0.001 per share; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock $0.001 par value per share, 1,500,000,000 shares authorized as of June 30, 2026 and December 31, 2025 and 44,666,234 and 40,331,360 shares issued and outstanding as of June 30, 2026 and December 31, 2025	45	40
Additional paid-in capital	12,955,884	12,786,848
Accumulated other comprehensive income	1,840	2,655
Accumulated deficit	(10,415,115)	(10,211,681)
Total stockholders’ equity	2,542,654	2,577,862
Total liabilities and stockholders’ equity	$ 2,843,686	$ 2,922,015