Guardant Health, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
GH$155.35-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING ACTIVITIES: | |||
| Net loss | $(416,277) | $(436,373) | $(479,449) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 39,736 | 42,387 | 42,881 |
| Operating lease costs | 33,577 | 31,133 | 29,699 |
| Gain on extinguishment of convertible notes | (13,672) | — | — |
| Stock-based compensation | 166,217 | 140,411 | 90,759 |
| Interest income received on marketable debt securities | 7,677 | — | — |
| Amortization of discount on marketable debt securities | (5,877) | (6,774) | (13,552) |
| Unrealized and realized losses (gains) on marketable equity securities | — | 44,401 | (79,710) |
| Impairment of non-marketable equity securities and other related assets | 18,582 | — | 29,054 |
| Other | (294) | 5,819 | 1,503 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (28,175) | (21,389) | 8,378 |
| Inventory, net | (14,792) | (9,135) | (10,350) |
| Prepaid expenses and other current assets, net | (6,354) | (7,691) | (4,332) |
| Other assets, net | 212 | (2,375) | 1,298 |
| Accounts payable and accrued liabilities | 52,749 | (2,820) | 5,191 |
| Other legal liabilities | — | — | 83,400 |
| Operating lease liabilities | (37,524) | (36,115) | (31,478) |
| Deferred revenue | 19,455 | 18,663 | 1,733 |
| Net cash used in operating activities | (184,760) | (239,858) | (324,975) |
| INVESTING ACTIVITIES: | |||
| Purchases of marketable debt securities | (818,231) | (307,323) | (629,902) |
| Maturities of marketable debt securities | 307,323 | 35,000 | 1,494,700 |
| Sales of marketable equity securities and other related assets | — | 53,600 | 1,531 |
| Purchases of non-marketable equity securities and other related assets | (9,000) | (7,500) | (5,593) |
| Purchases of property and equipment | (48,306) | (35,085) | (20,486) |
| Acquisition of business, net of cash acquired | (58,988) | — | — |
| Net cash (used in) provided by investing activities | (627,202) | (261,308) | 840,250 |
| FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock under employee stock purchase plan | 13,585 | 11,719 | 10,154 |
| Proceeds from issuance of common stock upon exercise of stock options | 19,223 | 3,119 | 405 |
| Employee taxes paid related to net share settlement of restricted stock units | (30,535) | (15,681) | (11,197) |
| Repurchase of treasury stock | (45,010) | — | — |
| Proceeds from reissuance of treasury stock | 87,872 | — | — |
| Proceeds from equity offerings | 257,128 | — | 493,116 |
| Payment of equity offering costs | (17,668) | — | (21,131) |
| Proceeds from borrowings on convertible senior notes | 402,500 | — | — |
| Payment of debt issuance costs | (24,588) | — | — |
| Proceeds from unwinding of convertible note hedges | 5,030 | — | — |
| Other | 3,596 | (153) | 6,028 |
| Net cash provided by (used in) financing activities | 671,133 | (996) | 477,375 |
| Net effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 491 | (1,770) | (911) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (140,338) | (503,932) | 991,739 |
| Cash, cash equivalents and restricted cash – Beginning of period | 629,755 | 1,133,687 | 141,948 |
| Cash, cash equivalents and restricted cash – End of period | $489,417 | $629,755 | $1,133,687 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid for interest | $3,771 | $— | $— |
| Cash paid for income taxes | $869 | $1,007 | $1,969 |
| Supplemental Disclosures of Noncash Investing and Financing Activities: | |||
| Operating lease liabilities arising from obtaining right-of-use assets | $41,224 | $7,899 | $5,015 |
| Purchases of property and equipment included in accounts payable and accrued liabilities | $4,111 | $3,809 | $5,279 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $378,203 | $525,540 | $1,133,537 |
| Restricted cash – included in restricted cash | 111,214 | 104,215 | 150 |
| Total cash, cash equivalents and restricted cash | $489,417 | $629,755 | $1,133,687 |
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