GRAIL, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $249,727 | $214,234 |
| Short-term marketable securities | 654,703 | 549,236 |
| Accounts receivable, net(1) | 18,295 | 20,312 |
| Supplies(2) | 16,017 | 18,632 |
| Prepaid expenses and other current assets(3) | 15,107 | 17,447 |
| Total current assets | 953,849 | 819,861 |
| Property and equipment, net(4) | 51,813 | 69,061 |
| Operating lease right-of-use assets | 52,070 | 66,373 |
| Restricted cash | 6,974 | 3,349 |
| Intangible assets, net | 1,850,556 | 2,016,890 |
| Other non-current assets | 6,753 | 7,773 |
| Total assets | $2,922,015 | $2,983,307 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $2,083 | $4,844 |
| Accrued liabilities(5) | 63,945 | 57,241 |
| Operating lease liabilities, current portion | 11,715 | 13,260 |
| Other current liabilities | 1,927 | 1,580 |
| Total current liabilities | 79,670 | 76,925 |
| Operating lease liabilities, net of current portion | 43,148 | 54,881 |
| Deferred tax liability, net | 218,583 | 345,860 |
| Other non-current liabilities | 2,752 | 2,236 |
| Total liabilities | 344,153 | 479,902 |
| Commitments and contingencies (Note 10) | ||
| Stockholders’ equity: | ||
| Preferred stock, par value of $0.001 per share; 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — |
| Common stock $0.001 par value per share, 1,500,000,000 shares authorized, 40,331,360 and 33,893,409 shares issued and outstanding as of December 31, 2025 and December 31, 2024. | 40 | 34 |
| Additional paid-in capital | 12,786,848 | 12,305,250 |
| Accumulated other comprehensive income | 2,655 | 1,451 |
| Accumulated deficit | (10,211,681) | (9,803,330) |
| Total stockholders’ equity | 2,577,862 | 2,503,405 |
| Total liabilities and stockholders’ equity | $2,922,015 | $2,983,307 |
(1) Includes related party accounts receivable, net ofnil and $65, respectively.
(2) Includes related party supplies ofnil and $3,130, respectively.
(3) Includes related party prepaid expenses and other current assets ofnil and $77, respectively.
(4) Includes related party property and equipment, net ofnil and $2,227, respectively.
(5) Includes related party accrued liabilities ofnil and $104, respectively.
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