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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended | |||
|---|---|---|---|
| December 31,2025 | December 31,2024 | December 31,2023 | |
| Cash flows from operating activities | |||
| Net loss | $(408,351) | $(2,027,005) | $(1,465,685) |
| Adjustments to reconcile net loss to net cash used by operating activities: | |||
| Amortization of intangibles assets | 138,334 | 138,333 | 138,333 |
| Depreciation | 18,010 | 19,723 | 20,364 |
| Stock-based compensation expense | 58,283 | 86,084 | 97,235 |
| Deferred income taxes | (126,153) | (134,251) | (38,153) |
| Amortization of discount on marketable securities | (21,217) | (3,167) | — |
| Goodwill and intangible assets impairment | 28,000 | 1,420,936 | 718,466 |
| Credit loss expense | 332 | — | — |
| Cash payment for equity awards | — | (53,807) | (76,910) |
| Other | 1,347 | 276 | 2,829 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable(1) | 1,685 | (3,370) | (1,383) |
| Supplies(2) | 2,615 | 3,073 | (1,940) |
| Operating lease right-of-use assets and liabilities, net | 1,025 | 1,747 | 6,712 |
| Prepaid expenses and other assets(3) | 3,360 | 1,823 | (908) |
| Accounts payable(4) | (2,733) | (14,635) | 2,889 |
| Accrued and other liabilities(5) | 6,456 | (12,916) | 2,351 |
| Net cash used by operating activities | (299,007) | (577,156) | (595,800) |
| Cash flows from investing activities | |||
| Purchases of property and equipment(6) | (909) | (5,208) | (12,887) |
| Purchases of marketable securities | (1,308,340) | (545,803) | — |
| Proceeds from maturities of marketable securities | 1,224,200 | — | — |
| Net cash used in investing activities | (85,049) | (551,011) | (12,887) |
| Cash flows from financing activities | |||
| Proceeds from issuance of common stock and pre-funded warrants in connection with the PIPE, net of issuance costs | 311,319 | — | — |
| Proceeds from issuance of common stock in connection with the ATM program, net of issuance costs | 107,477 | — | — |
| Issuance of common stock under ESPP | 4,525 | — | — |
| Cash funding received from Illumina | — | 1,244,300 | 464,000 |
| Other | — | — | (234) |
| Net cash provided by financing activities | 423,321 | 1,244,300 | 463,766 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (147) | (62) | 305 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 39,118 | 116,071 | (144,616) |
| Cash, cash equivalents and restricted cash — beginning of period | 217,583 | 101,512 | 246,128 |
| Cash, cash equivalents and restricted cash — end of period | 256,701 | 217,583 | 101,512 |
| Represented by: | |||
| Cash and cash equivalents | 249,727 | 214,234 | 97,287 |
| Restricted cash | 6,974 | 3,349 | 4,225 |
| Total | $256,701 | $217,583 | $101,512 |
| Supplemental cash flow information: | |||
| Property and equipment included in accounts payable and accrued liabilities | $(42) | $— | $(1,326) |
| Operating cash flows from operating leases, net | $(17,174) | $(19,272) | $(18,733) |
(1) Includes changes in related party accounts receivable of $(65), $15 and $133, respectively.
(2) Includes changes in related party supplies of $(3,130), $2,725 and $(871), respectively.
(3) Includes changes in related party prepaid and other current assets of $(77), $(36) and $27, respectively.
(4) Includes changes in related party accounts payable ofnil, $(168) and $(2,965), respectively.
(5) Includes changes in related party accrued liabilities of $104, $9 and $91, respectively.
(6) Includes related party purchases of property and equipment of $(591), nil and $(2,644), respectively.
See accompanying notes to Consolidated financial statements.
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