0001628280-26-017319 | 10-K | XBRL Viewer

Operating expenses—Research and development

$ 147,172

$ 125,595

$ 93,105

^[1]

195,794

322,380

338,745

Operating expenses—General and administrative

^[2]

159,103

213,862

200,268

^[3]

138,601

108,627

74,999

Operating expenses—Research and development

^[4]

73,251

63,284

47,966

3,306

18,843

19,508

Operating expenses—General and administrative

104

206

Related Party | Screening revenue

208

460

652

Related Party | Illumina, Inc.

$ 4,617

13,091

8,532

Operating expenses—Research and development

$ 3,306

18,843

19,508

Operating expenses—General and administrative

104

206

208

460

652

4,617

13,091

8,532

Cash flows from operating activities

$ 275

$ 637

$ 238

[1]	Includes related party research and development expenses of $3,306, $18,843 and $19,508, respectively.
[2]	Includes related party general and administrative expenses of nil, $104 and $206, respectively.
[3]	Includes related party screening revenue of $208, $460 and $652, respectively.
[4]	Includes related party cost of screening revenue of $4,617, $13,091 and $8,532, respectively.

STOCK-BASED COMPENSATION - Schedule of ESPP fair value assumptions (Details)	12 Months Ended
	Dec. 31, 2025 financialInstitution $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend	0.00%
Shares granted (in shares)	2,152,456
Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of directors electing to defer cash fees \| financialInstitution	3
Employee Stock \| The GRAIL, Inc. 2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 months
Risk-free interest rate	4.00%
Expected volatility	97.40%
Expected dividend	0.00%
Weighted-average estimated grant date fair value per share (in dollars per share) \| $ / shares	$ 59.31
Performance Shares \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	31,000
Deferred Stock Units \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	30,865

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of property and equipment useful life (Details)	Dec. 31, 2025
Laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

TAXES - Schedule of income taxes paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total taxes paid	$ 1,131
Income Tax Paid, Federal, before Refund Received	0
New York
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	492
Massachusetts
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	176
South Carolina
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	148
New York City
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	139
North Carolina
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	80
Tennessee
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	73
All Other States
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 23

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Adjustments to reconcile net loss to net cash used by operating activities:

$ (408,351)

$ (2,027,005)

$ (1,465,685)

Amortization of intangibles assets

138,334

138,333

Depreciation

18,010

19,723

20,364

Amortization of discount on marketable securities

58,283

86,084

97,235

Deferred income taxes

(126,153)

(134,251)

(38,153)

(21,217)

(3,167)

Cash payment for equity awards

28,000

1,420,936

718,466

Credit loss expense

332

(53,807)

(76,910)

Other

1,347

276

2,829

Changes in operating assets and liabilities:

^[1]

1,685

(3,370)

(1,383)

Operating lease right-of-use assets and liabilities, net

^[2]

2,615

3,073

(1,940)

1,025

1,747

6,712

Prepaid expenses and other assets

^[3]

3,360

1,823

(908)

Accrued and other liabilities

^[4]

(2,733)

(14,635)

2,889

^[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

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)

PIPE

Cash flows from financing activities

Proceeds from issuance of common stock

311,319

At the Market Offering

Cash flows from financing activities

Proceeds from issuance of common stock

$ 107,477

$ 0

[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 of nil, $(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.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’/ MEMBER’S EQUITY - USD ($)
$ in Thousands

Total

PIPE

At The Market

Common Stock

PIPE

Common Stock

At The Market

Member’s Equity

Additional Paid in Capital

PIPE

Additional Paid in Capital

At The Market

Accumulated Other Comprehensive Income

Accumulated Deficit

Beginning balance (in shares) at Dec. 31, 2022

Beginning balance at Dec. 31, 2022

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income

$ (1,465,685)

172

$ 172

Ending balance (in shares) at Dec. 31, 2023

Ending balance at Dec. 31, 2023

$ 0

Members' equity, beginning balance at Dec. 31, 2022

4,646,161

$ 10,955,907

894

(6,310,640)

Increase (Decrease) In Member's Equity [Roll Forward]

(1,465,685)

Contribution from member, net

1,773

463,766

Members' equity, ending balance at Dec. 31, 2023

3,646,187

11,421,446

1,066

(7,776,325)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(2,027,005)

Other comprehensive income

31,607

385

Vesting of restricted stock units (in shares)

2,844,261

Vesting of restricted stock units

$ 0

$ 3

(3)

Ending balance (in shares) at Dec. 31, 2024

33,893,409

Ending balance at Dec. 31, 2024

$ 2,503,405

$ 34

12,305,250

Increase (Decrease) In Member's Equity [Roll Forward]

(2,027,005)

Contribution from member, net

31,933

326

312,000

Recognition of deferred tax liability in connection with the Spin-Off

^[1]

(447,190)

Reclassification of incentive plan liabilities to additional paid-in capital

54,795

Disposal funding received in connection with the Spin-Off

^[1]

932,300

Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net (in shares)

^[1]

31,049,148

Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net

^[1]

$ 31

(12,218,882)

12,218,851

Members' equity, ending balance at Dec. 31, 2024

2,503,405

$ 0

1,451

(9,803,330)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(408,351)

Other comprehensive income

58,283

1,204

Vesting of restricted stock units (in shares)

2,491,212

Vesting of restricted stock units

$ 2

(2)

Stock issued during period, shares, employee stock purchase plans (in shares)

136,551

Issuance of common stock in connection with PIPE & ATM offerings, net of issuance costs ( in shares)

2,640,970

1,169,218

Issuance of common stock in connection with PIPE & ATM offerings, net of issuance costs

$ 311,319

$ 107,477

$ 3

$ 1

$ 311,316

$ 107,476

Ending balance (in shares) at Dec. 31, 2025

40,331,360

Ending balance at Dec. 31, 2025

2,577,862

$ 40

12,786,848

$ 2,655

(10,211,681)

Increase (Decrease) In Member's Equity [Roll Forward]

(408,351)

$ (408,351)

Issuance of common stock under ESPP

58,283

$ 4,525

[1]	*See Note 1 — Organization And Description Of Business for more information on the Spin-Off.

LEGAL AND REGULATORY PROCEEDINGS (Details) $ in Thousands		12 Months Ended
LEGAL AND REGULATORY PROCEEDINGS (Details) $ in Thousands	Jun. 24, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 09, 2024 movant	Nov. 01, 2023 complaint
Loss Contingencies [Line Items]
Number of class action complaints \| complaint						3
Commitments and contingencies, number of movants filed motions consolidate actions \| movant					4
Cash funding received from Illumina		$ 0	$ 1,244,300	$ 464,000
Illumina, Inc.
Loss Contingencies [Line Items]
Cash funding received from Illumina	$ 932,300

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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STOCK-BASED COMPENSATION - Equity classified outstanding awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized Compensation Costs	$ 79,046
RSUs and PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized Compensation Costs	$ 76,895
Weighted Average Service Period	1 year 6 months
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized Compensation Costs	$ 432
Weighted Average Service Period	1 year 2 months 12 days
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized Compensation Costs	$ 1,719
Weighted Average Service Period	4 months 24 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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STOCK-BASED COMPENSATION - RSUs, PSUs, and DSUs activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awarded (in shares)	2,152,456
Forfeited ( in shares)	(491,833)
RSUs, PSUs, and DSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	5,523,000	0
Conversion (in shares)		6,485,000
Awarded (in shares)	2,407,000	2,833,000
Vested (in shares)	(2,491,000)	(2,844,000)
Forfeited ( in shares)	(576,000)	(951,000)
Outstanding, ending balance (in shares)	4,863,000	5,523,000
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share)	$ 14.22	$ 0
Conversion (in dollars per share)		15.37
Awarded (in dollars per share)	40.79	13.07
Vested (in dollars per share)	15.21	15.37
Forfeited (in dollars per share)	22.83	15.22
Outstanding, ending balance (in dollars per share)	$ 25.84	$ 14.22

NET LOSS PER SHARE - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Jun. 24, 2024	Jun. 23, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares issued (in shares)	40,331,360	33,893,409		0
Common stock, shares outstanding (in shares)		33,893,409		0
Illumina, Inc.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stockholders' equity note, spinoff transaction, number of shares distributed (in shares)			31,000,000.0

STOCK-BASED COMPENSATION - Cash-based equity awards activity (Details) - GRAIL 2021 Cash-Based Equity Awards Program $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance	$ 292,189
Granted	66,864
Cancelled	(11,751)
Vested and paid in cash	(53,807)
Change in fair value	(9,535)
Conversion of outstanding awards to GRAIL RSUs	(283,960)
Outstanding balance	$ 0

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands		12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jan. 01, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Shares granted (in shares)		2,152,456
Intangible assets, net		$ 1,850,556	$ 2,016,890
Minimum \| The GRAIL, Inc. 2024 Incentive Award Plan
Subsequent Event [Line Items]
Vesting term (in years)		18 months
Maximum \| The GRAIL, Inc. 2024 Incentive Award Plan
Subsequent Event [Line Items]
Vesting term (in years)		48 months
Subsequent Event \| The GRAIL, Inc. 2024 Incentive Award Plan
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized	12,368,055
Subsequent Event \| Restricted Stock Units (RSUs) \| Common Class A
Subsequent Event [Line Items]
Shares granted (in shares)	1,700,000
Grant date fair value	$ 88,500
Subsequent Event \| Restricted Stock Units (RSUs) \| Common Class A \| Maximum
Subsequent Event [Line Items]
Vesting term (in years)	4 years
Subsequent Event \| Employee Stock \| Common Class A \| The GRAIL, Inc. 2024 Employee Stock Purchase Plan
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized	1,156,269

REVENUE - Revenue by location and type (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 147,172

$ 125,595

$ 93,105

Screening revenue | United States

^[1]

138,601

108,627

74,999

Screening revenue | International

136,760

108,536

75,000

1,841

Development Services | United States

8,571

16,968

18,106

Development Services | International

333

2,280

3,679

$ 8,238

$ 14,688

$ 14,426

[1]	Includes related party screening revenue of $208, $460 and $652, respectively.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND INTANGIBLE ASSETS

Due to the application of pushdown accounting, the Company’s consolidated balance sheet included goodwill and intangible assets recognized by Illumina in connection with Illumina’s acquisition of the Company.

Goodwill Impairment

Goodwill represented the excess of purchase price Illumina paid over the fair value of the net identifiable assets acquired upon the Acquisition of the Company.


(in thousands)	Goodwill
Balance as of January 1, 2023	$	1,497,402
Impairment	(608,466)
Balance as of December 31, 2023	888,936
Impairment	(888,936)
Balance as of December 31, 2024	$	—

2023 Goodwill Impairment

In Q3 2023, Illumina concluded the sustained decrease in Illumina’s stock price and overall market capitalization during the quarter was a triggering event indicating the fair value of GRAIL might be less than its carrying amount which led the Company to test goodwill for impairment. The assessment was performed using a combination of both an income and a market approach to determine the fair value of goodwill. The income approach utilized estimated discounted cash flows, while the market approach utilized comparable company information. Estimates and assumptions used in the income approach included projected cash flows and a discount rate. The discount rate selected at the time of the goodwill impairment assessment was 24.0%. The Company recognized a goodwill impairment of $608.5 as a result of the impairment assessment, primarily due to changes to expected timing of revenue and a higher discount rate selected for the fair value calculation of GRAIL.

2024 Goodwill Impairment

In Q2 2024, prior to the Spin-Off, the approval of the Spin-Off by Illumina’s board of directors represented a potential indicator of impairment, which also aligned with the timing of Illumina’s annual goodwill impairment test date for 2024. The assessment was performed using a market approach to determine the fair value of goodwill which utilized the valuation ranges prepared by the divestment financial advisors engaged by Illumina in connection with the Spin-Off. The valuation ranges were determined using revenue multiples from public company peers for 2024 and 2025. The implied discount rate for the goodwill impairment assessment was 51.5%. The Company recognized a goodwill impairment of $888.9 as a result of the impairment assessment, primarily due to changes to the forecast of GRAIL’s value and the method for valuing GRAIL.

These estimates and assumptions in each of the evaluations described above represent a Level 3 measurement because they include unobservable inputs that are supported by little or no market activity and reflect Company-determined and judgmental factors for these assumptions in measuring fair value. The assumptions in the assessment of an impairment analysis are inherently subjective due to uncertainty and any slight changes in these rates and assumptions could have a significant impact on the concluded value of goodwill.

Intangible Assets

Intangible assets identified in connection with Illumina’s acquisition of the Company include developed technology, trade names and IPR&D and were measured at fair value as of the Closing Date.

The following roll-forward indicates the fair values assigned to finite-lived intangible assets and the resulting amortization:


	As of
	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets		Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(580,185)	$	1,829,815	$	2,410,000	$	(446,297)	$	1,963,703
Trade Names	40,000		(19,259)		20,741		40,000		(14,813)		25,187
Total Finite-Lived Intangible Assets	$	2,450,000	$	(599,444)	$	1,850,556	$	2,450,000	$	(461,110)	$	1,988,890

The following roll-forward indicates the carrying value of the indefinite-lived intangible asset from the Acquisition and the impairment expenses recorded:


(in thousands)	IPR&D
Balance as of January 1, 2023	$	670,000
Impairment	(110,000)
Balance as of December 31, 2023	560,000
Impairment	(532,000)
Balance as of December 31, 2024	28,000
Impairment	(28,000)
Balance as of December 31, 2025	$	—

In conjunction with the Q3 2023 goodwill impairment assessment described above, the Company also evaluated the IPR&D intangible asset for potential impairment. The evaluation for a potential impairment of the IPR&D intangible asset was performed by comparing its carrying value to the assessed estimated fair value, which was determined by the income approach, using a discounted cash flow model. Estimates and assumptions used in the income approach included projected cash flows and a discount rate. The discount rate selected at the time of the IPR&D intangible impairment assessment was 19.0%. Based on the impairment test performed, the Company assessed and determined that the carrying value of the IPR&D intangible asset exceeded its estimated fair value. As a result, the Company recognized an impairment of $110.0 million, primarily due to a decrease in projected cash flows and a higher discount rate selected for the fair value calculation.

In conjunction with Illumina’s Q2 2024 goodwill impairment assessment, the IPR&D intangible asset of the GRAIL reporting unit was evaluated for potential impairment by Illumina prior to the Spin-Off. The evaluation for a potential impairment of the IPR&D intangible asset was performed by comparing its carrying value to the assessed estimated fair value, which was determined by the income approach, using a discounted cash flow model. Estimates and assumptions used in the income approach included projected cash flows and a discount rate. The discount rate selected at the time of the IPR&D intangible impairment assessment was 46.5%. Based on the impairment test performed, Illumina assessed and determined that the carrying value of GRAIL’s IPR&D intangible asset exceeded its estimated fair value. As a result of push down accounting, the Company recognized an impairment of $420.0 million primarily due to changes to revenue projections and the discount rate utilized.

In Q2 2024, subsequent to the Spin-Off, the Company performed a portfolio review and determined to decrease investment in the development of the IPR&D asset, which impacted the amount and timing of expected future cash flows attributable to IPR&D. This determination was driven by the impact of the Company’s post-Spin-Off capital structure, constitution of the Company’s Board at the time of the Spin-Off as the key decision maker for the determination, and increased ability to revisit the Company’s business strategy and portfolio as a standalone public company without regulatory oversight. This represented a potential impairment indicator. An impairment assessment was performed using a discounted cash flow model utilizing the updated projected cash flows and discount rate. The discount rate selected was 20.0%. Based on the impairment test performed, the Company assessed and determined that the carrying value of the IPR&D intangible asset exceeded its estimated fair value. As a result, the Company recognized an additional impairment of $112.0 million, primarily due to a decrease in projected cash flows.

In Q2 2025, the Company identified a change in market conditions in relation to its IPR&D asset which is in development. The change is expected to impact the amount of future cash flows attributable to the technology underlying the IPR&D asset. This represented a potential impairment indicator. An impairment assessment was performed using a discounted cash flow model utilizing the updated projected cash flows and discount rate. The discount rate selected was 21.0%. Based on the impairment test performed, the Company assessed and determined that the carrying value of the IPR&D intangible asset exceeded its estimated fair value. As a result, the Company recognized an impairment of $28.0 million, resulting in the write off of the entire carrying value of the IPR&D asset.

The estimates and assumptions updated in each of the evaluations described above represent a Level 3 measurement because they include unobservable inputs that are supported by little or no market activity and reflect Company-determined and judgmental factors for these assumptions in measuring a fair value. The assumptions in the assessment of an impairment analysis are inherently subjective due to uncertainty and any slight changes in these rates and assumptions could have a significant impact on the concluded value of the Goodwill and IPR&D intangible assets.

During 2024, the Company performed a recoverability test of its finite-lived intangible assets, and no impairment was identified. In 2025, the Company determined that no triggering events occurred that would require performing a recoverability test, and accordingly, no impairment charge was recorded. See Note 17, Subsequent Events, for information regarding a possible impairment indicator related to the Company’s finite-lived intangible assets identified during the three months ending March 31, 2026.

Amortization expense related to finite-lived intangible assets was $138.3 million for each of the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

The estimated future annual amortization of finite-lived intangible assets is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.


(in thousands)	Estimated Annual Amortization
2026	$	138,333
2027	138,333
2028	138,333
2029	138,333
2030	136,852
Thereafter	1,160,372
Total	$	1,850,556

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company operates and manages its business as one reportable operating segment. The Company's chief operating decision maker (“CODM”) is the chief executive officer. The CODM reviews financial information on an aggregate basis for the purposes of evaluating financial performance and allocating resources based on net income (loss), adjusted gross margin and adjusted EBITDA. Net income (loss) is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. The CODM does not evaluate operating segment performance using asset information.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 is included in the table below:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Revenue:
Screening revenue	$	138,601	$	108,627	$	74,999
Development services revenue	8,571		16,968		18,106
Total revenue	147,172		125,595		93,105
Costs and operating expenses:
Cost of screening revenue (exclusive of amortization of intangible assets)(1)(2)	73,251		63,284		47,966
Cost of development services revenue(1)(2)	2,605		6,444		6,861
Compensation	231,188		314,042		311,375
Depreciation and intangible assets amortization expense	149,794		153,228		148,920
Stock-based compensation	56,021		84,130		95,265
Professional services	36,821		63,443		48,994
Clinical studies	28,012		43,890		54,590
Goodwill and intangible assets impairment	28,000		1,420,936		718,466
Cloud computing and information technology	25,019		30,233		31,868
Facilities	21,666		25,983		30,276
Laboratory supplies and research collaborations	12,802		41,341		41,863
Other segment expenses(3)	44,156		67,799		72,043
Total costs and operating expenses	709,335		2,314,753		1,608,487
Loss from Operations	(562,163)		(2,189,158)		(1,515,382)
Other income (expense):
Interest income	28,652		26,733		7,954
Other income (expense), net	(993)		64		(208)
Benefit from income taxes	126,153		135,356		41,951
Net Loss	$	(408,351)	$	(2,027,005)	$	(1,465,685)

(1) Cost of screening revenue (exclusive of amortization of intangible assets) and cost of development services revenue include stock-based compensation expense. See Note 8 — Stock-Based Compensation for further details.

(2) Cost of screening revenue (exclusive of amortization of intangible assets) and cost of development services revenue include $6.6 million, $4.8 million and $9.8 million of depreciation expense for the year ended December 31, 2025, December 31, 2024 and December 31, 2023.

(3) Other segment expenses include costs related to contractors and temporary labor, marketing expenses, and legal expenses

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Schedule of segment reporting information

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Given the importance of cybersecurity to our business, we maintain a cybersecurity program to help support the effectiveness of our systems, and our preparedness for cybersecurity risks, and our protection of the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program is part of our overall risk management program and shares similar governance processes and reporting channels that apply across the risk management program to financial, legal, compliance, and other operational risk areas. Our program is informed by industry frameworks, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework 2.0 (“NIST CSF 2.0”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use frameworks such as NIST CSF 2.0 as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We also require cybersecurity trainings when onboarding new employees and contractors, as well as annual cybersecurity awareness training for our employees and contractors. We use our Enterprise Risk Management (“ERM”) process to assess and manage cybersecurity risks that may be associated with our systems, operations, and third-party service providers. We conduct internal audits and engage external assessors to help review our cybersecurity program and identify opportunities for maturing our program. For additional information, see “Item 1A. Risk Factors”. Identifying, assessing and managing cybersecurity risks Our cybersecurity team and the owners of information technology systems across the business, led by our Chief Security Officer (“CSO”) and Vice President, Security (“VP, Security”), monitor current events and trends related to cybersecurity in an effort to anticipate potential risks and threats on current systems and operations. We have implemented and continue to develop various processes to identify, review and track risks to our systems and operations, including through the use of third-party solutions and penetration testing of our systems. We have policies and procedures for performing cybersecurity risk assessments of our third-party service providers that may have access to our systems, data, facilities, or that otherwise perform services on our behalf and for conducting due diligence in connection with the onboarding of new third-party vendors. As a core component of our enterprise risk management strategy, we maintain a rigorous cybersecurity program that is periodically evaluated through internal assessments and independent third-party audits. We perform comprehensive maturity assessments against the NIST CSF2.0 and the NIST Privacy Framework. These strategic reviews complement our sustained compliance posture, which includes recurring annual audits for ISO/IEC 27001, SOC 2 Type 2, PCI DSS, UK Cyber Essentials and HIPAA. We leverage these assessments to identify functional gaps and benchmark our cybersecurity program against applicable regulatory requirements. The resulting findings are integrated into a formal Remediation Roadmap designed to mature our security posture and drive continuous improvement. By integrating findings from both internal evaluations and independent external audits, we foster a culture of continuous improvement and operational resilience. Recognizing that the human element is a critical line of defense, we maintain a robust cybersecurity awareness program. This initiative equips our employees and contractors to recognize and mitigate evolving threats through continuous education and regular phishing simulation exercises designed to reinforce vigilant behavior. Our process also includes initial due diligence, ongoing monitoring, and periodic reassessments of our third-party service providers. In the event of a cybersecurity incident, we have an incident response framework that includes defined escalation procedures, cross-functional coordination protocols, regulatory notification assessment procedures, and post-incident review processes. We also periodically conduct cross-functional exercises and activities to help detect, assess and respond to cybersecurity incidents, and have relationships with external providers to assist with incident response efforts, as needed. We also seek to contractually require our third-party service providers to notify us in the event a cybersecurity incident within their systems or services impacts our data or operations. We maintain specific coverage to help mitigate losses associated with certain cybersecurity incidents that impact our or our third parties’ systems, networks and technology. As of December 31, 2025, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We assess materiality based on quantitative and qualitative factors, including potential impact to our operations, financial condition, intellectual property, regulatory compliance obligations, and reputation. While we maintain a cybersecurity program, the techniques used to infiltrate information technology systems continue to evolve. Accordingly, we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For additional information, see Item 1A. “Risk Factors –Our information technology systems, or those used by our third-party collaborators or other contractors or consultants, may fail or suffer cybersecurity incidents or cyberattacks”. Cybersecurity Governance Our Board of Directors administers its cybersecurity risk oversight function through its Audit Committee. The Audit Committee is charged with reviewing our cybersecurity and other information technology risks, controls, and procedures, including our processes to mitigate cybersecurity risks and respond to data or cybersecurity incidents. The Audit Committee is also charged with reviewing cybersecurity issues with management that could affect the adequacy of our internal controls. The Audit Committee meets periodically, and at least annually,with the CSO and/or VP, Security and the executive leadership team and receives a report on our cybersecurity program, posture, risks and other matters. At least annually, we conduct an organization-wide ERM process to evaluate key risks in different areas of the business including cybersecurity. During that process, cybersecurity risks are identified, and scores representing the potential likelihood and severity of each risk are determined. The executive leadership team and Audit Committee receive a direct report of the ERM program findings, including these cybersecurity risks and incidents it considers to be significant or potentially significant. Third-party assessors, consultants, counsel or other parties also participate in Audit Committee discussions as needed.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Given the importance of cybersecurity to our business, we maintain a cybersecurity program to help support the effectiveness of our systems, and our preparedness for cybersecurity risks, and our protection of the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program is part of our overall risk management program and shares similar governance processes and reporting channels that apply across the risk management program to financial, legal, compliance, and other operational risk areas. Our program is informed by industry frameworks, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework 2.0 (“NIST CSF 2.0”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use frameworks such as NIST CSF 2.0 as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We also require cybersecurity trainings when onboarding new employees and contractors, as well as annual cybersecurity awareness training for our employees and contractors. We use our Enterprise Risk Management (“ERM”) process to assess and manage cybersecurity risks that may be associated with our systems, operations, and third-party service providers. We conduct internal audits and engage external assessors to help review our cybersecurity program and identify opportunities for maturing our program. For additional information, see “Item 1A. Risk Factors”.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors administers its cybersecurity risk oversight function through its Audit Committee. The Audit Committee is charged with reviewing our cybersecurity and other information technology risks, controls, and procedures, including our processes to mitigate cybersecurity risks and respond to data or cybersecurity incidents. The Audit Committee is also charged with reviewing cybersecurity issues with management that could affect the adequacy of our internal controls. The Audit Committee meets periodically, and at least annually,with the CSO and/or VP, Security and the executive leadership team and receives a report on our cybersecurity program, posture, risks and other matters. At least annually, we conduct an organization-wide ERM process to evaluate key risks in different areas of the business including cybersecurity. During that process, cybersecurity risks are identified, and scores representing the potential likelihood and severity of each risk are determined. The executive leadership team and Audit Committee receive a direct report of the ERM program findings, including these cybersecurity risks and incidents it considers to be significant or potentially significant. Third-party assessors, consultants, counsel or other parties also participate in Audit Committee discussions as needed. More broadly, the Audit Committee reviews our policies and practices with respect to risk assessment and risk management, including results from our overall ERM review, and discusses with management our major risk exposures and the steps that have been taken to monitor and control such exposures. Cybersecurity is a key piece of our overall ERM program. The Audit Committee oversees the activities of, and meets regularly with, our Chief Compliance Officer, and receives direct reports from the Chief Compliance Officer regarding the ERM structure and activities of our compliance program, including updates on training, policies, auditing and monitoring, investigations and any corrective and preventive actions. As part of the ERM program, our Chief Compliance Officer gathers information about cybersecurity risk, and that information is included in the Chief Compliance Officer’s report to the Audit Committee. Our cybersecurity team and information technology system owners across the business are led by our CSO and VP, Security. Our CSO has over five years of tenure with the Company and more than 29 years of experience in technology, including 15 years in cybersecurity. He previously served as Chief Technology Officer at NextBio and as Vice President of Software Engineering, Enterprise Informatics at Illumina, Inc. He is supported by a cybersecurity organization comprising experts in strategy, governance, risk management, compliance, engineering, security operations, and incident response, including our VP, Security who has over two decades of specialized experience in cybersecurity and privacy. The CSO is responsible for implementing and overseeing the controls and processes employed to identify, assess and manage the Company’s risks from cybersecurity threats. We also maintain a Privacy and Security Steering Committee that regularly meets to review and discuss cybersecurity issues and review our cybersecurity-related metrics. The Privacy and Security Steering Committee is composed of the VP, Security, Chief Privacy Officer, Chief Compliance Officer, and other representatives from our cybersecurity, IT, legal, and privacy teams. The VP. Security, cybersecurity team, and members of the Privacy and Security Steering Committee combined have decades of experience in managing relevant information technology and cybersecurity matters. The VP, Security also provides regular briefings to our executive leadership team, including the CEO and CFO, and our Audit Committee on cybersecurity matters, such as threats, events, and the state of the program, and at least annually as part of our ERM process. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from IT personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is charged with reviewing our cybersecurity and other information technology risks, controls, and procedures, including our processes to mitigate cybersecurity risks and respond to data or cybersecurity incidents. The Audit Committee is also charged with reviewing cybersecurity issues with management that could affect the adequacy of our internal controls.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee meets periodically, and at least annually,with the CSO and/or VP, Security and the executive leadership team and receives a report on our cybersecurity program, posture, risks and other matters. At least annually, we conduct an organization-wide ERM process to evaluate key risks in different areas of the business including cybersecurity. During that process, cybersecurity risks are identified, and scores representing the potential likelihood and severity of each risk are determined. The executive leadership team and Audit Committee receive a direct report of the ERM program findings, including these cybersecurity risks and incidents it considers to be significant or potentially significant. Third-party assessors, consultants, counsel or other parties also participate in Audit Committee discussions as needed.More broadly, the Audit Committee reviews our policies and practices with respect to risk assessment and risk management, including results from our overall ERM review, and discusses with management our major risk exposures and the steps that have been taken to monitor and control such exposures. Cybersecurity is a key piece of our overall ERM program. The Audit Committee oversees the activities of, and meets regularly with, our Chief Compliance Officer, and receives direct reports from the Chief Compliance Officer regarding the ERM structure and activities of our compliance program, including updates on training, policies, auditing and monitoring, investigations and any corrective and preventive actions
Cybersecurity Risk Role of Management [Text Block]	. As part of the ERM program, our Chief Compliance Officer gathers information about cybersecurity risk, and that information is included in the Chief Compliance Officer’s report to the Audit Committee. Our cybersecurity team and information technology system owners across the business are led by our CSO and VP, Security. Our CSO has over five years of tenure with the Company and more than 29 years of experience in technology, including 15 years in cybersecurity. He previously served as Chief Technology Officer at NextBio and as Vice President of Software Engineering, Enterprise Informatics at Illumina, Inc. He is supported by a cybersecurity organization comprising experts in strategy, governance, risk management, compliance, engineering, security operations, and incident response, including our VP, Security who has over two decades of specialized experience in cybersecurity and privacy. The CSO is responsible for implementing and overseeing the controls and processes employed to identify, assess and manage the Company’s risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee oversees the activities of, and meets regularly with, our Chief Compliance Officer, and receives direct reports from the Chief Compliance Officer regarding the ERM structure and activities of our compliance program, including updates on training, policies, auditing and monitoring, investigations and any corrective and preventive actions.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The VP. Security, cybersecurity team, and members of the Privacy and Security Steering Committee combined have decades of experience in managing relevant information technology and cybersecurity matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The VP, Security also provides regular briefings to our executive leadership team, including the CEO and CFO, and our Audit Committee on cybersecurity matters, such as threats, events, and the state of the program, and at least annually as part of our ERM process.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Revenue:
Screening revenue	$	138,601	$	108,627	$	74,999
Development services revenue	8,571		16,968		18,106
Total revenue	147,172		125,595		93,105
Costs and operating expenses:
Cost of screening revenue (exclusive of amortization of intangible assets)(1)(2)	73,251		63,284		47,966
Cost of development services revenue(1)(2)	2,605		6,444		6,861
Compensation	231,188		314,042		311,375
Depreciation and intangible assets amortization expense	149,794		153,228		148,920
Stock-based compensation	56,021		84,130		95,265
Professional services	36,821		63,443		48,994
Clinical studies	28,012		43,890		54,590
Goodwill and intangible assets impairment	28,000		1,420,936		718,466
Cloud computing and information technology	25,019		30,233		31,868
Facilities	21,666		25,983		30,276
Laboratory supplies and research collaborations	12,802		41,341		41,863
Other segment expenses(3)	44,156		67,799		72,043
Total costs and operating expenses	709,335		2,314,753		1,608,487
Loss from Operations	(562,163)		(2,189,158)		(1,515,382)
Other income (expense):
Interest income	28,652		26,733		7,954
Other income (expense), net	(993)		64		(208)
Benefit from income taxes	126,153		135,356		41,951
Net Loss	$	(408,351)	$	(2,027,005)	$	(1,465,685)

(3) Other segment expenses include costs related to contractors and temporary labor, marketing expenses, and legal expenses.

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

Schedule of property and equipment, useful life

The estimated useful lives of the major classes of property and equipment are generally as follows:


			Useful Life (in Years)
Laboratory equipment			3 to 5
Computer hardware			3
Computer software			3
Furniture and fixtures			5
Leasehold improvements			Lease Term

The following tables present financial information of certain consolidated balance sheets components:


	As of December 31,
(in thousands)	2025		2024
Property and equipment, net
Laboratory equipment	$	54,113	$	53,550
Computer hardware	3,993		4,682
Furniture and fixtures	2,515		2,577
Computer software	1,072		1,072
Leasehold improvements	59,769		59,764
Construction-in-process	804		1,296
Property and equipment, gross	122,266		122,941
Less accumulated depreciation and amortization	(70,453)		(53,880)
Total property and equipment, net	$	51,813	$	69,061

Schedule of accounts receivable, net


	As of December 31,
(in thousands)	2025		2024
Accounts Receivable, net
Trade accounts receivable, gross	$	21,899	$	24,099
Allowance for credit losses	(3,604)		(3,787)
Total accounts receivable, net	$	18,295	$	20,312

Schedule of accrued liabilities


	As of December 31,
(in thousands)	2025		2024
Accrued liabilities
Accrued compensation expenses	$	36,299	$	34,530
Accrued clinical studies and research and development expenses	15,656		13,027
Accrued legal and professional service expenses	3,650		2,966
Accrued other expenses	8,340		6,718
Total accrued liabilities	$	63,945	$	57,241

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table presents the total restructuring charges by function for the periods indicated:


	Year Ended December 31, 2025
(in thousands)	Severance and related benefit costs		Other Costs		Total
Research and development	$	(47)	$	111	$	64
Sales and marketing	(83)		—		(83)
General and administrative	(31)		16		(15)
Total	$	(161)	$	127	$	(34)


	Year Ended December 31, 2024
(in thousands)	Severance and related benefit costs		Other Costs		Total
Research and development	$	8,783	$	297	$	9,080
Sales and marketing	4,858		—		4,858
General and administrative	3,897		478		4,375
Total	$	17,538	$	775	$	18,313

The following table summarizes the restructuring-related liabilities:


(in thousands)	Severance and related benefit costs		Other Costs		Total
Restructuring charges	$	17,538	$	775	$	18,313
Cash payments made	(16,732)		(454)		(17,186)
Non-cash charges	—		(99)		(99)
Amount recorded in accrued liabilities as of December 31, 2024	806		222		1,028
Restructuring charges	(161)		127		(34)
Cash payments made	(645)		(349)		(994)
Amount recorded in accrued liabilities as of December 31, 2025	$	—	$	—	$	—

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule stock-based compensation expense

The components of stock-based compensation expense for both equity and liability-classified awards recognized in our consolidated statements of operations was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
RSUs	$	54,564	$	29,774	$	1,127
ESPP	3,059		—		—
PSOs	660		1,514		577
Cash-based equity awards	—		54,796		95,531
Stock-based compensation expense, before taxes	58,283		86,084		97,235
Related income tax benefits	(13,708)		(20,890)		(23,455)
Stock-based compensation expense, net of taxes	$	44,575	$	65,194	$	73,780

Stock-based compensation expense for both equity and liability-classified awards, reported in our consolidated statements of operations was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Cost of screening revenue (exclusive of amortization of intangible assets)	$	2,226	$	1,724	$	1,932
Cost of development services revenue	36		230		38
Research and development	15,986		30,701		39,792
Sales and marketing	10,871		15,310		17,506
General and administrative	29,164		38,119		37,967
Stock-based compensation expense, before taxes	58,283		86,084		97,235
Related income tax benefits	(13,708)		(20,890)		(23,455)
Stock-based compensation expense, net of taxes	$	44,575	$	65,194	$	73,780

Schedule of ESPP fair value assumptions

Unamortized compensation cost and weighted average service period of all unvested equity classified awards as of December 31, 2025 was as follows:


	Unamortized Compensation Costs		Weighted Average Service Period
	(in thousands)		(in years)
RSUs and PSUs	$	76,895	1.5
PSOs	432		1.2
ESPP	1,719		0.4
Total unamortized compensation costs	$	79,046

A summary of the Company’s shares available for grant under the ESPP, was as follows:


			Shares Available for Grant
			(in thousands)
Balance as of December 31, 2024			414,021
Annual increase			338,934
Issued(1)			(136,551)
Balance as of December 31, 2025			616,404
(1) Represent $4.5 million in cash received for the issuance of common stock under the ESPP

PSOs activity, issued under the 2024 Plan, were as follows:


	Performance Options	Weighted-Average Exercise Price Per Share	Weighted-Average Contractual Term
	(in thousands)		(in years)
Outstanding at December 31, 2025	104	$13.53	4.2
Vested and Exercisable at December 31, 2025	23	$14.00	4.2

The fair value of employee stock purchase rights under the ESPP have been estimated with the following assumptions using the Black-Scholes-Merton option-pricing model:



			December 31, 2025
Weighted-average assumptions:
Expected life (in years)			0.5
Risk-free interest rate			4.0%
Expected volatility			97.4%
Expected dividend			—%
Weighted-average estimated grant date fair value per share			$59.31

Schedule of shares available for grant activity

A summary of the Company’s shares available for grant under the 2024 Plan, was as follows:


			Shares Available for Grant
			(in thousands)
Balance as of December 31, 2024			479,339
Annual increase			1,694,670
Awarded			(2,152,456)
Forfeited			491,833
Balance as of December 31, 2025			513,386

Schedule of RSUs, PSUs, and DSUs activity

A summary of the Company’s RSUs, PSUs, and DSUs, issued under the 2024 Plan and 2024 Inducement Award Plan, were as follows:


	Restricted Stock Units(1)	Weighted-Average Grant-Date Fair Value Per Share
	(in thousands)







Outstanding at January 1, 2024	—	$—
Conversion	6,485	$15.37
Awarded	2,833	$13.07
Released	(2,844)	$15.37
Forfeited	(951)	$15.22
Outstanding at December 31, 2024	5,523	$14.22

Awarded(1)	2,407	$40.79
Released	(2,491)	$15.21
Forfeited	(576)	$22.83
Outstanding at December 31, 2025	4,863	$25.84

(1) Includes 31,000 PSU awarded and 30,865 DSUs vested but unreleased related to three directors that had elected to defer their 2025 cash fees and two directors that had elected to defer release of their equity awards

Schedule of equity award activity

Cash-Based Equity Award activity for the periods presented was as follows:


	Year Ended
(in thousands)		December 31, 2024
Beginning balance		$	292,189
Granted		66,864
Cancelled		(11,751)
Vested and paid in cash		(53,807)
Change in fair value		(9,535)
Conversion of outstanding awards to GRAIL RSUs		(283,960)
Outstanding balance		$	—

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy of financial assets measured at fair value

The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024:


	December 31, 2025
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	63,195	$	63,195	$	—	$	—
U.S. government treasury bills	184,041		184,041		—		—
Total cash equivalents	247,236		247,236		—		—
U.S. government treasury bills	654,703		654,703		—		—
Total short-term marketable securities	654,703		654,703		—		—
Total	$	901,939	$	901,939	$	—	$	—


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	94,697	$	94,697	$	—	$	—
U.S. government treasury bills	117,442		117,442		—		—
Total cash equivalents	212,139		212,139		—		—
U.S. government treasury bills	549,236		549,236		—		—
Total short-term marketable securities	549,236		549,236		—		—
Total	$	761,375	$	761,375	$	—	$	—

Schedule of cash equivalents and marketable debt securities

The following tables summarize the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	63,195	$	—	$	63,195
U.S. government treasury bills	838,368		376		838,744
Total	$	901,563	$	376	$	901,939


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	94,697	$	—	$	94,697
U.S. government treasury bills	666,412		266		666,678
Total	$	761,109	$	266	$	761,375

LEASES - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 17,767	$ 18,577	$ 24,357
Variable lease costs	4,061	4,666	3,676
Total lease costs	$ 21,828	$ 23,243	$ 28,033

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

$ (1,685)

$ 3,370

$ 1,383

Prepaid expenses and other assets

^[2]

(2,615)

(3,073)

1,940

^[3]

(3,360)

(1,823)

908

Accrued and other liabilities

^[4]

(2,733)

(14,635)

2,889

^[5]

6,456

(12,916)

2,351

Purchases of property and equipment

^[6]

909

5,208

12,887

Related Party

(65)

133

Prepaid expenses and other assets

(3,130)

2,725

(871)

(77)

(36)

Accrued and other liabilities

(168)

(2,965)

104

Purchases of property and equipment

$ 591

$ 0

$ 2,644

[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 of nil, $(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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of property and equipment, useful life

The estimated useful lives of the major classes of property and equipment are generally as follows:


			Useful Life (in Years)
Laboratory equipment			3 to 5
Computer hardware			3
Computer software			3
Furniture and fixtures			5
Leasehold improvements			Lease Term

The following tables present financial information of certain consolidated balance sheets components:


	As of December 31,
(in thousands)	2025		2024
Property and equipment, net
Laboratory equipment	$	54,113	$	53,550
Computer hardware	3,993		4,682
Furniture and fixtures	2,515		2,577
Computer software	1,072		1,072
Leasehold improvements	59,769		59,764
Construction-in-process	804		1,296
Property and equipment, gross	122,266		122,941
Less accumulated depreciation and amortization	(70,453)		(53,880)
Total property and equipment, net	$	51,813	$	69,061

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted earnings per share

The following table presents the calculation of the Company’s basic and diluted net loss per share :


	Year Ended
(in thousands, except share and per share data)	December 31, 2025		December 31, 2024		December 31, 2023
Numerator
Net loss	$	(408,351)	$	(2,027,005)	$	(1,465,685)
Denominator
Weighted average shares of common stock—basic and diluted	36,753,751		31,901,259		31,049,148
Net loss per share
Basic	$	(11.11)	$	(63.54)	$	(47.21)
Diluted	$	(11.11)	$	(63.54)	$	(47.21)

Schedule of antidilutive securities excluded from computation of earnings per share

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented as they had an anti-dilutive effect:


	Year Ended
	December 31, 2025	December 31, 2024	December 31, 2023
Unvested restricted stock units	4,831,956	5,523,029	6,564,282
Unvested performance options	104,315	104,315	104,315
Unvested performance stock units	31,000	—	—
Shares issuable under ESPP	74,453	—	—
Total	5,041,724	5,627,344	6,668,597

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Thousands

12 Months Ended

Jun. 24, 2024

USD ($)

Jan. 01, 2023

USD ($)

Dec. 31, 2025

USD ($)

financial_institution

reporting_unit

segment

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Number of financial institutions | financial_institution

Cash and cash equivalents

$ 249,727

$ 214,234

$ 97,287

Short-term marketable securities

654,703

549,236

Allowance for credit losses

$ 3,600

3,800

Number of reporting units | reporting_unit

Number of operating segments | segment

Deferred revenue

$ 1,900

1,600

Advertising costs

$ 15,100

17,700

$ 21,900

Expected dividend yield (as a percent)

0.00%

Percent match of employee contribution

100.00%

Maximum amount match, per employee

$ 3

Defined contribution plan, employer contribution

$ 2,600

3,900

Recognition of deferred tax liability in connection with the Spin-Off

^[1]

$ (447,190)

Minimum | The GRAIL, Inc. 2024 Incentive Award Plan

Maximum | The GRAIL, Inc. 2024 Incentive Award Plan

Vesting term (in years)

18 months

Vesting term (in years)

48 months

Trade Names

Identifiable intangible assets, estimated useful life

9 years

Developed Technologies

Identifiable intangible assets, estimated useful life

18 years

Additional Paid in Capital

Recognition of deferred tax liability in connection with the Spin-Off

$ 447,200

Illumina, Inc.

One Customer | Customer Concentration Risk | Revenue Benchmark

Deferred capitalized R&D

$ 447,200

Concentration risk, percentage (as a percent)

0.00%

11.00%

14.00%

One Customer | Customer Concentration Risk | Accounts Receivable

Concentration risk, percentage (as a percent)

0.00%

32.00%

[1]	*See Note 1 — Organization And Description Of Business for more information on the Spin-Off.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

NET LOSS PER SHARE - Reconciliation of net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net loss	$ (408,351)	$ (2,027,005)	$ (1,465,685)
Denominator
Weighted-average shares of common stock —basic (in shares)	36,753,751	31,901,259	31,049,148
Weighted-average shares of common stock —diluted (in shares)	36,753,751	31,901,259	31,049,148
Net loss per share
Basic (in dollars per share)	$ (11.11)	$ (63.54)	$ (47.21)
Diluted (in dollars per share)	$ (11.11)	$ (63.54)	$ (47.21)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	$ 58,283	$ 86,084	$ 97,235
Related income tax benefits	(13,708)	(20,890)	(23,455)
Stock-based compensation expense, net of taxes	44,575	65,194	73,780
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	54,564	29,774	1,127
Shares issuable under ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	3,059	0	0
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	660	1,514	577
Cash-based equity awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	0	54,796	95,531
Cost of screening revenue (exclusive of amortization of intangible assets)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	2,226	1,724	1,932
Cost of development services revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	36	230	38
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	15,986	30,701	39,792
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	10,871	15,310	17,506
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	$ 29,164	$ 38,119	$ 37,967

STOCK-BASED COMPENSATION - 2024 inducement award plan (Details) shares in Thousands	May 14, 2025 shares
The GRAIL, Inc. 2024 Inducement Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	500

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

TAXES

Loss before income taxes summarized by region was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
United States	$	(540,192)	$	(2,165,006)	$	(1,509,885)
Foreign	5,688		2,645		2,249
Loss before benefit from income taxes	$	(534,504)	$	(2,162,361)	$	(1,507,636)

The benefit from income taxes consisted of the following:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current taxes:
Federal	$	1,125	$	—	$	—
Foreign	—		(1,628)		(3,798)
Total current income tax expense/(benefit)	$	1,125	$	(1,628)	$	(3,798)
Deferred taxes:
Federal	$	(111,750)	$	(92,184)	$	(22,019)
State	(15,528)		(41,544)		(16,134)
Total deferred income tax benefit	(127,278)		(133,728)		(38,153)
Benefit from income taxes	$	(126,153)	$	(135,356)	$	(41,951)

The benefit from income taxes reconciles to the amount computed by applying the federal statutory rate to loss before income taxes as follows:


	Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023
(in thousands)
Tax at federal statutory rate	$	(112,246)	21.0	%	$	(454,122)	21.0	%	$	(316,603)	21.0	%
State, net of federal benefit(1)	(11,190)		2.1	%	(29,235)		1.4	%	(13,283)		0.9	%
Tax credits
Research tax credits	(3,589)		0.7	%	(7,145)		0.3	%	(1,827)		0.1	%
Change in valuation allowance	111		—	%	166,475		(7.7)	%	160,664		(10.7)	%
Nontaxable or nondeductible items
Goodwill impairment	—		—	%	186,641		(8.6)	%	127,778		(8.5)	%
Stock compensation	(5,920)		1.1	%	88		—	%	134		—	%
Other	6,681		(1.3)	%	1,942		(0.1)	%	1,186		—	%
Total tax benefit from income taxes	$	(126,153)	23.6	%	$	(135,356)	6.3	%	$	(41,951)	2.8	%

(1) State taxes in California, Georgia, New York, New York City, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Significant components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses	$	147,070	$	43,707
Tax credits	14,047		7,963
Other accruals and reserves	6,671		5,727
Stock compensation	9,992		9,320
Capitalized U.S. research and development expenses	16,497		23,088
Other amortization	53,792		57,401
Operating lease liabilities	13,689		16,539
Property & equipment	392		2,063
Other	876		1,026
Total gross deferred tax assets	263,026		166,834
Valuation allowance on deferred tax assets	(6,938)		(7,744)
Total deferred tax assets	$	256,088	$	159,090
Deferred tax liabilities:
Purchased intangible amortization	$	(461,714)	$	(488,874)

Operating lease right-of-use assets	(12,957)		(16,076)
Total deferred tax liabilities	(474,671)		(504,950)
Deferred tax liability, net	$	(218,583)	$	(345,860)

A valuation allowance is established when it is more likely than not that the future realization of all or some of the deferred tax assets will not be achieved. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence, including operating results and future reversals of existing taxable temporary differences such as the deferred tax liabilities related to purchased intangibles. Based on the available evidence as of December 31, 2025, the Company was not able to conclude it is more likely than not certain deferred tax assets will be realized. Therefore, a valuation allowance of $6.9 million was recorded against certain federal, state, and foreign deferred tax assets.

As of December 31, 2025, the net operating loss carryforwards for federal and state tax purposes were $567.0 million and $424.2 million. Net operating loss carryforwards for state tax purposes will begin to expire in 2034 unless utilized prior. The federal and state tax credit carryforwards were $13.0 million and $6.8 million. The federal credits will begin to expire in 2044 unless utilized prior. The state credits do not expire and can be carried forward indefinitely. GRAIL’s UK subsidiary had $16.0 million of UK net operating losses that can generally be carried forward indefinitely provided that the UK entity maintains its existing trade or business.

Pursuant to Section 382 and 383 of the Internal Revenue Code, utilization of net operating losses and credits may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization.

The following table summarizes the gross amount of uncertain tax positions:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Balance at beginning of year	$	3,859	$	59,295	$	51,843


Decreases related to the Spin-Off	—		(59,295)		—
Decreases related to prior year tax positions	(46)		—		—
Increases related to current year tax positions	3,823		3,859		7,452
Balance at end of year	$	7,636	$	3,859	$	59,295

Included in the balance of uncertain tax positions as of December 31, 2025, December 31, 2024, and December 31, 2023 were $7.1 million, $3.6 million, and $54.4 million, of net unrecognized tax benefits that, if recognized, would reduce the effective income tax rate in future periods. The Company has not recognized any interest or penalties related to uncertain tax positions. If interest and penalties are recognized in the future, such amounts will be included in the provision for income taxes.

The following table presents the disaggregation of income taxes paid by jurisdiction:


(in thousands)	December 31, 2025
Federal	$	—
New York	492
Massachusetts	176
South Carolina	148
New York City	139
North Carolina	80
Tennessee	73
All Other States	23
Total taxes paid	$	1,131

Tax years 2019 to 2025 remain subject to future examination by the major tax jurisdictions in which the Company is subject to tax.

The entire disclosure for income tax.

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-Subparagraph (SAB Topic 11.C)
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-Subparagraph (a)
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Commitments and Contingencies Disclosure [Abstract]

TAXES - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate	$ (112,246)	$ (454,122)	$ (316,603)
State, net of federal benefit	(11,190)	(29,235)	(13,283)
Research tax credits	(3,589)	(7,145)	(1,827)
Change in valuation allowance	111	166,475	160,664
Goodwill impairment	0	186,641	127,778
Stock compensation	(5,920)	88	134
Other	6,681	1,942	1,186
Total tax benefit from income taxes	$ (126,153)	$ (135,356)	$ (41,951)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at federal statutory rate	21.00%	21.00%	21.00%
State, net of federal benefit	2.10%	1.40%	0.90%
Research tax credits	0.70%	0.30%	0.10%
Change in valuation allowance	0.00%	(7.70%)	(10.70%)
Goodwill impairment	0.00%	(8.60%)	(8.50%)
Stock compensation	1.10%	0.00%	0.00%
Other	(1.30%)	(0.10%)	0.00%
Total tax benefit from income taxes	23.60%	6.30%	2.80%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of contractual obligation

The future non-lease commitments over the next five years and thereafter were as follows:


	As of December 31, 2025
(in thousands)	Purchase Commitments
2026	$	25,023
2027	23,927
2028	3,633
2029	258


Total	$	52,841

STOCK-BASED COMPENSATION - 2024 Incentive award plan (Details)	May 31, 2024
The GRAIL, Inc. 2024 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual increase in shares available for grant as a percentage	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

GOODWILL AND INTANGIBLE ASSETS - Goodwill activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance			$ 888,936	$ 1,497,402
Impairment	$ (888,900)	$ (608,500)	$ (888,936)	(608,466)
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income Flag			Goodwill and intangible assets impairment
Ending balance			$ 0	$ 888,936

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 2025
Equity [Abstract]
COMMON STOCK	COMMON STOCK Private Investment of Public Equity (the “PIPE”) On October 18, 2025, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain investors for the private placement of (i) 2,640,970 shares of GRAIL's common stock at a price of $70.05 per share and (ii) pre-funded warrants to purchase an aggregate of 1,998,573 shares of GRAIL’s common stock (the "Pre-Funded Warrants") at a purchase price of $70.049 per Pre-Funded Warrant, which represents the per share price for the common stock less the $0.001 exercise price. The PIPE closed on October 21, 2025, at which time the Company received aggregate net proceeds of $311.3 million, after deducting issuance costs of $13.7 million. All of the Pre-Funded Warrants issued in the PIPE were outstanding as of December 31, 2025. At the Market Equity Distribution Program (the “ATM Program”) On November 14, 2025, the Company entered into an equity distribution agreement (“Equity Distribution Agreement”), with certain sales agents, establishing an ATM Program under which the Company may offer and sell shares of its common stock, having an aggregate offering price of $300.0 million or up to 6,900,000 shares of common stock. During 2025, the Company issued 1,169,218 shares of its common stock and the Company received aggregate net proceeds of $107.5 million, after deducting issuance costs of $3.2 million. As of December 31, 2025, $189.3 million worth of shares of common stock remained available for sale pursuant to the ATM Program. Samsung Stock Purchase Agreement (the “Samsung SPA”) On October 16, 2025, the Company entered into a stock purchase agreement (the “Samsung SPA”), by and among the Company, Samsung C&T Corporation (“Samsung C&T”), Samsung Electronics Singapore Pte. Ltd. (together with Samsung C&T, the “Samsung Investors”) and Samsung Electronics Co., Ltd. (“Samsung Electronics”), providing for the issuance and sale by the Company to the Samsung Investors in a private placement of an aggregate of 1,570,308 shares of GRAIL’s common stock, at a purchase price of $70.05 per share, upon the terms and conditions set forth in the Samsung SPA, including closing conditions, for aggregate gross proceeds of approximately $110.0 million (the “Samsung Investment”). The Company is also subject to a number of obligations described in the Samsung Stock Purchase Agreement. The Samsung Stock Purchase Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Samsung Investors for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), and other obligations of the parties. The Company intends to use the net proceeds from the Samsung Investment to fund its commercial activities and reimbursement efforts, as well as for working capital and other general corporate purposes.

The entire disclosure for equity.

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Schedule of related party transactions

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Goods and services transactions with Illumina, have been reflected in the consolidated financial statements for the periods during which Illumina qualified as a related party of the Company, as follows:


	As of
(in thousands)	December 31, 2024
Accounts receivable	$	65
Supplies	3,130
Prepaid expenses and other current assets	77
Property and equipment, net	2,227

Accrued liabilities	104


	Year Ended
(in thousands)	December 31, 2025 (1)		December 31, 2024		December 31, 2023
Screening revenue	$	208	$	460	$	652
Cost of screening revenue	4,617		13,091		8,532
Cost of development services revenue	275		637		238
Operating expenses—Research and development	3,306		18,843		19,508
Operating expenses—General and administrative	—		104		206
(1) Included transactions from January 1, 2025 through November 17, 2025

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of cash equivalents and marketable debt securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total cash equivalents	$ 247,236	$ 212,139
Amortized Cost	901,563	761,109
Gross Unrealized Gains	376	266
Estimated Fair Value	901,939	761,375
U.S. government treasury bills
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Amortized Cost	838,368	666,412
Gross Unrealized Gains	376	266
Estimated Fair Value	838,744	666,678
Money market funds
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total cash equivalents	$ 63,195	$ 94,697

GOODWILL AND INTANGIBLE ASSETS - Intangible assets narrative (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Amortization of intangibles assets				$ 133,889	$ 133,889	$ 133,889
Amortization Of Intangible Assets, Including Portion Allocated To Sales And Marketing				138,334	138,333	138,333
IPR&D
Indefinite-Lived Intangible Assets [Line Items]
Impairment of IPR&D	$ 28,000	$ 112,000	$ 110,000	$ (28,000)	$ (532,000)	$ (110,000)
IPR&D \| Illumina, Inc.
Indefinite-Lived Intangible Assets [Line Items]
Impairment of IPR&D		$ 420,000
IPR&D \| Discount Rate
Indefinite-Lived Intangible Assets [Line Items]
Discount rate on IPR&D	21.00%	20.00%
IPR&D \| Discount Rate \| Illumina, Inc.
Indefinite-Lived Intangible Assets [Line Items]
Discount rate on IPR&D		46.50%	19.00%

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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RELATED PARTY TRANSACTIONS - Related party transactions by balance sheet grouping (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

^[1]

$ 18,295

$ 20,312

^[2]

15,107

17,447

^[3]

51,813

69,061

63,945

57,241

Related Party | Illumina, Inc.

$ 0

2,227

3,130

2,227

$ 104

[1]	Includes related party accounts receivable, net of nil and $65, respectively.
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[3]	Includes related party property and equipment, net of nil and $2,227, respectively.

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BALANCE SHEET COMPONENTS - Schedule of accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Components [Abstract]
Accrued compensation expenses	$ 36,299	$ 34,530
Accrued clinical studies and research and development expenses	15,656	13,027
Accrued legal and professional service expenses	3,650	2,966
Accrued other expenses	8,340	6,718
Total accrued liabilities	$ 63,945	$ 57,241

GOODWILL AND INTANGIBLE ASSETS - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,450,000	$ 2,450,000
Accumulated Amortization	(599,444)	(461,110)
Net Intangible Assets	1,850,556	1,988,890
Developed Technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,410,000	2,410,000
Accumulated Amortization	(580,185)	(446,297)
Net Intangible Assets	1,829,815	1,963,703
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	40,000	40,000
Accumulated Amortization	(19,259)	(14,813)
Net Intangible Assets	$ 20,741	$ 25,187

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024:


	December 31, 2025
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	63,195	$	63,195	$	—	$	—
U.S. government treasury bills	184,041		184,041		—		—
Total cash equivalents	247,236		247,236		—		—
U.S. government treasury bills	654,703		654,703		—		—
Total short-term marketable securities	654,703		654,703		—		—
Total	$	901,939	$	901,939	$	—	$	—


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	94,697	$	94,697	$	—	$	—
U.S. government treasury bills	117,442		117,442		—		—
Total cash equivalents	212,139		212,139		—		—
U.S. government treasury bills	549,236		549,236		—		—
Total short-term marketable securities	549,236		549,236		—		—
Total	$	761,375	$	761,375	$	—	$	—


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	63,195	$	—	$	63,195
U.S. government treasury bills	838,368		376		838,744
Total	$	901,563	$	376	$	901,939


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	94,697	$	—	$	94,697
U.S. government treasury bills	666,412		266		666,678
Total	$	761,109	$	266	$	761,375

All of the Company’s marketable securities had maturities of less than one year.

There were no marketable securities in an unrealized loss position as of December 31, 2025 and December 31, 2024. Accordingly, no credit loss impairment was recognized as of December 31, 2025 and December 31, 2024

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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NET LOSS PER SHARE - Potentially dilutive common stock equivalents (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	5,041,724	5,627,344	6,668,597
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	4,831,956	5,523,029	6,564,282
Unvested performance options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	104,315	104,315	104,315
Unvested performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	31,000	0	0
Shares issuable under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	74,453	0	0

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Mar. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42045
Registrant Name	GRAIL, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3673636
Entity Address, Address Line One	1525 O’Brien Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	833
Local Phone Number	694-2553
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GRAL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.9
Entity Common Stock, Shares Outstanding		41,020,255
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Central Index Key	0001699031
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

SEGMENT INFORMATION - Schedule of segment revenue by geographic area (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

$ 147,172

$ 125,595

$ 93,105

Stock-based compensation

58,283

86,084

97,235

Total costs and operating expenses

28,000

1,420,936

718,466

709,335

2,314,753

1,608,487

Loss from operations

(562,163)

(2,189,158)

(1,515,382)

Other income (expense):

Interest income

28,652

26,733

7,954

Other income (expense), net

(993)

(208)

Benefit from income taxes

126,153

135,356

41,951

(408,351)

(2,027,005)

(1,465,685)

Depreciation

18,010

19,723

20,364

Reportable Segment

Depreciation and intangible assets amortization expense

Compensation

231,188

314,042

311,375

149,794

153,228

148,920

Stock-based compensation

56,021

84,130

95,265

Professional services

36,821

63,443

48,994

Clinical studies

28,012

43,890

54,590

Cloud computing and information technology

28,000

1,420,936

718,466

25,019

30,233

31,868

Facilities

21,666

25,983

30,276

Laboratory supplies and research collaborations

12,802

41,341

41,863

Other segment expenses

44,156

67,799

72,043

Total costs and operating expenses

709,335

2,314,753

1,608,487

Loss from operations

(562,163)

(2,189,158)

(1,515,382)

Other income (expense):

Interest income

28,652

26,733

7,954

Other income (expense), net

(993)

(208)

Benefit from income taxes

126,153

135,356

41,951

(408,351)

(2,027,005)

(1,465,685)

Depreciation

6,600

4,800

9,800

Revenue

^[1]

138,601

108,627

74,999

^[2]

73,251

63,284

47,966

Revenue

8,571

16,968

18,106

^[3]

$ 2,605

$ 6,444

$ 6,861

[1]	Includes related party screening revenue of $208, $460 and $652, respectively.
[2]	Includes related party cost of screening revenue of $4,617, $13,091 and $8,532, respectively.
[3]	Includes related party cost of development services revenue of $275, $637 and $238, respectively.

REVENUE - Revenue by type and industry (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 147,172

$ 125,595

$ 93,105

Screening revenue | Commercial

^[1]

138,601

108,627

74,999

Screening revenue | Government

133,933

108,467

75,000

4,668

160

Development Services | Commercial

8,571

16,968

18,106

$ 8,571

$ 16,968

$ 18,105

[1]	Includes related party screening revenue of $208, $460 and $652, respectively.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company has entered into operating leases for facilities utilized for commercial and research and development. Operating leases have remaining lease terms which range from less than 1 year to 8 years, and often include one or more options to renew. These renewal terms can extend the lease term from 5 to 15 years and are included in the lease term when it is reasonably certain that the option will be exercised. The exercise of lease renewal and termination options are at the sole discretion of the Company. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

The components of lease costs are as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease costs	$	17,767	$	18,577	$	24,357

Variable lease costs	4,061		4,666		3,676
Total lease costs	$	21,828	$	23,243	$	28,033

The Company’s weighted average remaining lease term and weighted average discount rate for operating leases were as follows:


	As of December 31,
	2025		2024
Weighted-average remaining lease term	6.9 years		7.3 years
Weighted average discount rate	2.6	%	2.5	%

Future undiscounted lease payments under operating leases as of December 31, 2025 were as follows:


(in thousands)	Amount
2026	$	13,590
2027	8,442
2028	8,232
2029	8,448
2030	8,260
Thereafter	23,871
Total undiscounted lease payments	70,843
Less: Imputed interest	(6,290)
Less: Tenant improvement allowance*	(9,690)
Total operating lease liabilities	$	54,863
*Tenant improvement allowance is estimated to be received as follows: approximately $0.3 million in 2026 and $9.4 million thereafter.

Excluded from the lease obligation table above is a commercial lease agreement (the “Lease”) entered into by and between the Company and Sunnyvale Office Acquisition, LLC, as of September 11, 2025, pursuant to which the Company agreed to lease an aggregate of approximately 75,556 square feet for a new corporate headquarters in Sunnyvale, California, which will be recognized as an operating lease upon the lease commencement date. The actual timing of lease commencement for accounting purposes, as well as the Company’s obligation to begin making payments and recognizing rental and other expenses, is dependent upon when the space is made available to the Company and the Company obtains control of the underlying asset. The Company’s current estimate of the total estimated undiscounted lease payments, excluding the renewal option and option to expand into additional space, for this leased office space is approximately $61.7 million.

COMMITMENTS AND CONTINGENCIES - Schedule of other commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 25,023
2027	23,927
2028	3,633
2029	258
Total	$ 52,841

GOODWILL AND INTANGIBLE ASSETS - Goodwill narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Impairment	$ 888,900	$ 608,500	$ 888,936	$ 608,466
Discount Rate \| Level 3
Goodwill [Line Items]
Discount rate on goodwill	51.50%	24.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of income (loss) before income tax

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Prior to the Spin-Off, the Company had no common shares issued and outstanding. In connection with the Spin-Off, on June 24, 2024, there were 31.0 million shares of GRAIL common stock distributed to Illumina stockholders. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Spin-Off. For the year ended December 31, 2023 these shares are treated as issued and outstanding for purposes of calculating historical earnings per share.

The following table presents the calculation of the Company’s basic and diluted net loss per share :


	Year Ended
(in thousands, except share and per share data)	December 31, 2025		December 31, 2024		December 31, 2023
Numerator
Net loss	$	(408,351)	$	(2,027,005)	$	(1,465,685)
Denominator
Weighted average shares of common stock—basic and diluted	36,753,751		31,901,259		31,049,148
Net loss per share
Basic	$	(11.11)	$	(63.54)	$	(47.21)
Diluted	$	(11.11)	$	(63.54)	$	(47.21)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented as they had an anti-dilutive effect:


	Year Ended
	December 31, 2025	December 31, 2024	December 31, 2023
Unvested restricted stock units	4,831,956	5,523,029	6,564,282
Unvested performance options	104,315	104,315	104,315
Unvested performance stock units	31,000	—	—
Shares issuable under ESPP	74,453	—	—
Total	5,041,724	5,627,344	6,668,597

TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Loss before income taxes summarized by region was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
United States	$	(540,192)	$	(2,165,006)	$	(1,509,885)
Foreign	5,688		2,645		2,249
Loss before benefit from income taxes	$	(534,504)	$	(2,162,361)	$	(1,507,636)

Schedule of provision for (benefit from) income taxes

The benefit from income taxes consisted of the following:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current taxes:
Federal	$	1,125	$	—	$	—
Foreign	—		(1,628)		(3,798)
Total current income tax expense/(benefit)	$	1,125	$	(1,628)	$	(3,798)
Deferred taxes:
Federal	$	(111,750)	$	(92,184)	$	(22,019)
State	(15,528)		(41,544)		(16,134)
Total deferred income tax benefit	(127,278)		(133,728)		(38,153)
Benefit from income taxes	$	(126,153)	$	(135,356)	$	(41,951)

Schedule of effective income tax rate reconciliation

The benefit from income taxes reconciles to the amount computed by applying the federal statutory rate to loss before income taxes as follows:


	Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023
(in thousands)
Tax at federal statutory rate	$	(112,246)	21.0	%	$	(454,122)	21.0	%	$	(316,603)	21.0	%
State, net of federal benefit(1)	(11,190)		2.1	%	(29,235)		1.4	%	(13,283)		0.9	%
Tax credits
Research tax credits	(3,589)		0.7	%	(7,145)		0.3	%	(1,827)		0.1	%
Change in valuation allowance	111		—	%	166,475		(7.7)	%	160,664		(10.7)	%
Nontaxable or nondeductible items
Goodwill impairment	—		—	%	186,641		(8.6)	%	127,778		(8.5)	%
Stock compensation	(5,920)		1.1	%	88		—	%	134		—	%
Other	6,681		(1.3)	%	1,942		(0.1)	%	1,186		—	%
Total tax benefit from income taxes	$	(126,153)	23.6	%	$	(135,356)	6.3	%	$	(41,951)	2.8	%

(1) State taxes in California, Georgia, New York, New York City, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses	$	147,070	$	43,707
Tax credits	14,047		7,963
Other accruals and reserves	6,671		5,727
Stock compensation	9,992		9,320
Capitalized U.S. research and development expenses	16,497		23,088
Other amortization	53,792		57,401
Operating lease liabilities	13,689		16,539
Property & equipment	392		2,063
Other	876		1,026
Total gross deferred tax assets	263,026		166,834
Valuation allowance on deferred tax assets	(6,938)		(7,744)
Total deferred tax assets	$	256,088	$	159,090
Deferred tax liabilities:
Purchased intangible amortization	$	(461,714)	$	(488,874)

Operating lease right-of-use assets	(12,957)		(16,076)
Total deferred tax liabilities	(474,671)		(504,950)
Deferred tax liability, net	$	(218,583)	$	(345,860)

Schedule of uncertain tax positions

The following table summarizes the gross amount of uncertain tax positions:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Balance at beginning of year	$	3,859	$	59,295	$	51,843


Decreases related to the Spin-Off	—		(59,295)		—
Decreases related to prior year tax positions	(46)		—		—
Increases related to current year tax positions	3,823		3,859		7,452
Balance at end of year	$	7,636	$	3,859	$	59,295

Schedule of Cash Flow, Supplemental Disclosures

The following table presents the disaggregation of income taxes paid by jurisdiction:


(in thousands)	December 31, 2025
Federal	$	—
New York	492
Massachusetts	176
South Carolina	148
New York City	139
North Carolina	80
Tennessee	73
All Other States	23
Total taxes paid	$	1,131

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) - USD ($) $ in Thousands		12 Months Ended			34 Months Ended
	Jun. 24, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 23, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash funding received from Illumina		$ 0	$ 1,244,300	$ 464,000
Cash deposits and cash equivalents		249,727	214,234	$ 97,287
Short-term marketable securities		$ 654,703	$ 549,236
Illumina, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of shares distributed in spin-off (as a percent)	85.50%
Stockholders' equity note, spinoff transaction, number of shares distributed (in shares)	31,000,000.0
Illumina, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash funding received from Illumina	$ 932,300
SDG Ops, LLC \| Illumina, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage ownership prior to spin-off (as a percent)					100.00%
Grail, Inc. \| Illumina, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares owned (in shares)	4,502,126
Percentage of shares retained after spin-off (as a percent)	14.50%	6.00%

TAXES - Schedule of income (loss) before income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (540,192)	$ (2,165,006)	$ (1,509,885)
Foreign	5,688	2,645	2,249
Loss before benefit from income taxes	$ (534,504)	$ (2,162,361)	$ (1,507,636)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

The future non-lease commitments over the next five years and thereafter were as follows:


	As of December 31, 2025
(in thousands)	Purchase Commitments
2026	$	25,023
2027	23,927
2028	3,633
2029	258


Total	$	52,841

Licensing Agreements

The Company has entered into licensing agreements related to its research efforts. These agreements contain minimum annual royalty payments which are cancellable at the Company’s discretion, therefore they are not reflected in the above chart. Additionally, some of these licensing agreements include royalties that would be payable on net sales of Galleri, and any future products, pursuant to existing agreements and licenses with Illumina, the Chinese University of Hong Kong, and other third parties in excess of minimum annual royalty payments.

Purchase Commitments

The purchase commitments primarily relate to contractual commitments for future use of web services, and laboratory supplies in the normal course of business.

Intellectual Property

The Company entered into an agreement with a third party for exclusive option rights to certain intellectual property. The Company exercised those option rights to license intellectual property in December 2022. Under the terms of the agreement, the Company may be obligated to make future milestone payments if certain milestone events, such as new product launches or expansion into new regions, are achieved with respect to products covered by the licensed intellectual property. Two such milestones were achieved within 2024 and $1.0 million paid as of December 31, 2024. The remaining milestones are based on net sales over a minimum threshold in specified geographic regions, which were not probable of achievement as of December 31, 2025.

Indemnification

The Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is (or was) serving in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under the applicable indemnification agreements is not specified in the agreements.

The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments that the Company could be required to make under these arrangements is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

After the Spin-Off, the Company became a standalone publicly-traded company, and the Company’s financial statements are presented on a consolidated basis.

Prior to the Spin-Off, the accompanying consolidated financial statements represented the historical operations of the standalone GRAIL legal entity and included purchase accounting adjustments and certain tax adjustments as if the Company filed a separate income tax return and was not included in Illumina’s consolidated return for the period of time the Company was owned by Illumina. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company were included in the consolidated financial statements. Certain assets and liabilities were reflected at fair value under the new basis of accounting established at the closing of the Acquisition. Management considered the need to allocate any shared costs incurred by the parent, Illumina, to the accompanying consolidated financial statements. However, since the European Commission had adopted an order requiring Illumina and GRAIL to be held and operated as distinct and separate entities, no material allocations were required.

Basis of Presentation

The financial statements for all periods presented, including the historical results of the Company prior to the Spin-Off, are referred to as “Consolidated Financial Statements” and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances have been eliminated in consolidation. The Company’s significant accounting policies are summarized below.

Use of Estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and other market- specific or other relevant assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to estimation of variable consideration, standalone selling price included in contracts with multiple performance obligations, measure of progress toward the completion and satisfaction of performance obligations, accrued clinical studies and research and development expenses, stock-based compensation expense, measurement of liability-

classified awards, valuation of intangible assets, useful lives of intangible assets and property and equipment, determination of incremental borrowing rate for operating leases, contingencies, and the provision for income taxes, among others. These estimates generally involve complex issues and require judgments, involve the analysis of historical results and prediction of future trends, can require extended periods of time to resolve and are subject to change from period to period. Actual results could differ from those estimates, and such differences could be material to the consolidated financial statements.

Concentration of Credit Risk

Financial Instruments

The Company is subject to credit risk from its portfolio of cash, cash equivalents and short-term marketable securities held at three accredited financial institutions. As of December 31, 2025, the Company had $249.7 million of cash and cash equivalents, and short-term marketable securities of $654.7 million. The Company limits its exposure to credit losses by investing in money market funds and United States (“U.S.”) government treasury securities through U.S. banks with high credit ratings. The Company’s cash consists of deposits held with banks that may at times exceed federally insured limits, however, its exposure to credit risk in the event of default by the financial institution is limited to the extent of amounts recorded on the consolidated balance sheets. The Company performs evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure. The Company has not experienced any losses in such accounts.

The Company has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company’s investment policy, in order of priority, are as follows: minimize risk of the invested capital (including credit risk, interest rate risk and concentration risk), provide liquidity in a timely manner to accommodate operational and capital needs, and subject to the foregoing, seek to generate a reasonable return based on market conditions given these risk and liquidity guidelines. As of December 31, 2025, the Company had no off-balance sheet concentrations of credit risk. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, investment type and issuer, as a result, the Company is not exposed to any significant concentrations of credit risk from these financial instruments.

Customers

The Company is subject to credit risk related to its accounts receivable. Accounts receivable primarily arise from testing services performed in the U.S. and are primarily with biopharmaceutical companies, healthcare organizations, employers, digital health platforms, concierge medicine practices, life insurance companies, Centers for Medicare & Medicaid Services, and individuals. The Company does not require collateral. Accounts receivable are recorded net of the allowance for credit losses.

Significant customers are those that represent more than ten percent of total revenue or accounts receivable, net balances for the periods and as of each consolidated balance sheet date presented, respectively.

For the year ended December 31, 2025, no single customer accounted for 10% or more of the Company’s revenue. For the years ended December 31, 2024, and December 31, 2023, one customer accounted for 11% and 14% of the Company’s revenue.

As of December 31, 2025, no single customer accounted for 10% or more of the Company’s account receivable, net. As of December 31, 2024 one customer accounted for 32% of the Company’s account receivable, net.

Suppliers

The Company is subject to a concentration risk for equipment, supplies and reagents that are available from a limited number of sources. The Company sources certain laboratory equipment, supplies and reagents used to perform testing services and research and development from single vendors. Historically, the Company has not experienced significant issues sourcing equipment and supplies needed to perform testing services.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit with banks denominated in U.S. Dollars and British Pounds, money market funds, and all highly liquid investments with an original maturity of three months or less.

Restricted Cash

Restricted cash is comprised of cash that is restricted as to withdrawal or use related to letters of credit for the Company’s operating lease agreements.

Short-term marketable securities

The Company classifies its investments as available-for-sale, which consist of high-grade U.S. government treasury bills and are reported at fair value. Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Marketable securities that mature within twelve months from the balance sheet date are classified as short-term marketable securities and those with maturities over twelve months from the balance sheet date are classified as long-term marketable securities. Unrealized holding gains and losses are reflected as a separate component of shareholders’ equity in accumulated other comprehensive gain (loss) until realized. Realized gains and losses on the sale of these securities are recognized in net income or loss.

The Company regularly evaluates its investment portfolio under the available-for-sale debt securities impairment model guidance for indications of possible impairment from credit losses or other factors. For available-for-sale debt securities in an unrealized loss position, the Company evaluates whether a current expected credit loss exists based on available information relevant to the credit rating of the security, current economic conditions and reasonable and supportable forecasts. The Company’s investment portfolio is composed of low-risk, investment grade securities and thus the Company has not recorded an expected credit loss for its investment portfolio.

Fair Value of Financial Instruments

The fair value of financial assets and liabilities is determined using the fair value hierarchy established in Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 —Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

Level 2 —Observable inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying amounts for financial instruments such as accounts receivable, net, prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short-term nature.

Accounts Receivable, Net

Accounts receivable represent unconditional rights to consideration from customers. Accounts receivable are evaluated regularly for collectability and potential credit losses. Allowance for credit losses is estimated based on management’s assessment of historical collection trends and the financial conditions of customers, among other factors. These reserves are re-evaluated on a regular basis and adjusted, as needed. Once a receivable is deemed to be uncollectible, the receivable balance is charged against the reserve.

Property and Equipment, Net

Supplies consists of materials and reagents consumed in the performance of testing services. The Company periodically analyzes supply levels and expiration dates, and writes down supply that has become obsolete or that has a cost basis in excess of expected sales requirements as cost of revenue. The Company records an allowance for excess or obsolete supplies using an estimate based on historical trends, usage forecasts and evaluation of near-term expirations.

Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the useful life of the improvements. Repair expenses and maintenance costs are expensed as incurred. When an item is sold or disposed of, the cost and related accumulated depreciation or amortization is eliminated and the resulting gain or loss, if any, is recorded in the consolidated statements of operations.

The estimated useful lives of the major classes of property and equipment are generally as follows:


			Useful Life (in Years)
Laboratory equipment			3 to 5
Computer hardware			3
Computer software			3
Furniture and fixtures			5
Leasehold improvements			Lease Term

Leases

Leases are classified as operating or financing at lease inception and, as necessary, at modification. Leased assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease.

Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When readily determinable, the Company uses the rate implicit in the lease to discount lease payments; however, when the rate is not readily determinable, the Company uses the incremental borrowing rate based on the information available at the commencement date. The incremental borrowing rate is the rate of interest that a company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and in a similar economic environment. The operating lease ROU asset also includes any initial direct costs, lease payments made prior to lease commencement, and lease incentives received. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities.

For each lease, the determined lease term is based on a noncancellable period, including any rent-free periods provided by the lessor, and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain lease agreements contain lease and non-lease components. The Company accounts for non-lease components as part of the lease component to which they relate.

The Company does not recognize ROU assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

Goodwill and Intangible Assets

Intangible assets identified in the Acquisition include GRAIL trade names, developed technology, and GRAIL in-process research and development (“IPR&D”) and were measured at fair value as of the closing date of Illumina’s acquisition of GRAIL (“Closing Date”). Goodwill represented the excess of purchase price paid over fair value of the net identifiable assets acquired.

The Company’s trade names, GRAIL and Galleri, have brand recognition in the market related to the services GRAIL provides customers and the research and development activities GRAIL performs. GRAIL’s developed technology includes intangible assets related to Galleri, its multi-cancer early detection test that was launched as a laboratory-developed test (“LDT”) in 2021, as well as a diagnostic aid for cancer test. The developed technology underpins both Galleri, designed as a cancer screening test for asymptomatic individuals over 50 years of age, and a diagnostic aid for cancer test for patients for whom there is a clinical suspicion of cancer. The cost of identifiable intangible assets with finite lives, such as trade names and developed technology assets, are amortized on a straight-line basis over the assets’ respective estimated useful lives of 9 years and 18 years, respectively.

The Company’s IPR&D includes assets related to GRAIL’s development of a minimal residual disease (“MRD”) test, a post-diagnostic test, that is under development. IPR&D is considered indefinite-lived and therefore is not amortized until completed and placed into service or expensed upon abandonment of the associated research and development efforts.

Goodwill and IPR&D, which were not amortized, were reviewed for impairment at least annually or more frequently if events or circumstances indicated a potential for impairment. Goodwill and IPR&D were considered impaired if the carrying value of the reporting unit or IPR&D asset exceeded its respective fair value.

The Company performed its goodwill impairment analysis at the reporting unit level. The Company has one reporting unit, which aligns with its reporting structure and availability of discrete financial information. During the goodwill impairment review, the Company assessed qualitative factors to determine whether it was more likely than not that the fair value of the Company’s reporting unit was less than the carrying amount, including goodwill. During the indefinite-lived intangible asset impairment review, the Company assessed the qualitative factors to determine whether it was more likely than not that the fair value of the indefinite-lived intangible asset was less

than the carrying amount. The qualitative factors considered included, but were not limited to, macroeconomic conditions, industry and market considerations, and the Company’s overall financial performance. If the carrying amount of the reporting unit or intangible asset exceeded its fair value, the Company recorded an impairment loss based on the excess.

The Company fully impaired goodwill as of December 31, 2024, resulting in no remaining carrying value. In addition, the Company fully impaired its IPR&D assets as of December 31, 2025, resulting in no remaining carrying value as of that date.

Impairment of Long-Lived Assets

Long-lived assets, other than goodwill and IPR&D (as described above), are evaluated for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets. Should impairment exist, the impairment would be measured as the amount by which the carrying amount of the assets exceeds the fair value of those assets.

Segments

The Company operates and manages its business as one reportable operating segment which provides multi-cancer early detection testing and services. The chief operating decision maker (“CODM”) reviews financial information on an aggregate basis for the purposes of evaluating financial performance and allocating the company resources. Substantially all of the Company’s long-lived assets are located in the U.S.

Revenue Recognition

Revenue is accounted for in accordance with Topic 606, which provides for a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. Revenues are derived from screening and development services. The Company’s revenues were primarily generated in the U.S.

Screening Revenue

The Company recognizes screening revenue from the sale of cancer screening testing services for patients. Patients obtain tests via healthcare systems, employers, digital health platforms, payors, concierge medicine practices, life insurance providers or directly via telemedicine. Patients receive the multi-cancer early detection kit after the order is placed and complete the blood draw. The specimen is then sent to the Company’s lab, the test is processed, and the result is electronically delivered to the patients’ physician. The test price is generally based on our list price, with discounts in certain channels, or, for certain customers, such as larger, higher-volume customers or international distributors, negotiated contractual rates. For certain customers, we also offer rebates. The Company identifies each sale of its test to a customer as a single performance obligation; therefore, revenue is recognized at the point of time when the test result report is delivered. Invoices are generally due within 30 days of receipt.

For self-pay patients, the Company has concluded that an implied contract exists, however the transaction price for the implied contract represents variable consideration as there are situations in which the Company is not expected to collect the full invoiced amounts from self-pay patients due to price concessions. The Company utilizes the expected value approach to estimate the transaction price and applies a constraint for such variable consideration, on a portfolio basis. The Company monitors the estimated amounts to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. Both the estimate and any subsequent revision contain uncertainty and require the use of significant judgment in the estimation of the variable consideration and application of the constraint for such variable consideration. The Company analyzes its actual cash collections over the expected collection period and compares it with the

estimated variable consideration for each portfolio and any difference is recognized as an adjustment to estimated revenue after the expected collection period, subject to assessment of the risk of future revenue reversal.

Development Services Revenue

Development services revenue includes development activities performed in partnership with biopharmaceutical companies. The Company’s targeted methylation-based technology enables development of products and services to optimize treatment once a cancer has been diagnosed. Biopharmaceutical partners engage the Company to run pilots and research studies to evaluate and learn about the technology’s application. The Company evaluates the terms and conditions included within its development services contracts with biopharmaceutical customers to ensure appropriate revenue recognition, including whether services are considered distinct performance obligations. The Company first identifies material promises under the contract and then evaluates whether these promises are capable of being distinct within the context of the contract. In assessing whether a promised service is capable of being distinct, the Company considers whether the customer could benefit from the service either on its own or together with other resources that are readily available to the customer, including factors such as the research, development, and commercialization capabilities of a third party as well as the availability of the associated expertise in the general marketplace. For contracts with multiple performance obligations, the transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines the standalone selling price by considering the historical selling price of these performance obligations in similar transactions as well as other factors, including, but not limited to, the price that customers in the market would be willing to pay, competitive pricing of other vendors, industry publications and current pricing practices, and expected costs of satisfying each performance obligation plus appropriate margin; or by using the residual approach if standalone selling price is not observable, by reference to the total transaction price less the sum of the observable standalone selling prices of other performance obligations promised in the contract.

Biopharmaceutical partners engage the Company to run pilot and research studies by sending patient samples and comparing the Company’s test result to their expected result for evaluation of performance and application. The Company recognizes revenue as performance obligations are completed.

Following favorable results from pilot and research studies, biopharmaceutical partners and the Company may enter into development service agreements related to clinical trial and companion diagnostic device development and regulatory submissions for the developed product(s). These agreements typically have multiple commitments of services and therefore have longer performance periods. The Company uses an input method based on costs incurred to measure its progress toward the completion and satisfaction of the performance obligations. The Company assesses the changes to the total expected cost estimates as well as any incremental fees negotiated resulting from changes to the scope of the original contract in determining the revenue recognized at each reporting period. Invoices are generally due within 60 days.

Deferred Revenue

Deferred revenue, which is a contract liability, consists primarily of payments received in advance of revenue recognition from contracts with customers. For example, prepayments received from patients for screening testing services and development services and other contracts with biopharmaceutical customers often contain upfront payments which results in the recording of deferred revenue to the extent cash is received prior to the Company’s performance of the related development services. Contract liabilities are relieved as the Company performs its obligations under the contract and revenue is recognized. Deferred revenue was $1.9 million and $1.6 million as of December 31, 2025 and December 31, 2024, all of which is considered short-term and was recorded within other current liabilities on the accompanying consolidated balance sheets.

Cost of Screening Revenue

Cost of screening revenue generally consists of cost of materials, labor including salaries and wages, bonus, benefits and stock-based compensation, amortization of GRAIL intangible assets, blood collection kits and shipping, phlebotomy, royalties, electronic medical records, equipment depreciation, and allocations of overhead

expenses such as facilities and information technology costs. Per the terms of the Separation and Distribution Agreement with Illumina, the royalty arrangement with Illumina is suspended until the earlier of December 24, 2026, or any change of control of the Company, at which time a high-single digit royalty will be payable on screening revenue.

Cost of Development Services Revenue

Cost of development services revenue generally consists of materials and patient sample acquisition, labor including salaries and wages, bonus, benefits and stock-based compensation, royalties, equipment depreciation, and allocations of overhead expenses such as facilities and information technology costs. Per the terms of the Separation and Distribution Agreement with Illumina, the royalty arrangement with Illumina is suspended until the earlier of December 24, 2026 or any change of control of the Company, at which time a high-single digit royalty will be payable on development services revenue.

Accrued Clinical Studies and Research and Development Expenses

Estimates of unbilled costs of research and development activities for clinical studies conducted by third- party service providers are accrued. The estimated costs of research and development activities are recorded based upon the estimated amount of services provided. These costs are included in accrued liabilities in the consolidated balance sheets and within research and development expenses in the consolidated statements of operations. These costs are a significant component of research and development expenses. The costs are accrued based on factors such as estimates of the work completed and in accordance with agreements established with third-party service providers. The judgments and estimates in determining the accrued liabilities balance are assessed in each reporting period.

Research and Development

Research and development expenses include costs incurred to develop the Company’s technology (prior to establishing technological feasibility), collect clinical samples, and conduct clinical studies to develop and support the Company’s multi-cancer tests. These costs consist of personnel costs, including salaries, benefits, and stock-based compensation expense associated with the research and development personnel, laboratory supplies, consulting costs, costs associated with setting up and conducting clinical studies at domestic and international sites, and allocated overhead expenses including rent, information technology, and equipment depreciation. Both internal and external research and development costs are expensed in the periods in which they are incurred. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities are deferred and recognized as expense in the period in which the related goods are delivered, or services are performed.

Advertising Costs

Advertising costs are expensed as incurred.

Share-Based Payment Arrangement

Stock-Based Compensation Expense

The Company’s stock-based compensation expense includes expenses related to restricted stock units (“RSUs”), performance stock units (“PSUs”), deferred stock units (“DSUs”), performance stock options (“PSOs”), Employee Stock Purchase Plan (“ESPP”) and Cash-Based Equity Awards. Forfeitures are accounted for as incurred.

The grant date fair values of RSUs and PSUs are generally determined based on the closing market price of GRAIL’s common stock on the date of the grant and in the case of DSUs resulting from deferrals of director cash fees, based on the closing market price of GRAIL’s common stock on the date that such cash fees would have been otherwise paid. Generally, awards of RSUs are granted subject to service conditions and PSUs are granted subject to service and performance based-conditions, with vesting periods ranging between 18 and 48 months.

Stock-based compensation expense is recognized based on the fair value of the award on a straight-line basis over the requisite service periods of the RSUs. The fair value of the PSUs begins to be recognized when it is probable that the performance-based condition will be met.

The fair value of shares to be issued under the ESPP, is derived using the Black-Scholes-Merton option-pricing model at the commencement of 6-month purchase periods in May and November of each year. Stock-based compensation for the ESPP is expensed using a straight-line attribution method over the offering period. Additionally, forfeitures are accounted for as incurred.

The fair value of PSOs that continue to be subject to service conditions was determined using the Black-Scholes-Merton option-pricing model. The model assumptions include expected volatility, term, dividends, and the risk-free interest rate. The expected volatility was determined by weighting the historical and implied volatility of peer companies’ common stock. The expected term was the Company’s best estimates based on the vesting period and contractual term. Given that cash dividends were never declared or paid on the Illumina nor GRAIL common stock, the expected dividend yield is determined to be 0%. The risk-free interest rate was based upon U.S. Treasury securities with remaining terms similar to the expected term of the stock-based awards. The fair value of the PSOs begins to be recognized when it is probable that the performance-based condition will be met.

A cash-based equity incentive award (the “Cash-Based Equity Award”) program was adopted following Illumina’s acquisition of GRAIL in 2021 to provide GRAIL employees with dollar-denominated long-term incentive awards that were indexed to the value of GRAIL. In connection with the Spin-Off, in accordance with the Employee Matters Agreement, the Cash-Based Equity Awards, which were cash-settled, liability-classified awards, were modified to become RSUs that will be settled in shares of the Company’s common stock upon vesting (the “Award Modification”). Unvested PSOs that were previously held by certain GRAIL employees to purchase Illumina common stock were converted to options to purchase GRAIL common stock in connection with the Spin-Off.

Prior to the Award Modification, the Cash-Based Equity Awards were liability-classified awards because the Cash-Based Equity Awards could be (and were) settled in cash. Until April 30, 2024, GRAIL’s stand-alone value calculation was estimated by the Company based on its analysis and the input from independent valuation advisors. The value of the Cash-Based Equity Awards was recorded over the applicable vesting periods, with recognition of a corresponding liability recorded in incentive plan liabilities in the consolidated balance sheets. The Cash-Based Equity Awards were remeasured at each reporting date until settlement with changes in fair value recognized in stock-based compensation expense. On April 30, 2024, Illumina’s Compensation Committee approved an adjustment of the ordinary course payouts of the Cash-Based Equity Awards providing that the Cash-Based Equity Awards would be paid based on their nominal (face) value without adjustment based on changes in equity value. Subsequent to this adjustment to the Cash-Based Equity Awards and continuing until the Award Modification, the Cash-Based Equity Awards were expensed in accordance with their applicable vesting schedules.

There were no Cash-Based Equity Awards outstanding as of December 31, 2024. See Note 8 — Stock-Based Compensation for further details.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After the consummation of an equity financing, these costs are recorded as a reduction of additional paid-in capital. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations.

Pre-funded Warrants

Pre-funded warrants are classified as a component of stockholders’ equity within additional paid-in capital and are recorded at the issuance date. The pre-funded warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. The value of the pre-funded warrants is known at issuance, as their sales price approximates their fair value, and net proceeds from the sale are recorded as a component of additional paid-in capital.

Defined Contribution Plan

The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) pursuant to which, eligible employees can elect to contribute eligible compensation to the 401(k) Plan, subject to certain limitations. On January 1, 2023, the 401K Plan was modified to provide for a 100% employer match of employee contributions up to a maximum of three thousand dollars per employee. For the years ended December 31, 2025 and December 31, 2024, the Company contributed $2.6 million and $3.9 million to match employee contributions. The Company pays the administrative costs for the 401(k) plan.

Benefit from Income Taxes

Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets are recognized for deductible temporary differences and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portions or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

We recognize the impact of a tax position in our consolidated financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Due to the complexity of some of the uncertainties, the ultimate resolution may result in payments that are materially different from our current estimate of the tax liability. These differences, as well as any interest and penalties, will be reflected in the provision for income taxes in the period in which they are determined.

As a standalone entity, the Company files tax returns on its own behalf, and tax balances and the effective income tax rate may differ from the amounts reported in historical periods. As of June 24, 2024 and in connection with the Spin-Off, the Company adjusted its deferred tax balances and computed its related tax provision to reflect operations as a standalone entity. During the period that Illumina held the Company, the Company’s activity generated various tax attributes recognized as deferred tax assets, due primarily to the generation of net operating losses, IRC 174 capitalized research and experimental expenditures, and research and development (“R&D”) tax credits that could not be specifically utilized by the Company as it did not generate positive taxable income and it was not a separately regarded tax paying entity from Illumina. Since the Company was not a separately regarded taxable entity from Illumina, these tax attributes were either utilized by or will be utilized by Illumina when filing its consolidated tax return. Historically, the tax attributes were only presented in the Company’s standalone financial statements to allow the users to understand the financial position of the Company as a standalone taxable entity under the Separate-Return Method.

Net Loss Per Share

The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. The weighted-average shares number of shares of common stock outstanding as of December 31, 2025 included pre-funded warrants, as the shares underlying the warrants are issuable for little cash consideration and are immediately exercisable. Diluted net loss per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. In loss periods, basic and diluted net loss per share are identical since the effect of potentially dilutive common shares is antidilutive and therefore excluded. Potentially dilutive common shares consist of shares issuable under equity awards. Potentially dilutive common shares from equity awards are determined using the average share price for each period under the treasury stock method. In addition, proceeds from exercise of equity awards and the average amount of unrecognized compensation expense for equity awards are assumed to be used to repurchase shares.

Restructuring Charges

Restructuring charges consist primarily of severance, benefits, payroll taxes, and other related costs. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and are classified based on each employee’s respective function.

Foreign Currency

The functional currency of the foreign subsidiary is the British Pound. Adjustments resulting from translating the financial statements of the United Kingdom subsidiary into U.S. Dollars are recorded as a component of other comprehensive loss in the consolidated statements of comprehensive loss. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. Dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the weighted-average exchange rates during the period. Equity transactions are translated using historical exchange rates. Gains and losses resulting from translation of foreign currency monetary transactions are reported in other income (expense), net in the consolidated statements of operations and comprehensive loss. Gains and losses resulting from foreign currency transactions that are deemed to be of a long-term investment nature are reported as a separate component of other comprehensive loss.

Reclassification

Certain amounts within the segment disclosure in the footnote to the consolidated financial statements for the respective periods ended December 31, 2024 and December 31, 2023 have been conformed to the current period presentation.

Recent accounting pronouncements

Recent Accounting Pronouncements

The Company evaluates all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the "FASB") for consideration of their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update improves income tax disclosure requirements, primarily through enhanced transparency and decision usefulness of disclosures. The Company adopted the standard on its effective date in 2025, on a retroactive basis, and has included the required disclosures in Note 14 — Taxes.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. This update intends to improve financial reporting by requiring disclosure of additional information about specific expense categories. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the guidance is to be applied prospectively and may be applied retrospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued No. ASU 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). This update address diversity in practice and improves the operability of accounting for share-based consideration granted to customers. The amendments clarify how to distinguish between service and performance conditions for vesting, require entities to estimate forfeitures for all share-based consideration payable to customers, and specifies that variable consideration guidance in ASC 606 does not apply when measuring such awards. This guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The transition method may be modified retrospective or on a retrospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides entities with a practical expedient related to developing reasonable and supportable forecasts as part of estimating expected credit losses, in which entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This guidance is effective for fiscal years beginning after December 15, 2027 and interim

reporting periods within those annual reporting periods. Early adoption is permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10 (ASC Topic 832), Accounting for Government Grants Received by Business Entities. This ASU establishes the accounting and presentation for government grants received by a business entity. This guidance is effective for fiscal years beginning after December 15, 2028 and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update enhances consistency in interim reporting for all entities by clarifying interim disclosure requirements and the form and content of interim financial statements in accordance with GAAP. This guidance is effective for interim reporting periods with annual reporting periods beginning after December 15, 2027. Early adoption is permitted and must be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. This update includes a series of technical amendments intended to clarify guidance, correct unintended application issues, and improve consistency and operability across various Topics within the FASB Accounting Standards Codification. This guidance is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance on deferred tax assets	$ 6,938	$ 7,744
Unrecognized tax benefits that would impact effective tax rate	7,100	$ 3,600	$ 54,400
United States
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	567,000
Tax credit carryforwards	13,000
State Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	424,200
Tax credit carryforwards	6,800
UNITED KINGDOM
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 16,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

After the Spin-Off, the Company became a standalone publicly-traded company, and the Company’s financial statements are presented on a consolidated basis.

Use of Estimates

Concentration of Credit Risk

Financial Instruments

Customers

Suppliers

Cash and Cash Equivalents

Restricted Cash

Restricted cash is comprised of cash that is restricted as to withdrawal or use related to letters of credit for the Company’s operating lease agreements.

Short-term marketable securities

Fair Value of Financial Instruments

Level 1 —Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Accounts Receivable, Net

Supplies

Property and Equipment, Net

The estimated useful lives of the major classes of property and equipment are generally as follows:


			Useful Life (in Years)
Laboratory equipment			3 to 5
Computer hardware			3
Computer software			3
Furniture and fixtures			5
Leasehold improvements			Lease Term

Leases

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Segments

Revenue Recognition

Screening Revenue

Development Services Revenue

Deferred Revenue

Cost of Screening Revenue

Cost of Development Services Revenue

Accrued Clinical Studies and Research and Development Expenses

Research and Development

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs were $15.1 million, $17.7 million and $21.9 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

Stock-Based Compensation Expense

There were no Cash-Based Equity Awards outstanding as of December 31, 2024. See Note 8 — Stock-Based Compensation for further details.

Deferred Offering Costs

Pre-funded Warrants

Defined Contribution Plan

Benefit from Income Taxes

underlying $447.2 million of tax attributes were adjusted through an entry of $447.2 million to additional paid in capital.

Net Loss Per Share

Restructuring Charges

Foreign Currency

Reclassification

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

STOCK-BASED COMPENSATION - 2024 deferred compensation plan (Details)	12 Months Ended
	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance as of December 31, 2024	479,339
Annual increase	1,694,670
Awarded	(2,152,456)
Forfeited	491,833
Balance as of December 31, 2025	513,386

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - Intellectual Property $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) financialInstitution
Other Commitments [Line Items]
Number of milestones achieved \| financialInstitution	2
Milestone payments made \| $	$ 1.0

RESTRUCTURING - Non-recurring restructuring charges (Details) - Restructuring Plan, Core MCED Business - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 18,300	$ (34)	$ 18,313
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 64	$ 9,080
Restructuring Charges, Statement of Income or Comprehensive Income Flag		Operating expenses—Research and development	Operating expenses—Research and development
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ (83)	$ 4,858
Restructuring Charges, Statement of Income or Comprehensive Income Flag		Sales and marketing	Sales and marketing
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ (15)	$ 4,375
Restructuring Charges, Statement of Income or Comprehensive Income Flag		General and administrative	General and administrative
Severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ (161)	$ 17,538
Severance and related benefit costs \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(47)	8,783
Severance and related benefit costs \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(83)	4,858
Severance and related benefit costs \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(31)	3,897
Other Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		127	775
Other Costs \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		111	297
Other Costs \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	0
Other Costs \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 16	$ 478

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

GOODWILL AND INTANGIBLE ASSETS - Schedule of indefinite lived intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Roll Forward]
Ending balance				$ 0
IPR&D
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance				28,000	$ 560,000	$ 670,000
Impairment	$ 28,000	$ 112,000	$ 110,000	$ (28,000)	(532,000)	(110,000)
Ending balance					$ 28,000	$ 560,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income Flag				Goodwill and intangible assets impairment	Goodwill and intangible assets impairment	Goodwill and intangible assets impairment

STOCK-BASED COMPENSATION - 2024 ESPP (Details) - Employee Stock - The GRAIL, Inc. 2024 Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2025	May 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual increase in shares available for grant as a percentage		1.00%
Maximum earnings withheld for purchase of shares (as a percent)	15.00%
Purchase price as a percentage of fair value (as a percent)	85.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

GOODWILL AND INTANGIBLE ASSETS - Schedule of maturity of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 138,333
2027	138,333
2028	138,333
2029	138,333
2030	136,852
Thereafter	1,160,372
Net Intangible Assets	$ 1,850,556	$ 1,988,890

BALANCE SHEET COMPONENTS - Schedule of property and equipment, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Less accumulated depreciation and amortization

$ 122,266

$ 122,941

(70,453)

(53,880)

Total property and equipment, net

^[1]

51,813

69,061

Laboratory equipment

54,113

53,550

Computer hardware

3,993

4,682

Furniture and fixtures

2,515

2,577

Computer software

1,072

Leasehold improvements

59,769

59,764

Construction-in-process

Preferred stock, par value (in dollars per share)

$ 804

$ 1,296

[1]	Includes related party property and equipment, net of nil and $2,227, respectively.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Mateo, California

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of fair value hierarchy of financial assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	$ 247,236	$ 212,139
Total short-term marketable securities	654,703	549,236
Total	901,939	761,375
U.S. government treasury bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term marketable securities	654,703	549,236
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	247,236	212,139
Total short-term marketable securities	654,703	549,236
Total	901,939	761,375
Level 1 \| U.S. government treasury bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term marketable securities	654,703	549,236
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Total short-term marketable securities	0	0
Total	0	0
Level 2 \| U.S. government treasury bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term marketable securities	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Total short-term marketable securities	0	0
Total	0	0
Level 3 \| U.S. government treasury bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term marketable securities	0	0
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	63,195	94,697
Money market funds \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	63,195	94,697
Money market funds \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
U.S. government treasury bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	184,041	117,442
U.S. government treasury bills \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	184,041	117,442
U.S. government treasury bills \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
U.S. government treasury bills \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	$ 0	$ 0

STOCK-BASED COMPENSATION - Restricted stock units (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) award shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
2024 Transition Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Payment Arrangement By Share Based Payment Award, Number Of Performance Plans \| award	2
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate potential fair value	$ 1.6
Performance Shares \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, nonvested, number of shares \| shares	26,000
Performance Shares \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, nonvested, number of shares \| shares	5,000
Performance Shares \| Tranche One \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.33%
Performance Shares \| Tranche One \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	60.00%
Performance Shares \| Tranche Two \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.33%
Performance Shares \| Tranche Two \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	40.00%
Performance Shares \| Tranche Three \| The GRAIL, Inc. 2024 Incentive Award Plan, PSU Award One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.33%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of replacement awards	$ 416.2	$ 98.6
Fair value of restricted stock vested	$ 93.8	$ 45.5	$ 0.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

$ 0.001

Preferred stock, shares authorized (in shares)

50,000,000

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

1,500,000,000

Common stock, shares outstanding (in shares)

33,893,409

Common stock, shares issued (in shares)

40,331,360

33,893,409

Accounts receivable, net

^[1]

$ 18,295

$ 20,312

^[2]

16,017

18,632

Property, plant and equipment, net

^[3]

15,107

17,447

^[4]

51,813

69,061

^[5]

63,945

57,241

Related Party

Accounts receivable, net

3,130

Property, plant and equipment, net

2,227

$ 0

$ 104

[1]	Includes related party accounts receivable, net of nil and $65, respectively.
[2]	Includes related party supplies of nil and $3,130, respectively.
[3]	Includes related party prepaid expenses and other current assets of nil and $77, respectively.
[4]	Includes related party property and equipment, net of nil and $2,227, respectively.
[5]	Includes related party accrued liabilities of nil and $104, respectively.

BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS

The following tables present financial information of certain consolidated balance sheets components:


	As of December 31,
(in thousands)	2025		2024
Property and equipment, net
Laboratory equipment	$	54,113	$	53,550
Computer hardware	3,993		4,682
Furniture and fixtures	2,515		2,577
Computer software	1,072		1,072
Leasehold improvements	59,769		59,764
Construction-in-process	804		1,296
Property and equipment, gross	122,266		122,941
Less accumulated depreciation and amortization	(70,453)		(53,880)
Total property and equipment, net	$	51,813	$	69,061


	As of December 31,
(in thousands)	2025		2024
Accounts Receivable, net
Trade accounts receivable, gross	$	21,899	$	24,099
Allowance for credit losses	(3,604)		(3,787)
Total accounts receivable, net	$	18,295	$	20,312


	As of December 31,
(in thousands)	2025		2024
Accrued liabilities
Accrued compensation expenses	$	36,299	$	34,530
Accrued clinical studies and research and development expenses	15,656		13,027
Accrued legal and professional service expenses	3,650		2,966
Accrued other expenses	8,340		6,718
Total accrued liabilities	$	63,945	$	57,241

STOCK-BASED COMPENSATION - Performance-based award (Details) - Performance Shares $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate potential fair value	$ 1.6
Former Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate potential fair value	78.0
Former Employee \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	500.0
Former Employee \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	750.0
Former Employee \| Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	1,500.0
Former Employee \| Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	$ 2,000.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue Recognition and Deferred Revenue [Abstract]

LEASES - Weighted average remaining lease term (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term	6 years 10 months 24 days	7 years 3 months 18 days
Weighted average discount rate	2.60%	2.50%

REVENUE

12 Months Ended

Dec. 31, 2025

REVENUE

The following table presents the Company’s revenue disaggregated by geographic areas based on the customers’ locations:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
United States
Screening	$	136,760	$	108,536	$	75,000
Development Services	333		2,280		3,679
International(1)
Screening	1,841		91		—
Development Services	8,238		14,688		14,426
Total	$	147,172	$	125,595	$	93,105

_________

(1) International region includes revenue earned from customers located outside of the United States.

The following table presents the Company’s revenue disaggregated by revenue source:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Screening
Commercial	$	133,933	$	108,467	$	75,000
Government(1)	4,668		160		—
Development Services
Commercial	8,571		16,968		18,105

Total	$	147,172	$	125,595	$	93,105

_________

(1) Government screening revenue primarily consists of revenue earned as part of our REACH/Galleri-Medicare clinical study.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

Restructuring and Related Activities [Abstract]

TAXES - Schedule of components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 147,070	$ 43,707
Tax credits	14,047	7,963
Other accruals and reserves	6,671	5,727
Stock compensation	9,992	9,320
Capitalized U.S. research and development expenses	16,497	23,088
Other amortization	53,792	57,401
Operating lease liabilities	13,689	16,539
Property & equipment	392	2,063
Other	876	1,026
Total gross deferred tax assets	263,026	166,834
Valuation allowance on deferred tax assets	(6,938)	(7,744)
Total deferred tax assets	256,088	159,090
Deferred tax liabilities:
Purchased intangible amortization	(461,714)	(488,874)
Operating lease right-of-use assets	(12,957)	(16,076)
Total deferred tax liabilities	(474,671)	(504,950)
Deferred tax liability, net	$ (218,583)	$ (345,860)

RESTRUCTURING

12 Months Ended

Dec. 31, 2025

RESTRUCTURING

On August 9, 2024, following a portfolio review, the Company’s Board of Directors approved a restructuring plan (“Restructuring Plan”) designed to re-prioritize the Company’s resources to focus on its core MCED business and reduce overall spend as the Company progresses towards completion of registrational studies and premarket approval application submission. The Restructuring Plan was substantially completed in the fourth quarter of 2024, and the Company incurred approximately $18.3 million of total restructuring charges from August 9, 2024 through December 31, 2024, consisting primarily of employee severance, benefits, payroll taxes, asset impairments and other associated costs. The following table presents the total restructuring charges by function for the periods indicated:


	Year Ended December 31, 2025
(in thousands)	Severance and related benefit costs		Other Costs		Total
Research and development	$	(47)	$	111	$	64
Sales and marketing	(83)		—		(83)
General and administrative	(31)		16		(15)
Total	$	(161)	$	127	$	(34)


	Year Ended December 31, 2024
(in thousands)	Severance and related benefit costs		Other Costs		Total
Research and development	$	8,783	$	297	$	9,080
Sales and marketing	4,858		—		4,858
General and administrative	3,897		478		4,375
Total	$	17,538	$	775	$	18,313

As of December 31, 2025, the Company had no remaining restructuring liability. The following table summarizes the restructuring-related liabilities:


(in thousands)	Severance and related benefit costs		Other Costs		Total
Restructuring charges	$	17,538	$	775	$	18,313
Cash payments made	(16,732)		(454)		(17,186)
Non-cash charges	—		(99)		(99)
Amount recorded in accrued liabilities as of December 31, 2024	806		222		1,028
Restructuring charges	(161)		127		(34)
Cash payments made	(645)		(349)		(994)
Amount recorded in accrued liabilities as of December 31, 2025	$	—	$	—	$	—

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Nov. 14, 2025	Oct. 21, 2025	Oct. 18, 2025	Oct. 16, 2025	Dec. 31, 2025
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of common stock sold (in shares)			2,640,970,000,000	1,570,308
Common stock, price per share sold (in dollar per share)			$ 70.05	$ 70.05
Proceeds from sale of common stock		$ 311.3		$ 110.0
Stock issuance costs		$ 13.7
Private Placement \| Pre-Funded Warrant
Subsidiary, Sale of Stock [Line Items]
Common stock, price per share sold (in dollar per share)			$ 70,049,000.000
Number of securities called by warrants (in shares)			1,998,573,000,000
Exercise price of warrants (in dollar per share)			$ 1,000.000
At the Market Offering
Subsidiary, Sale of Stock [Line Items]
Number of common stock sold (in shares)					1,169,218
Proceeds from sale of common stock					$ 107.5
Stock issuance costs					3.2
Sale of stock maximum aggregate offering price under sales agreement	$ 300.0
Sale of stock maximum number of shares equity distribution agreement (in shares)	6,900,000
Shares available for future issuance					$ 189.3

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of components of lease cost

The components of lease costs are as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease costs	$	17,767	$	18,577	$	24,357

Variable lease costs	4,061		4,666		3,676
Total lease costs	$	21,828	$	23,243	$	28,033

The Company’s weighted average remaining lease term and weighted average discount rate for operating leases were as follows:


	As of December 31,
	2025		2024
Weighted-average remaining lease term	6.9 years		7.3 years
Weighted average discount rate	2.6	%	2.5	%

Schedule of future undiscounted lease payments, operating leases

Future undiscounted lease payments under operating leases as of December 31, 2025 were as follows:


(in thousands)	Amount
2026	$	13,590
2027	8,442
2028	8,232
2029	8,448
2030	8,260
Thereafter	23,871
Total undiscounted lease payments	70,843
Less: Imputed interest	(6,290)
Less: Tenant improvement allowance*	(9,690)
Total operating lease liabilities	$	54,863
*Tenant improvement allowance is estimated to be received as follows: approximately $0.3 million in 2026 and $9.4 million thereafter.

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

Goodwill represented the excess of purchase price Illumina paid over the fair value of the net identifiable assets acquired upon the Acquisition of the Company.


(in thousands)	Goodwill
Balance as of January 1, 2023	$	1,497,402
Impairment	(608,466)
Balance as of December 31, 2023	888,936
Impairment	(888,936)
Balance as of December 31, 2024	$	—

Schedule of intangible assets

The following roll-forward indicates the fair values assigned to finite-lived intangible assets and the resulting amortization:


	As of
	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets		Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(580,185)	$	1,829,815	$	2,410,000	$	(446,297)	$	1,963,703
Trade Names	40,000		(19,259)		20,741		40,000		(14,813)		25,187
Total Finite-Lived Intangible Assets	$	2,450,000	$	(599,444)	$	1,850,556	$	2,450,000	$	(461,110)	$	1,988,890

The following roll-forward indicates the carrying value of the indefinite-lived intangible asset from the Acquisition and the impairment expenses recorded:


(in thousands)	IPR&D
Balance as of January 1, 2023	$	670,000
Impairment	(110,000)
Balance as of December 31, 2023	560,000
Impairment	(532,000)
Balance as of December 31, 2024	28,000
Impairment	(28,000)
Balance as of December 31, 2025	$	—

Schedule of maturity of finite-lived intangible assets


(in thousands)	Estimated Annual Amortization
2026	$	138,333
2027	138,333
2028	138,333
2029	138,333
2030	136,852
Thereafter	1,160,372
Total	$	1,850,556

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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STOCK-BASED COMPENSATION - Cash-based equity awards narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 28, 2024 USD ($) tradingDay shares	Jun. 30, 2024 USD ($) tradingDay	Dec. 31, 2024 USD ($)	Dec. 31, 2025 shares	Jun. 24, 2024 tradingDay
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reclassification of incentive plan liabilities to additional paid-in capital			$ 54,795
GRAIL 2021 Cash-Based Equity Awards Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted			$ 66,864
Number of trading days after spin-off \| tradingDay					4
Number of grantees impacted by modification \| tradingDay	1,300
Reclassification of incentive plan liabilities to additional paid-in capital	$ 50,300
Transition Incentive Award \| 2024 Transition Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted		$ 40,200
Vesting term (in years)		1 year
Number of trading days after spin-off \| tradingDay		4
Amount of liability-classified awards reclassified to APIC	$ 4,400
Restricted Stock Units (RSUs) \| 2024 Transition Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grail RSUs (in shares) \| shares	2,500,000
Restricted Stock Units (RSUs) \| GRAIL 2021 Cash-Based Equity Awards Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grail RSUs (in shares) \| shares	4,000,000.0
Cash-based equity award outstanding \| shares				0

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES - Narrative (Details) - security	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Number of marketable securities in an unrealized loss position	0	0

LEASES - Schedule of future undiscounted lease payments, operating leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
2026	$ 13,590
2027	8,442
2028	8,232
2029	8,448
2030	8,260
Thereafter	23,871
Total undiscounted lease payments	70,843
Less: Imputed interest	(6,290)
Less: Tenant improvement allowance	(9,690)
Total operating lease liabilities	54,863
Leasehold improvements
Lessee, Lease, Description [Line Items]
Tenant improvement receivable, current	300
Tenant improvement receivable, noncurrent	$ 9,400

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS GRAIL, Inc. (“GRAIL” or the “Company”), headquartered in Menlo Park, California, is an innovative commercial-stage healthcare company focused on shifting the paradigm of early cancer detection. The Company’s Galleri blood test is a commercially available screening test for early detection of multiple types of cancer. GRAIL’s common stock is listed under the ticker symbol “GRAL” on the Nasdaq Stock Exchange. GRAIL was previously acquired by Illumina, Inc. (”Illumina”) in August 2021 (the “Acquisition”), at which point it became a 100% owned subsidiary of Illumina, and held separate as a part of binding hold separate commitments implemented pursuant to orders issued by the European Commission. GRAIL separated from Illumina on June 24, 2024, as described below. GRAIL was a limited liability company (“LLC”) from August 19, 2021 to June 21, 2024 when it was converted into a corporation (the “Conversion”) in anticipation of such separation. Separation from Illumina On June 24, 2024, (the “Distribution Date”), Illumina completed the previously announced spin-off of GRAIL (the “Spin-Off”). The Spin-Off was completed through a distribution of 85.5% of the Company’s outstanding common stock to the holders of record of Illumina’s common stock as of the close of business on June 13, 2024 (the “Distribution”), which resulted in the distribution of 31.0 million shares of common stock. As a result of the Distribution, the Company became an independent public entity. Illumina’s ownership of GRAIL reduced to 4,502,126 shares of common stock representing 14.5% ownership of the Company after the Spin-Off. Unless the context otherwise requires, references to the Company or GRAIL, refer to (i) GRAIL, LLC prior to the Conversion and (ii) GRAIL, Inc. and its subsidiaries following the Conversion. In connection with the Spin-Off, the Company entered into or adopted agreements that provide a framework for the relationship between the Company and Illumina, including, but not limited to the following: •Separation and Distribution Agreement — governed the terms and conditions of the Spin-Off and sets forth aspects of the Company’s and Illumina’s relationship following the Spin-Off. See Note 11 — Legal And Regulatory Proceedings for more information regarding the contingencies related to this agreement. •Tax Matters Agreement — governs the respective rights, responsibilities and obligations of Illumina and the Company after the Spin-Off with respect to all tax matters and includes restrictions to preserve the tax-free status of the Distribution. See Note 14 — Taxes and Note 11 — Legal And Regulatory Proceedings regarding income taxes and the contingencies related to this agreement. •Employee Matters Agreement — addresses employment, compensation, and benefits matters, including the allocation and treatment of assets and liabilities relating to employees and compensation and benefits plans and programs in which GRAIL employees participate, as well as the treatment of cash-based incentive awards in connection with the Spin-Off. See Note 8 — Stock-Based Compensation for further details regarding treatment of equity awards. •Stockholder and Registration Rights Agreement — governs the respective rights, responsibilities and obligations of Illumina and the Company after the Spin-Off with respect to Illumina’s continuing ownership of GRAIL common stock. •Supply and Commercialization Agreement Amendment — amends the Company’s supply and commercialization agreement with Illumina, which governs the ongoing supply and commercial relationship, including licensing, royalty payments and intellectual property between GRAIL and Illumina. See Note 16 — Related Party Transactions for more information regarding the royalty arrangements with Illumina. Illumina provided the Company with disposal funding (the “Disposal Funding”) in the amount of $932.3 million in accordance with the Separation and Distribution Agreement, which was subject to a clawback feature that lapsed on September 24, 2025. See Note 11 — Legal And Regulatory Proceedings — Contingencies for details. Our Ability to Continue as a Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to manage its net loss and to become profitable and operate profitably, to manage the Company’s negative cash flows from operations and to generate positive cash flows from operations, and the Company’s ability to obtain financing to support working capital requirements. The Company had $249.7 million of cash and cash equivalents and $654.7 million of short-term marketable securities as of December 31, 2025. The Company believes that its existing cash and cash equivalents and short-term marketable securities will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months, as of the date these consolidated financial statements were filed.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (408,351)	$ (2,027,005)	$ (1,465,685)
Other comprehensive income:
Net unrealized gain on marketable securities, net of tax	110	266	0
Foreign currency translation adjustment	1,094	119	172
Comprehensive loss	$ (407,147)	$ (2,026,620)	$ (1,465,513)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

TAXES - Schedule of provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current taxes:
Federal	$ 1,125	$ 0	$ 0
Foreign	0	(1,628)	(3,798)
Total current income tax expense/(benefit)	1,125	(1,628)	(3,798)
Deferred taxes:
Federal	(111,750)	(92,184)	(22,019)
State	(15,528)	(41,544)	(16,134)
Total deferred income tax benefit	(127,278)	(133,728)	(38,153)
Total tax benefit from income taxes	$ (126,153)	$ (135,356)	$ (41,951)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

General and administrative

$ 147,172

$ 125,595

$ 93,105

Research and development

^[1]

195,794

322,380

338,745

^[2]

159,103

213,862

200,268

Related Party

Research and development

3,306

18,843

19,508

General and administrative

104

206

^[3]

138,601

108,627

74,999

Screening revenue | Related Party

^[4]

73,251

63,284

47,966

208

460

652

4,617

13,091

8,532

8,571

16,968

18,106

Development Services | Related Party

^[5]

2,605

6,444

6,861

$ 275

$ 637

$ 238

[1]	Includes related party research and development expenses of $3,306, $18,843 and $19,508, respectively.
[2]	Includes related party general and administrative expenses of nil, $104 and $206, respectively.
[3]	Includes related party screening revenue of $208, $460 and $652, respectively.
[4]	Includes related party cost of screening revenue of $4,617, $13,091 and $8,532, respectively.
[5]	Includes related party cost of development services revenue of $275, $637 and $238, respectively.

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

STOCK-BASED COMPENSATION - PSOs activity (Details) - Replacement Restricted Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance Options, outstanding (in shares)	104
Weighted-average exercise price per share, outstanding (in dollars per share)	$ 13.53
Weighted-average contractual term, outstanding	4 years 2 months 12 days
Performance Options, vested and exercisable (in shares)	23
Weighted-average exercise price per share, vested and exercisable (in dollars per share)		$ 14.00
Weighted-average contractual term, vested and exercisable	4 years 2 months 12 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cash and cash equivalents

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

$ 249,727

$ 214,234

Short-term marketable securities

654,703

549,236

Accounts receivable, net

^[1]

18,295

20,312

^[2]

16,017

18,632

^[3]

15,107

17,447

Total current assets

953,849

819,861

Operating lease right-of-use assets

^[4]

51,813

69,061

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

Current liabilities:

2,083

4,844

Operating lease liabilities, current portion

^[5]

63,945

57,241

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.

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 of nil and $65, respectively.
[2]	Includes related party supplies of nil and $3,130, respectively.
[3]	Includes related party prepaid expenses and other current assets of nil and $77, respectively.
[4]	Includes related party property and equipment, net of nil and $2,227, respectively.
[5]	Includes related party accrued liabilities of nil and $104, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Mr. Josh Ofman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 2, 2025, Dr. Joshua Ofman, President of the Company, modified a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (as modified, the “2026 Ofman Trading Arrangement”). The 2026 Ofman Trading Arrangement modifies the 2025 Ofman Trading Arrangement, as defined in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and provides for the sale of up to 86,452 shares of common stock, subject to price limitations, until February 20, 2027.
Name	Dr. Joshua Ofman
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	February 20, 2027
Arrangement Duration	445 days
Aggregate Available	86,452
Mr. Aaron Freidin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 11, 2025, Mr. Aaron Freidin, Chief Financial Officer of the Company, modified a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (as modified, the “2026 Freidin Trading Arrangement”). The 2026 Freidin Trading Arrangement modifies the 2025 Freidin Trading Arrangement, as defined in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and provides for the sale of up to 21,000 shares of common stock, subject to price limitations, until March 19, 2027.
Name	Mr. Aaron Freidin
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 11, 2025
Expiration Date	March 19, 2027
Arrangement Duration	463 days
Aggregate Available	21,000

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Illumina Purchases and Sales

The Company was a subsidiary of Illumina, Inc. between August 19, 2021 to June 23, 2024. Subsequent to the Spin-Off, Illumina retained 4,502,126 shares which represented a 14.5% stake in the Company as of the Spin-Off. During the fourth quarter of 2025, Illumina sold 2,000,000 shares of the Company’s common stock, reducing its ownership to 2,502,126 shares, which represented approximately 6.0% of the Company’s outstanding common stock as of December 31, 2025. On February 17, 2026, Illumina filed a Schedule 13G reporting beneficial ownership of 1,302,126 shares of our common stock.

As a result of the reduction in ownership, Illumina no longer meets the definition of a related party. Accordingly, following Illumina’s disposition on November 17, 2025, transactions and balances with Illumina are no longer considered related-party transactions.

Illumina is both a customer of the Company and a major supplier of the Company’s reagents and capital equipment. Goods and services transactions with Illumina are invoiced and paid when due.


	As of
(in thousands)	December 31, 2024
Accounts receivable	$	65
Supplies	3,130
Prepaid expenses and other current assets	77
Property and equipment, net	2,227

Accrued liabilities	104


	Year Ended
(in thousands)	December 31, 2025 (1)		December 31, 2024		December 31, 2023
Screening revenue	$	208	$	460	$	652
Cost of screening revenue	4,617		13,091		8,532
Cost of development services revenue	275		637		238
Operating expenses—Research and development	3,306		18,843		19,508
Operating expenses—General and administrative	—		104		206
(1) Included transactions from January 1, 2025 through November 17, 2025

In June 2024, the Company entered into an amendment to its Supply and Commercialization Agreement with Illumina. Under the terms of the amended agreement, regardless of whether its products incorporate any Illumina technology, the Company has agreed to pay to Illumina a high single-digit royalty, subject to certain reductions, in perpetuity on net sales generated by its products or revenues otherwise generated or received by the Company, subject to certain exceptions, in the field of oncology. Per the terms of the Separation and Distribution Agreement with Illumina, the royalty arrangement is suspended until the earlier of December 24, 2026 or any earlier change of control of the Company, at which time a high-single digit royalty payments will be payable.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

The components of stock-based compensation expense for both equity and liability-classified awards recognized in our consolidated statements of operations was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
RSUs	$	54,564	$	29,774	$	1,127
ESPP	3,059		—		—
PSOs	660		1,514		577
Cash-based equity awards	—		54,796		95,531
Stock-based compensation expense, before taxes	58,283		86,084		97,235
Related income tax benefits	(13,708)		(20,890)		(23,455)
Stock-based compensation expense, net of taxes	$	44,575	$	65,194	$	73,780

Stock-based compensation expense for both equity and liability-classified awards, reported in our consolidated statements of operations was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Cost of screening revenue (exclusive of amortization of intangible assets)	$	2,226	$	1,724	$	1,932
Cost of development services revenue	36		230		38
Research and development	15,986		30,701		39,792
Sales and marketing	10,871		15,310		17,506
General and administrative	29,164		38,119		37,967
Stock-based compensation expense, before taxes	58,283		86,084		97,235
Related income tax benefits	(13,708)		(20,890)		(23,455)
Stock-based compensation expense, net of taxes	$	44,575	$	65,194	$	73,780

Unamortized compensation cost and weighted average service period of all unvested equity classified awards as of December 31, 2025 was as follows:


	Unamortized Compensation Costs		Weighted Average Service Period
	(in thousands)		(in years)
RSUs and PSUs	$	76,895	1.5
PSOs	432		1.2
ESPP	1,719		0.4
Total unamortized compensation costs	$	79,046

2024 Incentive Award Plan

The GRAIL, Inc. 2024 Incentive Award Plan (the “2024 Plan”) was adopted by the Company and approved by Illumina, in its capacity as GRAIL’s sole stockholder, in May 2024 to facilitate the grant of cash and equity incentive awards to non-employee directors, employees, and consultants of the Company and its subsidiaries and to enhance the ability of the Company and any of its subsidiaries to obtain and retain the services of these individuals following the Spin-Off. This plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance-based awards, and other stock or cash based awards. The 2024 Plan is subject to an annual increase on the first day of each calendar year ending on January 1, 2034, equal to the lesser of (i) 5% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the GRAIL board of directors.

2024 Deferred Compensation Plan

The GRAIL, Inc. Deferred Compensation Plan for Directors (the “2024 Deferred Compensation Plan”) was adopted by the Company’s board of directors on July 15, 2024 to provide the Company’s non-employee directors with an opportunity to defer payment of all or a portion of their eligible compensation, consisting of cash fees and/or equity awards granted during a given year. Each director may make an irrevocable deferral election with respect to all or a portion of their eligible compensation in accordance with the terms and conditions of the 2024 Deferred Compensation Plan, deferring payment until the earlier of (i) a fixed date elected by the director (if any), (ii) the director’s separation from service, (iii) a “change in control” (as defined in the 2024 Plan) or (iv) the director’s death or permanent disability. If a director elects to defer all or a portion of their cash fees, the Company will issue a number of deferred stock units (“DSUs”) to the director equal to the portion of cash fees deferred divided by the fair market value of a share of the Company’s common stock on the date that such fees would have otherwise been paid, rounded down to the nearest whole share. If a director elects to defer their equity awards, the Company will issue a number of DSUs to the director equal to the number of shares of Company common stock underlying the deferred awards and subject to the same vesting, forfeiture and other restrictions that would have otherwise applied to such equity award absent the deferral. All DSUs will be issued under the 2024 Plan. As of December 31, 2025, three of our directors elected to defer their 2025 cash fees and two of our directors elected to defer their equity awards granted in 2025.

A summary of the Company’s shares available for grant under the 2024 Plan, was as follows:


			Shares Available for Grant
			(in thousands)
Balance as of December 31, 2024			479,339
Annual increase			1,694,670
Awarded			(2,152,456)
Forfeited			491,833
Balance as of December 31, 2025			513,386

2024 Inducement Award Plan

The GRAIL, Inc. 2024 Inducement Award Plan (the “2024 Inducement Plan”) was adopted by the Company’s board of directors on August 9, 2024. The 2024 Inducement Plan was adopted to enhance the ability of the Company and any of its subsidiaries to attract, retain and motivate eligible employees by providing these employees with equity ownership opportunities and/or equity-linked compensatory opportunities. The 2024 Inducement Plan is used exclusively for the grant of equity awards to prospective employees who (i) were not previously employees of the Company, or (ii) are returning to the Company following a bona fide period of non-employment, in any case, in connection with and as an inducement material to such prospective employee’s entering into employment with the Company pursuant to Nasdaq Listing Rule 5635(c)(4). The 2024 Inducement Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance-based awards, and other stock or cash based awards. On May 14, 2025, the Company registered an additional 500,000 shares of common stock that may be issued pursuant to awards granted under the 2024 Inducement Plan. The 2024 Inducement Plan does not have a specified limit on the number of shares authorized for issuance.

2024 Employee Stock Purchase Plan

The GRAIL, Inc. 2024 Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company and approved by Illumina, in its capacity as the Company’s sole stockholder, in May 2024. The number of shares of common stock available under the ESPP is subject to an annual increase on the first day of each calendar year ending on January 1, 2034, equal to the lesser of (i) 1% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Company’s board of directors.

Under the ESPP, eligible employees are offered the opportunity to purchase shares by participating in a 6-month offering period commencing in May and November of each year. Employees who participate in the ESPP may elect to have up to 15% of their eligible compensation withheld to purchase shares of the Company’s common stock. The purchase price of the Company’s common stock will be equal to 85% of the lower of (i) the fair market value of the Company’s common stock at the beginning of the applicable 6-month offering period or (ii) the fair market value of the Company’s common stock at the end of the applicable 6-month offering period. Our first offering period began in May 2025 with our first purchase date in November 2025. There were no shares issued under the ESPP during the year ended December 31, 2024.

A summary of the Company’s shares available for grant under the ESPP, was as follows:


			Shares Available for Grant
			(in thousands)
Balance as of December 31, 2024			414,021
Annual increase			338,934
Issued(1)			(136,551)
Balance as of December 31, 2025			616,404
(1) Represent $4.5 million in cash received for the issuance of common stock under the ESPP

Equity-Classified Awards

Restricted Stock Units

During the year ended December 31, 2025, the Company granted two PSU awards (the “PSU Awards”) under the 2024 Plan with vesting conditions tied to achievement of Company-specific performance and continued service.

The PSU Awards have differing vesting schedules. The first PSU Award, covering 26,000 shares, vests as to one-third of the shares subject thereto upon the achievement of a Company-specific performance condition, with the remaining two-thirds of the shares subject thereto vesting in substantially equal installments on each of the first and second anniversaries of the initial vesting date, subject to continued service through the applicable vesting date. The second PSU Award, covering 5,000 shares, vests as to 60% of the shares subject thereto upon the achievement of a Company-specific performance condition, with the remaining 40% of the shares subject thereto vesting on the first anniversary of the initial vesting date, subject to continued service through the applicable vesting date.

The PSU Awards had an aggregate grant-date fair value of $1.6 million and expire, to the extent unvested, in May and November 2035, respectively.

As of December 31, 2025, it was not probable that the performance conditions associated with the PSU Awards will be achieved and, therefore, no stock-based compensation expense has been recognized in the consolidated financial statements. In February 2026, the performance condition of the first PSU Award was met. As a result, the Company will commence recognizing stock-based compensation expense in the consolidated financial statements for this PSU Award in Q1 2026.

A summary of the Company’s RSUs, PSUs, and DSUs, issued under the 2024 Plan and 2024 Inducement Award Plan, were as follows:


	Restricted Stock Units(1)	Weighted-Average Grant-Date Fair Value Per Share
	(in thousands)







Outstanding at January 1, 2024	—	$—
Conversion	6,485	$15.37
Awarded	2,833	$13.07
Released	(2,844)	$15.37
Forfeited	(951)	$15.22
Outstanding at December 31, 2024	5,523	$14.22

Awarded(1)	2,407	$40.79
Released	(2,491)	$15.21
Forfeited	(576)	$22.83
Outstanding at December 31, 2025	4,863	$25.84

(1) Includes 31,000 PSU awarded and 30,865 DSUs vested but unreleased related to three directors that had elected to defer their 2025 cash fees and two directors that had elected to defer release of their equity awards

The aggregate fair value of restricted stock units outstanding as of December 31, 2025 and December 31, 2024 was $416.2 million and $98.6 million. The fair value of all RSUs that vested during the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $93.8 million, $45.5 million, and $0.5 million.

Performance Stock Options

The Company has two PSOs outstanding. The outstanding PSOs, have contractual terms of ten years from the respective grant dates, generally vest monthly over three years upon the achievement of Company-specified performance targets, and are subject to continued service through the applicable vesting date.

The performance condition for one of the outstanding awards of PSOs covering 63,484 shares that has an exercise price of $14.00 per share was met on November 1, 2024, meaning that this option now vests and becomes exercisable in thirty-six equal monthly installments on the monthly anniversaries of November 1, 2024, subject to continued service through the vesting date. As of December 31, 2025, 22,925 shares subject to this PSO were vested and exercisable.

The second outstanding award of PSOs covers 40,831 shares has an exercise price of $12.80 per share and will commence vesting upon meeting certain performance-based conditions; achievement of this performance condition is not considered probable as of December 31, 2025. As such, there has been no expense recognized for this PSO.

PSOs activity, issued under the 2024 Plan, were as follows:


	Performance Options	Weighted-Average Exercise Price Per Share	Weighted-Average Contractual Term
	(in thousands)		(in years)
Outstanding at December 31, 2025	104	$13.53	4.2
Vested and Exercisable at December 31, 2025	23	$14.00	4.2

The aggregate intrinsic value of the PSOs outstanding as of December 31, 2025 and December 31, 2024 was $7.5 million and $0.5 million.

Fair Value Valuation Assumptions

The fair value of employee stock purchase rights under the ESPP have been estimated with the following assumptions using the Black-Scholes-Merton option-pricing model:



			December 31, 2025
Weighted-average assumptions:
Expected life (in years)			0.5
Risk-free interest rate			4.0%
Expected volatility			97.4%
Expected dividend			—%
Weighted-average estimated grant date fair value per share			$59.31

The expected term represents the term from the first day of the offering period to the purchase date. The risk-free interest rate assumption was based upon observed interest rates of Treasury bills appropriate for the expected term. For the Company’s first offering, the expected stock price volatility was estimated using the average of the Company’s historical volatility and the average historical volatility of comparable peer companies, as the Company had limited trading history as a public company. For the current offering and future offerings, the expected stock price volatility is estimated using the Company’s historical volatility, as sufficient trading history has been established and is considered representative of expected future stock price trends. Expected dividend yield was 0% as the Company has not paid and does not anticipate paying dividends on its common stock.

Liability-classified Awards

Performance-Based Award

The Company has one performance-based award outstanding held by a former employee for which vesting is based on future revenues. The award has an aggregate potential value of up to $78.0 million and expires, to the extent unvested, in August 2030. One-fourth of the total potential value of the award vests immediately upon the achievement of cumulative net revenues in any period of four consecutive fiscal quarters of $500.0 million, $750.0 million, $1.5 billion, and $2.0 billion. The Company assesses the probability of achieving the performance conditions associated with the award on a quarterly basis at each reporting period. If and to the extent that the liability becomes due and payable prior to 12:01 a.m. Eastern Time December 24, 2026 (the “Disposal Funding Period”) and paid by GRAIL, in cash, during the Disposal Funding Period, Illumina will reimburse GRAIL all or such portion of the liability paid by GRAIL in accordance of the terms of the Separation and Distribution Agreement. As of December 31, 2025, it was not probable that the performance conditions associated with the award would be achieved and, therefore, no stock-based compensation expense, or corresponding loss recovery asset or liability, has been recognized in the consolidated financial statements.

Cash-Based Equity Awards

The Cash-Based Equity Award program was adopted following Illumina’s acquisition of GRAIL in 2021 to provide GRAIL employees with dollar-denominated long-term incentive awards that increased or decreased in value based on corresponding changes in GRAIL’s calculated value. GRAIL’s standalone value calculation was estimated by the Company based on its analysis and input from independent valuation advisors. To estimate the value of GRAIL for the purposes of the Cash-Based Equity Awards, various assumptions were used, including long-range financial projections, as well as the discount rate and terminal growth rate. The awards generally vested in four equal installments on the first four anniversaries of the grant date, subject to continued employment through the applicable vesting date. In April 2024, Illumina’s Compensation Committee and Board of Directors (as applicable) approved an adjustment of the ordinary course payouts for all outstanding Cash-Based Equity Awards providing that the Cash-Based Equity Awards would be paid based on their nominal (face) values without adjustment based on changes in equity value. Subsequent to this adjustment to the Cash-Based Equity Awards and continuing until the Award Modification, the Cash-Based Equity Awards were expensed based on such nominal (face) value in accordance with their applicable vesting schedules. The payments in respect of the Cash-Based Equity Awards between the adoption of such adjustment and the Distribution Date were paid out in cash at the applicable Cash-Based Equity Awards’ nominal (face) value. Payments in respect of the Cash-Based Equity Awards before such adjustment were paid out in cash based on the adjusted value of the Cash-Based Equity Award on the applicable vesting date.

During the second quarter of 2024, one-time Cash-Based Equity Awards were granted to GRAIL employees, including executives, for retention purposes (“2024 Transition Incentive Awards”) with a total grant date fair value of $40.2 million. Each 2024 Transition Incentive Awards vested entirely in one year or less from its grant date, subject to the applicable holder’s continued service through the vesting date. In connection with the Spin-Off, the 2024 Transition Incentive Awards were converted into RSUs covering 2.5 million shares in accordance with the Employee Matters Agreement by dividing the aggregate award value by the volume-weighted average share price over the first four trading days following the Spin-Off. On the modification date, June 28, 2024, these 2024 Transition Incentive Awards in the amount of $4.4 million were reclassified to Additional Paid-In Capital.

In connection with the Spin-Off, all outstanding Cash-Based Equity Awards, with the exception of the 2024 Transition Incentive Awards described above, were modified and converted into RSUs in accordance with the Employee Matters Agreement, with the number of RSUs determined by dividing the Aggregate Award Value (as discussed below) for such Cash-Based Equity Award by the volume-weighted average share price of GRAIL stock on the first four trading days following the Spin-Off. All other terms and conditions of the awards, including vesting and payment terms, were unaffected by the conversion. For each Cash-Based Equity Award, the “Aggregate Award Value” was equal to, (i) for the portion of such award originally scheduled to vest in 2024, the initial grant value of such portion, and (ii) for the remaining unvested portion of such award, the initial grant value of such portion adjusted up or down based on a percentage, with such percentage determined by (A) GRAIL’s average closing market capitalization for the four trading days immediately following the distribution date minus the aggregate equity value of GRAIL at the time the Cash-Based Equity Award was granted, as reflected in the consolidated financial statements of Illumina (the “Baseline Equity Value”), divided by (B) the Baseline Equity Value.

Upon modification, the awards became equity-classified. The value of tranches of the Cash-Based Equity Awards (exclusive of the 2024 Transition Incentive Awards described above) was reduced and, as a result, there was no incremental compensation cost. Approximately 1,300 grantees were impacted by this modification. On the modification date, June 28, 2024, the liability-classified awards were reclassified to Additional Paid-In Capital at their fair value in the amount of $50.3 million. Due to the higher value of the 2024 tranche of the Cash-Based Equity Awards, compensation cost was recognized over the vesting period to ensure compensation cost had been recognized at least equal to the amount that was legally vested. As the result of this modification, the Cash-Based Equity Awards that were outstanding on the Distribution Date (in addition to the 2024 Transition Incentive Awards) were converted to 4.0 million RSUs that were settled in shares of the Company’s common stock. There were no Cash-Based Equity Award outstanding as of December 31, 2025.

Cash-Based Equity Award activity for the periods presented was as follows:


	Year Ended
(in thousands)		December 31, 2024
Beginning balance		$	292,189
Granted		66,864
Cancelled		(11,751)
Vested and paid in cash		(53,807)
Change in fair value		(9,535)
Conversion of outstanding awards to GRAIL RSUs		(283,960)
Outstanding balance		$	—

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 2024 Incentive Award Plan On January 1, 2026, in accordance with the automatic evergreen provision of the 2024 Incentive Award Plan the maximum number of shares that can be issued under the plan was increased to 12,368,055. Subsequent to December 31, 2025, the Company granted 1.7 million RSUs of Class A common stock to employees. The RSUs are subject to continued service, vest annually over a service period 4 years, and had a fair market value on the grant date of $88.5 million. 2024 Employee Stock Purchase Plan On January 1, 2026, in accordance with the automatic evergreen provision of the 2024 Employee Stock Purchase Plan the maximum number of shares that can be issued under the plan was increased to 1,156,269. Potential Impairment of Long-Lived Intangible Assets On February 19, 2026, the Company issued a press release announcing top-line results from its NHS-Galleri trial, showing that, although the primary endpoint of statistically significant Stage 3 and 4 reduction was not observed, adding Galleri to standard of care screening resulted in a substantial reduction in Stage 4 cancer diagnoses, increased Stage 1 and 2 detection of deadly cancers, and four-fold higher cancer detection rate when compared to standard of care alone. Immediately following the release of this information, the Company’s market capitalization decreased materially. This decrease in market capitalization represents a possible impairment indicator that could result in an impairment of our long-lived intangible assets, which had a balance of $1.9 billion as of December 31, 2025. As a result, the Company expects to perform an interim impairment test during the first quarter of 2026 as this is the period in which such information was available to management. The Company has not yet completed this interim impairment test as of the date of this filing. See Note 2 Summary of Significant Accounting Policies for information about how long-lived intangible assets are tested for impairment.

TAXES - Schedule of uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 3,859	$ 59,295	$ 51,843
Decreases related to the Spin-Off	0	(59,295)	0
Decreases related to prior year tax positions	(46)	0	0
Increases related to current year tax positions	3,823	3,859	7,452
Balance at end of year	$ 7,636	$ 3,859	$ 59,295

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

$ 147,172

$ 125,595

$ 93,105

Cost of revenue — amortization of intangible assets

133,889

Research and development

^[1]

195,794

322,380

338,745

Sales and marketing

116,693

153,958

162,292

General and administrative

^[2]

159,103

213,862

200,268

Total costs and operating expenses

28,000

1,420,936

718,466

709,335

2,314,753

1,608,487

Loss from operations

(562,163)

(2,189,158)

(1,515,382)

Other income

Interest income

28,652

26,733

7,954

Other income (expense), net

(993)

(208)

Total other income, net

27,659

26,797

7,746

Loss before income taxes

(534,504)

(2,162,361)

(1,507,636)

Benefit from income taxes

126,153

135,356

41,951

Net loss per share— Basic (in dollars per share)

$ (408,351)

$ (2,027,005)

$ (1,465,685)

Net loss per share

$ (11.11)

$ (63.54)

$ (47.21)

Net loss per share—Diluted (in dollars per share)

$ (11.11)

$ (63.54)

$ (47.21)

Weighted-average shares of common stock used in computing net loss per share—basic (in shares)

36,753,751

31,901,259

31,049,148

Weighted-average shares of common stock used in computing net loss per share—diluted (in shares)

36,753,751

31,901,259

31,049,148

Revenue

^[3]

$ 138,601

$ 108,627

$ 74,999

^[4]

73,251

63,284

47,966

Revenue

8,571

16,968

18,106

^[5]

$ 2,605

$ 6,444

$ 6,861

[1]	Includes related party research and development expenses of $3,306, $18,843 and $19,508, respectively.
[2]	Includes related party general and administrative expenses of nil, $104 and $206, respectively.
[3]	Includes related party screening revenue of $208, $460 and $652, respectively.
[4]	Includes related party cost of screening revenue of $4,617, $13,091 and $8,532, respectively.
[5]	Includes related party cost of development services revenue of $275, $637 and $238, respectively.

LEASES - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) ft²
Property in Sunnyvale California
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²	75,556
Estimated aggregate base rent payments \| $	$ 61.7
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	8 years
Renewal term	15 years

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Incurred restructuring charges	$ 18,300	$ (34)	$ 18,313

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of disaggregation of revenue

The following table presents the Company’s revenue disaggregated by geographic areas based on the customers’ locations:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
United States
Screening	$	136,760	$	108,536	$	75,000
Development Services	333		2,280		3,679
International(1)
Screening	1,841		91		—
Development Services	8,238		14,688		14,426
Total	$	147,172	$	125,595	$	93,105

_________

(1) International region includes revenue earned from customers located outside of the United States.

The following table presents the Company’s revenue disaggregated by revenue source:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Screening
Commercial	$	133,933	$	108,467	$	75,000
Government(1)	4,668		160		—
Development Services
Commercial	8,571		16,968		18,105

Total	$	147,172	$	125,595	$	93,105

_________

(1) Government screening revenue primarily consists of revenue earned as part of our REACH/Galleri-Medicare clinical study.

STOCK-BASED COMPENSATION - Performance options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Nov. 01, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, achievement of performance condition not probable (in shares)	40,831
Exercise price, achievement of performance condition not probable (in dollars per share)	$ 12.80
Performance Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period (in years)	10 years
Vesting term (in years)	3 years
Options outstanding (in shares)			63,484
Exercise price (in dollars per share)			$ 14.00
Outstanding exercisable options (in shares)	22,925
Aggregate intrinsic value of shares outstanding	$ 7.5	$ 0.5

BALANCE SHEET COMPONENTS - Schedule of accounts receivable, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total accounts receivable, net

^[1]

$ 18,295

$ 20,312

Nonrelated Party

Accounts, Notes, Loans and Financing Receivable [Line Items]

Trade accounts receivable, gross

21,899

24,099

Allowance for credit losses

(3,604)

(3,787)

Total accounts receivable, net

$ 18,295

$ 20,312

[1]	Includes related party accounts receivable, net of nil and $65, respectively.

STOCK-BASED COMPENSATION - 2024 employee stock purchase plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Balance as of December 31, 2024	479,339
Balance as of December 31, 2025	513,386	479,339
Issuance of common stock under ESPP	$ 4,525	$ 0	$ 0
The GRAIL, Inc. 2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Balance as of December 31, 2024	414,021
Annual increase	338,934
Issued	(136,551)
Balance as of December 31, 2025	616,404	414,021
Issuance of common stock under ESPP	$ 4,500

RESTRUCTURING - Restructuring related liabilities (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Amount recorded in accrued liabilities	$ 57,241	$ 63,945	$ 57,241
Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges	18,300	(34)	18,313
Cash payments made		(994)	(17,186)
Non-cash charges			(99)
Amount recorded in accrued liabilities	1,028	0	1,028
Severance and related benefit costs \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(161)	17,538
Cash payments made		(645)	(16,732)
Non-cash charges			0
Amount recorded in accrued liabilities	806	0	806
Other Costs \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges		127	775
Cash payments made		(349)	(454)
Non-cash charges			(99)
Amount recorded in accrued liabilities	$ 222	$ 0	$ 222

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

RELATED PARTY TRANSACTIONS - Narrative (Details) - Grail, Inc. - Illumina, Inc. - shares	Feb. 17, 2026	Dec. 31, 2025	Jun. 24, 2024
Related Party Transaction [Line Items]
Spinoff transaction, number of shares retained		4,502,126
Percentage of shares retained after spin-off (as a percent)		6.00%	14.50%
Noncontrolling interest, sale of owned shares, (in shares)		2,000,000
Noncontrolling interest, number of shares, outstanding (in shares)		2,502,126
Subsequent Event
Related Party Transaction [Line Items]
Noncontrolling interest, number of shares, outstanding (in shares)	1,302,126

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.