NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2025

Prior to the completion of the Spin-Off from Illumina, 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.

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


	Three Months Ended				Nine Months Ended
(in thousands, except share and per share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator
Net loss	$	(88,977)	$	(125,688)	$	(309,175)	$	(1,929,939)
Denominator
Weighted average shares of common stock—basic and diluted	36,124,256		31,880,054		35,415,266		31,326,117
Net loss per share to common stockholders
Basic	$	(2.46)	$	(3.94)	$	(8.73)	$	(61.61)
Diluted	$	(2.46)	$	(3.94)	$	(8.73)	$	(61.61)

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:


	Three and Nine Months Ended
	September 30, 2025	September 30, 2024
Unvested restricted stock units	5,077,509	4,146,221
Employee stock purchase plan	139,692	—
Shares subject to options to purchase common stock	104,315	104,315
Total	5,321,516	4,250,536