<SEC-DOCUMENT>0000908834-25-000362.txt : 20251124
<SEC-HEADER>0000908834-25-000362.hdr.sgml : 20251124
<ACCEPTANCE-DATETIME>20251124192556
ACCESSION NUMBER:		0000908834-25-000362
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251124
DATE AS OF CHANGE:		20251124

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAIL, Inc.
		CENTRAL INDEX KEY:			0001699031
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				863673636
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94591
		FILM NUMBER:		251514691

	BUSINESS ADDRESS:	
		STREET 1:		1525 O'BRIEN DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		(833) 694-2553

	MAIL ADDRESS:	
		STREET 1:		1525 O'BRIEN DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAIL, LLC
		DATE OF NAME CHANGE:	20231113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Grail, Inc.
		DATE OF NAME CHANGE:	20170227

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Farallon Capital Partners, L.P.
		CENTRAL INDEX KEY:			0001175707
		ORGANIZATION NAME:           	
		EIN:				943106322
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 421-2132

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FARALLON CAPITAL PARTNERS LP
		DATE OF NAME CHANGE:	20020617
</SEC-HEADER>
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<TYPE>SCHEDULE 13G
<SEQUENCE>1
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<sharedDispositivePower>2179684</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2179684</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.5</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Short Daniel S.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2179684</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2179684</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2179684</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.5</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Spokes, Andrew J. M.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>X0</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2179684</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2179684</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2179684</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.5</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Warren, John R.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2179684</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2179684</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2179684</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.5</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Wehrly, Mark C.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2179684</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2179684</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2179684</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.5</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>GRAIL, Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>1525 O'Brien Drive, Menlo Park, California, 94025</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons." &#13;
&#13;
(i) Farallon Capital Partners, L.P., a California limited partnership ("FCP"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants (as defined in Item 4);&#13;
&#13;
(ii) Farallon Capital Institutional Partners, L.P., a California limited partnership ("FCIP"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(iii) Farallon Capital Institutional Partners II, L.P., a California limited partnership ("FCIP II"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(iv) Farallon Capital Institutional Partners III, L.P., a Delaware limited partnership ("FCIP III"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(v) Four Crossings Institutional Partners V, L.P., a Delaware limited partnership ("FCIP V"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(vi) Farallon Capital Offshore Investors II, L.P., a Cayman Islands exempted limited partnership ("FCOI II"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(vii) Farallon Capital (AM) Investors, L.P., a Delaware limited partnership ("FCAMI"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants;&#13;
&#13;
(viii) Farallon Capital F5 Master I, L.P., a Cayman Islands exempted limited partnership ("F5MI"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants; and &#13;
&#13;
(ix) Farallon Healthcare Partners Master, L.P., a Cayman Islands exempted limited partnership ("FHPM"), with respect to the Shares held by it and the Shares that it currently has the right to acquire upon the exercise of Warrants. &#13;
&#13;
FCP, FCIP, FCIP II, FCIP III, FCIP V, FCOI II, FCAMI, F5MI and FHPM are together referred to herein as the "Farallon Funds." &#13;
&#13;
(x) Farallon Partners, L.L.C., a Delaware limited liability company (the "Farallon General Partner"), which is the general partner of each of FCP, FCIP, FCIP II, FCIP III, FCOI II and FCAMI and the sole member of each of the FCIP V General Partner (as defined below) and the FHPM General Partner (as defined below), with respect to the Shares held by each of the Farallon Funds other than F5MI and the Shares that each of the Farallon Funds other than F5MI currently has the right to acquire upon the exercise of Warrants. &#13;
&#13;
(xi) Farallon Institutional (GP) V, L.L.C., a Delaware limited liability company (the "FCIP V General Partner"), which is the general partner of FCIP V, with respect to the Shares held by FCIP V and the Shares that FCIP V currently has the right to acquire upon the exercise of Warrants. &#13;
&#13;
(xii) Farallon F5 (GP), L.L.C., a Delaware limited liability company (the "F5MI General Partner"), which is the general partner of F5MI, with respect to the Shares held by F5MI and the Shares that F5MI currently has the right to acquire upon the exercise of Warrants. &#13;
&#13;
(xiii) Farallon Healthcare Partners (GP), L.L.C., a Delaware limited liability company (the "FHPM General Partner"), which is the general partner of FHPM, with respect to the Shares held by FHPM and the Shares that FHPM currently has the right to acquire upon the exercise of Warrants. &#13;
&#13;
(xiv) The following persons, each of whom is a managing member or senior managing member, as the case may be, of the Farallon General Partner and a manager or senior manager, as the case may be, of the FCIP V General Partner, the F5MI General Partner and the FHPM General Partner, with respect to the Shares held by each of the Farallon Funds and the Shares that the Farallon Funds currently have the right to acquire upon the exercise of Warrants: Joshua J. Dapice ("Dapice"); Philip D. Dreyfuss ("Dreyfuss"); Hannah E. Dunn ("Dunn"); Richard B. Fried ("Fried"); Varun N. Gehani ("Gehani"); Nicolas Giauque ("Giauque"); David T. Kim ("Kim"); Michael G. Linn ("Linn"); Patrick (Cheng) Luo ("Luo"); Rajiv A. Patel ("Patel"); Thomas G. Roberts, Jr. ("Roberts"); Edric C. Saito ("Saito"); William Seybold ("Seybold"); Daniel S. Short ("Short"); Andrew J. M. Spokes ("Spokes"); John R. Warren ("Warren"); and Mark C. Wehrly ("Wehrly"). &#13;
&#13;
Dapice, Dreyfuss, Dunn, Fried, Gehani, Giauque, Kim, Linn, Luo, Patel, Roberts, Saito, Seybold, Short, Spokes, Warren and Wehrly are together referred to herein as the "Farallon Individual Reporting Persons."</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of the Reporting Persons is c/o Farallon Capital Management, L.L.C., One Maritime Plaza, Suite 2100, San Francisco, California 94111.</principalBusinessOfficeOrResidenceAddress>
<citizenship>The citizenship of each of the Farallon Funds, the Farallon General Partner, the FCIP V General Partner, the F5MI General Partner and the FHPM General Partner is set forth above. Each of the Farallon Individual Reporting Persons, other than Giauque, Luo and Spokes, is a citizen of the United States. Giauque is a citizen of France. Luo is a citizen of China. Spokes is a citizen of the United Kingdom.</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.&#13;
&#13;
As of the date of this report, the Farallon Funds hold an aggregate of: (i) 1,608,663 Shares; and (ii) 571,021 Pre-Funded Common Stock Purchase Warrants (the "Warrants"), each of which currently is exercisable, pursuant to the terms thereof, to purchase one Share.&#13;
&#13;
The Shares and Warrants reported hereby for the Farallon Funds are held directly by the Farallon Funds. The Farallon General Partner, as the general partner of FCP, FCIP, FCIP II, FCIP III, FCOI II and FCAMI and the sole member of the FCIP V General Partner and the FHPM General Partner, may be deemed to be a beneficial owner of all such Shares held by the Farallon Funds other than F5MI and the Shares that the Farallon Funds other than F5MI have the right to acquire upon the exercise of Warrants. The FCIP V General Partner, as the general partner of FCIP V, may be deemed to be a beneficial owner of all such Shares held by FCIP V and the Shares that FCIP V has the right to acquire upon the exercise of Warrants. The F5MI General Partner, as the general partner of F5MI, may be deemed to be a beneficial owner of all such Shares held by F5MI and the Shares that F5MI has the right to acquire upon the exercise of Warrants. The FHPM General Partner, as the general partner of FHPM, may be deemed to be a beneficial owner of all such Shares held by FHPM and the Shares that FHPM has the right to acquire upon the exercise of Warrants. Each of the Farallon Individual Reporting Persons, as a managing member or senior managing member, as the case may be, of the Farallon General Partner and a manager or senior manager, as the case may be, of the FCIP V General Partner, the F5MI General Partner and the FHPM General Partner, in each case with the power to exercise investment discretion, may be deemed to be a beneficial owner of all such Shares held by the Farallon Funds and the Shares that the Farallon Funds have the right to acquire upon the exercise of Warrants. Each of the Farallon General Partner, the FCIP V General Partner, the F5MI General Partner, the FHPM General Partner and the Farallon Individual Reporting Persons hereby disclaims any beneficial ownership of any such Shares.</amountBeneficiallyOwned>
<classPercent>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>The Reporting Persons are filing this Schedule 13G pursuant to Section 240.13d-1(c). The Reporting Persons neither disclaim nor affirm the existence of a group among them. Each Reporting Person is a beneficial owner only of the securities reported by it on its cover page.</identificationAndClassificationOfGroupMembers>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k)</exhibitInfo>
<signatureInformation>
<reportingPersonName>Farallon Capital Partners, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital Institutional Partners, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital Institutional Partners II, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital Institutional Partners III, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Four Crossings Institutional Partners V, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital Offshore Investors II, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital (AM) Investors, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Capital F5 Master I, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Healthcare Partners Master, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager of its General Partner</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Partners, L.L.C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Managing Member</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Institutional (GP) V, L.L.C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon F5 (GP), L.L.C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Farallon Healthcare Partners (GP), L.L.C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, Manager</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Dapice Joshua J.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Dreyfuss, Philip D.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Dunn Hannah E.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Fried, Richard B</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Gehani, Varun N.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Giauque, Nicolas</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Kim, David T.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Linn, Michael G.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Luo Patrick (Cheng)</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Patel, Rajiv A.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Roberts, Jr., Thomas G.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Saito Edric C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Seybold, William</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Short Daniel S.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Spokes, Andrew J. M.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Warren, John R.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Wehrly, Mark C.</reportingPersonName>
<signatureDetails>
<signature>/s/ Hannah E. Dunn</signature>
<title>Hannah E. Dunn, as attorney-in-fact</title>
<date>11/24/2025</date>
</signatureDetails>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>jas.htm
<DESCRIPTION>JOINT ACQUISITION STATEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Barnes & Thornburg
         Document created using Broadridge PROfile 25.10.1.5333
         Copyright 1995 - 2025 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <div style="text-align: right; font-size: 12pt;">EXHIBIT 1</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; font-size: 12pt;">JOINT ACQUISITION STATEMENT</div>
      <div style="text-align: center; font-size: 12pt;"><u>PURSUANT TO SECTION 240.13d-1(k)</u></div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt;">The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent
        amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements.&#160; The undersigned acknowledge that each shall be responsible for the timely
        filing of such amendments, and for the completeness and accuracy of the information concerning him, her or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other entities or
        persons, except to the extent that he, she or it knows or has reason to believe that such information is inaccurate.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt;">Dated:&#160; November 24, 2025</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbf8b62311600405998bec5b283234ef7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">/s/ Hannah E. Dunn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON PARTNERS, L.L.C.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">On its own behalf and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">As the General Partner of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL PARTNERS, L.P.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL OFFSHORE INVESTORS II, L.P. and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL (AM) INVESTORS, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">By Hannah E. Dunn, Managing Member</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">/s/ Hannah E. Dunn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON INSTITUTIONAL (GP) V, L.L.C.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">On its own behalf and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">As the General Partner of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FOUR CROSSINGS INSTITUTIONAL PARTNERS V, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">By Hannah E. Dunn, Manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">/s/ Hannah E. Dunn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON F5 (GP), L.L.C.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">On its own behalf and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">As the General Partner of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON CAPITAL F5 MASTER I, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">By Hannah E. Dunn, Manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">/s/ Hannah E. Dunn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON HEALTHCARE PARTNERS (GP), L.L.C.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">On its own behalf and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">As the General Partner of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">FARALLON HEALTHCARE PARTNERS MASTER, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">By Hannah E. Dunn, Manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">/s/ Hannah E. Dunn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.78%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 82.22%; vertical-align: top;">
            <div style="text-align: justify;">Hannah E. Dunn, individually and as attorney-in-fact for each of Joshua J. Dapice, Philip D. Dreyfuss, Richard B. Fried, Varun N. Gehani, Nicolas
              Giauque, David T. Kim, Michael G. Linn, Patrick (Cheng) Luo, Rajiv A. Patel, Thomas G. Roberts, Jr., Edric C. Saito, William Seybold, Daniel S. Short, Andrew J. M. Spokes, John R. Warren and Mark C. Wehrly</div>
          </td>
        </tr>

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</SEC-DOCUMENT>
