0001628280-24-047606 | 10-Q | XBRL Viewer

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TAXES	9 Months Ended
TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
TAXES	TAXES For interim financial statement purposes, U.S. GAAP provision (benefit) for taxes related to ordinary income is determined by applying an estimated annual effective income tax rate against a company’s ordinary income, subject to certain limitations on the benefit of losses. Provision (benefit) for taxes related to items not characterized as ordinary income is recognized as a discrete item when incurred. The estimation of the Company’s income tax provision requires the use of management forecasts and other estimates, application of statutory income tax rates, and an evaluation of valuation allowances. The Company’s estimated annual effective income tax rate may be revised, if necessary, in each interim period. The worldwide effective income tax rates for the nine months ended September 30, 2024 and October 1, 2023 were 5.45% and 2.77%, respectively. The increase for the nine months ended September 30, 2024 as compared to the nine months ended October 1, 2023 primarily relates to the Company’s valuation allowance impacts against pre-tax losses prior to the Spin-off. As discussed in Note 1 — Organization And Description Of Business and Note 2 — Summary Of Significant Accounting Policies — Basis of Presentation, prior to September 30, 2024, for tax purposes, the Company operated as a subsidiary of Illumina and not as a separately regarded taxable entity. Accordingly, the effective worldwide income tax rate for the nine months ended October 1, 2023 was calculated using the separate return method as if the Company filed income tax returns on both a standalone basis and on a carve-out basis. During the period that Illumina held the Company, the Company’s activity generated various tax attributes recognized as deferred tax assets (“DTAs”), due primarily to the generation of NOLs, 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 yet generate positive taxable income and it was not a separately regarded tax paying entity from Illumina. Because 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; therefore, the tax attributes were only presented in the Company’s stand-alone financial statements to allow the users to understand the financial position of the Company as a stand-alone taxable entity under the Separate-Return Method. The total tax-effected value of the tax attributes, net of FIN48 liabilities and valuation allowance that were deemed to be the property of Illumina, was $447.2 million. In connection with the Spin-off, the underlying $447.2 million of tax attributes were adjusted through an entry of $447.2 million to additional paid in capital.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

BALANCE SHEET COMPONENTS (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

Schedule of accounts receivable, net


Accounts receivable, net	September 30, 2024		December 31, 2023
(in thousands)
Trade accounts receivable, gross	$	18,696	$	19,924
Allowance for credit losses	(3,533)		(3,062)
Total accounts receivable, net	$	15,163	$	16,862

Schedule of prepaid expenses and other current assets


Prepaid expenses and other current assets	September 30, 2024		December 31, 2023
(in thousands)
Prepaid software	$	4,903	$	4,734
Tax receivable	4,084		5,411
Prepaid insurance	3,587		814
Prepaid service and maintenance	1,356		1,179
Indirect taxes	428		1,383
Prepaid other	5,298		6,579
Total prepaid expenses and other current assets	$	19,656	$	20,100

Schedule of accrued liabilities


Accrued liabilities	September 30, 2024		December 31, 2023
(in thousands)
Accrued compensation expenses	$	43,156	$	41,484
Accrued research and development expenses	7,132		6,647
Accrued legal and professional expenses	6,203		7,770
Accrued clinical studies expenses	4,800		6,897
Accrued marketing	1,213		1,882
Accrued other expenses	6,504		9,031
Total accrued liabilities	$	69,008	$	73,711

LEGAL AND REGULATORY PROCEEDINGS (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 24, 2024	Sep. 30, 2024	Oct. 01, 2023
Loss Contingencies [Line Items]
Cash funding received from Illumina		$ 1,244,300	$ 378,000
Illumina, Inc.
Loss Contingencies [Line Items]
Cash funding received from Illumina	$ 932,300
Clawback term on disposal funding	15 months

- Definition

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.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Member's Capital

Additional Paid-in Capital

AOCI Attributable to Parent

Retained Earnings

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

Net loss

$ (193,666)

Other comprehensive income (loss)

(59)

$ (59)

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]

Net loss

(193,666)

Stock-based compensation expense

799

Other comprehensive income (loss)

(59)

Contribution from member, net

108,870

Members' equity, ending balance at Apr. 02, 2023

4,562,105

11,065,576

835

(6,504,306)

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

Net loss

(1,278,158)

Other comprehensive income (loss)

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]

Net loss

(1,278,158)

Other comprehensive income (loss)

Members' equity, ending balance at Oct. 01, 2023

3,747,496

11,335,312

983

(7,588,799)

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

Net loss

(193,045)

Other comprehensive income (loss)

Members' equity, beginning balance at Apr. 02, 2023

4,562,105

11,065,576

835

(6,504,306)

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

Net loss

(193,045)

Stock-based compensation expense

711

Other comprehensive income (loss)

Contribution from member, net

194,905

Members' equity, ending balance at Jul. 02, 2023

4,564,772

11,261,192

931

(6,697,351)

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

Net loss

(891,448)

Other comprehensive income (loss)

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

Net loss

(891,448)

Stock-based compensation expense

115

Other comprehensive income (loss)

Contribution from member, net

74,005

Members' equity, ending balance at Oct. 01, 2023

$ 3,747,496

11,335,312

983

(7,588,799)

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

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

Net loss

$ (218,914)

(218,914)

Other comprehensive income (loss)

(52)

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

Ending balance at Mar. 31, 2024

$ 0

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

3,646,187

11,421,446

1,066

(7,776,325)

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

Net loss

(218,914)

Stock-based compensation expense

170

Other comprehensive income (loss)

(52)

Contribution from member, net

312,000

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

$ 3,739,391

11,733,616

1,014

(7,995,239)

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

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

Net loss

$ (1,929,939)

Other comprehensive income (loss)

$ 1,120

Ending balance (in shares) at Sep. 30, 2024

33,203,744

33,203,744,000

Ending balance at Sep. 30, 2024

$ 2,587,636

$ 33

12,291,681

2,186

(9,706,264)

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

3,646,187

11,421,446

1,066

(7,776,325)

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

Net loss

(1,929,939)

Other comprehensive income (loss)

1,120

Beginning balance (in shares) at Mar. 31, 2024

Beginning balance at Mar. 31, 2024

$ 0

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

Net loss

(1,585,337)

Stock-based compensation expense

796

640

Other comprehensive income (loss)

372

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]

31,049,148,000

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

Ending balance (in shares) at Jun. 30, 2024

31,049,148,000

Ending balance at Jun. 30, 2024

2,695,127

$ 31

12,274,286

1,386

(9,580,576)

Members' equity, beginning balance at Mar. 31, 2024

3,739,391

11,733,616

1,014

(7,995,239)

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

Net loss

(1,585,337)

Stock-based compensation expense

156

Other comprehensive income (loss)

372

Members' equity, ending balance at Jun. 30, 2024

$ 0

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

Net loss

(125,688)

Other comprehensive income (loss)

800

Vesting of restricted stock units (in shares)

2,154,596,000

Vesting of restricted stock units

$ 0

$ 2

(2)

Ending balance (in shares) at Sep. 30, 2024

33,203,744

33,203,744,000

Ending balance at Sep. 30, 2024

$ 2,587,636

$ 33

12,291,681

2,186

(9,706,264)

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

Net loss

(125,688)

$ (125,688)

Stock-based compensation expense

17,397

$ 17,397

Other comprehensive income (loss)

$ 800

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements represent the historical operations of the standalone GRAIL legal entity and include 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 are included in the unaudited condensed consolidated financial statements. Certain assets and liabilities were reflected at fair value under the new basis of accounting established at the closing of Illumina’s acquisition of the Company in August 2021 (“the Acquisition”). Management considered the need to allocate any historical shared costs incurred by the parent, Illumina, to the accompanying condensed consolidated financial statements. As previously discussed, the European Commission adopted an order requiring Illumina and GRAIL to be held and operated as distinct and separate entities. As no integration ever occurred, management concluded that no material allocations were required. As of December 31, 2023, the Company had generated net operating loss carryforwards for federal and state tax purposes of $3.5 billion and $2.3 billion, respectively. As a single member LLC disregarded for tax purposes, these tax attributes are the sole property of Illumina and remained the assets of Illumina following the Spin-off in accordance with the Internal Revenue Code. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company operated independently of the parent. Related party transactions with Illumina are discussed further in Note 6 — Related Party Transactions.
Basis of Presentation	These unaudited condensed consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”), reflect all normal recurring adjustments that are necessary to present the results fairly, and include the accounts of the Company and its wholly owned subsidiaries for the interim periods presented. All intercompany balances have been eliminated in consolidation.
Stock-Based Compensation Expense	Stock-Based Compensation Expense The Company’s stock-based compensation expense includes expenses related to cash-based equity incentive awards, restricted stock units (“RSUs”), deferred stock units (“DSUs”), and performance stock options. Forfeitures are accounted for as incurred. In connection with the Spin-Off, GRAIL and Illumina entered into an Employee Matters Agreement pursuant to which the Company’s equity awards were modified (the “Award Modification”). 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. The cash-settled, liability-classified awards were modified to become RSUs that will be settled in shares of the Company’s common stock upon vesting. Unvested performance stock options that were previously held by certain GRAIL employees to purchase Illumina common stock were also converted to options to purchase GRAIL common stock in connection with the Spin-Off. The grant date fair value of RSUs and DSUs are determined based on the closing market price of GRAIL’s common stock on the date of the grant (in the case of RSUs resulting from the Award Modification, the date of the Award Modification, and in the case of DSUs resulting from deferrals of director cash fees, the date that such cash fees would have been otherwise paid). Stock-based compensation expense is recognized based on the fair value on a straight-line basis over the requisite service periods of the RSUs. The fair value of performance stock options with service conditions is 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 is generally determined by weighing the historical and implied volatility of peer companies’ common stock. The expected term is 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 Company does not anticipate paying cash dividends in the foreseeable future. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected term of the stock-based awards. The fair value of the performance stock options begins to be recognized when it is probable that the performance-based condition will be met.
Provision for (Benefit from) Income Taxes	Provision for (Benefit from) Income Taxes 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 (“DTAs”), due primarily to the generation of net operating losses (“NOLs”), 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 stand-alone financial statements to allow the users to understand the financial position of the Company as a stand-alone taxable entity under the Separate-Return Method. The total tax-effected value of the tax attributes, net of Financial Accounting Standards Board Interpretation No. 48 (“FIN48”) liabilities and valuation allowance that were deemed to be the property of Illumina, was $447.2 million. In connection with the Spin-off, the 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 Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The Company calculates basic net loss per share attributable to common stockholders by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. 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 Restructuring charges consist primarily of severance, benefits, payroll taxes, and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. 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.
Cash Equivalents	Cash Equivalents As of September 30, 2024 and December 31, 2023, the Company’s cash equivalents were held in money market funds, totaling $850.3 million and $92.6 million, respectively. In connection with the consummation of the Spin-Off, in June 2024, Illumina provided disposal funding of $932.3 million to the Company in accordance with the Separation and Distribution Agreement. Cash equivalents held in money market funds were categorized as Level 1 investments within the fair value hierarchy. Except for the accounting policies described above, there were no changes to the Company’s significant accounting policies during the nine months ended September 30, 2024 as described in Note 2 — Summary of Significant Accounting Policies to the Company’s audited Consolidated Financial Statements filed with its Form 10.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted 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 condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses. This guidance will be effective for the annual reporting periods beginning the year ended December 31, 2024, and for interim reporting periods beginning January 1, 2025, with early adoption permitted, and should be applied retrospectively. The Company is currently evaluating the potential impact of this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. This update improves income tax disclosure requirements, primarily through enhanced transparency and decision usefulness of disclosures. This guidance will be effective for annual reporting periods beginning the year ended December 31, 2025, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the potential impact of this guidance on its condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Accrued liabilities	$ 69,008	$ 73,711
Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Accrued liabilities	9,005
Minimum \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	19,000
Maximum \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 23,000

- Definition

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.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Intangible assets narrative (Details) - In-process Research and Development (IPR&D) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]
Impairment of IPR&D	$ 112.0	$ 110.0
Illumina, Inc.
Indefinite-Lived Intangible Assets [Line Items]
Impairment of IPR&D	$ 420.0
Discount Rate
Indefinite-Lived Intangible Assets [Line Items]
Discount rate on IPR&D	20.00%
Discount Rate \| Illumina, Inc.
Indefinite-Lived Intangible Assets [Line Items]
Discount rate on IPR&D	46.50%	19.00%

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to September 30, 2024, the Company granted 2.5 million restricted stock units (RSUs) of Class A common stock to employees and a non-employee director. Subject to continued service, the RSUs will generally vest over a service period of 18 to 24 months, and had a fair market value on the grant dates of $30.9 million. Additionally, the performance condition was determined to be met for one Performance Option on November 1, 2024, representing an option to purchase 63,484 shares of Class A common stock that were originally granted on March 6, 2020. The option will vest and become exercisable in thirty-six substantially equal monthly installments, beginning on December 1, 2024.

STOCK-BASED COMPENSATION - RSU activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Outstanding, beginning balance (in shares) \| shares	0
Conversion (in shares) \| shares	6,485,000
Awarded (in shares) \| shares	262,000
Vested (in shares) \| shares	(2,155,000)
Forfeited ( in shares) \| shares	(446,000)
Outstanding, ending balance (in shares) \| shares	4,146,000
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 0
Conversion (in dollars per share) \| $ / shares	15.37
Awarded (in dollars per share) \| $ / shares	14.99
Vested (in dollars per share) \| $ / shares	15.37
Forfeited (in dollars per share) \| $ / shares	15.37
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 15.35

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

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. For the three and nine months ended October 1, 2023, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. 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. For the three and nine months ended September 30, 2024 and October 1, 2023 the amount of common stock equivalents excluded from the calculation of diluted net loss per share for the periods presented was 4.3 million and 6.7 million shares of common stock equivalents, respectively.

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


	Three Months Ended				Nine Months Ended
(in thousands, except share and per share data)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Numerator
Net loss	$	(125,688)	$	(891,448)	$	(1,929,939)	$	(1,278,158)
Denominator
Weighted average shares of common stock—basic and diluted	31,880,054		31,049,148		31,326,117		31,049,148
Net loss per share attributable to common stockholders
Basic	$	(3.94)	$(28.71)		$	(61.61)	$(41.17)
Diluted	$	(3.94)	$(28.71)		$	(61.61)	$(41.17)

TAXES (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jun. 24, 2024

Jun. 30, 2024

Sep. 30, 2024

Oct. 01, 2023

Jun. 23, 2024

Operating Loss Carryforwards [Line Items]

Effective income tax rate

5.45%

2.77%

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

^[1]

$ (447,190)

Additional Paid-in Capital

Operating Loss Carryforwards [Line Items]

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

$ 447,200

Illumina, Inc.

Operating Loss Carryforwards [Line Items]

Deferred capitalized R&D

$ 447,200

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

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

3 Months Ended

9 Months Ended

Jun. 24, 2024

Jun. 30, 2024

Sep. 30, 2024

Oct. 01, 2023

Jun. 23, 2024

Dec. 31, 2023

Cash and Cash Equivalents [Line Items]

Expected dividend yield (as a percent)

0.00%

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

^[1]

$ (447,190)

Cash funding received from Illumina

$ 1,244,300

$ 378,000

Additional Paid-in Capital

Cash and Cash Equivalents [Line Items]

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

$ 447,200

Illumina, Inc.

Cash and Cash Equivalents [Line Items]

Cash funding received from Illumina

$ 932,300

Illumina, Inc.

Cash and Cash Equivalents [Line Items]

Deferred capitalized R&D

$ 447,200

Domestic Tax Jurisdiction

Cash and Cash Equivalents [Line Items]

Net operating loss carryforwards

$ 3,500,000

State Jurisdiction

Cash and Cash Equivalents [Line Items]

Net operating loss carryforwards

2,300,000

Money Market Funds

Cash and Cash Equivalents [Line Items]

Cash equivalents in money market accounts

$ 850,300

$ 92,600

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

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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 attributable to common stockholders:


	Three Months Ended				Nine Months Ended
(in thousands, except share and per share data)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Numerator
Net loss	$	(125,688)	$	(891,448)	$	(1,929,939)	$	(1,278,158)
Denominator
Weighted average shares of common stock—basic and diluted	31,880,054		31,049,148		31,326,117		31,049,148
Net loss per share attributable to common stockholders
Basic	$	(3.94)	$(28.71)		$	(61.61)	$(41.17)
Diluted	$	(3.94)	$(28.71)		$	(61.61)	$(41.17)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements represent the historical operations of the standalone GRAIL legal entity and include 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 are included in the unaudited condensed consolidated financial statements. Certain assets and liabilities were reflected at fair value under the new basis of accounting established at the closing of Illumina’s acquisition of the Company in August 2021 (“the Acquisition”).

Management considered the need to allocate any historical shared costs incurred by the parent, Illumina, to the accompanying condensed consolidated financial statements. As previously discussed, the European Commission adopted an order requiring Illumina and GRAIL to be held and operated as distinct and separate entities. As no integration ever occurred, management concluded that no material allocations were required. As of

December 31, 2023, the Company had generated net operating loss carryforwards for federal and state tax purposes of $3.5 billion and $2.3 billion, respectively. As a single member LLC disregarded for tax purposes, these tax attributes are the sole property of Illumina and remained the assets of Illumina following the Spin-off in accordance with the Internal Revenue Code. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company operated independently of the parent. Related party transactions with Illumina are discussed further in Note 6 — Related Party Transactions.

These unaudited condensed consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”), reflect all normal recurring adjustments that are necessary to present the results fairly, and include the accounts of the Company and its wholly owned subsidiaries for the interim periods presented. All intercompany balances have been eliminated in consolidation.

Significant Accounting Policies

The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 and October 1, 2023 are consistent with those discussed in Note 2 — Summary of Significant Accounting Policies, within the consolidated financial statements for the year ended December 31, 2023 included in its Form 10 Registration Statement on June 3, 2024 (“Form 10”), except as described below.

Stock-Based Compensation Expense

The Company’s stock-based compensation expense includes expenses related to cash-based equity incentive awards, restricted stock units (“RSUs”), deferred stock units (“DSUs”), and performance stock options. Forfeitures are accounted for as incurred.

In connection with the Spin-Off, GRAIL and Illumina entered into an Employee Matters Agreement pursuant to which the Company’s equity awards were modified (the “Award Modification”). 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. The cash-settled, liability-classified awards were modified to become RSUs that will be settled in shares of the Company’s common stock upon vesting. Unvested performance stock options that were previously held by certain GRAIL employees to purchase Illumina common stock were also converted to options to purchase GRAIL common stock in connection with the Spin-Off.

The grant date fair value of RSUs and DSUs are determined based on the closing market price of GRAIL’s common stock on the date of the grant (in the case of RSUs resulting from the Award Modification, the date of the Award Modification, and in the case of DSUs resulting from deferrals of director cash fees, the date that such cash fees would have been otherwise paid). Stock-based compensation expense is recognized based on the fair value on a straight-line basis over the requisite service periods of the RSUs.

The fair value of performance stock options with service conditions is 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 is generally determined by weighing the historical and implied volatility of peer companies’ common stock. The expected term is 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 Company does not anticipate paying cash dividends in the foreseeable future. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected term of the stock-based awards. The fair value of the performance stock options begins to be recognized when it is probable that the performance-based condition will be met.

Provision for (Benefit from) Income Taxes

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 (“DTAs”), due primarily to the generation of net operating losses (“NOLs”), 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 stand-alone financial statements to allow the users to understand the financial position of the Company as a stand-alone taxable entity under the Separate-Return Method. The total tax-effected value of the tax attributes, net of Financial Accounting Standards Board Interpretation No. 48 (“FIN48”) liabilities and valuation allowance that were deemed to be the property of Illumina, was $447.2 million. In connection with the Spin-off, the 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 Attributable to Common Stockholders

The Company calculates basic net loss per share attributable to common stockholders by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. 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 evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. 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.

Cash Equivalents

As of September 30, 2024 and December 31, 2023, the Company’s cash equivalents were held in money market funds, totaling $850.3 million and $92.6 million, respectively. In connection with the consummation of the Spin-Off, in June 2024, Illumina provided disposal funding of $932.3 million to the Company in accordance with the Separation and Distribution Agreement. Cash equivalents held in money market funds were categorized as Level 1 investments within the fair value hierarchy.

Except for the accounting policies described above, there were no changes to the Company’s significant accounting policies during the nine months ended September 30, 2024 as described in Note 2 — Summary of

Significant Accounting Policies to the Company’s audited Consolidated Financial Statements filed with its Form 10.

Concentration Risk

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 condensed consolidated balance sheet date presented, respectively. Revenue from a major customer that amounts to 10% or more of total revenue is as follows:


	Three Months Ended			Nine Months Ended
	September 30, 2024		October 1, 2023	September 30, 2024		October 1, 2023
Customer A	10	%	*	10	%	10	%

*less than 10%

Customers that accounted for 10% of more of total accounts receivable balance are as follows:


	As of September 30, 2024		As of December 31, 2023
Customer A	16	%	43	%
Customer B	13	%	*

*less than 10%

Recently Adopted 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 condensed consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses. This guidance will be effective for the annual reporting periods beginning the year ended December 31, 2024, and for interim reporting periods beginning January 1, 2025, with early adoption permitted, and should be applied retrospectively. The Company is currently evaluating the potential impact of this guidance on its condensed consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. This update improves income tax disclosure requirements, primarily through enhanced transparency and decision usefulness of disclosures. This guidance will be effective for annual reporting periods beginning the year ended December 31, 2025, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the potential impact of this guidance on its condensed consolidated financial statements.

STOCK-BASED COMPENSATION - Performance options (Details) - Performance Options - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding (in shares)	100,000
Unrecognized compensation cost	$ 2.0
Period for recognition of share-based compensation	3 years
Outstanding exercisable options (in shares)	0
Aggregate intrinsic value of shares outstanding	$ 0.1	$ 0.9
Expiration period	10 years
Vesting term	3 years

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of maturity of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 34,583
2025	138,333
2026	138,333
2027	138,333
2028	138,333
2029	138,333
Thereafter	1,297,225
Net Intangible Assets	$ 2,023,473	$ 2,127,223

STOCK-BASED COMPENSATION - 2024 ESPP (Details) - The GRAIL, Inc. 2024 Employee Stock Purchase Plan - Employee Stock - shares	9 Months Ended
	Sep. 30, 2024	May 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)		414,021
Annual increase in shares available for grant as a percentage		1.00%
Shares granted (in shares)	0

- Definition

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.

+ References

+ Details

RESTRUCTURING (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Three and Nine Months Ended September 30, 2024
(in thousands)	Severance and related benefit costs		Other Costs (1)		Total
Research and development	$	9,024	$	690	$	9,714
Sales and marketing	4,851		—		4,851
General and administrative	3,974		468		4,442
Total	$	17,849	$	1,158	$	19,007

(1) Included within other costs is $0.1 million of non-cash asset impairments, $0.7 million of reserve for excess supplies on hand as a result of our strategic decision to decrease investment in product programs beyond Galleri and $0.4 million of professional service fees.

The following table summarizes the restructuring-related liabilities:


(in thousands)	Severance and related benefit costs		Other Costs		Total
Expense recorded in Q3 2024	$	17,849	$	1,118	$	18,967
Cash paid in Q3 2024	(9,851)		(111)		(9,962)
Amount recorded in accrued liabilities as of September 30, 2024	$	7,998	$	1,007	$	9,005

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

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


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Cost of screening revenue (exclusive of amortization of intangible assets)	$	400	$	618	$	1,321	$	1,437
Cost of development services revenue	178		7		201		11
Research and development	6,838		10,201		27,906		29,504
Sales and marketing	2,434		4,288		12,786		13,174
General and administrative	7,599		10,204		30,288		28,257
Stock-based compensation expense, before taxes	17,449		25,318		72,502		72,383
Related income tax benefits	(4,230)		(6,108)		(17,598)		(17,461)
Stock-based compensation expense, net of taxes	$	13,219	$	19,210	$	54,904	$	54,922

2024 Incentive Award Plan

The GRAIL, Inc. 2024 Incentive Award Plan (the “2024 Plan”) was adopted by GRAIL 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 maximum number of shares authorized for issuance under the 2024 Plan is the sum of (a)

8,656,817 shares; and (b) annual increase on the first day of each calendar year beginning on and including January 1, 2025 and ending on and including 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. As of September 30, 2024, approximately 2.4 million shares remained available for future grants under the 2024 Plan.

2024 Deferred Compensation Plan

The GRAIL, Inc. Deferred Compensation Plan for Directors (the “2024 Deferred Compensation Plan”) was adopted by GRAIL’s board of directors on July 15, 2024 to provide GRAIL’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, GRAIL will issue a number of DSUs to the director equal to the portion cash fees deferred divided by the fair market value of a share of GRAIL’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, GRAIL will issue a number of deferred stock units to the director equal to the number of shares of GRAIL 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 September 30, 2024, three of our directors had elected to defer their cash fees and two of our directors have elected to defer their equity awards.

2024 Inducement Award Plan

The GRAIL, Inc. 2024 Inducement Award Plan (the “2024 Inducement Plan”) was adopted by GRAIL’s board of directors on August 9, 2024. The 2024 Inducement Plan was adopted to enhance the Company’s ability to attract, retain and motivate eligible employees by providing these employees with equity ownership opportunities and/or equity-linked compensatory opportunities. The plan is used exclusively for the grant of equity awards to prospective employees in connection with the commencement of their employment who (i) were not previously employees of GRAIL, or (ii) are returning to GRAIL following a bona fide period of non-employment, in any case, as an inducement material to such prospective employee’s entering into employment with GRAIL pursuant to Nasdaq Listing Rule 5635(c)(4). 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.

A summary of the Company’s restricted stock unit activity is as follows:


	Restricted Stock Units	Weighted-Average Grant-Date Fair Value Per Share
(Units in thousands)
Outstanding at January 1, 2024	—	$—
Conversion	6,485	$15.37
Awarded	262	$14.99
Vested	(2,155)	$15.37
Forfeited	(446)	$15.37
Outstanding at September 30, 2024	4,146	$15.35

2024 Employee Stock Purchase Program

The GRAIL, Inc. 2024 Employee Stock Purchase Plan (the “ESPP”) was adopted by GRAIL and approved by Illumina, in its capacity as GRAIL’s sole stockholder, in May 2024. As previously disclosed in the Information Statement, the number of shares of Company common stock initially available under the ESPP is equal to (a) 414,021 (b) an annual increase on the first day of each calendar year beginning on and including January 1, 2025 and ending on and including 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 GRAIL board of directors. There are 0.4 million shares of Company common stock initially available for issuance pursuant to the ESPP. As of September 30, 2024, no shares had been granted under the ESPP plan.

Performance-Based Award

The Company has one performance-based award outstanding for 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 shall 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 September 30, 2024, it was not probable that the performance conditions associated with the award will be achieved and, therefore, no stock-based compensation expense, or corresponding loss recovery asset or liability, has been recognized in the condensed consolidated financial statements.

Performance Options

In connection with the Spin-Off, unvested performance-based stock options previously issued to GRAIL employees to purchase Illumina common stock were converted into performance-based stock options to purchase GRAIL common stock (“Performance Options”) in accordance with the Employee Matters Agreement. As of September 30, 2024, there were 0.1 million options which remain outstanding.

As of September 30, 2024, approximately $2.0 million of total unrecognized compensation cost related to the Performance Options was expected to be recognized over a period of approximately 3.0 years. There were no outstanding Performance Options exercisable as of September 30, 2024. The aggregate intrinsic value of the Performance Options outstanding as of September 30, 2024 and December 31, 2023 was less than $0.1 million and $0.9 million, respectively. The outstanding Performance Options, in general, have contractual terms of ten years from the respective grant dates. The Performance Options 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedules of concentration of risk (Details) - Customer Concentration Risk	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Oct. 01, 2023	Dec. 31, 2023
Customer A \| Revenue Benchmark
Product Information [Line Items]
Concentration risk, percentage (as a percent)	10.00%	10.00%	10.00%
Customer A \| Accounts Receivable
Product Information [Line Items]
Concentration risk, percentage (as a percent)		16.00%		43.00%
Customer B \| Accounts Receivable
Product Information [Line Items]
Concentration risk, percentage (as a percent)		13.00%

RELATED PARTY TRANSACTIONS - Related party contributions by member (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 24, 2024	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Contribution from member, net		$ 1,244,300	$ 378,000
Taxes paid related to net share settlement of equity awards		0	$ (220)
Illumina, Inc.
Related Party Transaction [Line Items]
Contribution from member, net	$ 932,300
Related Party \| Illumina, Inc.
Related Party Transaction [Line Items]
Contribution from member, net		1,244,300		$ 378,000
Taxes paid related to net share settlement of equity awards		0		(220)
Total contribution from member, net		$ 1,244,300		$ 377,780

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

Revenue from a major customer that amounts to 10% or more of total revenue is as follows:


	Three Months Ended			Nine Months Ended
	September 30, 2024		October 1, 2023	September 30, 2024		October 1, 2023
Customer A	10	%	*	10	%	10	%

*less than 10%

Customers that accounted for 10% of more of total accounts receivable balance are as follows:


	As of September 30, 2024		As of December 31, 2023
Customer A	16	%	43	%
Customer B	13	%	*

*less than 10%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	33,203,744	0
Common stock, shares outstanding (in shares)	33,203,744	0

NET LOSS PER SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
NET LOSS PER SHARE - Narrative (Details) - shares	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2024	Oct. 01, 2023	Jun. 24, 2024	Jun. 23, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares issued (in shares)	33,203,744		33,203,744			0	0
Common stock, shares outstanding (in shares)	33,203,744		33,203,744			0	0
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	4,300,000	6,700,000	4,300,000	6,700,000
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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2024	Oct. 01, 2023
Revenue:
Revenue	$ 28,652	$ 20,722	$ 87,343	$ 62,779
Costs and operating expenses:
Cost of revenue — amortization of intangible assets	33,473	33,473	100,417	100,417
Sales and marketing	35,625	36,597	123,433	123,169
Goodwill and intangible impairment	0	718,466	1,420,936	718,466
Total costs and operating expenses	212,159	933,113	2,139,563	1,383,568
Loss from operations	(183,507)	(912,391)	(2,052,220)	(1,320,789)
Other income:
Interest income	11,661	2,529	17,367	6,603
Other expense, net	561	196	514	421
Total other income, net	11,100	2,333	16,853	6,182
Loss before income taxes	(172,407)	(910,058)	(2,035,367)	(1,314,607)
Benefit from income taxes	46,719	18,610	105,428	36,449
Net loss	$ (125,688)	$ (891,448)	$ (1,929,939)	$ (1,278,158)
Net loss per share
Net loss per share—basic (in dollars per share)	$ (3.94)	$ (28.71)	$ (61.61)	$ (41.17)
Net loss per share—diluted (in dollars per share)	$ (3.94)	$ (28.71)	$ (61.61)	$ (41.17)
Weighted-average number of shares used in per share calculation—basic (in shares)	31,880,054	31,049,148	31,326,117	31,049,148
Weighted-average number of shares used in per share calculation—diluted (in shares)	31,880,054	31,049,148	31,326,117	31,049,148
Related Party
Costs and operating expenses:
Research and development	$ 8,223	$ 4,537	$ 18,927	$ 16,288
Operating expenses — General and administrative — related parties	1	51	104	154
Nonrelated Party
Costs and operating expenses:
Research and development	70,008	75,539	255,125	238,371
Operating expenses — General and administrative — related parties	47,417	50,132	171,641	147,380
Screening Revenue \| Related Party
Revenue:
Revenue	129	114	366	530
Costs and operating expenses:
Cost of revenue	3,916	2,013	10,427	5,805
Screening Revenue \| Nonrelated Party
Revenue:
Revenue	25,245	16,631	76,710	51,814
Costs and operating expenses:
Cost of revenue	12,054	10,816	35,054	28,574
Developmental Services Revenue
Revenue:
Revenue	3,278	3,977	10,267	10,435
Developmental Services Revenue \| Related Party
Costs and operating expenses:
Cost of revenue	161	65	284	125
Developmental Services Revenue \| Nonrelated Party
Costs and operating expenses:
Cost of revenue	$ 1,281	$ 1,424	$ 3,215	$ 4,819

RELATED PARTY TRANSACTIONS - Related party disclosures by income statement grouping (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2023	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenue	$ 28,652	$ 20,722		$ 87,343	$ 62,779
Related Party
Related Party Transaction [Line Items]
Operating expenses — Research and development — related parties	8,223	4,537		18,927	16,288
Operating expenses — General and administrative — related parties	1	51		104	154
Related Party \| Screening Revenue
Related Party Transaction [Line Items]
Revenue	129	114	$ 114	366	530	$ 530
Cost of revenue—related parties	3,916	$ 2,013		10,427	$ 5,805
Related Party \| Illumina, Inc.
Related Party Transaction [Line Items]
Operating expenses — Research and development — related parties	6,588		4,342	16,700		15,508
Operating expenses — General and administrative — related parties	1		51	104		154
Related Party \| Cost of screening revenue (exclusive of amortization of intangible assets) \| Illumina, Inc.
Related Party Transaction [Line Items]
Cost of revenue—related parties	3,658		2,013	9,784		5,805
Related Party \| Cost of development services revenue \| Illumina, Inc.
Related Party Transaction [Line Items]
Cost of revenue—related parties	$ 143		$ 65	$ 259		$ 125

GOODWILL AND INTANGIBLE ASSETS - Goodwill narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill impairment	$ 888.9	$ 608.5
Discount Rate \| Fair Value, Inputs, Level 3
Goodwill [Line Items]
Discount rate on goodwill	51.50%	24.00%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

BALANCE SHEET COMPONENTS - Schedule of prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Prepaid software	$ 4,903	$ 4,734
Tax receivable	4,084	5,411
Prepaid insurance	3,587	814
Prepaid service and maintenance	1,356	1,179
Indirect taxes	428	1,383
Prepaid other	5,298	6,579
Total prepaid expenses and other current assets	$ 19,656	$ 20,100

RELATED PARTY TRANSACTIONS - Related party income statement transactions by executive officer (Details) - Chief Executive Officer - Twist Bioscience - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Operating expenses — Research and development — related parties	$ 1,635	$ 195	$ 2,227	$ 780
Cost of screening revenue (exclusive of amortization of intangible assets)
Related Party Transaction [Line Items]
Cost of revenue—related parties	258	0	643	0
Cost of development services revenue
Related Party Transaction [Line Items]
Cost of revenue—related parties	$ 18	$ 0	$ 25	$ 0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42045
Entity 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, par value $0.001 per share
Trading Symbol	GRAL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,600,772
Entity Central Index Key	0001699031
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End	--12-31
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEGAL AND REGULATORY PROCEEDINGS	9 Months Ended
LEGAL AND REGULATORY PROCEEDINGS	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL AND REGULATORY PROCEEDINGS	LEGAL AND REGULATORY PROCEEDINGS The Company is subject to various claims, complaints, regulatory proceedings, and legal actions that arise from time to time in the ordinary course of business. Antitrust and Competition Proceedings On March 30, 2021, the U.S. Federal Trade Commission (“FTC”) issued an administrative complaint seeking to prevent the Acquisition. On September 1, 2022, an administrative law judge issued a decision in favor of the transaction and dismissed the FTC’s complaint. The FTC’s complaint counsel appealed to the full FTC Commission. On March 31, 2023, the FTC Commission issued a decision overturning the administrative law judge’s prior ruling. GRAIL and Illumina appealed the FTC’s decision to the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”). On December 15, 2023, the Fifth Circuit issued its opinion and order, in which the court ruled that the FTC applied the incorrect standard in assessing Illumina’s open offer contract and, on that basis, vacated the FTC order and remanded the case to the FTC for reconsideration of the effects of the open offer contract under the proper standard as described in the Fifth Circuit Court’s decision, and in all other respects upheld the FTC’s decision. Following completion of the Spin-Off the Company and Illumina sought dismissal of the FTC’s complaint on July 30, 2024. On August 15, 2024, the FTC dismissed without prejudice the complaint on the basis that the Spin-Off effectively abandoned the transaction giving rise to the complaint (the “FTC Dismissal”). On April 19, 2021, the European Commission accepted a request for a referral of the GRAIL, Inc. acquisition for European Union merger review, submitted by a Member State of the European Union (France), and joined by several other EEA Member States (Belgium, Greece, Iceland, the Netherlands, and Norway), under Article 22(1) of Council Regulation (EC) No 139/2004 (the “EU Merger Regulation”). On April 28, 2021, Illumina filed an action in the General Court of the European Union (the “EU General Court”) asking for annulment of the European Commission’s assertion of jurisdiction to review the acquisition under Article 22 of the EU Merger Regulation, as the acquisition does not meet the jurisdictional criteria under the EU Merger Regulation or under the national merger control laws of any Member State of the European Union. On July 13, 2022, the EU General Court confirmed the European Commission’s jurisdiction to examine the Acquisition (“EU General Court Article 22 Judgment”). On September 22 and September 30, 2022, Illumina and the Company each asked for annulment of the EU General Court Article 22 Judgment at the Court of Justice of the European Union (“EU Court of Justice”). On September 3, 2024, the EU Court of Justice set aside the EU General Court’s judgment and annulled the European Commission’s decision to review Illumina’s acquisition of Grail on the basis the European Commission did not have the jurisdiction to do so (the “ECJ Decision”). During the period between the initial assertion of jurisdiction by the European Commission on April 19, 2021 and the completion of the Spin-Off, the European Commission adopted several additional orders consisting of orders imposing interim measures on October 29, 2021 and October 28, 2022 (the “Interim Measures Orders”), a decision finding Illumina’s acquisition of GRAIL, Inc. incompatible with the internal market in the European Union on September 6, 2022 and a decision requiring Illumina to divest the Company and to restore the situation prevailing before the Company’s acquisition by Illumina (the “Divestment Decision”). The Company operated under the Interim Measures Decisions from the period of adoption through the Spin-Off. The Spin-Off was conducted pursuant to the Divestment Decision and a divestment plan prepared by Illumina and approved by the European Commission as provided by the terms of the Divestment Decision. With the completion of the Spin-Off and the effectiveness of the ECJ Decision, these additional orders are no longer in effect. With the completion of the Spin-Off, the FTC Dismissal and the ECJ Decision, the Company believes these matters are substantially concluded. Federal Securities Class Actions On November 11, 2023, the first of three securities class action complaints was filed against Illumina and certain of its current and former executive officers in the United States District Court for the Southern District of California. The first-filed case is captioned Kangas v. Illumina, Inc. et al., the second-filed case is captioned Roy v. Illumina, Inc. et al., and the third-filed case is captioned Louisiana Sheriffs’ Pension & Relief Fund v. Illumina, Inc. et al. (collectively, the “Actions”). The complaints generally allege, among other things, that defendants made materially false and misleading statements and omitted material facts relating to Illumina’s acquisition of Grail. The complaints seek unspecified damages, interest, fees, and costs. On January 9, 2024, four movants filed motions to consolidate the Actions and to appoint a lead plaintiff (“Lead Plaintiff Motions”). On April 11, 2024, the Court issued an order consolidating the Actions into a single action (captioned in re Illumina, Inc. Securities Litigation No. 23-cv-2082-LL-MMP), and appointed Universal-Investment-Gesellschaft mbH, UI BVK Kapitalverwaltungsgesellschaft mbH, and ACATIS Investment Kapitalverwaltungsgesellschaft mbH as lead plaintiffs. (the “Lead Plaintiffs”). On June 21, 2024, the Lead Plaintiffs filed a consolidated amended complaint. The amended complaint alleges that GRAIL, in addition to Illumina, and certain of their respective current and former directors and others violated sections 10(b) and 20(a) of the Securities Exchange Act and SEC Rule 10b-5 in connection with Illumina's acquisition of GRAIL and disclosures concerning the same. GRAIL has an indemnification obligation for certain current and former directors and officers involved in the matter pursuant to indemnification agreements entered into by these individuals and GRAIL. On September 13, 2024 the plaintiffs further amended the complaint. The Company denies the allegations in the complaints and intend to vigorously defend the litigation. In light of the fact that the lawsuits are in an early stage, the Company cannot predict the ultimate outcome of the suits. Other Legal Matters Legal matters include various claims, complaints, and legal actions that arise from time to time. In addition to direct involvement in legal matters, the Company has entered into indemnification agreements with each of its current and former directors, executive officers, and certain other officers to provide these directors and officers, and has certain indemnification obligations under the Company’s charter and bylaws to these individuals, which may give rise to liability for the Company even if the Company is not directly named. The Company has indemnification obligations in respect of the Kangas Actions and with respect to other legal matters that may arise, or have arisen, from time to time. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. The company is involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to employment matters. In connection with these matters, the Company assesses, on a regular basis, the probability and range of possible loss based on the developments in these matters. A liability is recorded in the condensed consolidated financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Since litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about future events. The Company regularly reviews outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures. The Company may change its estimates if its assessment of the various factors changes and the amount of ultimate loss may differ from estimates, resulting in a material effect on the Company’s business, financial condition, results of operations, and/or cash flows. As of September 30, 2024, there were no pending litigation with any probable losses that can be reasonably estimated. Contingencies Contingencies primarily correspond to claims arising in the ordinary course of business. If necessary, these contingencies will be accrued, to the extent believed to be reasonably estimable to resolve the matter. The accrued contingency amounts are included in other current liabilities. Should the Company not be able to secure the terms it expects, these estimates may change and will be recognized in the period in which they are identified. In connection with the Spin-Off, Illumina provided the Company with disposal funding in the amount of $932.3 million in accordance with the Separation and Distribution Agreement, subject to a clawback feature. The clawback is triggered if, prior to September 24, 2025 (the 15-month anniversary of the Distribution Date), the Company (i) consummates a change in control of the Company or (ii) (1) pays any dividend on, or makes any other distribution in respect of, any shares of its capital stock or other equity or voting interests (other than a stock dividend or a stock split), or otherwise consummates a return of capital from GRAIL to any of its equity holders or (2) redeems, purchases or otherwise acquires any of its outstanding shares of capital stock or other equity or voting interests (other than the acquisition of any shares in order to effectuate a “net settlement” transaction for the purposes of satisfying tax withholding obligations arising in connection with the grant, vesting, exercise and/or settlement of any outstanding incentive equity awards of GRAIL held by its current or former employees). If the Company consummates a transaction described in the foregoing clause (i), the Company must return to Illumina a cash amount decreasing over time calculated by reference to the number of months which have elapsed since the Distribution Date at the time of the public announcement of the event giving rise to the change of control. If the Company consummates a transaction described in the foregoing clause (ii), the Company must return to Illumina a cash amount equal to the payments made by the Company in connection with such transaction. The amount of clawback payments made cannot exceed the amount of the initial disposal funding. As of September 30, 2024, no contingency liability was recorded as the contingency loss is not probable. On June 21, 2024, in connection with the Spin-Off, Illumina and the Company also entered into the Tax Matters Agreement to govern the respective rights, responsibilities and obligations of Illumina and the Company after the Spin-Off with respect to all tax matters and will include restrictions to preserve the tax-free status of the Distribution. The Tax Matters Agreement included a number of restrictions on the Company to preserve the intended tax treatment of the Spin-Off. Breach of any covenant or representation contained in the Tax Matters Agreement will result in liability to specific separation taxes. As of September 30, 2024, as it was not probable that the Company will breach the agreement, no contingency liability was recorded in connection with the Tax Matters Agreement.

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible Assets

Intangible assets identified in the Acquisition include trade names, developed technology, and in-process research and development (“IPR&D”) and were measured at fair value as of the closing date of Illumina’s acquisition of the Company (“Closing Date”).


	September 30, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(412,824)	$	—	$	1,997,176
Trade Names	40,000		(13,703)		—		26,297
Total Finite-Lived Intangible Assets	2,450,000		(426,527)		—		2,023,473
In-process Research and Development (IPR&D)	560,000		—		(532,000)		28,000
Total Intangible Assets	$	3,010,000	$	(426,527)	$	(532,000)	$	2,051,473

	December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(312,408)	$	—	$	2,097,592
Trade Names	40,000		(10,369)		—		29,631
Total Finite-Lived Intangible Assets	2,450,000		(322,777)		—		2,127,223
In-process Research and Development (IPR&D)	670,000		—		(110,000)		560,000
Total Intangible Assets	$	3,120,000	$	(322,777)	$	(110,000)	$	2,687,223

Schedule of maturity of finite-lived intangible assets

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
Remainder of 2024	$	34,583
2025	138,333
2026	138,333
2027	138,333
2028	138,333
2029	138,333
Thereafter	1,297,225
Total	$	2,023,473

RESTRUCTURING - Non-recurring restructuring charges (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 19,007	$ 19,007
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	9,714	9,714
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,851	4,851
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,442	4,442
Severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	17,849	17,849
Severance and related benefit costs \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	9,024	9,024
Severance and related benefit costs \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,851	4,851
Severance and related benefit costs \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,974	3,974
Other Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,158	1,158
Other Costs \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	690	690
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	$ 468	468
Non-Cash Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		100
Reserve for Excess Supplies on Hand
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		700
Professional Service Fees
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 400

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Oct. 01, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ (1,929,939)	$ (1,278,158)
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization of intangibles assets	103,750	103,750
Depreciation	14,865	15,018
Stock-based compensation expense	72,502	72,383
Cash payment for equity awards	(53,807)	(65,034)
Deferred income taxes	(104,990)	(34,133)
Goodwill and intangible impairment	1,420,936	718,466
Other	949	2,039
Changes in operating assets and liabilities:
Operating lease right-of-use assets and liabilities, net	1,545	5,521
Net cash used by operating activities	(483,666)	(466,902)
Cash flows from investing activities
Net cash used by investing activities	(4,905)	(8,992)
Cash flows from financing activities
Cash funding received from Illumina	1,244,300	378,000
Taxes paid related to net share settlement of equity awards	0	(220)
Net cash provided by financing activities	1,244,300	377,780
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	228	49
Net increase (decrease) in cash, cash equivalents, and restricted cash	755,957	(98,065)
Cash, cash equivalents and restricted cash — beginning of period	101,512	246,128
Cash, cash equivalents and restricted cash — end of period	857,469	148,063
Represented by:
Cash and cash equivalents.	853,551	143,838
Restricted cash	3,918	4,225
Total	857,469	148,063
Supplemental cash flow information:
Property and equipment included in accounts payable and accrued liabilities	(231)	(1,087)
Operating cash flows from operating leases, net	(14,773)	(13,896)
Nonrelated Party
Changes in operating assets and liabilities:
Accounts receivable	1,699	6,058
Supplies	(847)	(2,414)
Prepaid expenses and other assets	(1,254)	(1,938)
Accounts payable	(11,379)	(5,825)
Accrued and other liabilities	(935)	2,190
Cash flows from investing activities
Purchases of property and equipment	(4,905)	(6,348)
Related Party
Changes in operating assets and liabilities:
Accounts receivable	32	178
Supplies	1,329	(2,174)
Prepaid expenses and other assets	(24)	40
Accounts payable	(824)	(2,753)
Accrued and other liabilities	2,726	(116)
Cash flows from investing activities
Purchases of property and equipment	$ 0	$ (2,644)

RELATED PARTY TRANSACTIONS - Related party balance sheet transactions by executive officer (Details) - Chief Executive Officer - Twist Bioscience - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Supplies — related parties	$ 842	$ 1,052
Accounts payable	$ 0	$ 660

RESTRUCTURING - Restructuring related liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	$ 19,007	$ 19,007
Accrued liabilities	69,008	69,008	$ 73,711
Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	18,967
Cash paid in Q3 2024	(9,962)
Accrued liabilities	9,005	9,005
Severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	17,849	17,849
Severance and related benefit costs \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	17,849
Cash paid in Q3 2024	(9,851)
Accrued liabilities	7,998	7,998
Other Costs
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	1,158	1,158
Other Costs \| Restructuring Plan, Core MCED Business
Restructuring Cost and Reserve [Line Items]
Expense recorded in Q3 2024	1,118
Cash paid in Q3 2024	(111)
Accrued liabilities	$ 1,007	$ 1,007

- Definition

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.

+ References + Details

RELATED PARTY TRANSACTIONS - Narrative (Details)	Jun. 24, 2024
Grail, Inc. \| Illumina, Inc.
Related Party Transaction [Line Items]
Percentage of shares retained after spin-off (as a percent)	14.50%

BALANCE SHEET COMPONENTS - Schedule of accounts receivable, net (Details) - Nonrelated Party - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable, gross	$ 18,696	$ 19,924
Allowance for credit losses	(3,533)	(3,062)
Total accounts receivable, net	$ 15,163	$ 16,862

GOODWILL AND INTANGIBLE ASSETS - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets [Roll Forward]
Gross Carrying Amount	$ 3,010,000	$ 3,120,000
Accumulated Amortization	(426,527)	(322,777)
Impairment	(532,000)	(110,000)
Net Intangible Assets	2,051,473	2,687,223
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,450,000	2,450,000
Accumulated Amortization	(426,527)	(322,777)
Impairment	0	0
Net Intangible Assets	2,023,473	2,127,223
In-process Research and Development (IPR&D)
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	560,000	670,000
Impairment	(532,000)	(110,000)
Net Intangible Assets	28,000	560,000
Developed Technologies
Intangible Assets [Roll Forward]
Accumulated Amortization	(412,824)	(312,408)
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		2,410,000
Accumulated Amortization	(412,824)	(312,408)
Impairment	0	0
Net Intangible Assets	1,997,176	2,097,592
Trade Names
Intangible Assets [Roll Forward]
Accumulated Amortization	(13,703)	(10,369)
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		40,000
Accumulated Amortization	(13,703)	(10,369)
Impairment	0	0
Net Intangible Assets	$ 26,297	$ 29,631

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents.	$ 853,551	$ 97,287
Total current assets	909,696	156,065
Operating lease right-of-use assets	70,625	84,386
Restricted cash	3,918	4,225
Intangible assets, net	2,051,473	2,687,223
Goodwill	0	888,936
Other non-current assets	8,356	7,984
Total assets	3,117,954	3,913,814
Current liabilities:
Incentive plan liabilities	0	54,513
Operating lease liabilities, current portion	13,524	14,809
Other current liabilities	1,593	809
Total current liabilities	94,268	163,610
Operating lease liabilities, net of current portion	58,667	69,598
Deferred tax liability, net	375,122	32,921
Other non-current liabilities	2,261	1,498
Total liabilities	530,318	267,627
Preferred stock, par value of $0.001 per share; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0
Common stock $0.001 par value per share, 1,500,000,000 shares authorized, 33,203,744 shares issued and outstanding as of September 30, 2024, no shares authorized, issued and outstanding as of December 31, 2023	33
Additional paid-in capital	12,291,681
Member’s equity		11,421,446
Accumulated other comprehensive income	2,186	1,066
Accumulated deficit	(9,706,264)	(7,776,325)
Total stockholders’/member’s equity	2,587,636
Total stockholders’/member’s equity		3,646,187
Total liabilities and stockholders’/member's equity	3,117,954	3,913,814
Related Party
Current assets:
Accounts receivable, net	48	80
Supplies — related parties	5,578	6,907
Prepaid expenses and other current assets	65	41
Property and equipment, net	2,554	3,640
Current liabilities:
Accounts payable	4	828
Accrued liabilities	2,822	95
Nonrelated Party
Current assets:
Accounts receivable, net	15,163	16,862
Supplies — related parties	15,635	14,788
Prepaid expenses and other current assets	19,656	20,100
Property and equipment, net	71,332	81,355
Current liabilities:
Accounts payable	7,317	18,845
Accrued liabilities	$ 69,008	$ 73,711

STOCK-BASED COMPENSATION - Performance-based award (Details) - Performance Shares - Former Employee $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate potential fair value	$ 78.0
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	500.0
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	750.0
Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	1,500.0
Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net revenue threshold for performance based award	$ 2,000.0

- Definition

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.

+ References

+ Details

BALANCE SHEET COMPONENTS - Schedule of accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Accrued compensation expenses	$ 43,156	$ 41,484
Accrued research and development expenses	7,132	6,647
Accrued legal and professional expenses	6,203	7,770
Accrued clinical studies expenses	4,800	6,897
Accrued marketing	1,213	1,882
Accrued other expenses	6,504	9,031
Total accrued liabilities	$ 69,008	$ 73,711

RELATED PARTY TRANSACTIONS - Related party transactions by balance sheet grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Prepaid expenses and other current assets — related parties	$ 19,656	$ 20,100
Accrued liabilities — related parties	69,008	73,711
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net — related parties	48	80
Property and equipment, net — related parties	2,554	3,640
Accounts payable — related parties	4	828
Related Party \| Illumina, Inc.
Related Party Transaction [Line Items]
Accounts receivable, net — related parties	48	80
Supplies — related parties	4,736	5,855
Prepaid expenses and other current assets — related parties	65	41
Property and equipment, net — related parties	2,554	3,640
Accounts payable — related parties	4	168
Accrued liabilities — related parties	$ 2,822	$ 95

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

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 a 14.5% stake in the Company. 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.

Goods and services transactions with Illumina have been reflected in the condensed consolidated financial statements as follows:


(in thousands)	As of September 30, 2024		As of December 31, 2023
Accounts receivable, net — related parties	$	48	$	80
Supplies — related parties	4,736		5,855
Prepaid expenses and other current assets — related parties	65		41
Property and equipment, net — related parties	2,554		3,640
Accounts payable — related parties	4		168
Accrued liabilities — related parties	2,822		95


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Screening revenue — related parties	$	129	$	114	$	366	$	530
Cost of screening revenue — related parties	3,658		2,013		9,784		5,805
Cost of development services revenue — related parties	143		65		259		125
Operating expenses — Research and development — related parties	6,588		4,342		16,700		15,508
Operating expenses — General and administrative — related parties	1		51		104		154

The Company has 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.

Contributions from Member, Net

The following related party transactions between the Company and Illumina have been included in these condensed consolidated financial statements. As there was no intercompany loan agreement between Illumina and GRAIL and because these transactions had no history of being settled and were not settled per the terms of the Separation and Distribution Agreement, the total net effect of these transactions are reflected in the condensed consolidated statements of cash flows as cash provided by financing activities and in the condensed consolidated balance sheets as contribution from member, net, in member’s equity. The following table presents the components of the net transfers to and from Illumina:


	Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023
Cash funding received from Illumina	$	1,244,300	$	378,000



Taxes paid related to net share settlement of equity awards	—		(220)

Total contribution from member, net	$	1,244,300	$	377,780

Twist Bioscience Relationship

Mr. Robert Ragusa was appointed as the Company’s chief executive officer in October 2021. Mr. Ragusa also serves on the board of directors of Twist Bioscience (“Twist”), a supplier to the Company. Transactions with

Twist beginning when Mr. Ragusa became the Company’s chief executive officer are reflected in the condensed consolidated financial statements as related party transactions.

Related party transactions with Twist have been reflected in the condensed consolidated financial statements as follows:


(in thousands)	As of September 30, 2024		As of December 31, 2023
Supplies — related parties	$	842	$	1,052
Accounts payable — related parties	—		660


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Cost of screening revenue — related parties	$	258	$	—	$	643	$	—
Cost of development services revenue — related parties	18		—		25		—
Operating expenses — Research and development — related parties	1,635		195		2,227		780

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

NET LOSS PER SHARE - Reconciliation of net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 30, 2024	Oct. 01, 2023
Numerator
Net loss	$ (125,688)	$ (1,585,337)	$ (218,914)	$ (891,448)	$ (193,045)	$ (193,666)	$ (1,929,939)	$ (1,278,158)
Denominator
Weighted-average number of shares used in per share calculation—basic (in shares)	31,880,054			31,049,148			31,326,117	31,049,148
Weighted-average number of shares used in per share calculation—diluted (in shares)	31,880,054			31,049,148			31,326,117	31,049,148
Net loss per share attributable to common stockholders
Net loss per share—basic (in dollars per share)	$ (3.94)			$ (28.71)			$ (61.61)	$ (41.17)
Net loss per share—diluted (in dollars per share)	$ (3.94)			$ (28.71)			$ (61.61)	$ (41.17)

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

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+ Details

SUBSEQUENT EVENTS (Details) $ in Millions		1 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions	Dec. 01, 2024 shares	Nov. 13, 2024 USD ($) shares	Sep. 30, 2024 shares	Nov. 01, 2024 option
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Shares granted (in shares)			262,000
Subsequent Event \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Shares granted (in shares)		2,500,000
Fair value of grant \| $		$ 30.9
Subsequent Event \| Performance Options
Subsequent Event [Line Items]
Vesting period	36 months
Number of performance options \| option				1
Option to purchase, number of shares	63,484
Subsequent Event \| Minimum \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Vesting period		18 months
Subsequent Event \| Maximum \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Vesting period		24 months

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of related party transactions

Goods and services transactions with Illumina have been reflected in the condensed consolidated financial statements as follows:


(in thousands)	As of September 30, 2024		As of December 31, 2023
Accounts receivable, net — related parties	$	48	$	80
Supplies — related parties	4,736		5,855
Prepaid expenses and other current assets — related parties	65		41
Property and equipment, net — related parties	2,554		3,640
Accounts payable — related parties	4		168
Accrued liabilities — related parties	2,822		95


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Screening revenue — related parties	$	129	$	114	$	366	$	530
Cost of screening revenue — related parties	3,658		2,013		9,784		5,805
Cost of development services revenue — related parties	143		65		259		125
Operating expenses — Research and development — related parties	6,588		4,342		16,700		15,508
Operating expenses — General and administrative — related parties	1		51		104		154

The following table presents the components of the net transfers to and from Illumina:


	Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023
Cash funding received from Illumina	$	1,244,300	$	378,000



Taxes paid related to net share settlement of equity awards	—		(220)

Total contribution from member, net	$	1,244,300	$	377,780

Related party transactions with Twist have been reflected in the condensed consolidated financial statements as follows:


(in thousands)	As of September 30, 2024		As of December 31, 2023
Supplies — related parties	$	842	$	1,052
Accounts payable — related parties	—		660


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Cost of screening revenue — related parties	$	258	$	—	$	643	$	—
Cost of development services revenue — related parties	18		—		25		—
Operating expenses — Research and development — related parties	1,635		195		2,227		780

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	$ 17,449	$ 25,318	$ 72,502	$ 72,383
Related income tax benefits	(4,230)	(6,108)	(17,598)	(17,461)
Stock-based compensation expense, net of taxes	13,219	19,210	54,904	54,922
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	400	618	1,321	1,437
Cost of development services revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	178	7	201	11
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	6,838	10,201	27,906	29,504
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	2,434	4,288	12,786	13,174
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, before taxes	$ 7,599	$ 10,204	$ 30,288	$ 28,257

- Definition

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.

+ References

+ Details

STOCK-BASED COMPENSATION - 2024 Incentive award plan (Details) - The GRAIL, Inc. 2024 Incentive Award Plan - shares	Sep. 30, 2024	May 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	2,400,000	8,656,817
Annual increase in shares available for grant as a percentage		5.00%

- Definition

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.

+ References

+ Details

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Sep. 30, 2024
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 saving lives and 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 was previously acquired by Illumina, Inc. (”Illumina”) in August 2021, 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. See Note 9 — Legal And Regulatory Proceedings for additional details. 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 14.5% after the Spin-Off. GRAIL’s common stock is listed under the ticker symbol “GRAL” on the NASDAQ Stock Exchange. 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 9 — 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 8 — Taxes for more information regarding income taxes and Note 9 — Legal And Regulatory Proceedings regarding 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. •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 6 — 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, subject to a clawback feature in the event that the Company (i) consummates a change in control transaction, sells or licenses substantially all of its assets or adopts a plan of liquidation (collectively, a “GRAIL Change of Control”), or (ii) (1) pays any dividend on, or makes any other distribution in respect of, any shares of its capital stock or other equity or voting interests (other than a stock dividend or a stock split), or otherwise consummates a return of capital from the Company to any of its equity holders or (2) redeems, purchases or otherwise acquires any of its outstanding shares of capital stock or other equity or voting interests (other than the acquisition of any shares in order to effectuate a “net settlement” transaction for the purposes of satisfying tax withholding obligations arising in connection with the grant, vesting, exercise and/or settlement of any outstanding incentive equity awards of GRAIL held by its current or former employees), in each case, prior to September 24, 2025 (the 15-month anniversary of the Distribution Date). If the Company consummates a transaction described in the foregoing clause (i), the Company must return to Illumina a cash amount decreasing over time calculated by reference to the number of months which have elapsed since the Distribution Date at the time of the public announcement of the event giving rise to the change of control. If the Company consummates a transaction described in the foregoing clause (ii), the Company must return to Illumina a cash amount equal to the payments made by the Company in connection with such transaction. The amount of clawback payments made cannot exceed the amount of the initial disposal funding. See Note 9 — Legal And Regulatory Proceedings — Contingencies for details. Ability to Continue as a Going Concern The accompanying condensed 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 $853.6 million of cash and cash equivalents as of September 30, 2024. The Company believes that its existing cash and cash equivalents will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months, as of the date these condensed consolidated financial statements were filed. As of September 30, 2024, the Company had no off-balance sheet concentrations of credit risk. Fiscal Year The Company has a fiscal year end of December 31. Prior to the Spin-Off, the Company’s fiscal year was the 52 or 53 weeks ending the Sunday closest to December 31, with quarters of 13 or 14 weeks ending the Sunday closest to March 31, June 30, September 30, and December 31. References to Q3 2024 and Q3 2023 refer to the three months ended September 30, 2024 and October 1, 2023 which were each 13 weeks.

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		October 1, 2023		September 30, 2024		October 1, 2023
Cost of screening revenue (exclusive of amortization of intangible assets)	$	400	$	618	$	1,321	$	1,437
Cost of development services revenue	178		7		201		11
Research and development	6,838		10,201		27,906		29,504
Sales and marketing	2,434		4,288		12,786		13,174
General and administrative	7,599		10,204		30,288		28,257
Stock-based compensation expense, before taxes	17,449		25,318		72,502		72,383
Related income tax benefits	(4,230)		(6,108)		(17,598)		(17,461)
Stock-based compensation expense, net of taxes	$	13,219	$	19,210	$	54,904	$	54,922

Summary of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity is as follows:


	Restricted Stock Units	Weighted-Average Grant-Date Fair Value Per Share
(Units in thousands)
Outstanding at January 1, 2024	—	$—
Conversion	6,485	$15.37
Awarded	262	$14.99
Vested	(2,155)	$15.37
Forfeited	(446)	$15.37
Outstanding at September 30, 2024	4,146	$15.35

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 30, 2024	Oct. 01, 2023
Pay vs Performance Disclosure
Net loss	$ (125,688)	$ (1,585,337)	$ (218,914)	$ (891,448)	$ (193,045)	$ (193,666)	$ (1,929,939)	$ (1,278,158)

- Definition

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

+ References

+ Details

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) - USD ($) $ in Thousands, shares in Millions		9 Months Ended		34 Months Ended
	Jun. 24, 2024	Sep. 30, 2024	Oct. 01, 2023	Jun. 23, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash funding received from Illumina		$ 1,244,300	$ 378,000
Cash and cash equivalents.		$ 853,551	$ 143,838		$ 97,287
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)	31.0
Illumina, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash funding received from Illumina	$ 932,300
Clawback term on disposal funding	15 months
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]
Percentage of shares retained after spin-off (as a percent)	14.50%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Oct. 01, 2023	Sep. 30, 2024	Oct. 01, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (125,688)	$ (891,448)	$ (1,929,939)	$ (1,278,158)
Other comprehensive income:
Foreign currency translation adjustment	800	52	1,120	89
Comprehensive loss	$ (124,888)	$ (891,396)	$ (1,928,819)	$ (1,278,069)

- Definition

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.

+ References + Details

- Definition

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

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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

Goodwill Impairment

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

During the three months ended June 30, 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%. These estimates and assumptions 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. The Company recognized a goodwill impairment of $888.9 million as a result of the impairment assessment, primarily due to changes to the forecast of GRAIL’s value and the method for valuing GRAIL.

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%. These estimates and assumptions 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 goodwill. The Company recognized a goodwill impairment of $608.5 million 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.

Intangible Assets


	September 30, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(412,824)	$	—	$	1,997,176
Trade Names	40,000		(13,703)		—		26,297
Total Finite-Lived Intangible Assets	2,450,000		(426,527)		—		2,023,473
In-process Research and Development (IPR&D)	560,000		—		(532,000)		28,000
Total Intangible Assets	$	3,010,000	$	(426,527)	$	(532,000)	$	2,051,473

	December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Intangible Assets
Developed Technologies	$	2,410,000	$	(312,408)	$	—	$	2,097,592
Trade Names	40,000		(10,369)		—		29,631
Total Finite-Lived Intangible Assets	2,450,000		(322,777)		—		2,127,223
In-process Research and Development (IPR&D)	670,000		—		(110,000)		560,000
Total Intangible Assets	$	3,120,000	$	(322,777)	$	(110,000)	$	2,687,223

The fair values of the developed technologies, trade names and IPR&D were estimated using an income approach, under which an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. The estimated fair values were developed by discounting future net cash flows to their present value at market-based rates of return and inclusive of an assumption for technology obsolescence. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets, adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic, and other factors that may limit the useful life. The developed technology and trade names assets are amortized on a straight-line basis over their estimated useful lives.

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.

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 our post-Spin-Off capital structure, constitution of our Board at the time of the Spin-Off as the key decision maker for the determination, and increased ability to revisit our 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%. 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.

The estimates and assumptions updated in each of these evaluations 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 IPR&D intangible

asset. A recoverability test for the finite-lived intangible assets, which includes developed technology and trade names, was also performed. Based on the assessment performed, no impairment was noted for the finite-lived intangibles.

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%. These estimates and assumptions 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 IPR&D intangible asset. 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. A recoverability test for the finite-lived intangible assets, which includes developed technology and trade names, was also performed. Based on the assessment performed, no impairment was noted for the finite-lived intangibles.

As of September 30, 2024 the research and development project had not been completed or abandoned. The IPR&D intangible asset is not currently subject to amortization.


(in thousands)	Estimated Annual Amortization
Remainder of 2024	$	34,583
2025	138,333
2026	138,333
2027	138,333
2028	138,333
2029	138,333
Thereafter	1,297,225
Total	$	2,023,473

RESTRUCTURING

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

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 (“PMA”) submission. The Restructuring Plan is expected to be substantially completed in the fourth quarter of 2024, and the Company expects to incur approximately $19.0 million to $23.0 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:


	Three and Nine Months Ended September 30, 2024
(in thousands)	Severance and related benefit costs		Other Costs (1)		Total
Research and development	$	9,024	$	690	$	9,714
Sales and marketing	4,851		—		4,851
General and administrative	3,974		468		4,442
Total	$	17,849	$	1,158	$	19,007

As of September 30, 2024, the Company had a $9.0 million remaining restructuring liability, consisting primarily of accrued severance costs, which are included in "Accrued liabilities" in the accompanying condensed consolidated balance sheets. The following table summarizes the restructuring-related liabilities:


(in thousands)	Severance and related benefit costs		Other Costs		Total
Expense recorded in Q3 2024	$	17,849	$	1,118	$	18,967
Cash paid in Q3 2024	(9,851)		(111)		(9,962)
Amount recorded in accrued liabilities as of September 30, 2024	$	7,998	$	1,007	$	9,005

BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS

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


Accounts receivable, net	September 30, 2024		December 31, 2023
(in thousands)
Trade accounts receivable, gross	$	18,696	$	19,924
Allowance for credit losses	(3,533)		(3,062)
Total accounts receivable, net	$	15,163	$	16,862


Prepaid expenses and other current assets	September 30, 2024		December 31, 2023
(in thousands)
Prepaid software	$	4,903	$	4,734
Tax receivable	4,084		5,411
Prepaid insurance	3,587		814
Prepaid service and maintenance	1,356		1,179
Indirect taxes	428		1,383
Prepaid other	5,298		6,579
Total prepaid expenses and other current assets	$	19,656	$	20,100


Accrued liabilities	September 30, 2024		December 31, 2023
(in thousands)
Accrued compensation expenses	$	43,156	$	41,484
Accrued research and development expenses	7,132		6,647
Accrued legal and professional expenses	6,203		7,770
Accrued clinical studies expenses	4,800		6,897
Accrued marketing	1,213		1,882
Accrued other expenses	6,504		9,031
Total accrued liabilities	$	69,008	$	73,711