GRAIL, Inc. Fair Value Disclosure
December 31, 2025 | |||||||||||||||||||||||
| (in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||
| Money market funds | $ | 63,195 | $ | 63,195 | $ | — | $ | — | |||||||||||||||
| U.S. government treasury bills | 184,041 | 184,041 | — | — | |||||||||||||||||||
Total cash equivalents | 247,236 | 247,236 | — | — | |||||||||||||||||||
| U.S. government treasury bills | 654,703 | 654,703 | — | — | |||||||||||||||||||
Total short-term marketable securities | 654,703 | 654,703 | — | — | |||||||||||||||||||
Total | $ | 901,939 | $ | 901,939 | $ | — | $ | — | |||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
| (in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||
| Money market funds | $ | 94,697 | $ | 94,697 | $ | — | $ | — | |||||||||||||||
| U.S. government treasury bills | 117,442 | 117,442 | — | — | |||||||||||||||||||
Total cash equivalents | 212,139 | 212,139 | — | — | |||||||||||||||||||
| U.S. government treasury bills | 549,236 | 549,236 | — | — | |||||||||||||||||||
Total short-term marketable securities | 549,236 | 549,236 | — | — | |||||||||||||||||||
Total | $ | 761,375 | $ | 761,375 | $ | — | $ | — | |||||||||||||||
December 31, 2025 | |||||||||||||||||
| (in thousands) | Amortized Cost | Gross Unrealized Gains | Estimated Fair Value | ||||||||||||||
| Money market funds | $ | 63,195 | $ | — | $ | 63,195 | |||||||||||
| U.S. government treasury bills | 838,368 | 376 | 838,744 | ||||||||||||||
| Total | $ | 901,563 | $ | 376 | $ | 901,939 | |||||||||||
December 31, 2024 | |||||||||||||||||
| (in thousands) | Amortized Cost | Gross Unrealized Gains | Estimated Fair Value | ||||||||||||||
| Money market funds | $ | 94,697 | $ | — | $ | 94,697 | |||||||||||
| U.S. government treasury bills | 666,412 | 266 | 666,678 | ||||||||||||||
| Total | $ | 761,109 | $ | 266 | $ | 761,375 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.