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

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


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

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

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


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