GRAIL establishes $300 million at-the-market stock offering program

GRAIL, Inc. (NASDAQ: GRAL) entered into an equity distribution agreement on November 14, 2025, with Morgan Stanley & Co. LLC and TD Securities (USA) LLC to potentially sell up to $300 million of its common stock through an at-the-market offering program.

Under the agreement, GRAIL may offer and sell shares from time to time at its discretion through the sales agents using methods permitted by law that qualify as "at the market" offerings under Rule 415 of the Securities Act of 1933. The sales agents will use commercially reasonable efforts to sell the common stock based on instructions from the company, including any price, time, size limits or other parameters GRAIL may impose.

GRAIL will pay the sales agents a commission of up to 3.0% of the gross sales proceeds from any shares sold under the agreement. The company may also sell shares directly to the sales agents as principals for their own accounts, subject to agreement by the agents.

The company filed a prospectus supplement with the Securities and Exchange Commission on November 14, 2025, in connection with the at-the-market offering program.

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