GRAIL, Inc. — Form 10-Q
Filed August 6, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 38/100
What the filing says
GRAIL amended its Sunnyvale office lease (250 S. Mathilda Ave) effective May 22, 2026. Key changes: (1) added ~108 sq ft storage space; (2) remeasured premises downward from 75,556 to 74,901 rentable sq ft; (3) base rent adjusted to $5.3M–$7.2M annually (10/2026–09/2037, starting $5.95/sq ft, escalating to $8.00/sq ft); (4) letter of credit reduced from $3.63M to $3.59M; (5) tenant improvement allowance increased to $14.23M; (6) EV charger locations updated. Counterparties: Landlord = Sunnyvale Office Acquisition LLC; Tenant = GRAIL Inc. Brokers: Newmark (tenant), CBRE (landlord).
Why this rating
Lease amendment is routine real-estate housekeeping—remeasurement, rent schedule clarification, TI allowance reallocation. Total annual rent ~$6M–$7M is ~0.3–0.4% of $1.9B market cap. No material financial restructuring or strategic shift evident.
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