Guardant Health, Inc 10-Q for FY2026 Q1

Guardant Health, Inc. (GH)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Guardant Health, Inc filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $301.67M; up 48.3% from $203.47M a year earlier
Net loss: $112.08M; compared with a net loss of $95.16M a year earlier
Diluted EPS: -$0.85; compared with -$0.77 a year earlier

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Delaware						45-4139254
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	GH	The Nasdaq Global Select Market


Large Accelerated Filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐


	PART I – FINANCIAL INFORMATION
		Page
Item 1.	Unaudited Condensed Consolidated Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Stockholders’ Deficit	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	47

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
	Signatures	50


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	989,291	$	378,203

Short-term marketable securities	113,469		823,395
Accounts receivable, net	137,404		137,849
Inventory, net	83,851		85,876
Prepaid expenses and other current assets, net	43,490		40,723
Total current assets	1,367,505		1,466,046
Restricted cash	112,150		111,214
Property and equipment, net	150,035		145,915
Right-of-use assets, net	153,906		158,849
Intangible assets, net	25,543		25,921
Goodwill	77,257		77,257

Other assets, net	28,895		28,457
Total Assets	$	1,915,291	$	2,013,659
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	75,034	$	54,442
Accrued compensation	91,326		119,646
Accrued expenses	78,013		77,889
Deferred revenue	47,772		50,753

Total current liabilities	292,145		302,730
Convertible senior notes, net	1,503,471		1,504,000
Long-term operating lease liabilities	173,055		178,463

Other long-term liabilities	127,693		127,773
Total Liabilities	2,096,364		2,112,966
Commitments and contingencies (Note 9)

Stockholders’ deficit:
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 131,514,404 and 130,635,301 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1		1

Additional paid-in capital	2,930,665		2,900,056
Accumulated other comprehensive loss	(5,152)		(4,852)
Accumulated deficit	(3,106,587)		(2,994,512)
Total Stockholders’ Deficit	(181,073)		(99,307)
Total Liabilities and Stockholders’ Deficit	$	1,915,291	$	2,013,659


	Three Months Ended March 31,
	2026		2025

Revenue	$	301,665	$	203,471
Costs and operating expenses:
Cost of revenue	104,919		74,723
Research and development expense	91,038		88,521
Sales and marketing expense	169,132		104,316
General and administrative expense	57,926		46,952

Total costs and operating expenses	423,015		314,512
Loss from operations	(121,350)		(111,041)
Interest income	11,151		9,112
Interest expense	(1,347)		(791)
Other income (expense), net	(157)		7,851
Loss before provision for income taxes	(111,703)		(94,869)
Provision for income taxes	372		290


Net loss	$	(112,075)	$	(95,159)
Net loss per share, basic and diluted	$	(0.85)	$	(0.77)
Weighted-average shares used in computing net loss per share, basic and diluted	131,273		123,871


	Three Months Ended March 31, 2026
	Common Stock			Additional Paid-in Capital	Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Deficit
	Shares	Amount

Balance as of January 1, 2026	130,635,301	$	1		$	2,900,056	$	(4,852)	$	(2,994,512)	$	(99,307)

Issuance of common stock upon exercise of stock options	111,329	—			3,651		—		—		3,651
Vesting of restricted stock units	767,774	—			—		—		—		—

Employee taxes paid related to net share settlement of restricted stock units	—	—			(20,650)		—		—		(20,650)
Stock-based compensation	—	—			47,608		—		—		47,608


Other comprehensive loss	—	—			—		(300)		—		(300)
Net loss	—	—			—		—		(112,075)		(112,075)
Balance as of March 31, 2026	131,514,404	$	1		$	2,930,665	$	(5,152)	$	(3,106,587)	$	(181,073)


		Three Months Ended March 31, 2025
		Common Stock							Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Deficit
	Shares		Amount			Treasury Stock

Balance as of January 1, 2025		123,994,006		$	1		$	—	$	2,443,788	$	(5,201)	$	(2,578,235)	$	(139,647)


Issuance of common stock upon exercise of stock options		44,121		—			—		768		—		—		768
Vesting of restricted stock units		585,390		—			—		—		—		—		—

Employee taxes paid related to net share settlement of restricted stock units		—		—			—		(15,497)		—		—		(15,497)
Stock-based compensation		—		—			—		37,757		—		—		37,757
Repurchase of treasury stock		(976,351)		—			(45,010)		—		—		—		(45,010)
Unwinding of convertible note hedges		—		—			—		5,456		—		—		5,456
Other comprehensive income		—		—			—		—		543		—		543
Net loss		—		—			—		—		—		(95,159)		(95,159)
Balance as of March 31, 2025		123,647,166		$	1		$	(45,010)	$	2,472,272	$	(4,658)	$	(2,673,394)	$	(250,789)


	March 31, 2026		December 31, 2025
	(unaudited)
	(in thousands)
Machinery and equipment	$	153,872	$	144,069
Leasehold improvements	111,078		107,696
Computer hardware	43,542		41,329
Construction in progress	36,074		41,252
Furniture and fixtures	8,462		8,464
Computer software	2,006		2,006
Property and equipment, gross	355,034		344,816
Less: accumulated depreciation	(204,999)		(198,901)
Property and equipment, net	$	150,035	$	145,915


	March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

	(unaudited)
	(in thousands)
Financial Assets:
Money market funds	$	571,429	$	571,429	$	—	$	—
Income deposit funds	108,541		—		108,541		—
Commercial paper	269,971		—		269,971		—
U.S. government debt securities	54,874		—		54,874		—
Total cash equivalents and restricted cash	$	1,004,815	$	571,429	$	433,386	$	—

Commercial paper	$	113,469	$	—	$	113,469	$	—


Total short-term marketable securities	$	113,469	$	—	$	113,469	$	—





Total	$	1,118,284	$	571,429	$	546,855	$	—

Financial Liabilities:
Contingent consideration	$	34,000	$	—	$	—	$	34,000
Total	$	34,000	$	—	$	—	$	34,000


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value

	(unaudited)
	(in thousands)
Money market funds	$	571,429	$	—	$	—	$	571,429
Income deposit funds	108,541		—		—		108,541
Commercial paper	383,455		—		(15)		383,440

U.S. government debt securities	54,875		—		(1)		54,874
Total	$	1,118,300	$	—	$	(16)	$	1,118,284


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted-Average Useful Life

	(unaudited)
	(in thousands)						(in years)
Intangible assets subject to amortization:
Acquired license	$	11,886	$	(7,174)	$	4,712	4.6
Non-compete agreements and other covenant rights	5,100		(5,100)		—		0.0

Total intangible assets subject to amortization	$	16,986	$	(12,274)	$	4,712
Intangible assets not subject to amortization:
IPR&D	$	20,831	$	—	$	20,831
Goodwill	77,257		—		77,257
Total intangible assets not subject to amortization	$	98,088	$	—	$	98,088

Total purchased intangible assets	$	115,074	$	(12,274)	$	102,800


Year Ending December 31,
	(unaudited)
	(in thousands)
Remainder of 2026	$	834
2027	1,107
2028	1,109
2029	765
2030	600
2031 and thereafter	297

Total	$	4,712


		Options Outstanding
	Shares Available for Grant	Shares Subject to Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value

	(unaudited)
						(in thousands)
Balance as of January 1, 2026	13,181,189	4,548,494	$	34.83	6.4	$	310,466
2018 Plan annual increase(1)	3,689,000	—

Granted	(4,965)	4,965	94.42

Exercised	—	(111,329)	32.80
Canceled	19,958	(19,958)	35.58
Restricted stock units granted	(1,569,081)	—	—
Restricted stock units canceled	167,079	—	—


Performance-based restricted stock units granted	(598,353)	—	—
Performance-based restricted stock units adjusted for performance achievement	(61,706)	—	—
Performance-based restricted stock units canceled	118,013	—	—
Balance as of March 31, 2026	14,941,134	4,422,172	$	34.94	6.1	$	261,056
Vested and Exercisable as of March 31, 2026		2,985,477	$	34.15	4.9	$	180,894


	Restricted Stock Units Outstanding	Weighted-Average Grant Date Fair Value

	(unaudited)
Balance as of January 1, 2026	6,315,213	$	36.56
Granted	1,569,081	88.33

Vested and released	(580,567)	31.44
Canceled	(167,079)	37.84
Balance as of March 31, 2026	7,136,648	$	48.32


	March 31, 2026		December 31, 2025
	(unaudited)
	(in thousands)
2027 Notes
Outstanding principal amount	$	490,660	$	490,660
Less: unamortized debt issuance costs	(1,800)		(2,076)
Net carrying amount	$	488,860	$	488,584

2031 Notes
Outstanding principal amount	$	600,000	$	600,000
Add: unamortized debt premium	33,945		35,652
Less: unamortized debt issuance costs	(10,079)		(10,575)
Net carrying amount	$	623,866	$	625,077

2033 Notes
Outstanding principal amount	$	402,500	$	402,500
Less: unamortized debt issuance costs	(11,755)		(12,161)
Net carrying amount	$	390,745	$	390,339

Total net carrying amount	$	1,503,471	$	1,504,000


	Three Months Ended March 31,
	2026		2025

	(unaudited)
	(in thousands)
Coupon interest expense	$	1,876	$	917
Amortization of debt premium	(1,707)		(828)
Amortization of debt issuance costs	1,178		702
Total interest expense recognized	$	1,347	$	791

Effective interest rate:
2027 Notes	0.2%		0.2%
2031 Notes	0.4%		0.4%
2033 Notes	0.4%		*


	Three Months Ended March 31,
	2026	2025

	(unaudited)
Expected term (in years)	5.73	5.80 - 5.90
Expected volatility	64.9%	65.7% - 66.1%
Risk-free interest rate	3.7%	4.2% - 4.3%
Expected dividend yield	—%	—%


	Three Months Ended March 31,				Change
	2026		2025		$		%

	(unaudited)
	(in thousands)
Oncology	$	204,954	$	150,559	$	54,395	36	%
Biopharma and data	52,977		45,376		7,601		17	%
Screening	41,590		5,677		35,913		633	%
Licensing and other	2,144		1,859		285		15	%
Total revenue	$	301,665	$	203,471	$	98,194	48	%


		GUARDANT HEALTH, INC.

Dated:	May 7, 2026	By:	/s/ Helmy Eltoukhy
		Name:	Helmy Eltoukhy
		Title:	Co-Chief Executive Officer (Principal Executive Officer)

Dated:	May 7, 2026	By:	/s/ AmirAli Talasaz
		Name:	AmirAli Talasaz
		Title:	Co-Chief Executive Officer (Principal Executive Officer)

Dated:	May 7, 2026	By:	/s/ Michael Bell
		Name:	Michael Bell
		Title:	Chief Financial Officer (Principal Accounting Officer and Principal Financial Officer)


Situation			Effect on Award
New Hire			Employees who were not employed by the Company at the start of a Performance Period may be subject to a Target Award Opportunity pro-ration or may not be eligible for an Award for that Performance Period. Specifically, a Participant’s Target Award Opportunity will be adjusted for new hires in year of hire, as follows: •Q1 – Q3 New Hires - prorated based on the effective date of hire •Q4 New Hires - not eligible
Change in Target Award Opportunity			When a change in the bonus target occurs during a Performance Period (expressed as a percentage of base salary), an adjusted Target Award Opportunity will be calculated based on the portion of the Performance Period that each Target Award Opportunity applied.
Change in Salary			For US non-exempt employees all eligible salary during the Performance Period will be included for purposes of calculating the Target Award Opportunity. For all other employees, when a change in salary occurs, the salary in effect as of December 31 of the applicable Performance Period will be the determinative salary for purposes of calculating the Target Award Opportunity.
Change to Full-Time/Part-Time Status			When a change in a participant’s Full Time Equivalent status (FTE %) occurs during a Performance Period, an adjusted Target Award Opportunity will be calculated based on the portion of the Performance Period that each FTE % applied.
Eligibility Change			For any ongoing employee who changes eligibility to participate in the Bonus Plan during a Performance Period, a pro-rated Target Award Opportunity will be calculated based on the portion of the year for which they were eligible.
Leave of Absence (LOA)			Employees taking an approved leave of absence (LOA) will remain eligible to participate in the Bonus Plan. However, the Target Award Opportunity may be pro-rated based on the duration of the LOA, subject to applicable law.
Disability or Death			If a Participant’s employment ends during the Performance Period due to death or disability, the Committee may determine to pay to the Participant (or his/her estate in the case of death) a portion of the Award, if any, that otherwise would have been payable under the Bonus Plan, which may also be pro-rated to reflect the amount of time the Participant was employed during the Performance Period.
Termination prior to Payment Date			Subject to the above regarding death or disability, in order to receive an Award, a Participant must be employed in good standing by Guardant Health or its subsidiaries on the date such Participant’s Award is paid. If applicable law does not permit Guardant Health to withhold an Award, Guardant Health will pay to the Participant the minimum legally required Award.



Lead Independent Director:	$	40,000
Audit Committee Chair:	$	25,000
Member of Audit Committee:	$	12,500
Compensation Committee Chair:	$	20,000
Member of Compensation Committee:	$	10,000
Nominating and Governance Committee Chair:	$	15,000
Member of Nominating and Governance Committee:	$	7,500


Date:	May 7, 2026	/s/ Helmy Eltoukhy
		Helmy Eltoukhy
		Co-Chief Executive Officer
		(Principal Executive Officer)