In this circuit there is no NFB and the input signal (A) drives the V1 grid while the V2 grid is held at signal ground by C2. The two cathodes are connected to a shared bias resistor, R5, and a tail resistor, R6. The tail resistor elevates the voltage at the cathodes and grids since all the tube currents pass through it. Typically, the elevation is around 50-60 volts. The tail resistor's purpose is to act as a current source and there will be more discussion about that later. (Similar circuits are used in many amps, particularly the JMP 18 watt Marshall variants.) First let's consider the circuit without any applied signal. With B+ applied (around 325V), the symmetry of the circuit leads both tubes to similar conditions. They both pass current through their plate resistors and the shared bias and tail resistors. The currents will settle to a value that creates a bias voltage across R5 that produces a stable current. Assuming identical tubes (which is OK for our purpose), the tube currents will be identical. For the circuit shown, each 12at7 will pass about 1.5ma so the R5 and R6 current will be about 3ma. The grid voltages will be slightly lower than the cathode voltage ( by about 1.5 volts) due to the voltage drop across the bias resistor R5. Both the grids and cathodes are elevated by the voltage created by the tail resistor. With 3ma passing through 22K, 66 volts are created to elevate the grids and cathodes. The elevation has little effect on the discussion here. (It does reduce the headroom of the PI circuit, but that is not an issue for this discussion.) Both grids have DC blocking caps. C1 connects to a ground-referenced signal source (A), while C2 is directly connected to ground. We'll assume the caps pass all AC signals, but block DC, so the stable bias conditions described above are not affected by the cap connections.