Caris Life Sciences, Inc. CAI
We are a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer. We develop and commercialize innovative solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale. Our entire portfolio of precision medicine solutions is designed to benefit patients, with an initial focus on oncology, and serves the clinical, academic, and biopharma markets.
We founded Caris in 2008 with the belief and vision that combining a vast set of consistently generated molecular information with robust data-driven insights could realize the potential of precision medicine for patients. We have spent the last 17 years developing and building our portfolio of comprehensive, proprietary molecular profiling solutions and generating what we believe to be one of the largest and most comprehensive multi-modal clinico-genomic datasets in oncology. As of December 31, 2025, we have performed sequencing on over 1,000,000 cases. Our platform is purpose-built to leverage the convergence of next-generation sequencing ("NGS"), artificial intelligence ("AI") and machine learning ("ML") technologies, and high-performance computing. The power of our differentiated Caris platform has enabled us to develop the latest generation of advanced precision medicine diagnostic solutions designed to address the entire cancer care continuum, including early detection, minimal residual disease ("MRD") tracking, therapy selection, and treatment monitoring, as well as to create molecular signatures and discover and develop novel precision medicine therapeutics. Our Molecular Intelligence product portfolio is currently focused on oncology and consists of: (1) our MI Profile Platform, our whole exome sequencing ("WES")/whole transcriptome sequencing ("WTS") tissue-based molecular profiling solutions, (2) our Caris Assure Platform, our WES/WTS blood-based molecular profiling solutions, and (3) our Precision Whole Genome Platform, our whole genome sequencing ("WGS") blood- and tissue-based profiling solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $812.0M | $412.3M | $306.1M | — |
| R&D | $101.6M | $113.9M | $116.9M | — |
| SG&A | $225.0M | $169.4M | $149.1M | — |
| Total operating expenses | $766.9M | $669.4M | $625.7M | — |
| Operating income | $45.1M | -$257.1M | -$319.6M | — |
| Interest expense | $56.9M | $50.0M | $31.6M | — |
| Pre-tax income | -$68.1M | -$281.9M | -$341.4M | — |
| Income tax | $0 | $0 | $0 | — |
| Net income | -$68.1M | -$281.9M | -$341.4M | — |
| EPS, basic | -3.22 | -10.66 | -13.24 | — |
| EPS, diluted | -3.22 | -10.66 | -13.24 | — |
| Shares, diluted (wtd. avg.) | $167.2M | $35.5M | $34.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $796.3M | $64.0M | — | — |
| Short-term investments | $2.3M | $2.2M | — | — |
| Receivables | $112.1M | $88.2M | — | — |
| Total current assets | $997.8M | $215.7M | — | — |
| Property, plant and equipment | $63.2M | $67.8M | — | — |
| Goodwill | $19.3M | $19.3M | — | — |
| Total assets | $1.13B | $343.7M | — | — |
| Accounts payable | $39.2M | $27.8M | — | — |
| Short-term debt | $169.0K | $60.1M | — | — |
| Total current liabilities | $127.1M | $165.4M | — | — |
| Long-term debt | $378.8M | $319.4M | — | — |
| Total liabilities | $548.4M | $620.9M | — | — |
| Retained earnings | -$2.55B | -$2.47B | — | — |
| Total equity | $577.3M | -$2.50B | -$2.14B | -$1.70B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $83.2M | -$245.2M | -$276.1M | — |
| Depreciation and amortisation | $22.6M | $48.9M | $49.0M | — |
| Stock-based compensation | $70.0M | $18.6M | $15.2M | — |
| Capital expenditure | $16.3M | $8.4M | $22.3M | — |
| Investing cash flow | -$16.3M | $52.9M | $214.8M | — |
| Financing cash flow | $665.0M | $200.3M | $10.1M | — |
| Buybacks | $113.0K | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002019410-26-000016.
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