US Market News
4週前
Caris Life Sciences Reports First Quarter 2026 Financial ResultsMay 7, 2026 4:05 PM
PR Newswire (US) Revenue growth of 79% driven by strong performance in molecular profiling servicesIRVING, Texas, May 7, 2026 /PRNewswire/ -- Caris Life Sciences, Inc. (Nasdaq: CAI), a leading, patient centric, next-generation AI TechBio company and precision medicine pioneer, today reported financial results for the quarter ended March 31, 2026. First Quarter 2026 Financial HighlightsReported total revenue of $216.2 million, an increase of 79% over the corresponding prior year period.Completed approximately 52,800 clinical therapy selection cases, an increase of approximately 15% over the corresponding prior year period, consisting of approximately 43,600 MI Profile cases and approximately 9,200 Caris Assure cases.Reported gross margin of 65%, an approximate 1,800 bps improvement over the corresponding prior year period.Reported net loss of $0.5 million.Reported positive Adjusted EBITDA of $26.2 million.Reported positive net cash provided by operating activities of $32.9 million, and positive free cash flow of $22.5 million, inclusive of annual bonus payments of $30.5 million."We delivered another strong quarter with record performance for February and March following our January sales re-alignment. This performance underscores the continued demand for our platform and the strength of our comprehensive, patient-first approach," said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences. "We are also encouraged by the Achieve 1 data, including the blinded readout, which demonstrates the superior performance of our whole genome technology over inferior techniques such as methylation. We remain focused on strengthening Caris Detect through the incorporation of additional pillars in advance of our upcoming launch."Recent Operating HighlightsRe-aligned sales force in January 2026, and exited at a quarterly run-rate of approximately 56,000 completed cases for February and March.Reported Achieve 1 study results reinforcing the superior sensitivity and specificity of Caris Detect.Launched and received MolDX approval for Caris ChromoSeq, Caris' comprehensive whole genome tumor profiling assay for myeloid malignancies.Launched Caris MI Clarity next-generation prognostic tool that leverages multimodal AI technology and computational pathology to deliver rapid, clinically actionable results for HR+/HER2-, postmenopausal, node-negative early-stage breast cancer patients.Powered by comprehensive approach of whole exome and whole transcriptome, launched the following new Caris AI Insights:Guiding first-line therapy selection and treatment de-escalation in pancreatic cancerIdentifying early platinum resistance in ovarian cancerIdentifying the benefit or harm from the addition of chemotherapy for NSCLC patientsSurpassed 1,070,000 total profiles and 790,000 total matched profiles through March 31, 2026.More than 677,000 whole exome and 728,000 whole transcriptome pro?les through March 31, 2026.Refinanced $400 million credit facility at a lower borrowing cost and secured access to additional strategic capital from Blue Owl and Blackstone.First Quarter 2026 Financial ResultsTotal revenue was $216.2 million for the three months ended March 31, 2026, compared to $120.9 million for the three months ended March 31, 2025, an increase of $95.3 million, or 79%.The increase in total revenue was driven primarily by an 85% growth in molecular profiling services revenue, which was $210.8 million for the three months ended March 31, 2026, compared to $114.1 million for the three months ended March 31, 2025. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.Gross profit, calculated as total revenue less cost of services, for the three months ended March 31, 2026 and 2025, was $141.3 million and $57.1 million, respectively, representing a gross margin of 65% and 47%, respectively.Operating expenses were $136.1 million for the three months ended March 31, 2026, compared to $115.0 million for the three months ended March 31, 2025, an increase of $21.1 million, or 18%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.Net loss was $0.5 million for the three months ended March 31, 2026, as compared to a net loss of $102.6 million for the three months ended March 31, 2025. Net loss per share attributable to common shareholders, basic and diluted, was $0.00 for the three months ended March 31, 2026, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $3.57 for the three months ended March 31, 2025.Net cash provided by operating activities was $32.9 million for the three months ended March 31, 2026, as compared to net cash used in operating activities of $31.3 million for the three months ended March 31, 2025, a 205% improvement. The improvement was driven by improved reimbursement from molecular profiling services.2026 Financial Outlook and GuidanceCaris Life Sciences reaffirms its guidance for full year 2026 revenue to be in the range of $1.0 billion to $1.02 billion, representing growth of 23% to 26% compared to full year 2025 and reaffirms its guidance to clinical therapy selection volume growth of approximately 20% compared to full year 2025.Conference Call InformationEvent: Caris First Quarter 2026 Financial Results Conference Call
Date: Thursday, May 7, 2026
Time: 3:30 p.m. CT (4:30 p.m. ET)
Webcast Link: https://edge.media-server.com/mmc/p/6iwr2xf8/Accompanying materials will be posted on our investor relations website at https://investor.carislifesciences.com prior to the conference call. A replay of the conference call will be available on our investor relations website shortly after the conclusion of the call.About Caris Life SciencesCaris Life Sciences® (Caris) is a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Genome, Whole Exome and Whole Transcriptome Sequencing), advanced AI and machine learning, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies and high-performance computing provides a differentiated platform for developing the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.Caris was founded with a vision to realize the potential of precision medicine to improve the human condition. Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S. and other international markets.We intend to use the investor page of our website, https://investor.carislifesciences.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post on our investor webpage may be deemed material. Accordingly, investors should subscribe to our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts.Forward-Looking StatementsThis press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "potential," "contemplate," "believe," "estimate," "predict," or "continue" or similar expressions.You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: technical, operational and implementation requirements the failure of which affect the timing of or prevent commercialization of Caris Detect; future performance and clinical utility of Caris Detect; developments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, timing and performance of future solutions by us and our competitors; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; the impact on our future volumes of the continued execution of our strategy to re-align and expand our sales organization; risks related to data management, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions; reliance on third-party suppliers; risks related to data security, patient privacy, and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties, and other factors described in the section titled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed on March 3, 2026, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law.Non-GAAP MeasuresWe use Adjusted EBITDA and free cash flow, financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), to supplement our condensed consolidated financial statements, which are presented in accordance with GAAP. We believe the non-GAAP financial measures we use, are useful in evaluating our performance and liquidity. Our non-GAAP financial measures have limitations as analytical tools, however, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.We define Adjusted EBITDA as net loss, adjusted to exclude interest income, interest expense, changes in fair value of financial instruments, other expense, net, the provision for (benefit from) income taxes, depreciation and amortization, and stock-based compensation expense. We use Adjusted EBITDA in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges.We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. We believe free cash flow is a useful measure of liquidity that provides an additional basis for assessing our ability to generate cash.A reconciliation of the non-GAAP financial measures used in this press release to the respective comparable GAAP financial measures, can be found below.Caris Life Sciences Media:
Corporate Communications
CorpComm@CarisLS.com
214.294.5606Investor Relations:
IR@CarisLS.com
917.689.3511Caris Life Sciences, Inc.Condensed Consolidated Statements of Operations and Comprehensive Loss(unaudited)
(amounts in thousands, except share and per share data)Three Months Ended March 31,
2026
2025
Revenue:
Molecular profiling services$ 210,800
$ 114,081Pharma research and development services5,374
6,834Total revenue216,174
120,915Costs and operating expenses:
Cost of Services - Molecular profiling services72,884
60,894Cost of Services - Pharma research and development services1,942
2,958Selling and marketing expense45,043
39,829General and administrative expense59,708
52,119Research and development expense31,315
23,066Total costs and operating expenses210,892
178,867Income (Loss) from operations5,282
(57,952)Other expense, net:
Interest income6,834
503Interest expense(12,809)
(12,782)Changes in fair value of financial instruments—
(32,333)Other income (expense), net49
(17)Total other expense, net(5,926)
(44,629)Loss before income taxes and income tax benefit(644)
(102,581)Income tax benefit134
—Net loss(510)
(102,581)Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(43)
35Comprehensive loss(553)
(102,546)
Net loss attributable to common shareholders:
Net loss(510)
(102,581)Adjustments of redeemable convertible preferred stock to redemption value—
(24,462)Net loss attributable to common shareholders$ (510)
$ (127,043)Net loss per share attributable to common shareholders, basic and diluted$ 0.00
$ (3.57)Weighted-average shares used in computing net loss per share attributable
to common shareholders, basic and diluted282,562,013
35,623,042 Caris Life Sciences, Inc.Condensed Consolidated Balance Sheets (unaudited)
(amounts in thousands, except share data)As of March 31,
As of December 31,
2026
2025
Assets
Current assets:
Cash, cash equivalents, and restricted cash$ 821,147
$ 797,799Short-term marketable securities2,315
2,295Accounts receivable90,517
112,140Supplies76,289
63,625Prepaid expenses and other current assets23,912
21,941Total current assets1,014,180
997,800Property and equipment, net82,669
63,170Goodwill19,344
19,344Other assets46,195
45,349Total assets$ 1,162,388
$ 1,125,663Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$ 69,802
$ 39,206Accrued expenses and other current liabilities73,921
87,770Current portion of indebtedness173
169Total current liabilities143,896
127,145Long-term indebtedness, net of debt discounts381,402
378,823Other long-term liabilities43,600
42,388Total liabilities568,898
548,356Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.001 par value per share; 100,000,000 shares
authorized as of March 31, 2026 and December 31, 2025; no shares
issued and outstanding as of March 31, 2026 and December 31, 2025—
—Common stock, $0.001 par value per share; 2,800,000,000 shares
authorized as of March 31, 2026 and December 31, 2025; 284,262,436
and 284,137,810 shares issued as of March 31, 2026 and December 31,
2025, respectively; 282,650,723 and 282,526,097 shares outstanding as
of March 31, 2026 and December 31, 2025, respectively; shares issued
and outstanding include 23,446 unvested shares subject to repurchase
as of March 31, 2026 and December 31, 2025284
283Treasury stock at cost, 1,611,713 shares of common stock as of
March 31, 2026 and December 31, 2025(16,896)
(16,896)Additional paid-in capital3,158,455
3,141,720Accumulated deficit(2,549,246)
(2,548,736)Accumulated other comprehensive income893
936Total shareholders' equity593,490
577,307Total liabilities and shareholders' equity$ 1,162,388
$ 1,125,663 Caris Life Sciences, Inc.Condensed Consolidated Statement of Cash Flows(unaudited)
(amounts in thousands)Three Months Ended March 31,
2026
2025
Cash flows from operating activities
Net loss$ (510)
$ (102,581)Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization5,065
7,045Stock-based compensation expense15,872
14,691Non-cash operating lease expense1,323
1,452Amortization of debt discounts2,624
1,945Changes in fair value of financial instruments—
32,333Other214
456Changes in operating assets and liabilities:
Accounts receivable21,623
7,913Supplies(13,328)
2,061Prepaid expenses and other current assets(1,554)
2,470Other assets153
36Accounts payable16,371
(1,739)Accrued expenses and other liabilities(14,977)
2,580Net cash provided by (used in) operating activities32,876
(31,338)
Cash flows from investing activities
Purchases of property and equipment(10,342)
(2,689)Net cash used in investing activities(10,342)
(2,689)
Cash flows from financing activities
Payments made on finance lease obligations(40)
(22)Proceeds from exercise of stock options920
1,434Payment of taxes withheld from net settlement of exercised options (56)
—Payment of deferred offering costs—
(105)Repurchase of common stock—
(22)Net cash provided by financing activities824
1,285
Effect of exchange rate changes on cash, cash equivalents, and restricted (10)
4Net increase (decrease) in cash, cash equivalents, and restricted cash23,348
(32,738)
Cash, cash equivalents, and restricted cash at beginning of period800,042
68,028Cash, cash equivalents, and restricted cash at end of period$ 823,390
$ 35,290 Reconciliation of GAAP Net Loss to Adjusted EBITDA(unaudited)
(amounts in thousands)Three Months Ended March 31,
2026
2025
Net loss$ (510)
$ (102,581)Interest income(6,834)
(503)Interest expense12,809
12,782Changes in fair value of financial instruments—
32,333Other income (expense), net(49)
17Income tax benefit(134)
—Depreciation and amortization expense5,065
7,045Stock-based compensation expense15,872
14,691Adjusted EBITDA$ 26,219
$ (36,216) Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow(unaudited)
(amounts in thousands)Three Months Ended March 31,
2026
2025
Net cash provided by (used in) operating activities$ 32,876
$ (31,338)Less: purchases of property and equipment(10,342)
(2,689)Free cash flow$ 22,534
$ (34,027) View original content to download multimedia:https://www.prnewswire.com/news-releases/caris-life-sciences-reports-first-quarter-2026-financial-results-302766055.htmlSOURCE Caris Life Sciences Original: Caris Life Sciences Reports First Quarter 2026 Financial Results
US Market News
2月前
Caris Life Sciences Right-In-Time Clinical Trial Solution Expands Access to Precision Oncology Trials for Historically Underserved Cancer PatientsApril 15, 2026 8:30 AM
PR Newswire (US)
Comprehensive molecular profiling paired with biomarker-driven trial matching provides cancer patients with a complete pathway from diagnosis to treatment across more than 600 locations nationwideIRVING, Texas, April 15, 2026 /PRNewswire/ -- Caris Life Sciences®, Inc. (NASDAQ: CAI), a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer, today highlighted the growing urgency of closing the geographic gap in cancer clinical trial access and the role its Right-In-Time (RIT) clinical trial solution plays in bringing biomarker-driven trials to community oncology practices nationwide.
Research published in JCO Oncology Practice found that 70% of U.S. counties had no active cancer treatment trials, leaving nearly one in five Americans ages 55 and older without a local pathway to investigational therapies. Nearly 85% of U.S. cancer patients receive care at community-based practices, yet most clinical trials remain concentrated at large academic medical centers. A meta-analysis in the Journal of the National Cancer Institute found that 55% of cancer patients offered a trial agree to participate, suggesting the core barrier is access and infrastructure, not patient willingness.The Caris RIT clinical trial solution addresses this challenge by deploying trials directly to community oncology sites. Drawing on decades of oncology clinical trial experience, the system is designed to move from molecular profiling to patient enrollment in approximately two weeks and in as few as five days. Patients remain under the care of their treating oncologist, preserving continuity of care and eliminating the burden of long-distance travel to academic centers.The network of community and regional oncology sites now spans more than 600 locations, 2,200 investigators across the United States and Puerto Rico, with more than 71,000 patients identified for potential trial participation."Comprehensive molecular profiling gives oncologists a complete picture of each patient's disease, which is essential for identifying the most effective treatment options," said David Spetzler, MS, MBA, PhD, President of Caris Life Sciences. "When that profiling is paired with a system that matches patients to relevant clinical trials, we can significantly expand the range of therapeutic possibilities available to every patient."The gap between available science and clinical adoption illustrates why matching molecular profiles to clinical trials at the point of care has become an urgent priority in oncology. A Caris-led study of more than 295,000 real-world cancer patients, published in Nature Communications, examined the FDA's eight tissue-agnostic cancer approvals and found that for one of the most promising targets, NTRK fusion genes, roughly a third to nearly half of eligible patients with advanced disease never receive the approved therapy. The RIT clinical trial solution is designed to address this challenge of oncologists' limited familiarity with rare mutations and prescribing targeted therapies they encounter so infrequently.The RIT solution integrates comprehensive molecular profiling, automated trial matching, and streamlined site activation into a single workflow. Every patient whose tumor specimen is sent to Caris receives profiling through Whole Exome Sequencing (WES) of DNA, Whole Transcriptome Sequencing (WTS) of RNA and immunohistochemistry (IHC) analysis of proteins, covering more than 23,000 genes.A proprietary trial-matching platform then cross-references each patient's molecular results against the historical composition of the trial portfolio, comprising more than 30 clinical trials and more than 80 biopharmaceutical partners. Clinical Trial Navigators (CTNs), who are registered oncology nurses, notify treating physicians within 24 to 48 hours of identifying a match. CTNs conduct preliminary eligibility assessments and continue to monitor patients until the trial becomes a viable treatment option. Caris manages contracting, budgeting, site qualification and institutional review board (IRB) documentation, freeing physicians to focus on patient care.The RIT program draws on one of the largest clinico-genomic databases in oncology. As of December 31, 2025, Caris surpassed 1,016,000 total molecular tumor profiles and 740,000 matched profiles linking molecular data with clinical outcomes. The company has published findings from this research base in more than 1,050 peer-reviewed publications, often in collaboration with members of the Caris Precision Oncology Alliance, which includes cancer centers, academic and research centers."Every patient diagnosed with cancer deserves a treatment plan informed by the molecular profile of their disease," Spetzler said. "We believe the field is approaching a point where comprehensive profiling will become standard practice for all patients and programs like Right-In-Time are designed to accelerate that transition by connecting molecular insights directly to clinical trial opportunities at the community level."By embedding trial matching into the molecular profiling workflow and deploying trials at community sites, the RIT clinical trial solution aims to ensure that patients' ZIP codes do not determine whether they can access a potentially life-changing investigational therapy.About Caris Life Sciences
Caris Life Sciences® (Caris) is a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Genome, Whole Exome and Whole Transcriptome Sequencing), advanced AI and machine learning, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies and high-performance computing provides a differentiated platform for developing the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.Caris was founded with a vision to realize the potential of precision medicine to improve the human condition.?Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S. and other international markets.Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "potential," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or similar expressions.You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: developments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, timing and performance of future solutions by us and our competitors; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; risks related to data management, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions; reliance on third-party suppliers; risks related to data security, patient privacy, and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties, and other factors described in the section titled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 3, 2026, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law. Caris Life Sciences Media:
Corporate Communications
CorpComm@CarisLS.com
214.294.5606
View original content to download multimedia:https://www.prnewswire.com/news-releases/caris-life-sciences-right-in-time-clinical-trial-solution-expands-access-to-precision-oncology-trials-for-historically-underserved-cancer-patients-302742657.htmlSOURCE Caris Life Sciences
Original: Caris Life Sciences Right-In-Time Clinical Trial Solution Expands Access to Precision Oncology Trials for Historically Underserved Cancer Patients
US Market News
3月前
Caris Life Sciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 OutlookFebruary 26, 2026 4:05 PM
PR Newswire (US)
Full year revenue growth of 97% driven by strong performance in molecular profiling servicesExpects full year 2026 revenue to be in the range of $1.0 billion to $1.02 billionIRVING, Texas, Feb. 26, 2026 /PRNewswire/ -- Caris Life Sciences®, Inc. (NASDAQ: CAI), a leading, patient centric, next-generation AI TechBio company and precision medicine pioneer, today reported financial results for the quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial HighlightsReported total revenue of $292.9 million, an increase of 125% over the corresponding prior year period.Completed approximately 52,700 clinical therapy selection cases, an increase of approximately 20% over the corresponding prior year period, and consisting of approximately 44,150 MI Profile cases and approximately 8,550 Caris Assure cases.Reported gross margin of 75%, an approximate 2,000 bps improvement over the corresponding prior year period.Reported net income of $82.0 million.Reported positive Adjusted EBITDA of $106.1 million.Reported positive net cash provided by operating activities of $44.8 million, and positive free cash flow of $39.7 million.Full Year 2025 Financial HighlightsReported total revenue of $812.0 million, an increase of 97% over the corresponding prior year.Completed approximately 199,300 clinical therapy selection cases, an increase of approximately 22% over the corresponding prior year, and consisting of approximately 170,300 MI Profile cases and approximately 29,000 Caris Assure cases.Reported gross margin of 66%, an approximate 2,300 bps improvement over the corresponding prior year period.Reported net loss of $68.1 million.Reported positive Adjusted EBITDA of $137.7 million.Reported positive net cash provided by operating activities of $83.2 million, and positive free cash flow of $66.9 million."Demand for our platform continued to accelerate in 2025, driving strong growth in volume and revenue and expanding adoption across our solutions. We are focused on building on this momentum, advancing our pipeline, and are particularly excited about the planned launch of our Caris Detect solution in the first half of 2026, which we believe represents a significant growth opportunity for Caris and an important step forward for precision medicine," said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences.Recent Operating HighlightsSurpassed 1,016,000 total profiles and 740,000 total matched profiles through December 31, 2025.More than 627,000 Whole Exome and 678,000 Whole Transcriptome profiles through December 31, 2025.Announced partnership with Everlywell to launch Caris' forthcoming MCED assay, Caris Detect.Announced collaboration with Genentech to discover novel therapeutic targets in cancers with high unmet clinical need.Fourth Quarter 2025 Financial ResultsTotal revenue was $292.9 million for the three months ended December 31, 2025, compared to $129.9 million for the three months ended December 31, 2024, an increase of $163.0 million, or 125%.The increase in total revenue was driven primarily by a 199% growth in molecular profiling services revenue, which was $282.1 million for the three months ended December 31, 2025, compared to $94.4 million for the three months ended December 31, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.Gross profit, calculated as total revenue less cost of services, for the three months ended December 31, 2025 and 2024, was $220.9 million and $70.7 million, respectively, representing a gross margin of 75% and 54%, respectively.Operating expenses were $132.5 million for the three months ended December 31, 2025, compared to $107.7 million for the three months ended December 31, 2024, an increase of $24.8 million, or 23%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.Net income was $82.0 million for the three months ended December 31, 2025, as compared to a net loss of $36.9 million for the three months ended December 31, 2024. Net income per share attributable to common shareholders, basic and diluted, was $0.29 and $0.28 per share, respectively, for the three months ended December 31, 2025, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $1.73, for the three months ended December 31, 2024.Net cash provided by operating activities was $44.8 million for the three months ended December 31, 2025, as compared to net cash used in operating activities of $38.9 million for the three months ended December 31, 2024, a 215% improvement. The improvement was driven by improved reimbursement from molecular profiling services.Full Year 2025 Financial ResultsTotal revenue was $812.0 million for the year ended December 31, 2025, compared to $412.3 million for the year ended December 31, 2024, an increase of $399.8 million, or 97%.The increase in total revenue was driven primarily by a 120% growth in molecular profiling services revenue, which was $766.7 million for the year ended December 31, 2025, compared to $349.1 million for the year ended December 31, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.Gross profit, calculated as total revenue less cost of services, for the years ended December 31, 2025 and 2024 was $539.2 million and $178.8 million, respectively, representing a gross margin of 66% and 43%, respectively.Operating expenses were $494.1 million for the year ended December 31, 2025, compared to $435.9 million for the year ended December 31, 2024, an increase of $58.2 million, or 13%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.Net loss was $68.1 million for the year ended December 31, 2025, as compared to a net loss of $281.9 million for the year ended December 31, 2024. Net loss per share attributable to common shareholders, basic and diluted, was $3.22 per share for the year ended December 31, 2025, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $10.66 for the year ended December 31, 2024.Net cash provided by operating activities was $83.2 million for the year ended December 31, 2025, as compared to net cash used in operating activities of $245.2 million for the year ended December 31, 2024, a 134% improvement. The improvement was driven by improved reimbursement from molecular profiling services.2026 Financial Outlook and GuidanceCaris Life Sciences expects full year 2026 revenue to be in the range of $1.0 billion to $1.02 billion, representing growth of approximately 23% to 26% compared to full year 2025. Clinical therapy selection volume is expected to grow approximately 20% compared to full year 2025.Within this revenue range:Molecular profiling revenue is expected to grow approximately 21% to 22% year over year in 2026. Excluding out-of-year revenue from over collections recorded in 2025, this range implies growth of approximately 26% to 28%.Pharma & research revenue is expected to be in the range of $75 million to $85 million for the year ending December 31, 2026.Caris Life Sciences expects GAAP operating expenses to be in the range of $590 million to $595 million, representing a 19% to 20% increase due to commercial expansion and increase in pipeline trial activities, and expects to remain positive on Free Cash Flow and Adjusted EBITDA.Conference Call InformationEvent:
Caris Fourth Quarter 2025 Financial Results Conference CallDate:
Thursday, February 26, 2026Time:
3:30 p.m. CT (4:30 p.m. ET)Webcast Link:
https://edge.media-server.com/mmc/p/49czfgs4Accompanying materials will be posted on our investor relations website at https://investor.carislifesciences.com prior to the conference call. A replay of the conference call will be available on our investor relations website shortly after the conclusion of the call.About Caris Life SciencesCaris Life Sciences® (Caris) is a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Genome, Whole Exome and Whole Transcriptome Sequencing), advanced AI and machine learning, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies and high-performance computing provides a differentiated platform for developing the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.Caris was founded with a vision to realize the potential of precision medicine to improve the human condition. Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S. and other international markets.We intend to use the investor page of our website, https://investor.carislifesciences.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post on our investor webpage may be deemed material. Accordingly, investors should subscribe to our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts.Forward-Looking StatementsThis press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "potential," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or similar expressions.You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: developments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, timing and performance of future solutions by us and our competitors; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; risks related to data management, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions; reliance on third-party suppliers; risks related to data security, patient privacy, and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties, and other factors described in the section titled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed on or about March 3, 2026, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law.Non-GAAP MeasuresWe use Adjusted EBITDA and free cash flow, financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), to supplement our consolidated financial statements, which are presented in accordance with GAAP. We believe the non-GAAP financial measures we use, are useful in evaluating our performance and liquidity. Our non-GAAP financial measures have limitations as analytical tools, however, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.We define Adjusted EBITDA as net loss, adjusted to exclude interest income, interest expense, changes in fair value of financial instruments, other expense, net, the provision for (benefit from) income taxes, depreciation and amortization, and stock-based compensation expense. We use Adjusted EBITDA in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges.We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. We believe free cash flow is a useful measure of liquidity that provides an additional basis for assessing our ability to generate cash.A reconciliation of the historical non-GAAP financial measures used in this press release to the respective comparable GAAP financial measures, can be found below.Caris Life Sciences Media:
Corporate Communications
CorpComm@CarisLS.com
214.294.5606Investor Relations:
InvestorRelations@CarisLS.com
917.689.3511 Caris Life Sciences, Inc.Condensed Consolidated Statements of Operations and Comprehensive Loss(unaudited)
(amounts in thousands, except share and per share data)Three Months Ended
December 31,
Years Ended December 31,
2025
2024
2025
2024
Revenue:
Molecular profiling services$ 282,126
$ 94,423
$ 766,719
$ 349,115Pharma research and development services10,760
35,492
45,314
63,145Total revenue292,886
129,915
812,033
412,260Costs and operating expenses:
Cost of Services - Molecular profiling services69,158
55,941
262,353
223,075Cost of Services - Pharma research and development services2,814
3,273
10,512
10,403Selling and marketing expense44,151
37,525
167,506
152,602General and administrative expense56,507
43,113
224,965
169,386Research and development expense31,845
27,109
101,584
113,916Total costs and operating expenses204,475
166,961
766,920
669,382Income (Loss) from operations88,411
(37,046)
45,113
(257,122)Other expense, net:
Interest income7,015
970
16,497
7,122Interest expense(11,356)
(13,262)
(56,853)
(50,025)Changes in fair value of financial instruments—
12,417
(52,285)
18,484Other expense, net(2,113)
(26)
(20,560)
(349)Total other expense, net(6,454)
99
(113,201)
(24,768)Income (Loss) before income taxes and provision for income taxes81,957
(36,947)
(68,088)
(281,890)Provision for income taxes—
—
—
—Net income (loss)81,957
(36,947)
(68,088)
(281,890)Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities—
—
—
7Foreign currency translation adjustments188
5
726
(15)Comprehensive income (loss)82,145
(36,942)
(67,362)
(281,898)
Net income (loss) attributable to common shareholders:
Net income (loss)81,957
(36,947)
(68,088)
(281,890)Deemed dividend from Series D redeemable convertible preferred stock—
—
(384,436)
—Adjustments of redeemable convertible preferred stock to redemption value—
(24,999)
(85,433)
(96,367)Net income (loss) attributable to common shareholders$ 81,957
$ (61,946)
$ (537,957)
$ (378,257)
Net income (loss) per share attributable to common shareholders:
Basic$ 0.29
$ (1.73)
$ (3.22)
$ (10.66)Diluted$ 0.28
$ (1.73)
$ (3.22)
$ (10.66)
Weighted-average shares used in computing net income (loss) per share
attributable to common shareholders:
Basic282,215,465
35,828,916
167,205,616
35,496,832Diluted296,089,041
35,828,916
167,205,616
35,496,832 Caris Life Sciences, Inc.Condensed Consolidated Balance Sheets(unaudited)
(amounts in thousands, except share data)As of December 31,
2025
2024
Assets
Current assets:
Cash, cash equivalents, and restricted cash$ 797,799
$ 65,442Short-term marketable securities2,295
2,201Accounts receivable112,140
88,244Supplies63,625
39,572Prepaid expenses and other current assets21,941
20,270Total current assets997,800
215,729Property and equipment, net63,170
67,817Goodwill19,344
19,344Other assets45,349
40,844Total assets$ 1,125,663
$ 343,734Liabilities, Redeemable Convertible Preferred Stock, and Shareholders' Equity (Deficit)
Current liabilities:
Accounts payable$ 39,206
$ 27,791Accrued expenses and other current liabilities87,770
77,542Current portion of indebtedness169
60,090Total current liabilities127,145
165,423Long-term indebtedness, net of debt discounts378,823
319,438Warrant liabilities—
91,642Other long-term liabilities42,388
44,418Total liabilities548,356
620,921Commitments and contingencies
Redeemable convertible preferred stock:
Series A preferred stock, par value $0.001: no and 490,000,000 shares authorized as of
December 31, 2025 and December 31, 2024, respectively; no and 485,795,293 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively;
and $296,335 aggregate liquidation preference as of December 31, 2024—
709,261Series B preferred stock, par value $0.001: no and 30,000,000 shares authorized as of
December 31, 2025 and December 31, 2024, respectively; no and 29,629,630 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively;
and $16,000 aggregate liquidation preference as of December 31, 2024—
42,963Series C preferred stock, par value $0.001: no and 142,000,000 shares authorized as of
December 31, 2025 and December 31, 2024, respectively; no and 116,200,835 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively;
and $408,715 aggregate liquidation preference as of December 31, 2024—
408,715Series D preferred stock, par value $0.001: no and 102,600,000 shares authorized as of
December 31, 2025 and December 31, 2024, respectively; no and 102,516,283 shares
issued and outstanding as of December 31, 2025 and December 31, 2024, respectively;
and $1,060,712 aggregate liquidation preference as of December 31, 2024—
1,060,712Redeemable convertible preferred stock—
2,221,651Shareholders' equity (deficit):
Preferred stock, $0.001 par value per share; 100,000,000 and no shares authorized as of
December 31, 2025 and December 31, 2024, respectively; no shares issued and outstanding
as of December 31, 2025 and December 31, 2024—
—Common stock $0.001 par value; 2,800,000,000 and 1,150,000,000 shares authorized as of
December 31, 2025 and December 31, 2024, respectively; 284,137,810 and 36,686,819 shares
issued as of December 31, 2025 and December 31, 2024, respectively; 282,526,097 and
36,504,319 shares outstanding as of December 31, 2025 and December 31, 2024, respectively;
shares issued and outstanding include 23,446 and 662,000 unvested shares subject to repurchase
as of December 31, 2025 and December 31, 2024, respectively283
38Treasury stock at cost, 1,611,713 and 182,500 shares of common stock as of December 31, 2025
and December 31, 2024, respectively(16,896)
(330)Additional paid-in capital3,141,720
—Related party promissory note receivable—
(26,456)Accumulated deficit(2,548,736)
(2,472,300)Accumulated other comprehensive income936
210Total shareholders' equity (deficit)577,307
(2,498,838)Total liabilities, redeemable convertible preferred stock, and shareholders' equity (deficit)$ 1,125,663
$ 343,734 Caris Life Sciences, Inc.Condensed Consolidated Statement of Cash Flows(unaudited)
(amounts in thousands)Years Ended December 31,
2025
2024
Cash flows from operating activities
Net loss$ (68,088)
$ (281,890)Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization22,615
48,913Stock-based compensation expense70,006
18,643Non-cash operating lease expense5,585
5,601Amortization of debt discounts12,768
7,054Changes in fair value of financial instruments52,285
(18,484)Loss on debt extinguishment19,895
—Other1,216
4,031Changes in operating assets and liabilities:
Accounts receivable(29,789)
(33,816)Supplies(20,750)
5,459Prepaid expenses and other current assets(5,150)
(1,408)Other assets48
121Accounts payable11,035
(226)Accrued expenses and other liabilities11,479
803Net cash provided by (used in) operating activities83,155
(245,199)
Cash flows from investing activities
Maturities of marketable securities—
61,376Purchases of property and equipment(16,260)
(8,444)Net cash provided by (used in) investing activities(16,260)
52,932
Cash flows from financing activities
Payments made on finance lease obligations(106)
(157)Proceeds from exercise of stock options7,637
1,530Payment of taxes withheld from net settlement of exercised options and vested (18,551)
—Payment of deferred offering costs(7,710)
(1,059)Proceeds from the 2023 term loan, net of issuance costs—
199,978Repurchase of common stock(113)
—Issuance of Series E Preferred Stock, net of issuance costs87,637
—Issuance of Series F Preferred Stock, net of issuance costs33,601
—Issuance of the 2025 Convertible Notes, net of issuance costs27,865
—Issuance of the 2025 Warrants10,270
—Payments of 2023 term loan amendment fee(4,000)
—Proceeds from initial public offering, net of underwriting discounts and commissions528,459
—Net cash provided by financing activities664,989
200,292
Effect of exchange rate changes on cash, cash equivalents, and restricted cash130
(4)Net increase in cash, cash equivalents, and restricted cash732,014
8,021
Cash, cash equivalents, and restricted cash at beginning of period68,028
60,007Cash, cash equivalents, and restricted cash at end of period$ 800,042
$ 68,028 Reconciliation of GAAP Net Loss to Adjusted EBITDA(unaudited)
(amounts in thousands)Three Months Ended
December 31,
Years Ended December 31,
2025
2024
2025
2024
Net loss$ 81,957
$ (36,947)
$ (68,088)
$ (281,890)Interest income(7,015)
(970)
(16,497)
(7,122)Interest expense11,356
13,262
56,853
50,025Changes in fair value of financial instruments—
(12,417)
52,285
(18,484)Other expense, net2,113
26
20,560
349Provision for income taxes—
—
—
—Depreciation and amortization expense4,291
9,066
22,615
48,913Stock-based compensation expense13,367
4,977
70,006
18,643Adjusted EBITDA$ 106,069
$ (23,003)
$ 137,734
$ (189,566) Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow(unaudited)
(amounts in thousands)Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Net cash provided by (used in) operating activities$ 44,780
$ (38,922)
$ 83,155
$ (245,199)Less: purchases of property and equipment(5,090)
(2,290)
(16,260)
(8,444)Free cash flow$ 39,690
$ (41,212)
$ 66,895
$ (253,643)
View original content to download multimedia:https://www.prnewswire.com/news-releases/caris-life-sciences-reports-fourth-quarter-and-full-year-2025-financial-results-and-provides-2026-outlook-302697700.htmlSOURCE Caris Life Sciences
Original: Caris Life Sciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Outlook
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