By Caris Life Sciences
IRVING, Texas, Aug. 12, 2025 /PRNewswire/ — Caris Life Sciences, Inc. (Nasdaq: CAI), a leading, patient-centric, next-generation AI TechBio company, today reported financial results for the quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
Reported total revenue of $181.4 million, an increase of 81.3% over the corresponding prior year period.Completed 50,032 clinical therapy selection cases, an increase of 22.0% over corresponding prior year period.Reported gross margin of 62.7%, a 2,514 bps improvement over corresponding prior year period.Reported net loss of $71.8 million, including $37.1 million of one-time expense associated with the conversion of redeemable convertible preferred stock, warrants and convertible notes from the initial public offering.Achieved positive Adjusted EBITDA of $16.7 million.Achieved positive net cash flow from operating activities of $7.3 million, and positive free cash flow of $5.9 million. People are also reading… One person dead in farm equipment accident Friday near La Porte City Name of La Porte City man released in fatal farm equipment accident Bond set at $100,000 in Waterloo stolen gun arrest Two teens arrested after armed home invasion in Waterloo Shellsburg man pleads to Traer murder before trial starts in Johnson County Western Iowa man and wife slain, suspect critically injured in shooting, explosion Western Iowa shooting, explosion and fire leave 2 dead and 1 critically injured Former Waterloo police officer charged with homicide given payout for unused benefits Former Waterloo woman sentenced to prison in straw man gun scheme Second person arrested in Waterloo baseball bat attack Boys’ Athlete of the Year: Grundy Center’s Judd Jirovsky had remarkable 2024-25 athletic season Waterloo man sentenced to prison for gun found after 90 mph minivan chase Waterloo teenager named 2025 Kid Captain for Iowa Hawkeyes football game After years on the run, Wynonna Judd’s daughter finds a home, and God, in Virginia Waterloo buys shed behind westside Courier building to assist apartment developer
“Our second quarter results show the strength of our comprehensive approach and we look forward to continuing to build on this momentum into the second half of 2025,” said David D. Halbert, Founder, Chairman and CEO of Caris Life Sciences.
Recent Operating Highlights
Surpassed 900,000+ profiles and 600,000+ total matched profiles.529,000+ Whole Exome and 580,000+ Whole Transcriptome profiles.Welcomed LSU LCMC Health Cancer Center as the 97th member of the Caris Precision Oncology Alliance.Published landmark Caris Assure platform paper:Validation of an AI-enabled exome/transcriptome liquid biopsy platform for early detection, MRD, disease monitoring, and therapy selection for solid tumorsPublished a study evaluating the largest real-world cohort of tissue-agnostic indications:Real-world evidence provides clinical insights into tissue-agnostic therapeutic approvalsPublished original data in the New England Journal of Medicine independently validating findings on tumor-infiltrating clonal hematopoiesis (TI-CH).Published manuscript on development and validation of proprietary GPSai.GPSai: A clinically validated AI tool for tissue of origin prediction during routine tumor profilingRaised $159.4 million in net proceeds from the pre-IPO financing on April 1, 2025, and $519.5 million in net proceeds from initial public offering in June 2025.
Second Quarter 2025 Summary Financial Results
(amounts in thousands, except case volume, average selling price (“ASP”) and per share data)
Q2 2025
Q2 2024
% Change Y/Y
Total revenue
$ 181,398
$ 100,049
81.3
%
Molecular profiling services
162,924
87,656
85.9
%
Pharma research & developmental services
18,474
12,393
49.1
%
Total clinical case volume
50,032
40,998
22.0
%
MI Profile for therapy selection volume
42,886
36,426
17.7
%
Caris Assure for therapy selection volume
7,146
4,572
56.3
%
Total clinical ASP
$ 3,256
$ 2,138
52.3
%
MI Profile for therapy selection ASP
3,379
2,207
53.1
%
Caris Assure for therapy selection ASP
2,519
1,587
58.7
%
Total gross margin
62.7
%
37.5
%
25.2
%
Total operating expenses
$ 131,674
$ 104,565
25.9
%
Total loss from operations
$ (17,989)
$ (67,011)
73.2
%
Net loss
$ (71,790)
$ (66,186)
(8.5)
%
Net loss per share attributable to common shareholders, basic and diluted
$ (7.97)
$ (2.54)
(213.8)
%
Net cash provided by (used in) operating activities
$ 7,288
$ (62,926)
111.6
%
Non-GAAP measures(1)
Adjusted EBITDA
$ 16,713
$ (50,916)
132.8
%
Free cash flow
$ 5,902
$ (65,514)
109.0
%
Consolidated balance sheet data
June 30,
2025
December 31,
2024
Change
Cash, cash equivalents, restricted cash, and marketable securities
$ 724,936
$ 70,229
$ 654,707
Total outstanding debt, net of debt discounts
$ 373,706
$ 379,528
$ (5,822)
(1)
See “Non-GAAP Measures” below.
Second Quarter 2025 Financial Results
Total revenue was $181.4 million for the three months ended June 30, 2025, compared to $100.0 million for the three months ended June 30, 2024, an increase of $81.3 million, or 81.3%.
The increase in total revenue was driven primarily by an 85.9% growth in molecular profiling services revenue, which was $162.9 million for the three months ended June 30, 2025, compared to $87.7 million for the three months ended June 30, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across both therapy selection solutions.
Gross profit, calculated as total revenue less cost of services, for the three months ended June 30, 2025, and 2024, was $113.7 million and $37.6 million, respectively, representing a gross margin of 62.7% and 37.5%, respectively.
Operating expenses were $131.7 million for the three months ended June 30, 2025, compared to $104.6 million for the three months ended June 30, 2024, an increase of $27.1 million, or 25.9%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.
Net loss was $71.8 million for the three months ended June 30, 2025, which includes $37.1 million one-time expense associated with the conversion of redeemable convertible preferred stock, warrants and convertible notes from the initial public offering, as compared to $66.2 million for the three months ended June 30, 2024. Net loss per share attributable to common shareholders, basic and diluted which includes a one-time deemed dividend of $384.4 million and one-time adjustments of redeemable convertible stock to redemption value of $61.0 million, was $7.97 per share for the three months ended June 30, 2025, as compared to $2.54 per share for the three months ended June 30, 2024.
Net cash provided by operating activities was $7.3 million for the three months ended June 30, 2025, as compared to net cash used in operating activities of $62.9 million for the three months ended June 30, 2024, a 111.6% improvement. The improvement was driven by improved reimbursement from molecular profiling services, including one-time catch up payments of $35.6 million related to first quarter 2025 MI Cancer seek cases.
2025 Financial Outlook and Guidance
Caris Life Sciences expects full year 2025 revenue to be in the range of $675.0 million to $685.0 million, representing growth of 64% to 66% compared to full year 2024. Clinical therapy selection volume is expected to be in the growth range of 19% to 21% compared to full year 2024.
Conference Call Information
Event: Caris Second Quarter 2025 Financial Results Conference Call
Date: Tuesday, August 12, 2025
Time: 3:30 p.m. CT (4:30 p.m. ET)
Webcast Link: https://edge.media-server.com/mmc/p/hfsyg967
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 Sciences
Caris Life Sciences® (Caris) is a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer that is actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Exome and Whole Transcriptome Sequencing) and the application of advanced AI and machine learning algorithms at scale, 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 to develop the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.
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 Statements
This 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, validation and timing of future solutions; commercial market acceptance for our solutions 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; 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; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our substantial 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 the prospectus filed with the Securities and Exchange Commission on June 20, 2025 in connection with our initial public offering, as updated in our Quarterly Report on Form 10-Q filed on or about August 12, 2025, 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 Measures
We 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 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, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(amounts in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue:
Molecular profiling services
$ 162,924
$ 87,656
$ 277,006
$ 160,890
Pharma research and development services
18,474
12,393
25,308
19,837
Total revenue
181,398
100,049
302,314
180,727
Costs and operating expenses:
Cost of Services – Molecular profiling services
65,321
59,431
126,215
112,324
Cost of Services – Pharma research and development services
2,392
3,064
5,350
4,732
Selling and marketing expense
42,260
38,710
82,089
78,319
General and administrative expense
64,367
41,068
116,486
85,422
Research and development expense
25,047
24,787
48,114
59,164
Total costs and operating expenses
199,387
167,060
378,254
339,961
Loss from operations
(17,989)
(67,011)
(75,940)
(159,234)
Other income (expense), net:
Interest income
1,618
2,640
2,121
4,408
Interest expense
(19,208)
(13,674)
(31,990)
(22,964)
Changes in fair value of financial instruments
(17,870)
12,000
(50,203)
936
Other expense, net
(18,341)
(141)
(18,358)
(360)
Total other income (expense), net
(53,801)
825
(98,430)
(17,980)
Loss before income taxes and provision for income taxes
(71,790)
(66,186)
(174,370)
(177,214)
Provision for income taxes
—
—
—
—
Net loss
(71,790)
(66,186)
(174,370)
(177,214)
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities
—
—
—
7
Foreign currency translation adjustments
424
92
459
100
Comprehensive loss
(71,366)
(66,094)
(173,911)
(177,107)
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