Caris Life Sciences, Inc., a biotechnology company specializing in AI-driven precision oncology, is preparing to go public on the Nasdaq Global Select Market under the proposed ticker symbol “CAI.” The company aims to raise approximately $400 million in gross proceeds through the sale of 23,529,412 shares of common stock, with an expected price range between $16.00 and $18.00 per share. At the midpoint of the range ($17.00), the deal would value the company at around $5 billion.
The company plans to use the proceeds for general corporate purposes, including R&D expansion, operational scaling, and potentially acquisitions.
The offering is led by BofA Securities, J.P. Morgan, and Goldman Sachs, with support from other underwriters including Citigroup, TD Cowen, Evercore ISI, Guggenheim Securities, BTIG, and Wolfe | Nomura Alliance. Notably, Neuberger Berman has expressed interest in purchasing up to $75 million worth of shares, although this indication is not a binding commitment.
Company Overview
Founded in 2008, Caris Life Sciences has built its business on the idea that personalized molecular data can transform the way diseases like cancer are diagnosed and treated. Its core offerings include MI Profile, a tissue-based comprehensive molecular profiling solution, and Caris Assure, a blood-based liquid biopsy launched commercially in 2024. These solutions are enhanced by the company's use of artificial intelligence and machine learning to match patients to the most effective therapies and clinical trials.
Caris operates one of the largest multi-modal clinico-genomic databases in oncology, built from more than 6.5 million molecular tests conducted on over 849,000 patients. This platform supports the company's diagnostics and discovery businesses and is increasingly being leveraged through partnerships with over 100 pharmaceutical companies, including Merck KGaA, Xencor, and AbbVie.
Market Strategy and Differentiation
The company estimates a $150 billion addressable U.S. oncology market encompassing early detection, therapy selection, MRD tracking, and biopharma services. Caris positions itself as a full-stack diagnostics and data company at the intersection of precision medicine and artificial intelligence. It offers sequencing depth and data breadth that many competitors—who often rely on smaller gene panels or less integrated platforms—do not match.
Beyond oncology, Caris is pursuing applications in cardiology, neurology, and metabolic disorders, believing that its WES/WTS platform could enable broader disease detection and therapeutic targeting over time.
Caris significantly increased revenue in 2024 (up 35% year-over-year), with growth continuing into the first quarter of 2025. This acceleration was primarily driven by adoption of Caris Assure and expanded pharma services. However, the company continues to operate with large net losses, reflecting heavy investments in R&D, commercial growth, and infrastructure.
While net loss attributable to shareholders remains elevated, Q1 2025 results suggest narrowing losses compared to the same period in 2024. Investors may see these improving margins as a step toward long-term operational efficiency.
Ownership and Governance
Following the IPO, founder and CEO David Halbert will continue to control approximately 41.7% of the company’s outstanding shares, giving him effective control of shareholder decisions. Combined insider ownership is estimated at 63.6%, ensuring alignment between management and strategic direction, but also limiting external influence.
Conclusion
Caris Life Sciences enters the public market with a well-established technology foundation, a large dataset, and growing traction in both clinical and pharmaceutical sectors. The company’s long-term vision is ambitious—leveraging AI and molecular data to guide treatment decisions not just in cancer, but across a spectrum of chronic diseases.
However, Caris also presents the typical risks of a growth-stage biotech company: ongoing losses, high burn rate, and dependence on market adoption and payer reimbursement. With a strong syndicate of underwriters and institutional interest, the IPO is expected to draw attention from healthcare, biotech, and AI-focused investors.
As with many healthcare IPOs, the ultimate outcome will depend on execution: Can Caris continue scaling revenue while narrowing losses, and will its data platform prove critical to the future of precision medicine?
Caris Life Sciences is expected to go public on Wednesday, June 18th 2025