Caris Life Sciences Announces $400M Nasdaq IPO, Highlighting Growth in Oncology Diagnostics

Caris Life Sciences, a leader in oncology diagnostics, has announced plans to go public with a $400 million initial public offering (IPO) on the Nasdaq stock exchange. The move comes after 17 years in business and follows significant growth in the company's clinical case volume and revenue.

IPO Details and Valuation

The Texas-based company aims to list 23.5 million shares on the Nasdaq under the ticker symbol CAI, with an expected price range of $16 to $18 per share. This offering could potentially value Caris Life Sciences at over $5.2 billion. Notably, investors affiliated with Neuberger Berman have expressed interest in purchasing up to $75 million of shares during the offering.

David Halbert, Caris' founder and CEO, is expected to retain a 41.7% ownership stake post-IPO, while Sixth Street Partners and J.H. Whitney will control 9.8% and 6.8% of shares, respectively.

Financial Performance and Market Position

Caris Life Sciences has reported strong revenue growth, with total revenues reaching $412.3 million for the 2024 calendar year, up from $306.1 million the previous year. The company's clinical case volume has also seen significant increases, growing by 26% in 2024 and 31% in the first quarter of 2025 alone.

Despite this growth, Caris has operated at a loss since its inception, posting net losses of $257.1 million for 2024 and $102.6 million for the first quarter of 2025. The company has raised substantial venture capital funding, including nearly $170 million earlier this year and close to $2 billion over the past decade.

Advancements in Oncology Diagnostics

Caris Life Sciences has made significant strides in cancer diagnostics and personalized medicine. The company recently received FDA approval for its MI Cancer Seek test, which offers genomic profiling and companion indications for various targeted therapies.

Halbert highlighted the company's use of AI and machine learning algorithms, stating, "We have utilized AI and machine learning algorithms across our dataset to identify approximately 915,000 unique pathogenic mutations, of which only approximately 17,000 were previously identified, with approximately 130 novel pathogenic mutations found on average in each person."

The company's comprehensive approach to cancer diagnostics includes the Caris Assure liquid biopsy test for treatment selection and the MI Profile tumor tissue sequencing platform. To date, Caris has profiled over 849,000 unique cases, conducted 6.5 million tests, and analyzed over 13 quadrillion datapoints through partnerships with more than 100 biopharma companies and thousands of practicing oncologists.