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CAI

Caris Life Sciences, Inc.

CAI

Caris Life Sciences, Inc. • NASDAQ
$25.53 ▲ 1.75% (+0.44)
Market Cap $7.20 B
52w High $42.50
52w Low $22.86
Dividend Yield 0%
P/E -7.25
Volume 1.13M
Outstanding Shares 282.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $216.833M ▲ $114.864M ▲ $24.325M ▲ 11.218% ▲ $0 ▲ $42.702M ▲
Q2-2025 $181.398M ▲ $95.696M ▼ $-71.79M ▲ -39.576% ▲ $-1.93 ▼ $-46.173M ▲
Q1-2025 $120.915M ▲ $115.015M ▲ $-102.581M ▼ -84.837% ▼ $-0.4 ▼ $-82.754M ▼
Q2-2024 $100.049M ▲ $-29.457M ▼ $-66.186M ▲ -66.154% ▲ $-0.35 ▲ $-40.902M ▲
Q1-2024 $80.677M $118.339M $-111.028M -137.62% $-0.53 $-84.033M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $755.493M ▲ $984.571M ▲ $506.207M ▲ $478.364M ▲
Q2-2025 $721.183M ▲ $955.058M ▲ $502.154M ▼ $452.904M ▲
Q1-2025 $33.426M ▼ $291.583M ▼ $2.891B ▲ $-2.6B ▼
Q3-2021 $47.028M ▲ $3.266B ▲ $2.466B ▲ $800.716M ▲
Q2-2021 $38.81M $2.955B $2.199B $756.261M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.325M ▲ $62.425M ▲ $-7.095M ▼ $-21.097M ▼ $34.295M ▼ $55.33M ▲
Q2-2025 $-71.789M ▲ $7.288M ▲ $-1.386M ▲ $681.402M ▲ $687.397M ▲ $5.902M ▲
Q1-2025 $-102.581M ▼ $-31.338M ▲ $-2.689M ▼ $1.285M ▲ $-32.738M ▲ $-34.027M ▲
Q2-2024 $-66.186M ▲ $-62.926M ▲ $-2.588M ▼ $-129K ▼ $-65.631M ▼ $-65.514M ▲
Q1-2024 $-111.028M $-73.925M $59.638M $200.108M $185.822M $-75.663M

Five-Year Company Overview

Income Statement

Income Statement Caris is clearly in growth-and-investment mode. Sales have been rising steadily and gross profit has improved, which suggests customers see value in its tests and services. However, operating losses and net losses have persisted for several years and have been getting deeper, not smaller. This tells you the company is spending heavily on research, commercialization, and infrastructure while revenues are still at an early stage. The key financial question is whether future sales growth can eventually catch up with and cover this cost base.

Balance Sheet

Balance Sheet The balance sheet looks strained. Total assets have been coming down over time, while debt remains meaningful and has recently ticked back up. Shareholder equity has turned negative and has been moving further into deficit, a sign of accumulated losses and reliance on borrowing or other obligations to fund the business. Cash on hand is modest relative to the company’s spending needs. Overall, the company appears dependent on continued access to outside capital and careful balance sheet management to support its strategy.

Cash Flow

Cash Flow Caris is consistently burning cash. Operating cash flow has been negative for several years, meaning the core business does not yet fund itself. Free cash flow is also negative, even though capital spending has been reduced compared with earlier years, which suggests some tightening of investment but ongoing cash needs. The pattern is typical of a high‑innovation biotech, but it raises execution risk: the company must either grow revenues substantially, cut costs, or keep raising capital to sustain operations.

Competitive Edge

Competitive Edge Commercially, Caris operates in a very competitive precision oncology landscape, facing strong, well‑funded rivals. Its main strengths are a very comprehensive approach to tumor profiling, a large and unique database linking molecular data with clinical outcomes, and advanced AI tools built on that data. The Precision Oncology Alliance and other collaborations create a network effect that is hard for new entrants to match. At the same time, success depends on convincing doctors, hospitals, and payers to adopt and reimburse its tests at scale, while staying ahead of rapid innovation from competitors like Foundation Medicine, Guardant, and Tempus. Competitive positioning looks differentiated but not risk‑free.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of Caris’s story. The company has built a sophisticated multi‑omics platform (sequencing both DNA and RNA), liquid biopsy capabilities, and AI‑driven tools that go beyond simple mutation reporting to predicting treatment response. Its database and Caris Discovery arm give it a foothold in drug target identification, which could open doors to pharma partnerships. The pipeline includes expansions into blood cancers, broader liquid biopsy uses like early detection and residual disease monitoring, and even applications beyond oncology. These initiatives are promising but expensive and will take time to prove out clinically, commercially, and regulatorily.

Summary

Caris Life Sciences combines a strong scientific and data‑driven platform with a weak near‑term financial profile. The company is growing its revenues and deepening its technological moat, but it is doing so while running sizable losses, consuming cash, and carrying a stressed balance sheet with negative equity. This is a classic high‑risk, high‑potential biotech pattern: the long‑term outcome depends on converting its innovation, database, and partnerships into scalable, reimbursed products before financial constraints become too tight. Anyone following the company will want to watch whether revenue growth accelerates, losses narrow, and external collaborations start to meaningfully monetize its data and AI capabilities.

NEWS

November 21, 2025 · 8:30 AM UTC

Caris Precision Oncology Alliance Fellows Forum Welcomes 2025/2026 Class

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November 17, 2025 · 8:30 AM UTC

Caris Life Sciences to Attend Q4 2025 Investor Conferences

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November 5, 2025 · 4:05 PM UTC

Caris Life Sciences Reports Third Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

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October 29, 2025 · 8:30 AM UTC

Caris Data Validates TET2 Clonal Hematopoiesis as a Biomarker for Enhanced Immunotherapy Response

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October 23, 2025 · 8:30 AM UTC

Caris Life Sciences to Report Third Quarter 2025 Financial Results on November 5, 2025

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