Caris Life Sciences, Inc. (CAI)

Caris Life Sciences reported second-quarter 2026 revenue of $263.7 million, up from $181.4 million a year earlier 2.

Its testing business, called molecular profiling services, grew 54.8 percent in the quarter on more cases and higher reimbursement, the money insurers pay per test 2.

Clinical cases rose to about 59,200 from about 50,000 2.

The company reported a net loss of $637 thousand in the quarter, against $71.8 million a year earlier 2.

At 30 June 2026 it held cash, cash equivalents, restricted cash and marketable securities of $794.9 million, and owed $400.0 million on a term loan, which is borrowed money repaid on a schedule 2.

Caris was founded in 2008 on the belief that a large body of consistently produced molecular data, read with computers, could make cancer care more precise 1.

It launched a test that reads the RNA genes make in 2019 and one that reads the protein-coding DNA the following year 1.

By the end of 2025 it had sequenced more than 1,000,000 cases, which gave it a large data set for its drug-company partners 1.

It completed its initial public offering on 20 June 2025 and received net proceeds of $519.5 million 1.

Revenue rose to $812.0 million in 2025 from $412.3 million in 2024 and $306.1 million in 2023 1.

Of the $417.6 million rise in testing revenue, $311.4 million came from a higher average selling price and $52.0 million from more MI Profile cases 1.

The company says the price rise followed the launch of MI Cancer Seek and the higher reimbursement that came with it 1.

It reported an operating profit of $45.1 million in 2025, against an operating loss of $257.1 million in 2024, and a net loss of $68.1 million for 2025 1.

Work for drug companies shrank: that revenue fell 28.2 percent to $45.3 million in 2025, mainly because of the timing of contracts 1.

Molecular profiling services

Molecular profiling is the testing business, which brought in $766.7 million, or 94.4 percent of the 2025 total (computed) 1.

MI Profile is its tissue test: it reads the DNA and RNA of a tumor sample to help doctors match a patient to a targeted drug 1.

Its part, MI Cancer Seek, is an FDA-approved companion diagnostic that identifies a tumor's origin across 90 unique cancer types with approximately 95 percent accuracy, the company says 1.

Caris Assure is the blood-based version, and cases for therapy selection rose to 170,300 for MI Profile and 29,000 for Caris Assure in 2025 1.

In the second quarter of 2026 it launched Caris Detect, a blood test meant to find cancer signals earlier 2.

Medicare patients were about 38.9 percent of testing revenue in the second quarter of 2026, down from 49.7 percent a year earlier 2.

Pharma research and development services

This line sells data and lab work to drug makers, and the annual report names Moderna, AbbVie, Xencor, Merck KGaA and Genentech among its partners 1.

Its revenue fell 38.0 percent to $11.5 million in the second quarter of 2026, which the company puts down to the timing of deliveries under its agreements 2.

Sites and people

The headquarters in Irving, Texas, is about 30,500 square feet and leased through 2028 1.

Its tissue laboratory in Phoenix, Arizona, is about 66,000 square feet and its blood laboratory there about 35,500 1.

David Halbert, the founder, chairman and chief executive, has built and scaled businesses for approximately 40 years, the annual report says 1.

The umbrella, in words

The company sells under the Caris name through its own platforms: MI Profile, Caris Assure and the Precision Whole Genome Platform 1.

The annual report lists an exhibit of the company's subsidiaries, and its business section describes no listed subsidiary or outside stake 1.

Its executive officers, directors and principal shareholders, in particular Halbert, can control or significantly influence matters put to shareholders, the annual report warns 1.

The company said in its annual report that it anticipated launching whole genome solutions in 2026 1.

It is developing Caris WGS MRD, which looks for cancer left after treatment, and Caris ChromoSeq, which guides therapy for blood cancers 1.

It also says it is evaluating reimbursement and launch pathways for Caris MI Clarity 1.

On 16 July 2026 it agreed to add about 51,586 square feet at its Irving, Texas, offices, and expects the new space in the fourth quarter of 2026 2.

The extra rent over the longer term is about $9.3 million before variable costs, the company says 2.

No clue on file points to a new direction yet.