Caris Life Sciences has officially stepped onto the public stage with its initial public offering (IPO), pricing 23,529,412 shares of its common stock at $21.00 per share. The IPO, which launched on June 18, 2025, on the Nasdaq Global Select Market under the ticker “CAI,” raised approximately $494 million before expenses. The offering drew attention from institutional investors, including Neuberger Berman, which indicated plans to purchase up to $75 million in shares.
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Founded in 2008, Caris positions itself as a next-generation AI TechBio company, applying whole exome sequencing and whole transcriptome sequencing (WES/WTS) to uncover molecular drivers of disease. Active in both clinical oncology and drug discovery, the company has profiled more than 849,000 cases and generated over 13 quadrillion molecular datapoints. Its model supports precision treatment decisions through high-depth sequencing and AI-based interpretation.
Caris’s platform includes two core offerings: MI Profile, a tissue-based assay; and Caris Assure, a universal blood-based test launched in 2024. Both use WES/WTS to analyze tens of billions of data points per case. Caris Assure sequences plasma and white blood cells to subtract clonal hematopoiesis (CH) mutations — age-related variants that can resemble tumor signals. A large 2025 blood-based profiling study of over 16,000 patients illustrated how the assay distinguishes CH from tumor mutations. CH variants were commonly found in genes linked to targeted therapies like BRCA1/2, CHEK2 and ATM, raising implications for accurate mutation interpretation.
The company operates a discovery division that partners with biopharma companies like Merck KGaA and Xencor to identify novel targets. Last year, Caris and Merck began a multi-year collaboration to develop first-in-class antibody-drug conjugates (ADCs) for cancer. The $1.4 billion deal leverages Caris’s multi-omics platform and its ADAPT Biotargeting technology, supported by a 59,000-square-foot research facility.
In January 2025, Caris and Ontada began a real-world data and research collaboration to integrate more than 2.4 million oncology patient records with Caris’s molecular profiling data. The partnership supports joint research and therapy development across over 80 tumor types.
Another recent partnership with health tech company Meaningful Insights Biotech Analytics (MiBA) now adds a clinical decision support layer to Caris’s offerings. Through this collaboration, oncologists will receive data-driven alerts that flag patients who may benefit from DNA and RNA profiling, while a broader insights program helps guide trial enrollment and treatment evaluation.
Caris’s platform is powered by more than 220 AI and machine learning tools for tasks such as variant calling, therapy prediction, RNA signature modeling and digital pathology. These capabilities are built on a dataset spanning 38 billion molecular markers, 51 petabytes of genomic data — and one petabyte is roughly a million gigabytes — and over 4.4 million digitized slides.
In April 2025, Caris raised another $168 million in private capital, bringing its total funding since 2018 to $1.86 billion.
At the upcoming American Society of Clinical Oncology (ASCO) 2025 meeting, Caris and its Precision Oncology Alliance partners plan to present 37 abstracts across 16 tumor types.
Caris plans to use IPO proceeds to expand its AI-enabled diagnostic capabilities and pursue new applications in early cancer detection and minimal residual disease monitoring.
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