Caris Life Sciences Reports Second Quarter 2025 Financial Results

Original from: Caris Life Science

Caris Life Sciences, Inc.® (NASDAQ: CAI), a leading, patient-centric, next-generation AI TechBio company, today reported financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights

· Reported total revenue of $181.4 million, an increase of 81.3% over the corresponding prior year period. 

· Completed 50,032 clinical therapy selection cases, an increase of 22.0% over corresponding prior year period.

· Reported gross margin of 62.7%, a 2,514 bps improvement over corresponding prior year period. 

· Reported net loss of $71.8 million, including $37.1 million of one-time expense associated with the conversion of redeemable convertible preferred stock, warrants and convertible notes from the initial public offering. 

· Achieved positive Adjusted EBITDA of $16.7 million.

· Achieved positive net cash flow from operating activities of $7.3 million, and positive free cash flow of $5.9 million.

“Our second quarter results show the strength of our comprehensive approach and we look forward to continuing to build on this momentum into the second half of 2025,” said David D. Halbert, Founder, Chairman and CEO of Caris Life Sciences.

Recent Operating Highlights

· Surpassed 900,000+ profiles and 600,000+ total matched profiles.

 - 529,000+ Whole Exome and 580,000+ Whole Transcriptome profiles.

· Welcomed LSU LCMC Health Cancer Center as the 97th member of the Caris Precision Oncology Alliance.

· Published landmark Caris Assure platform paper: 

 - Validation of an AI-enabled exome/transcriptome liquid biopsy platform for early detection, MRD, disease monitoring, and therapy selection for solid tumors 

· Published a study evaluating the largest real-world cohort of tissue-agnostic indications: 

 - Real-world evidence provides clinical insights into tissue-agnostic therapeutic approvals 

· Published original data in the New England Journal of Medicine independently validating findings on tumor-infiltrating clonal hematopoiesis (TI-CH). 

· Published manuscript on development and validation of proprietary GPSai: 

 - GPSai: A clinically validated AI tool for tissue of origin prediction during routine tumor profiling 

· Raised $159.4 million in net proceeds from the pre-IPO financing on April 1, 2025, and $519.5 million in net proceeds from initial public offering in June 2025.

Second Quarter 2025 Summary Financial Results.

Second Quarter 2025 Financial Results

Total revenue was $181.4 million for the three months ended June 30, 2025, compared to $100.0 million for the three months ended June 30, 2024, an increase of $81.3 million, or 81.3%.

The increase in total revenue was driven primarily by an 85.9% growth in molecular profiling services revenue, which was $162.9 million for the three months ended June 30, 2025, compared to $87.7 million for the three months ended June 30, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across both therapy selection solutions. 

Gross profit, calculated as total revenue less cost of services, for the three months ended June 30, 2025, and 2024, was $113.7 million and $37.6 million, respectively, representing a gross margin of 62.7% and 37.5%, respectively. 

Operating expenses were $131.7 million for the three months ended June 30, 2025, compared to $104.6 million for the three months ended June 30, 2024, an increase of $27.1 million, or 25.9%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs. 

Net loss was $71.8 million for the three months ended June 30, 2025, which includes $37.1 million one-time expense associated with the conversion of redeemable convertible preferred stock, warrants and convertible notes from the initial public offering, as compared to $66.2 million for the three months ended June 30, 2024. Net loss per share attributable to common shareholders, basic and diluted which includes a one-time deemed dividend of $384.4 million and one-time adjustments of redeemable convertible stock to redemption value of $61.0 million, was $7.97 per share for the three months ended June 30, 2025, as compared to $2.54 per share for the three months ended June 30, 2024.

Net cash provided by operating activities was $7.3 million for the three months ended June 30, 2025, as compared to net cash used in operating activities of $62.9 million for the three months ended June 30, 2024, a 111.6% improvement. The improvement was driven by improved reimbursement from molecular profiling services, including one-time catch up payments of $35.6 million related to first quarter 2025 MI Cancer seek cases. 

2025 Financial Outlook and Guidance

Caris Life Sciences expects full year 2025 revenue to be in the range of $675.0 million to $685.0 million, representing growth of 64% to 66% compared to full year 2024. Clinical therapy selection volume is expected to be in the growth range of 19% to 21% compared to full year 2024.

Source: Caris Life Sciences Reports Second Quarter 2025 Financial Results