Caris Life Sciences Files $300M IPO, Revenue Up 50%

Caris Life Sciences Inc., a medical company specializing in cancer diagnosis and treatment technologies, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to raise up to 300 million dollars. The company, backed by Sixth Street Partners, reported revenue of 120.9 million dollars for the first three months of 2025, with a net loss of 127 million dollars. In comparison, for the same period in 2024, the company generated 80.7 million dollars in revenue and incurred a net loss of 134.1 million dollars. Despite the increase in revenue, the company's losses have narrowed.

Founded in 2008, Caris Life Sciences leverages artificial intelligence (AI) and machine learning to analyze tumor data, aiding in cancer diagnosis and treatment monitoring. The company has completed over 6.5 million tests across more than 849,000 cases. Its product portfolio includes the MI Profile, a tissue molecular profiling solution that contributes significantly to its revenue, and the Caris Assure, a blood molecular profiling solution launched in the first quarter of 2024.

The IPO is being underwritten by leading financial institutions, including Bank of America, JPMorgan Chase, Goldman Sachs, and Citigroup. Caris Life Sciences plans to list on the Nasdaq Global Select Market under the ticker symbol CAI. The company's major shareholders include its founder and chairman, David Dean Halbert, as well as private equity firms JH Whitney Capital Partners and Sixth Street Partners, each holding a stake of at least 5%.

The medical and biotechnology sectors have traditionally been a significant part of the U.S. capital market, but recent underperforming IPOs have led to a slowdown in activity in 2025. Despite this, Caris Life Sciences' IPO represents a notable development in the precision medicine field, highlighting the potential for AI-driven diagnostic and treatment solutions. The company's focus on leveraging advanced technologies to improve cancer care positions it as a key player in the evolving healthcare landscape.