Caris Life Sciences Inc (CAI) is an oncology molecular diagnostics company that develops and commercializes molecular profiling solutions designed to guide cancer care across early detection, therapy selection, minimal residual disease tracking, and treatment monitoring. Revenue comes from two streams: molecular profiling services billed per clinical case, and pharma research and development services contracted with biopharmaceutical companies. Molecular profiling services generated $766.7M in FY2025, up from $349.1M in FY2024, while pharma R&D services contributed $45.3M in FY2025. The company processed 199,300 clinical cases in FY2025, up from 162,850 in FY2024, and has performed sequencing on over 1,000,000 cumulative cases as of December 31, 2025. Founded in 2008, Caris has built a clinico-genomic dataset it describes as one of the largest multi-modal oncology datasets in existence. Total revenue reached $812.0M in FY2025 against $412.3M in FY2024, though the company reported a net operating loss in FY2024 and reached operating income of $45.1M in FY2025.

Revenue model

Per-case fees for molecular profiling services (tissue-based WES/WTS and liquid biopsy) billed to clinicians, hospitals, and payers; contract fees from pharmaceutical and biotech companies for research and development services including target discovery and biomarker work.

Products and services

MI Profile Platform (whole exome sequencing and whole transcriptome sequencing tissue-based molecular profiling, including MI Cancer Seek launched January 2025); Caris Assure Platform (WES/WTS liquid biopsy for therapy selection, broadly launched Q1 2024); Caris Detect (early detection, in development); proprietary AI-driven molecular signatures GPSai and FOLFIRSTai; pipeline signatures including MGMTai; ADAPT Biotargeting aptamer-based proteomics discovery system; Caris Discovery for therapeutic target and neoantigen identification.

Customers and end markets

Oncologists, hospitals, and cancer treatment centers ordering diagnostic profiling; biopharmaceutical and biotech companies purchasing R&D services for drug target discovery and clinical trial support. End markets are late-stage cancer therapy selection, early cancer detection, MRD monitoring, and precision oncology therapeutics development.

Value-chain role

Molecular diagnostics laboratory and bioinformatics platform sitting between the patient tissue or blood sample and the treating oncologist or drug developer. Performs sequencing, applies AI and ML analysis, and delivers clinically actionable molecular profiles and research datasets.

Source: SEC 10-K, filed 2026-03-03

Industry: Services-Medical Laboratories