Caris Life Sciences, which offers an AI-powered precision medicine platform focused on oncology, announced terms for its IPO on Monday.
The Irving, TX-based company plans to raise $400 million by offering 23.5 million shares at a price range of $16 to $18. Certain investors intend to purchase $75 million worth of shares in the offering (19% of the deal). At the midpoint of the proposed range, Caris Life Sciences would command a fully diluted market value of $5.2 billion.
The company is developing and commercializing a platform meant to incorporate next-generation sequencing, artificial intelligence, and machine learning technologies to develop precision medicine diagnostic solutions meant to treat cancer. Caris Life Sciences states that its platform is based off of a data set with more than 6.5 million tests, run on over 849,000 cases, and has generated measurements of over 38 billion molecular markers. Its current commercial product portfolio is focused on oncology and consists of MI Profile, a tissue-based molecular profiling solution that has generated the majority of its revenue to date, and Caris Assure, a blood-based molecular profiling solution that was broadly launched in the first quarter of 2024 for therapy selection.
Caris Life Sciences was founded in 2008 and booked $452 million in revenue for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol CAI. BofA Securities, J.P. Morgan, Goldman Sachs, Citi, TD Cowen, Evercore ISI, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of June 16, 2025.
