Caris Life Sciences Plans $423.5 Million IPO to Accelerate Precision Oncology Innovations

Caris Life Sciences, a precision medicine company specializing in oncology, announced plans to raise up to $423.5 million through an initial public offering (IPO). The Texas-based company intends to list its common stock on the Nasdaq under the ticker symbol “CAI,” offering 23.5 million shares priced between $16 and $18 each.

Founded in 2008, Caris focuses on molecular profiling to support cancer detection, diagnosis, monitoring, therapy selection, and drug development. Its advanced tools leverage artificial intelligence and machine learning to analyze complex biological data, helping clinicians tailor treatments to a patient’s unique molecular profile.

In the first quarter of 2025, Caris reported $120.9 million in revenue—a 50% year-over-year increase—driven largely by strong demand for its molecular profiling services. The company also achieved a major regulatory milestone with U.S. FDA approval of its companion diagnostic test, MI Cancer Seek, in November 2024. This test is designed to identify cancer patients most likely to benefit from targeted therapies.

To date, Caris has identified over 915,000 unique pathogenic mutations, with approximately 898,000 of them previously unknown. “We can now identify a person’s circulating pathogenic mutations and design a customized therapy specific to that molecular profile,” said founder and CEO David Dean Halbert. “This paves the way for preventative care at the earliest stages of disease.”

In April 2025, Caris closed a $168 million private funding round, bringing its total capital raised since 2018 to $1.86 billion. The company joins a growing group of medtech firms eyeing IPOs as the sector shows signs of recovery. Other notable players considering public offerings include Medline and Medtronic, which plans to spin off its diabetes division as a separate public company.