$CAI

Caris Life Sciences, Inc.

CIK:0002019410|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 263,712	$ 181,398	$ 479,886	$ 302,314
Costs and operating expenses:
Selling and marketing expense	53,764	42,260	98,808	82,089
General and administrative expense (see note 9)	66,548	64,367	126,257	116,486
Research and development expense	32,358	25,047	63,672	48,114
Total costs and operating expenses	236,786	199,387	447,678	378,254
Income (Loss) from operations	26,926	(17,989)	32,208	(75,940)
Other expense, net:
Interest income	6,819	1,618	13,653	2,121
Interest expense	(9,228)	(19,208)	(22,037)	(31,990)
Changes in fair value of financial instruments	0	(17,870)	0	(50,203)
Other expense, net	(25,131)	(18,341)	(25,082)	(18,358)
Total other expense, net	(27,540)	(53,801)	(33,466)	(98,430)
Loss before income taxes and income tax benefit	(614)	(71,790)	(1,258)	(174,370)
Income tax benefit (expense)	(23)	0	111	0
Net loss	(637)	(71,790)	(1,147)	(174,370)
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale securities	(255)	0	(255)	0
Foreign currency translation adjustments	(109)	424	(152)	459
Comprehensive loss	(1,001)	(71,366)	(1,554)	(173,911)
Net loss	(637)	(71,790)	(1,147)	(174,370)
Deemed dividend from Series D redeemable convertible preferred stock	0	(384,436)	0	(384,436)
Adjustments of redeemable convertible preferred stock to redemption value	0	(60,971)	0	(85,433)
Net loss attributable to common shareholders basic	(637)	(517,197)	(1,147)	(644,239)
Net loss attributable to common shareholders diluted	$ (637)	$ (517,197)	$ (1,147)	$ (644,239)
Net loss per share attributable to common shareholders:
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ 0.00	$ (7.97)	$ 0.00	$ (12.80)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ 0.00	$ (7.97)	$ 0.00	$ (12.80)
Weighted-average shares used in computing net loss per share attributable to common shareholders:
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	282,888,610	64,918,988	282,726,214	50,348,947
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	282,888,610	64,918,988	282,726,214	50,348,947
Molecular profiling services
Revenue:
Total revenue	$ 252,254	$ 162,924	$ 463,053	$ 277,006
Costs and operating expenses:
Cost of services	81,328	65,321	154,211	126,215
Pharma research and development services
Revenue:
Total revenue	11,458	18,474	16,833	25,308
Costs and operating expenses:
Cost of services	$ 2,788	$ 2,392	$ 4,730	$ 5,350

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (1,147)	$ (174,370)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,603	13,454
Stock-based compensation expense	38,091	42,984
Non-cash operating lease expense	2,762	2,936
Amortization of debt discounts	2,923	9,700
Changes in fair value of financial instruments	0	50,203
Loss on debt extinguishment	25,232	17,930
Other	(27)	1,231
Changes in operating assets and liabilities:
Accounts receivable	(4,749)	37,040
Supplies	(61,637)	(2,621)
Prepaid expenses and other current assets	(659)	(2,265)
Other assets	(771)	334
Accounts payable	39,632	(1,925)
Accrued expenses and other liabilities	10,100	(18,681)
Net cash provided by (used in) operating activities	61,353	(24,050)
Cash flows from investing activities
Sale of marketable securities	1,874	0
Purchases of marketable securities	(101,991)	0
Capitalized software and purchases of property and equipment	(32,417)	(4,075)
Net cash used in investing activities	(132,534)	(4,075)
Cash flows from financing activities
Payments made on finance lease obligations	(82)	(44)
Proceeds from exercise of stock options	1,661	2,624
Payment of taxes withheld from net settlement of exercised options and vested RSUs	(5,320)	(1,658)
Payment of deferred offering costs	0	(2,045)
Repurchase of common stock	(21,361)	(22)
Repayment of the 2023 term loan	(406,307)	0
Proceeds from the 2026 term loan, net of issuance costs	393,500	0
Payment of third-party debt issuance costs	(1,107)	0
Proceeds from share purchases under employee stock purchase plan	2,937	0
Issuance of the 2025 Convertible Notes, net of issuance costs	0	27,865
Issuance of the 2025 Warrants	0	10,270
Payments of the 2023 term loan amendment fee	0	(4,000)
Proceeds from initial public offering, net of underwriting discounts and commissions	0	528,459
Net cash provided by (used in) financing activities	(36,079)	682,687
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(37)	97
Net increase (decrease) in cash, cash equivalents, and restricted cash	(107,297)	654,659
Cash, cash equivalents, and restricted cash at beginning of period	800,042	68,028
Cash, cash equivalents, and restricted cash at end of period	692,745	722,687
Reconciliation of cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash	690,915	720,444
Restricted cash included in other long-term assets	1,830	2,243
Total cash, cash equivalents, and restricted cash	692,745	722,687
Series E Preferred Stock
Cash flows from financing activities
Issuance of Series E and F preferred stock, net of issuance costs	0	87,637
Series F Preferred Stock
Cash flows from financing activities
Issuance of Series E and F preferred stock, net of issuance costs	$ 0	$ 33,601

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents, and restricted cash	$ 690,915	$ 797,799
Short-term marketable securities	102,200	2,295
Accounts receivable	116,888	112,140
Supplies	123,791	63,625
Prepaid expenses and other current assets	24,034	21,941
Total current assets	1,057,828	997,800
Property and equipment, net	95,716	63,170
Goodwill	19,344	19,344
Other assets	56,732	45,349
Total assets	1,229,620	1,125,663
Current liabilities:
Accounts payable	85,986	39,206
Accrued expenses and other current liabilities	105,273	87,770
Current portion of indebtedness	178	169
Total current liabilities	191,437	127,145
Long-term indebtedness, net of debt discounts	392,973	378,823
Other long-term liabilities	53,476	42,388
Total liabilities	637,886	548,356
Commitments and contingencies (see note 8)
Shareholders' equity:
Preferred stock	0	0
Common stock	283	283
Treasury stock	0	(16,896)
Additional paid-in capital	3,140,805	3,141,720
Accumulated deficit	(2,549,883)	(2,548,736)
Accumulated other comprehensive income	529	936
Total shareholders' equity	591,734	577,307
Total liabilities and shareholders' equity	$ 1,229,620	$ 1,125,663