Irving-based Caris Life Sciences, a leader in precision oncology, has filed for an initial public offering, the company announced. Caris has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol CAI.
The number of shares and the price range for the proposed offering have not yet been determined. BofA Securities, J.P. Morgan, and Goldman Sachs will serve as lead book-running managers, joined by Citigroup, TD Cowen, Evercore ISI, and Guggenheim Securities as additional book-running managers. BTIG and Wolfe | Nomura Alliance will serve as co-managers for the proposed offering.
From personal mission to AI-driven precision medicine
Founded in 2008 by entrepreneur David D. Halbert, Caris was born from a personal mission. Halbert launched the company after witnessing his father’s struggle with cancer, determined to transform diagnosis and treatment by harnessing molecular science and data-driven insights.
Today, Caris integrates genomic, proteomic, and clinical data—powered by artificial intelligence—to deliver personalized cancer insights for oncologists and patients. Its platform includes MI Cancer Seek, the first simultaneous Whole Exome and Whole Transcriptome Sequencing-based assay with FDA-approved CDx indications, and Caris Assure, launched in 2024 to guide therapy selection.
The company, which has built one of the world’s largest clinico-genomic databases, has positioned itself as a pioneer in applying AI to precision oncology. Halbert has described Caris’ founding purpose as “to help improve the lives of as many people as possible” by unlocking the full potential of precision medicine.
Beyond its Texas headquarters, Caris has offices in Phoenix, New York, Cambridge, Tokyo, and Basel, serving clients across the U.S. and internationally. The company’s platform combines deep molecular analysis, examining the full genetic and molecular makeup of cancer, with advanced AI, machine learning, and computing power to support early detection, diagnosis, treatment selection, and drug development.
$1.86 billion raised since 2018
In April 2025, just weeks before filing for its IPO, Caris closed a $168 million growth capital round led by life sciences investor Braidwell LP, alongside new investors Perceptive Advisors, Woodline, and Ghisallo, as well as existing backers including Millennium Management and First Light Asset Management.
“This financing includes participation by some of the most knowledgeable healthcare investors,” said Brian J. Brille, Caris vice chairman and EVP, when the round was announced. Halbert added that the funding would help Caris “bring our market-leading science and technologies to as many patients as possible” as it advances precision oncology.
Since 2018, Caris has raised a total of $1.86 billion, positioning itself for expansion at a time when competition in the AI-powered healthcare space is intensifying.
Most recently, on Friday, Bloomberg reported that Caris disclosed improving financials in its IPO filing: a net loss of $127 million on revenue of $120.9 million for the first quarter of 2025, compared to a net loss of $134.1 million on revenue of $80.7 million a year earlier.
Caris said that the proposed offering will be made available only by means of a prospectus.
Quincy Preston contributed to this report.
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