The IPO Buzz: Cancer-Focused Caris Life Sciences (CAI) Unveils $400 Million IPO

Caris Life Sciences, Inc. (CAI Proposed), a cancer-focused precision medicine pioneer, revealed its IPO terms – 23.53 million shares at a price range of $16.00 to $18.00 – to raise $400.0 million, if priced at the $17.00 mid-point of its range – in an S-1/A filing early today, Monday, June 9, 2025. At pricing, Caris Life Sciences would have a market cap of about $5.05 billion – assuming mid-point pricing at $17.00.

Bankers expect to price Caris Life Sciences’ IPO next week.  This is a NASDAQ listing. (Please see our IPO Calendar for the details.)

BofA Securities, J.P.Morgan and Goldman Sachs are the lead joint book-runners.

Caris Life Sciences, founded in 2008 and based in Irving, Texas, describes itself as “a leading patient-centric, next-generation AI TechBio company and precision medicine pioneer,” according to the prospectus.

“We have spent the last 17 years developing and building our portfolio of comprehensive, proprietary molecular profiling solutions and generating what we believe to be one of the largest and most comprehensive multi-modal clinico-genomic datasets in oncology based on the more than 6.5 million tests we have run on over 849,000 cases, which have generated measurements of over 38 billion molecular markers,” Caris Life Sciences said in the prospectus.

Caris Life Sciences is not profitable, according to the financial statements in the prospectus: Net loss of $248.7 million on revenue of $452.5 million for the 12 months that ended March 31, 2025.

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