AI precision medicine platform company Caris Life Sciences applies for a US IPO aiming to raise up to $300 million
Caris Life Sciences Inc. submitted an IPO application to the U.S. Securities and Exchange Commission, planning to raise up to $300 million. The company focuses on cancer diagnosis and treatment, achieving revenue of $120.9 million and a net loss of $127 million in the first three months of 2025, with losses narrowing. Despite a cooling in IPO activity in the healthcare sector, Caris's product portfolio, including MI Profile and Caris Assure, has completed 6.5 million tests in over 849,000 cases
According to the Zhitong Finance APP, Caris Life Sciences Inc. (CAI.US), a medical company focused on cancer diagnosis and treatment technologies, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Friday, aiming to raise up to $300 million.
The documents show that the company, supported by Sixth Street Partners, achieved revenue of $120.9 million and a net loss of $127 million in the first three months of 2025; in comparison, revenue for the same period in 2024 was $80.7 million, with a net loss of $134.1 million, indicating revenue growth while losses narrowed.
Founded in 2008, Caris utilizes artificial intelligence (AI) and machine learning to analyze oncology data to assist in cancer diagnosis and treatment monitoring. The company has completed over 6.5 million tests across more than 849,000 cases, with its product portfolio including the MI Profile, which contributes the majority of revenue, and the Caris Assure blood molecular profiling solution launched in the first quarter of 2024.
Although IPOs in the healthcare and biotechnology sectors are typically an important component of the U.S. capital markets, IPO activity in this sector has significantly cooled in 2025 following the poor performance of several high-profile transactions. Bloomberg data shows that the total amount raised from new stock offerings in this sector on U.S. exchanges this year is $1.4 billion, a 56% decrease compared to the same period in 2024.
The documents indicate that the shareholders of the company, headquartered in Irving, Texas, include founder and chairman David Dean Halbert, as well as affiliated entities of private equity firm JH Whitney Capital Partners and Sixth Street Partners, with each holding at least 5%.
This IPO is led by Bank of America, JP Morgan, Goldman Sachs Group, and Citigroup, with plans to list on the Nasdaq Global Select Market under the ticker symbol CAI
