Caris Life Sciences, Inc. · NASDAQ:CAI
Caris Life Sciences — Morgan Stanley Healthcare Conference 2026
41 slides from Caris Life Sciences's conference presentation, Sep 15, 2026
Slide 1: Where Molecular Science Meets Artificial Intelligence
Where Molecular Science Meets Artificial Intelligence Morgan Stanley Healthcare Conference September 15, 2026
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer Forward-Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation We use certain financial measures not calculated in accordance with generally accepted Reform Act
Slide 3: Caris Life Sciences
Caris Life Sciences® A leading TechBio company actively developing and commercializing innovative solutions to transform healthcare Differentiated Technology: Offerings reveal a more complete molecular blueprint to decode cancer and help guide more precise and individualized treatment Powerful Pipel
Slide 4: One of the Largest & Most Comprehensive Clinico-Genomic Datasets
One of the Largest & Most Comprehensive Clinico-Genomic Datasets At a historic inflection point where AI is unlocking new value — multimodal, matched, and AI insights driven at population scale. MULTIMODAL DATA ASSET DATASET STRENGTHS PATIENT CASES SINCE 2009 Multimodal by design DNA · RNA · Protein
Slide 5: Key Molecular Market Trends
Key Molecular Market Trends Cancer Centers Are Standardizing Molecular Profiling Towards The “Technology & Service Leader” Away From Multiple Providers & Internal Panels Large and Growing TAM Comprehensive Molecular Profiling as Standard of Care Cancer Centers Are Moving Towards “Institutional” Pr
Slide 6: Caris Precision Oncology Alliance (POA) – Unique Collaboration for Precision Medicine
Caris Precision Oncology Alliance (POA) – Unique Collaboration for Precision Medicine 102 Members (Including 47 NCI-Designated Cancer Centers) Precision Oncology Care Research & Publications Data Access & Solutions Clinical Trials Recently Added Promoting the appropriate use of broad Supporting rese
Slide 7: Investment Highlights
Investment Highlights A differentiated commercial moat and an AI-driven platform. UNIQUE COMMERCIAL INFRASTRUCTURE UNIQUE TECHNOLOGY & PIPELINE Highly specialized, “patient-first” commercial organization with institutional AI-driven platform pioneering precision medicine across the disease reach. co
Slide 8: Differentiated Positioning & Upcoming Catalysts
Differentiated Positioning & Upcoming Catalysts Caris’ investments in technology and commercial infrastructure provide a platform for sustainable growth Differentiated Platform Upcoming Catalysts Only FDA-approved WES/WTS profiling assay Technology Leadership Expanding to WGS, initially with and
Slide 9: The Caris Technology Platform
The Caris Technology Platform Comprehensive Science Driven Approach
Slide 10: Differentiated technology across the cancer journey
POWERFUL MOLECULAR PLATFORM Differentiated technology across the cancer journey WES / WTS / IHC WES / WTS / CH WGS / WTS Tissue-based therapy selection Blood-based therapy selection Heme therapy selection COMMERCIAL COMMERCIAL COMMERCIAL Digital AI WGS / WTS WES / WTS / WGS Early-stage breast predic
Slide 11: Personalized Therapy Decision
Personalized Therapy Decision Tissue / Liquid / Heme / Early-Stage Breast 11
Slide 12: Tissue-Based Profiling
Tissue-Based Profiling The First & Only Simultaneous FDA Approved WES / WTS- Based Assay with CDx Indications for Adult & Pediatric Patients¹ 1 5 8 20 Pan-Cancer Tumor-Specific CDx Indications Therapies COMPANION DIAGNOSTICS · 8 INDICATIONS, 20 THERAPIES ACROSS 6 CANCERS Breast Colorectal Melanoma N
Slide 13: Blood-Based Profiling
Blood-Based Profiling Whole Exome & Whole Transcriptome Sequencing From Blood with Clonal Hematopoiesis (CH) subtraction Technology Biological Coverage Circulating Nucleic Acids Sequencing (cNAS) Plasma: cfDNA | cfRNA · WBC: gDNA | mRNA Genes & Depth Variant Coverage 23,000+ | 10,000×* Tumor-derived
Slide 14: Heme-Based Profiling
Heme-Based Profiling A Whole-Genome Sequencing (WGS) assay for myeloid malignancies — the complete molecular picture in a single test 7 days >70 genes 100% 1 in 4 50% of karyotype & FISH patients had findings Average results of those reassigned to a With reported SNVs features detected by missed by
Slide 15: Digital AI Breast Recurrence Risk
Digital AI Breast Recurrence Risk Multimodal deep-learning AI on computational pathology for MI CLARITY breast-cancer recurrence risk — no genomic sequencing required. AI H&E 2 V1 Multimodal deep learning Digital-pathology input Early + late recurrence scores Live today · V2 upcoming INTENDED PATIEN
Slide 16: Forward Thinking Assay Development Approach
CLINICAL EVIDENCE Forward Thinking Assay Development Approach Number of Cancer-Linked Genes (1) Cancer Mentions (2) Caris Provides Superior Comprehensive Profiling (4) # of DNA # of RNA Depth of ~15,200 Genes Genes Coverage ~23,000 ~23,000 1,500x Solid (61,000 transcripts) (755 genes) ~3,350 >10x ~2
Slide 17: The Comprehensive Advantage
CLINICAL EVIDENCE The Comprehensive Advantage Caris testing reveals what targeted gene panels miss — in both therapy eligibility and treatment outcomes. STUDY 1 STUDY 2 Caris Lookback Program: comprehensive Whole-exome TMB drives better outcomes than testing keeps delivering value targeted gene pane
Slide 18: Redefining Early-Stage Cancer Detection
Redefining Early-Stage Cancer Detection
Slide 19: Redefining Early-Stage Cancer Detection
Redefining Early-Stage Cancer Detection CANCER IS A MOLECULAR EVOLUTION PROBLEM — EACH SIGNAL IS WEAK ALONE; INTEGRATION MAKES THE BIOLOGY ROBUST FROM DNA TO DISEASE · THE SIGNAL CHANGES AS THE CLONE CHANGES THE SIGNAL PORTFOLIO Integrated across cfDNA (WGS-scale) + cfRNA (WTS-scale) Fragmentomics C
Slide 20: Better Science Produces Better Performance: Achieve Results
Better Science Produces Better Performance: Achieve 1 Results Strong early-stage detection across lung, pancreas, Predicts a suspected tissue-of-origin to help guide prostate, breast, colorectal, uterine and additional follow-up evaluation 99.2% cancer types Overall Sensitivity by Cancer Stage* Spec
Slide 21: Tissue-of-Origin Classifier
Tissue-of-Origin Classifier Pinpointing the tumor's origin, early — with fewer procedures The classifier concentrates probability on the true site, turning an open-ended cancer hunt into a short, prioritized workup. NARROWING THE SEARCH BY THE NUMBERS Lung Cervical CRC Melanoma Breast True Positives
Slide 22: Results Designed for Clinical Action
Results Designed for Clinical Action EVERY RESULT EMPOWERS PATIENTS AND PHYSICIANS TO KNOW, AND ACT, WITH GREATER CONFIDENCE ©2026 Caris Life Sciences 22
Slide 23: Caris Detect: "Math" Campaign Launched
Caris Detect: “Math” Campaign Launched ©2026 Caris Life Sciences 23
Slide 24: Caris Detect Channel Partner Strategy Update
Caris Detect Channel Partner Strategy Update Form strong, long-term partnerships across multiple channels to efficiently achieve scale Engaged with ~35 potential partners, representing 22M+ members Partnership Channels Strategic Benefits First Launch: Digital DTC Scale ✓ Digital-first health and wel
Slide 25: Personalized Monitoring/MRD
Personalized Monitoring/MRD Tumor Naive / Tumor Informed
Slide 26: Caris Tumor Naïve for Therapeutic Monitoring Interim Update
Caris Tumor Naïve for Therapeutic Monitoring Interim Update Interim Update: Monitoring Cohort At A Glance TUMOR NAÏVE MONITORING WHOLE EXOME WHOLE TRANSCRIPTOME Initial intended use: Pan-Tumor Therapeutic 90 22+ Monitoring patients across 3 monitoring cohorts solid tumor types (pan-tumor) Caris Assu
Slide 27: Caris Tumor Naïve for Therapeutic Monitoring Interim Update
Caris Tumor Naïve for Therapeutic Monitoring Interim Update Preliminary interim clinical data shows that early molecular state stratifies subsequent radiographic progression Kaplan–Meier freedom from radiographic progression from the baseline blood draw (B1), stratified by early molecular state (N =
Slide 28: Caris Tumor Informed MRD – Whole Genome Approach
Caris Tumor Informed MRD – Whole Genome Approach MRD Tracker Definition WHOLE GENOME TUMOR INFORMED WHOLE GENOME Intended use: Pan-tumor, Stage I–III. Tumor / normal WGS identifies trackers; a comprehensive approach Tissue Buffy Coat minimizes false negatives and maximizes tracker count to achieve u
Slide 29: Personalized Mutation Interception
Personalized Mutation Interception From Personalized Medicine To Personalized Prevention
Slide 30: The beginning of the personalized vaccine era
The beginning of the personalized vaccine era Clinical Success for Personalized Implications for Precision Medicine & Cancer Vaccines Immune Interception In August 2026, Merck and Moderna announced intismeran Caris is uniquely positioned to drive advances in personalized autogene, an mRNA-based indi
Slide 31: Turn an early blood signal into immune interception
DETECT → CLEANSE OVERVIEW Turn an early blood signal into immune interception Cleanse reframes an atypical blood signal as a therapeutic opportunity: find the clone, expose its neoantigens, vaccinate, and prove molecular clearance. 1 Detect atypical signal 2 Define the clone 3 Vaccinate the target 4
Slide 32: From early signal to proven clearance
THE MUTATIONAL CLEANSE PIPELINE From early signal to proven clearance 1 2 3 4 5 › › › › Early signal Lock mutations Immune visibility Prime T cells Clearance readout Blood-based detection; WGS / 10,000× WES confirms clonal, Only expressed, HLA- Personalized long-peptide VAF ↓, T cells ↑, durable WTS
Slide 33: Target ranking concentrates confidence at the top
VACCINE-READY MUTATION IDENTIFICATION Target ranking concentrates confidence at the top The ranking model prioritizes vaccine-ready mutations. 83.8% 86.5% 81.9% 62.3% PPV operating point PPV@1 PPV@5 PPV@100 model-score threshold (1) top variant / patient (1) top five variants (1) long-tail queue (1)
Slide 34: Financial Update
Financial Update Financial Overview
Slide 35: Strong Q2 2026 Revenue and Q2 2026 Clinical Volume Growth
Strong Q2 2026 Revenue and Q2 2026 Clinical Volume Growth Q2 Revenue Q2 Clinical Case Volume ($ in millions) +18% YoY +45% YoY Pharma R&D Services Molecular Profiling Services $263.7 $11.4 59,200 $181.4 $18.5 50,000 $252.3 $162.9 Q2 2025 Q2 2026 Q2 2025 Q2 2026 ©2026 Caris Life Sciences 35
Slide 36: Q2 2026 Performance Highlights
Q2 2026 Performance Highlights FINANCIAL PERFORMANCE ADDITIONAL OPERATING HIGHLIGHTS Launched Caris Detect TOTAL REVENUE MOLECULAR PROFILING REV A groundbreaking multi-cancer early detection blood test. $263.7MM +45% YoY $252.3MM +55% YoY Salesforce Expansion 290 team members as of June 30, 2026. CL
Slide 37: Q226 Commercial Execution Driving Sequential Acceleration from Q126
Q226 Commercial Execution Driving Sequential Acceleration from Q126 CLINICAL CASE VOLUME ADDITIONAL COMMERCIAL HIGHLIGHTS +18% YoY 48,300 MI Profile cases 13% YoY · 11% sequential growth ▲ 12% 10,700 Caris Assure cases Sequentially 50% YoY · 17% sequential growth +6,400 Cases 59,200 290 commercial t
Slide 38: Q2 2026 Financial Overview
Q2 2026 Financial Overview Selected financial metrics All amounts millions except gross margin TOTAL REVENUE GROSS MARGIN(1) $263.7MM 68% Q2 2025 Q2 2026 Change +45% vs. Q2 2025 +500 bps vs. Q2 2025 GAAP Total Revenue $181.4M $263.7M +45% ADJUSTED EBITDA(2) FREE CASH FLOW(2) Molecular Profiling Reve
Slide 39: Appendix
Appendix Adjusted EBITDA • Free Cash Flow Q2 2026 Reconciliations
Slide 40: Adjusted EBITDA & Free Cash Flow Reconciliations
Adjusted EBITDA & Free Cash Flow Reconciliations EBITDA Reconciliation (in thousands) Q2 2025 Q2 2026 Net Income (Loss) ($71,790) ($637) Interest Income (1,618) (6,819) Interest Expense 19,208 9,228 Changes in Fair Value of Financial Instruments 17,870 ‒ Other Expense, net 18,341 25,131 Income Tax E
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