Caris Life Sciences, Inc. · NASDAQ:CAI
Caris Life Sciences — Q3 2025 Earnings Presentation
17 slides from Caris Life Sciences's earnings presentation, Nov 5, 2025
Slide 1: Where Molecular Science Meets Artificial Intelligence
Where Molecular Science Meets Artificial Intelligence Q3 2025 Earnings Call November 5, 2025
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in t
Slide 3: A Universal Precision Medicine Platform
A Universal Precision Medicine Platform WES/WTS Technology Unlocks Precision Medicine Across The Entire Cancer Care Continuum Caris Assure Is A “Pipeline In A Product”… The Same Platform Delivers Precision Medicine To The Entire Cancer Care Continuum Whole Whole Exome Transcriptome Immuno- CANCER CA
Slide 4: Strong Revenue Performance
Strong Revenue Performance Total Revenue ($ in millions) Pharma R&D Services Molecular Profiling Services $216.8 $9.2 +18% Total revenue increased to $216.8mm, an increase of 113% YoY +113% Molecular Profiling Services revenue increased $101.6 to $207.6mm, an increase of 121% YoY $7.8 $207.6 +121% P
Slide 5: Robust Momentum Across Molecular Profiling Services
Robust Momentum Across Molecular Profiling Services Clinical Revenue Clinical Volume (1) ($ in millions) 50,800 $207.6 43,000 +18% +121% Q3 2024 Q3 2025 $93.8 Clinical ASP $4,089 +87% $2,184 Q3 2024 Q3 2025 Q3 2024 Q3 2025 (1) Volume rounded to nearest 100. ©2025 Caris Life Sciences 4
Slide 6: Q3 2025 Performance Highlights
Q3 2025 Performance Highlights ▪ Strong revenue growth of 113% - from $102MM to $217MM ▪ Consistent volume growth of 18% - completing 50,763 clinical cases ▪ Clinical ASP improvement of 87% - from $2,184 to $4,089 ▪ Dataset surpassed 959,000+ genomic profiles and 660,000+ matched profiles including
Slide 7: Technology Differentiation and Commercial Execution Driving Consistent Clinical Volume Growth
Technology Differentiation and Commercial Execution Driving Consistent Clinical Volume Growth +28% CAGR CY‘20-CY‘24 Performance Drivers Total Clinical Volume ▪ Strong performance across +23% therapy selection YoY Growth YTD‘25 163,000 ▪ Comprehensive WES/WTS 147,000 technology resonating with 129,00
Slide 8: One Of The Largest & Most Comprehensive Clinico-Genomic Datasets
One Of The Largest & Most Comprehensive Clinico-Genomic Datasets Our Clinico-Genomic Dataset Provides Strategic Capability For Internal R&D, Biopharma & Collaborative Research 959,000+ Molecular Dataset of Comprehensive Tumor Patient Significant “scale” in data Profiles, Including Scaled cohorts for
Slide 9: POA Membership Growth
POA Membership Growth Progress Towards Goal Of 100 Sites POA Member Growth: 2017 – 2025 1,150+ Aggregate Caris Publications(1) POA NCI-Designated Cancer Centers Peer-Reviewed Manuscripts 45 47 Abstracts, Posters & Presentations 1,153 42 34 97 27 96 20 1,013 90 431 2020A 2021A 2022A 2023A 2024A 2025
Slide 10: Caris Assure - MRD Colorectal
Caris Assure - MRD Colorectal • Whole Exome/Whole Transcriptome Assure Platform MRD Colorectal • PPM Gene Expression plus AI-based Signature MRD • Intended Use: The Caris Assure for MRD CRC test is a minimal residual disease diagnostic test utilized for patients with stage II and III solid tumor can
Slide 11: Additional Solutions for Heme Therapy Selection and Early-Stage Breast Recurrence
Additional Solutions for Heme Therapy Selection and Early-Stage Breast Recurrence WHOLE GENOME WHOLE TRANSCRIPTOME WHOLE EXOME WHOLE TRANSCRIPTOME Therapy Selection for the following: Breast cancer patients who are: • Acute Myeloid Leukemia (AML) • ER-positive (estrogen receptor–positive) POPULATION
Slide 12: Early Detection and Additional MRD/Monitoring Studies In Progress
Early Detection and Additional MRD/Monitoring Studies In Progress Early Detection Trials MRD & Monitoring Studies # Subjects Cancer Type # Subjects ACHIEVE 1 ACHIEVE 2 Cancer Type Total enrollment complete enrollment ongoing Target: 25,000 subjects NSCLC 743 Normal 14,580 2,000 12,580 Colon Advanced
Slide 13: Q3 2025 Financial Overview
Q3 2025 Financial Overview Total Revenue ($ in millions) Q3 2024 Q3 2025 YoY ($ in millions) Gross Margin(1) 43.7% 68.0% 24.3% Pharma R&D Services Molecular Profiling Services $216.8 S&M $36.8 $41.3 $4.5 $9.2 +18.3% G&A $40.9 $52.0 $11.1 +113.4% R&D $27.6 $21.6 ($6.0) Total OpEx $105.3 $114.9 $9.6 $
Slide 14: ASP Benefits From Ongoing Payer Contracting
ASP Benefits From Ongoing Payer Contracting Tissue Therapy Selection ASP • Q3 2025 Tissue ASP of $4,273 increased 90.7% YoY (True-up) $4,273 $762 • True-ups from prior period collections added ~$762 to ASP $1,270 $2,241 • Strength driven by FDA approval of MI Cancer Seek (Medicare FFS pricing increa
Slide 15: Trend of Gross Margin Expansion
Trend of Gross Margin Expansion Gross Margin YoY: +2,432 bps Sequential: +536 bps 68.0% 62.7% Q3 2025 gross margin of 68.0%; increased 2,432 bps YoY 43.7% Gross margins benefited from higher clinical ASP Q3 2024 Q2 2025 Q3 2025 ©2025 Caris Life Sciences 14
Slide 16: Updating CY 2025 Financial Guidance
Updating CY 2025 Financial Guidance Updated Guidance Previous Guidance November 5, 2025 August 12, 2025 Total Revenue $720 – $730MM $675 – $685MM Revenue Growth 75 - 77% YoY 64 - 66% YoY Clinical Therapy Selection Volume 21 - 22% YoY 19 - 21% YoY ©2025 Caris Life Sciences 15
Slide 17: Caris was founded to make precision medicine a reality.
Caris was founded to make precision medicine a reality. We aim to fundamentally change the way disease is characterized and treated. ©2025 Caris Life Sciences 16