Precision medicine company Caris Life Sciences said Monday it expects to raise as much as $423.5 million in an initial public offering.
The Irving, Texas-based company plans to list its common stock on the Nasdaq market under the symbol “CAI,” offering 23.5 million shares at $16 to $18 each.
Primarily focused on cancer, Caris’ molecular profiling tools use artificial intelligence and machine learning algorithms to analyze disease for early detection, diagnosis, monitoring, therapy selection and drug development.
Caris saw year-over-year revenue growth of about 50%, to $120.9 million, in the first quarter of 2025, driven primarily by its molecular profiling services, according to a securities filing.
The company received Food and Drug Administration approval for its companion diagnostic test MI Cancer Seek in November. The test identifies cancer patients who may benefit from targeted treatments.
Founded in 2008, Caris has identified about 915,000 unique pathogenic mutations to date, of which only about 17,000 were previously known, the company said in its filing.
“We can now identify a person’s circulating pathogenic mutations and enable the design of a customized individualized therapy to that specific set of mutations,” David Dean Halbert, Caris founder and CEO, said in the filing. “We believe this is going to create the opportunity for physicians to use our solutions to effectively prevent various chronic diseases before they ever get started at the earliest of stages.”
In April, when the company closed a private funding round worth $168 million, it said it had raised a total of $1.86 billion in capital since 2018.
Caris is among a handful of companies exploring a public offering in a medtech IPO market that’s showing signs of emerging from a slump. Medical products supplier Medline has said it could go public, and Medtronic plans to separate its diabetes business into a standalone company, potentially through an IPO.
