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Where Molecular Science Meets Artificial Intelligence Q2 2025 Earnings Call August 12, 2025
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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 this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “potential,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or similar expressions. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: developments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, validation and timing of future solutions; commercial market acceptance for our solutions and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions; reliance on third-party suppliers; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our substantial indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in the prospectus filed with the Securities and Exchange Commission on June 20, 2025 in connection with our initial public offering, as updated in our Quarterly Report on Form 10-Q filed on or about August 12, 2025, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law. Non-GAAP Financial Measures We use certain financial measures not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) to supplement our condensed consolidated financial statements, which are presented in accordance with GAAP. We believe the non-GAAP financial measures we use, Adjusted EBITDA and free cash flow, are useful in evaluating our performance. Our non-GAAP financial measures have limitations as analytical tools, however, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures. We use Adjusted EBITDA in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA is also helpful to investors, analysts, and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. We believe free cash flow is a useful measure of liquidity that provides an additional basis for assessing our ability to generate cash. For a reconciliation of our non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see our Press Release for the most recently- completed fiscal quarter available on the “News & Events” section of our website at https://investor.carislifesciences.com/news-events/events. ©2025 Caris Life Sciences 1
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THERAPY SELECTION ©2025 Caris Life Sciences 2 EARLY DETECTION MINIMAL RESIDUAL DISEASE CANCER CARE CONTINUUM MONITORING Caris Assure Is A “Pipeline In A Product”… The Same Assay Delivers Precision Medicine To The Entire Cancer Care Continuum — DNA — 23,000+ Full Gene Coverage — RNA — 61,000+ Transcripts — Protein — Tumor-Relevant Biomarkers A Universal Precision Medicine Platform WES/WTS Technology Unlocks Precision Medicine Across The Entire Cancer Care Continuum Whole Exome Sequencing Immuno- histochemistry Whole Transcriptome Sequencing MI Profile Tissue Based Blood Based
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$87.7 $162.9 $12.4 $18.5 $100.0 $181.4 Q2 2024 Q2 2025 Pharma R&D Services Molecular Profiling Services Strong Revenue Performance Across Molecular Profiling Services and Pharma R&D Services 3©2025 Caris Life Sciences Total Revenue ($ in millions) 81% Total revenue increased to $181.4mm, an increase of 81% YoY Molecular Profiling Services revenue increased to $162.9mm, an increase of 86% YoY Pharma R&D Services revenue increased to $18.5mm, an increase of 49% YoY 86% 49%
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$2,138 $3,256 Q2 2024 Q2 2025 41,000 50,000 Q2 2024 Q2 2025 $87.7 $162.9 Q2 2024 Q2 2025 Robust Momentum Across Molecular Profiling Services 4©2025 Caris Life Sciences(1) Volume rounded to nearest 100. 22% Clinical Revenue ($ in millions) Clinical Volume (1) Clinical ASP 86% 52%
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©2025 Caris Life Sciences 5 ▪ Strong revenue growth of 81% - from $100MM to $181MM ▪ Consistent volume growth of 22% - completing 50,032 clinical cases ▪ Clinical ASP improvement of 52% - from $2,138 to $3,256 ▪ Dataset surpassed 900,000+ genomic profiles and 600,000+ matched profiles including over 529,000 WES and 580,000 WTS ▪ Reported gross margin of 63%, a ~ 2,514 bps improvement ▪ Adjusted EBITDA and Free Cash Flow positive (1) ▪ Expanded POA to 97 sites with over 1,100 publications ▪ Published landmark Caris Assure study – validating single assay across care continuum Q2 2025 Performance Highlights (1) We define Adjusted EBITDA as net loss, adjusted to exclude interest income, interest expense, changes in fair value of financial instruments, other expense, net, the provision for (benefit from) income taxes, depreciation and amortization, and stock-based compensation expense. We define free cash flow as net cash used in operating activities less purchases of property and equipment. See earnings release for reconciliation.
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YoY Growth ©2025 Caris Life Sciences 6 40% 33% 29% 26% 26% 21% 26% Note: Volume rounded to nearest 1,000. 60,000 75,000 97,000 129,000 163,000 76,000 96,000 CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 H1 2024 H1 2025 Performance Drivers ▪ Strong performance across therapy selection ▪ Comprehensive WES/WTS technology resonating with oncologists and patients ▪ Continued traction with Caris Assure roll-out ▪ Differentiated strategic coverage model and commercial strategy resonating across the channel Total Clinical Volume (In Thousands) Technology Differentiation and Commercial Execution Driving Consistent Clinical Volume Growth 26% YoY Growth H1’ 25 28% CAGR CY’20-CY’24
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Significant “scale” in data Scaled cohorts for research Multi-omic: DNA, RNA, Proteins Breadth: 23,000+ genes High sequencing depth Consistency of the dataset 900,000+ Molecular Dataset of Comprehensive Tumor Patient Profiles, Including 529,000+ Whole Exomes 600,000+ Profiles With Matched Molecular Data & Clinical Outcomes 580,000+ Whole Transcriptomes 4,780,000+ Digitized Pathology Slides 3,320,000+ Digitized IHCs 1,460,000+ Digitized H&Es One Of The Largest & Most Comprehensive Clinico-Genomic Datasets ©2025 Caris Life Sciences 7 Our Clinico-Genomic Dataset Provides Strategic Capability For Internal R&D, Biopharma & Collaborative Research Note: Datapoints are as of June 30, 2025, unless otherwise specified.
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POA Membership Growth ©2025 Caris Life Sciences Progress Towards Goal Of 100 Sites POA Member Growth: 2017 – 2025 8 5 4 9 15 11 17 16 6 1 14 19 23 32 47 58 74 90 96 19 23 32 47 58 75 90 96 97 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025 YTD Sites Added Existing Sites Note: Datapoints are as of June 30, 2025, unless otherwise specified. (1) Includes Abstracts, Posters, Presentations and Peer-Reviewed Manuscripts. 49 104 146 185 236 280 325 419 531 655 709 27 46 74 109 138 172 220 250 285 358 413 76 150 220 294 374 452 545 669 816 1,013 1,122 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Peer-Reviewed Manuscripts Abstracts, Posters & Presentations 1,100+ Aggregate Caris Publications(1) 20 27 34 42 45 46 2020A 2021A 2022A 2023A 2024A 2025 YTD POA NCI-Designated Cancer Centers
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Landmark Publication – Caris Assure Platform Study Abraham, J., Domenyuk, V., Perdigones, N. et al. Validation of an AI-enabled exome/transcriptome liquid biopsy platform for early detection, MRD, disease monitoring, and therapy selection for solid tumors. Sci Rep 15, 21173 (2025). Scientific Reports study demonstrates the accuracy and clinical utility of the Caris Assure blood- based biopsy assay across the cancer continuum 83.1% - 95.7% MCED sensitivity (stages I-IV) at 99.6% specificity 96.8% Therapy selection PPV (concordance with tissue assay) 33.4 MRD hazard ratio (p < 0.005) ©2025 Caris Life Sciences 9
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Additional Key Studies/Publications ©2025 Caris Life Sciences 10 Demonstrates the power of multi-omics database to confirm approximately 1 in every 4 NSCLC patients (23%) have TI-CH, with a 30% higher risk of death compared to patients without TI-CH. Demonstrates the power of multi-omics database to identify the HER2+ rate across all solid tumor types, identifying cancer types where HER2 testing may not be necessary due to low positivity rates. Demonstrates the power of multi-omics database to identify the varying clinical benefit of tissue-agnostic therapies in 57 different tumor types. Demonstrates the power of machine learning combined with Caris's image and molecular database to develop AI signatures that predict molecular status using H&E slide images only. Demonstrates the power of machine learning combined with Caris’s image and molecular database to develop AI tools that predict survival outcomes using slide images only. Demonstrates the power of multi- omics database and machine learning to develop highly accurate AI predictors of a cancer’s primary tissue of origin.
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Development Stage Cohort Collection Assay Development Validation Publication Reimbursement Launch Currently In Progress √ Complete ©2025 Caris Life Sciences 11 Caris Product Development Status Caris Assure Product Line Completion Caris Assure Germline √ √ Minimal Residual Disease – Adjuvant CRC √ √√ √ WES/WTS Therapeutic Monitoring √ √√WES/WTS Caris ChromoSeq – Heme Cancers √ √√WGS/WTS AI Signatures Caris Clarity Breast Cancer Recurrence √ √ √ Early Detection – Breast √ √√WES/WTS WES/WTS Digital Pathology √
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$87.7 $162.9 $12.4 $18.5 $100.0 $181.4 Q2 2024 Q2 2025 Pharma R&D Services Molecular Profiling Services ©2025 Caris Life Sciences 12(1) Gross Margin is calculated as total revenue less cost of services, divided by total revenue. (2) See earnings release for reconciliation. (3) Cash & Investments includes cash, cash equivalents, restricted cash and marketable securities. ($ in millions) Q2 2024 Q2 2025 YoY Gross Margin(1) 37.5% 62.7% 25.2% S&M $38.7 $42.3 $3.5 G&A $41.1 $64.4 $23.3 R&D $24.8 $25.0 $0.3 Total OpEx $104.6 $131.7 $27.1 Adjusted EBITDA(2) ($50.9) $16.7 $67.6 Net Loss ($66.2) ($71.8) ($5.6) Free Cash Flow(2) ($65.5) $5.9 $71.4 Cash & Investments(3) $182.3 $724.9 $542.6 Debt (net of discounts) $369.4 $373.7 $4.3 +81.3% Total Revenue ($ in millions) Q2 2025 Financial Overview +85.9% +49.1%
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ASP Benefits From Ongoing Payor Contracting ©2025 Caris Life Sciences 13 $2,207 $3,379 $993 $179 Q2 2024 Q2 2025 $1,587 $324 $608 $2,519 Q2 2024 Q2 2025 (True-up) (True-up) • Q2 2025 MI Profile ASP of $3,379 increased 53.1% YoY • True-ups from prior period collections added ~$179 to ASP • Strength driven by recent FDA approval of MI Cancer Seek (Medicare FFS pricing increased from $3,500 to $8,455) • FDA approval has enhanced positioning with all payor types, leading to success executing commercial agreements • Q2 2025 Caris Assure ASP of $2,519 increased 58.7% YoY • True-ups from prior period collections added ~$608 to ASP • Strength driven by positive trends across payers MI Profile ASP Caris Assure ASP
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37.5% 47.2% 62.7% Q2 2024 Q1 2025 Q2 2025 YoY: +2,514 bps Trend of Gross Margin Expansion ©2025 Caris Life Sciences 14 • Q2 2025 gross margin of 62.7% increased 2,514 bps YoY • Gross margins benefited from higher clinical ASP and growth in higher-margin Pharma R&D service business • Year-over-year reduction in cost per case driven by operating efficiencies Gross Margin Sequential: +1,548 bps
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Initiating CY 2025 Financial Guidance ©2025 Caris Life Sciences 15 Guidance Total Revenue Revenue Growth $675 – $685MM 64 - 66% YoY Clinical Therapy Selection Volume 19 - 21% YoY
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©2025 Caris Life Sciences 16 Caris was founded to make precision medicine a reality. We aim to fundamentally change the way disease is characterized and treated.