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Where Molecular Science Meets Artificial Intelligence Q3 2025 Earnings Call November 5, 2025
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Important Information and Disclaimer ©2025 Caris Life Sciences 1 Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 199 5 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, so lutions, 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, performa nce 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 co ntrol. 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, analytical and clinical validation, timing and performance of future solutions by us and our competitors; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our abil ity to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; risks related to data managem ent, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; 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; risks related to data security, patient privacy , and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigatio ns and litigation; risks related to our 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 el sewhere in our Quarterly Report on Form 10 -Q filed on or about November 5, 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 St ates (“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 fl ow, 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 a nalysis 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, l imiting 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 perform ance. 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 accorda nce 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.
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A Universal Precision Medicine Platform 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 Platform Delivers Precision Medicine To The Entire Cancer Care Continuum — DNA — 23,000+ Full Gene Coverage — RNA — 61,000+ Transcripts — Protein — Tumor-Relevant Biomarkers WES/WTS Technology Unlocks Precision Medicine Across The Entire Cancer Care Continuum Whole Exome Sequencing Immuno- histochemistry Whole Transcriptome Sequencing Tissue Based Platform Blood Based Platform
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$93.8 $207.6 $7.8 $9.2 $101.6 $216.8 Q3 2024 Q3 2025 Pharma R&D Services Molecular Profiling Services Strong Revenue Performance ©2025 Caris Life Sciences 3 Total Revenue ($ in millions) +113% Total revenue increased to $216.8mm, an increase of 113% YoY Molecular Profiling Services revenue increased to $207.6mm, an increase of 121% YoY Pharma R&D Services revenue increased to $9.2mm, an increase of 18% YoY +121% +18%
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$2,184 $4,089 Q3 2024 Q3 2025 43,000 50,800 Q3 2024 Q3 2025 $93.8 $207.6 Q3 2024 Q3 2025 Robust Momentum Across Molecular Profiling Services ©2025 Caris Life Sciences 4(1) Volume rounded to nearest 100. +18% Clinical Revenue ($ in millions) Clinical Volume (1) Clinical ASP +121% +87%
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©2025 Caris Life Sciences 5 ▪ 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 over 577,000 WES and 628,000 WTS ▪ Reported gross margin of 68%, a ~ 2,432 bps improvement ▪ Achieved Positive Adjusted EBITDA of $51.2MM and GAAP Net Income of $24.3MM ▪ Achieved Positive Free Cash Flow of $55.3MM ▪ 97 POA sites with now over 1,150 publications Q3 2025 Performance Highlights
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60,000 75,000 97,000 129,000 163,000 119,000 147,000 CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 YTD Q3 2024 YTD Q3 2025 YoY Growth Technology Differentiation and Commercial Execution Driving Consistent Clinical Volume Growth ©2025 Caris Life Sciences 6 40% 32% 29% 26% 26% 26% 23% Note: Volume rounded to nearest 1,000. Total Clinical Volume +23% YoY Growth YTD‘25 +28% CAGR CY‘20-CY‘24 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
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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 959,000+ Molecular Dataset of Comprehensive Tumor Patient Profiles, Including 577,000+ Whole Exomes 660,000+ Profiles With Matched Molecular Data & Clinical Outcomes 628,000+ Whole Transcriptomes 5,050,000+ Digitized Pathology Slides 3,500,000+ Digitized IHCs 1,550,000+ 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 September 30, 2025, unless otherwise specified. 959,000+ Cases Since 2009
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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 September 30, 2025, unless otherwise specified. (1) Includes Abstracts, Posters, Presentations and Peer-Reviewed Manuscripts. 49 104 146 185 236 280 325 419 531 655 722 27 46 74 109 138 172 220 250 285 358 431 76 150 220 294 374 452 545 669 816 1,013 1,153 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Peer-Reviewed Manuscripts Abstracts, Posters & Presentations 1,150+ Aggregate Caris Publications(1) 20 27 34 42 45 47 2020A 2021A 2022A 2023A 2024A 2025 YTD POA NCI-Designated Cancer Centers
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©2025 Caris Life Sciences 9 MRD Concordance Study Caris Assure MRD Colorectal and Common MRD Assay; Samples Taken within 60 Days Performance Value PPA 96.3% NPA 100% In a concordance study, the Caris database for CRC samples having received Caris Assure testing was searched for cases which had previously received testing on a third party externally validated MRD assay. There were 44 samples that were taken within 60 days of each other. The results of Caris Assure MRD Colorectal and the third party assay were then compared to determine the positive percent agreement (PPA) and negative percent agreement (NPA). This study was not a head-to-head trial. • Whole Exome/Whole Transcriptome Assure Platform • PPM Gene Expression plus AI-based Signature • 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 cancers post curative intent treatment prior to adjuvant chemotherapy. The assay simultaneously profiles cancer-associated ctDNA/RNA alterations by analyzing a whole blood sample. MRD Colorectal All patients in the KM plot, which is a separate study than the concordance study, received adjuvant chemotherapy which could lead to ctDNA positive patients not recurring. Caris Assure - MRD Colorectal
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WHOLE GENOME Therapy Selection for the following: • Acute Myeloid Leukemia (AML) • Myelodysplastic Syndromes (MDS) • Myeloproliferative Neoplasms (MPN) • Suspected myeloid malignancies with persistent cytopenias and other causes reasonably excluded Breast cancer patients who are: • ER-positive (estrogen receptor–positive) • HER2-negative • Lymph node–negative, or sometimes with 1–3 positive nodes (especially postmenopausal patients) • Stage I or II PATIENT POPULATION PRODUCT FEATURES ©2025 Caris Life Sciences 10 ➢ >200x depth of coverage across WGS ➢ Detects all types of genomic alterations (mutations, fusions, copy number alterations, expression, ploidy) ➢ 1.6 billion reads per patient ➢ Uses MI Profile Platform and Digital AI ➢ Provides both early and late recurrence scores ➢ Superior performance to currently available offerings WHOLE TRANSCRIPTOME WHOLE EXOME WHOLE TRANSCRIPTOME Additional Solutions for Heme Therapy Selection and Early-Stage Breast Recurrence
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Early Detection and Additional MRD/Monitoring Studies In Progress ©2025 Caris Life Sciences 11 # Subjects Cancer Type Total ACHIEVE 1 enrollment complete ACHIEVE 2 enrollment ongoing Target: 25,000 subjects Normal 14,580 2,000 12,580 Colon Advanced Adenoma 2,530 2,530 Breast 792 527 265 Colorectal 240 183 57 Prostate 83 64 19 Lung 72 60 12 Uterine 38 28 10 Pancreatic 26 24 2 Esophageal/Gastric 24 18 6 Head and Neck Cancers 24 20 4 Cervical 14 11 3 Neuroendocrine 10 10 0 Cholangiocarcinoma 8 8 0 Ovarian 8 6 2 Squamous cell carcinoma 8 6 2 Liver 7 5 2 Melanoma 5 3 2 Bladder 4 3 1 Kidney 4 2 2 Other/Pending 148 9 139 Total Cancers/Adenomas 4,045 987 3,058 Total Subjects 18,625 2,987 15,638 Cancer Type # Subjects NSCLC 743 Esophageal/GEJ/Gastric 692 Rectal 608 Melanoma 449 Breast 307 Prostate 223 Colorectal 104 Endometrial 67 Pancreatic 40 All Others 89 Total 3,322 Early Detection Trials MRD & Monitoring Studies Includes patient cohorts with contracted partners and contracting in process
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©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) Q3 2024 Q3 2025 YoY Gross Margin(1) 43.7% 68.0% 24.3% S&M $36.8 $41.3 $4.5 G&A $40.9 $52.0 $11.1 R&D $27.6 $21.6 ($6.0) Total OpEx $105.3 $114.9 $9.6 Adjusted EBITDA(2) ($45.6) $51.2 $96.8 Net (Loss)/Profit ($67.7) $24.3 $92.1 Free Cash Flow(2) ($71.3) $55.3 $126.6 ($ in millions) Dec 31, 2024 Sept 30, 2025 Change Cash & Investments(3) $70.2 $759.3 $689.1 Debt (net of discounts) $379.5 $376.5 ($3.0) Total Revenue ($ in millions) $93.8 $207.6 $7.8 $9.2 $101.6 $216.8 Q3 2024 Q3 2025 Pharma R&D Services Molecular Profiling Services Q3 2025 Financial Overview +121.3% +18.3% +113.4%
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ASP Benefits From Ongoing Payer Contracting ©2025 Caris Life Sciences 13 $2,241 $4,273 $1,270 $762 Q3 2024 Q3 2025 $1,697 $680 $657 $3,034 Q3 2024 Q3 2025 (True-up) (True-up) • Q3 2025 Tissue ASP of $4,273 increased 90.7% YoY • True-ups from prior period collections added ~$762 to ASP • Strength driven by FDA approval of MI Cancer Seek (Medicare FFS pricing increased from $3,500 to $8,455) • FDA approval has enhanced positioning with all payer types, leading to success executing commercial agreements • Q3 2025 Blood ASP of $3,034 increased 78.8% YoY • True-ups from prior period collections added ~$657 to ASP • Strength driven by positive trends across payers Tissue Therapy Selection ASP Blood Therapy Selection ASP
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43.7% 62.7% 68.0% Q3 2024 Q2 2025 Q3 2025 YoY: +2,432 bps Trend of Gross Margin Expansion ©2025 Caris Life Sciences 14 Gross Margin Sequential: +536 bps Q3 2025 gross margin of 68.0%; increased 2,432 bps YoY Gross margins benefited from higher clinical ASP
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Updating CY 2025 Financial Guidance ©2025 Caris Life Sciences 15 Updated Guidance November 5, 2025 Previous Guidance August 12, 2025 Total Revenue Revenue Growth $720 – $730MM 75 - 77% YoY $675 – $685MM 64 - 66% YoY Clinical Therapy Selection Volume 21 - 22% YoY 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.