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Where Molecular Science Meets Artificial Intelligence Q4 2025 Earnings Call February 26, 2026
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Important Information and Disclaimer ©2026 Caris Life Sciences 2 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 presentation are forward -looking statements, including statements regarding our business, sol utions, 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 r eflected 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 presentation include, among other things: d evelopments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, tim ing 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 management, 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 Annual Report on Form 10 -K filed on or about March 3, 2026, 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 presentation, 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 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 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, 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 pre paration 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 performanc e. 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 historical 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.
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Powerful Molecular Platform ©2026 Caris Life Sciences 3 23,000+ Full Gene Coverage 71+ Petabytes of Genomic Data 6,000+ Ordering Oncologists 99 POA Members 627,000+ Whole Exomes Cases 22% Case Volume Growth in 2025 Drug Discovery & Data Analytics Data & AI-Enabled Drug Discovery Precision Oncology Alliance (POA) Research, Data & Clinical Trials Collaboration AI & Dataset Multi-Modal, Clinico- Genomic Dataset Leveraging AI/ML at Scale Caris Assure Blood-Based Platform 199,300 Cases Completed in 2025 1MM+ Cases Profiled in Genomic Dataset MI Profile Tissue-Based Platform Data points as of December 31, 2025
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Strong Revenue Performance for Q425 and FY 2025 ©2026 Caris Life Sciences 4 $94.4 $282.1 $35.5 $10.8 $129.9 $292.9 (2) Q4 2024 Q4 2025 Pharma R&D Services Molecular Profiling Services Total Q4 Revenue ($ in millions) 125%(1) $349.1 $766.7 $63.1 $45.3 $412.3 $812.0 (2) FY 2024 FY 2025 Pharma R&D Services Molecular Profiling Services Full Year Revenue ($ in millions) 97%(1) Note: Final reported total revenue for both Q4 and full year is higher than preliminary estimates reported in January 2026 due to continued positive collections trends in Molecular Profiling Services, which lead to an increase of $12M (1) Preliminary estimates reported in January 2026 for growth were 116% and 94% for Q4 2025 and FY 2025, respectively. (2) Preliminary estimates reported in January 2026 were $281MM and $800MM for Q4 2025 and FY 2025 total revenue, respectively.
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Q4 2025 Performance Highlights GAAP Revenue growth of 125% - from $130MM to $293MM (inclusive of $89.8m additional revenue from exceeding accrual on prior period cases) Volume growth of 20% - completing 52,700 clinical cases Clinical ASP increase of 150% - from $2,146 to $5,357 (inclusive of $1,705 additional revenue from exceeding accrual on prior period cases) GAAP gross margin of 75%, a ~ 2,101 bps increase (inclusive of 10.8% impact from additional revenue from exceeding accrual on prior period cases) Positive GAAP Net Income of $82.0MM and Adjusted EBITDA of $106.1m* Positive GAAP Net Cash from Operating activities of $44.4MM, Positive Free Cash Flow of $39.7MM* and cash, marketable securities and restricted cash on hand of $802.3MM Dataset surpassed 1,016,000+ genomic profiles and 740,000+ matched profiles Announced Genentech Discovery Collaboration with potential total contract value of $1.1BN ©2026 Caris Life Sciences 5 Note: Volume rounded to nearest 100. * See earnings release for reconciliation
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Molecular Profiling Growth Driven by Volume and ASP Uplift ©2026 Caris Life Sciences 6 $2,198 $4,026 $1,651 $2,795 FY 2024 FY 2025 FY 2024 FY 2025 Blood Tissue 146,600 170,300 16,300 29,000 FY 2024 FY 2025 Blood Tissue $322.2 $685.6 $26.9 $81.1 FY 2024 FY 2025 Blood Tissue (2) Volume rounded to nearest 100. 22% Molecular Profiling Services Revenue ($ in millions) Molecular Profiling Services Volume (2) 120% 69% $349.1 $766.7(1) (1) Preliminary estimates reported in January 2026 for Molecular Profiling Services revenue was $755MM for FY 2025. 162,900 199,300 83% Molecular Profiling Services Reported ASP
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©2026 Caris Life Sciences 7 Technology Differentiation and Commercial Execution Driving Clinical Volume Growth 162,900 199,300 CY 2024 CY 2025 Total Clinical Volume +22% YoY Growth FY25 Note: Volume rounded to nearest 100. 44,000 52,700 4Q24 4Q25 20% YoY Q4 FY25 Performance Drivers Strong performance across therapy selection with growth rate of 20%, improving from Q325 of 18% Continued traction with Caris Assure, 59% YoY growth rate in Q425 75% of orders electronically submitted (up from <60% at start of 2025) Ongoing Investment in Existing Commercial Engines Expand sales force and number of territories Expand separate liquid specialist commercial team Strengthen product messaging and medical education Cross-functional training and alignment across team
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Caris Detect - Multi-Cancer Early Detection (MCED) Whole Genome - Achieve 1 Interim Readout ©2026 Caris Life Sciences 8 56.8% 70.1% 77.1% 99.1% 95.3% 99.1% 7%0% 25% 50% 75% 100% STAGE I (n=266) STAGE II (n=137) STAGE III (n=105) STAGE IV (n=109) Specificity Undiagnosed Population (n=1,505) Specificity Asymptomatic Screening Population 1+ Yrs (n=121) % of Undiagnosed Population Subsequently Diagnosed w/Cancer within 2 Yrs Achieve 1 Interim Readout Summary Sensitivity % Achieve 1 Interim Readout 2,122 samples split approximately 30% cancer, 70% undiagnosed Undiagnosed subjects had screening or symptomatic screening 865 held out for blinded validation that is in process Followed 22.5% of the undiagnosed population after their blood draw for at least 1 year Roughly 7% of these subjects were subsequently diagnosed with cancer 121 (35%) subjects with follow up, had no significant risk factors for cancer, and were not diagnosed for cancer at least 1 year, in this group, the specificity was 99.1%
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Caris Assure For Multi-Cancer Early Detection (MCED) Achieve 1 Interim Readout by Cancer Type ©2026 Caris Life Sciences 9 100% 100% 100% 50% 100% 80% 80% 100% 71% 87% 74% 79% 62% 53% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Bone (n 1) Peritoneum (n 1) Liver (n 2) Skin (n 2) Biliary Tract (n 3) Cervix (n 5) Esophagus/Stomach (n 5) Head and Neck (n 7) Pancreas (n 7) Lung (n 15) Uterus (n 19) Prostate (n 38) Bowel (n 45) Breast (n 253) Achieve 1 Interim Readout Stage I & II Sensitivity by Cancer Type (n=403) Stage I and Stage II Sensitivity Overall Sensitivity: Stage I & II - 61.3%
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Development/Launch Planning initiated Additional Pipeline Solutions - Status 10 PATIENT POPULATIONPRODUCT FEATURES 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 >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 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 Two offerings Uses MI Profile platform and Digital AI Digital AI ONLY Provides both early and late recurrence scores Superior performance to currently available offerings WHOLE GENOME WHOLE TRANSCRIPTOME WHOLE EXOME WHOLE TRANSCRIPTOME TUMOR NAIVE WHOLE EXOME WHOLE TRANSCRIPTOME TUMOR INFORMED WHOLE GENOME MRD intended use: • CRC • 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 Uses Caris Assure platform Tumor naive Additional indications to follow Intended use: • Pan-Tumor Stage I, II, and III • Tumor/Normal WGS used to identify trackers • Proprietary approach to minimize false negatives • Maximizes tracker count to achieve ultra- low PPM Uses Caris Precision WG platform Tumor informed Ultra-low sensitivity Compiling additional data for MolDX TALaunch Planning/Pursuing ReimbursementResponded to MolDX comments ©2026 Caris Life Sciences
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©2026 Caris Life Sciences 11 Q4 2025 and FY 2025 Financial Overview (1) Gross Margin is calculated as total revenue less cost of services, divided by total revenue. (2) See earnings release for reconciliation. Q4 2024 Q4 2025 % Growth FY 2024 FY 2025 % Growth Total Revenue $130MM $293MM 125% $412MM $812MM 97% Molecular Profiling Revenue $94MM $282MM 199% $349MM $767MM 120% Pharma R&D Services Revenue $35MM $11MM -70% $63MM $45MM -28% Gross Margin(1) 54% 75% 21% 43% 66% 23% Operating Expenses $108MM $133MM $25MM $436MM $494MM $58MM Net Income /(Loss) ($37MM) $82MM $119MM ($282MM) ($68MM) $214MM Non-GAAP Measures Q4 2024 Q4 2025 Growth FY 2024 FY 2025 Growth Adjusted EBITDA(2) ($23MM) $106MM $129MM ($190MM) $138MM $327MM Free Cash Flow(2) ($41MM) $40MM $81MM ($254MM) $67MM $321MM All numbers rounded
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Molecular Profiling Services Performance in FY25 ©2026 Caris Life Sciences 12 $89.8 $110.1 $150.9 $169.7 $192.3 $30.4 $79.7 $4.6 $3.9 $12.0 $7.5 $10.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Additional revenue from exceeding accrual on prior years cases Additional revenue from exceeding accrual on current year cases Revenue base accrual Molecular Profiling Services Revenue: ($ in millions) $2,198 $4,026 $1,678 $150 FY 2024 FY 2025 $1,651 $2,795 $866 $278 FY 2024 FY 2025 MI Profile ASP Caris Assure ASP (‘Prior years’ additional revenue ASP impact) (‘Prior years’ additional revenue ASP impact) $3,876 per case for 2025 cases $2,517 per case for 2025 cases (2025 ASP step up) (2025 ASP step up) Reported per financials Reported per financials
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©2026 Caris Life Sciences 13 Molecular Profiling Services Tailwinds MI Profile ASP Benefitted from launch of MI Cancer Seek and sequential improvement throughout FY2025, supported based on contracting and payer collection experience leading to favorable additional cash collections. 2025 Review • MI Cancer Seek PLA code in effect for Full Year 2025 • MI Cancer Seek >70% of tissue volume for Full Year 2025 • MI Cancer Seek > 75% of tissue volume for Q4 2025 • Over 225M covered lives for MI Cancer Seek • MI Profile volume growth of 16.2% for FY25 (an increase from FY2024 growth rate of 14%) and 2% sequentially in Q425 compared to Q325 • $3,875 ASP for Q425 based on historical experience resulting in 2025 cases being recognized at $3,876 for the full year Caris Assure ASP Improved reimbursement rates throughout FY2025 supported based upon improved contracting. 2025 Review • Caris Assure PLA Code in effect for Full Year 2025 • $2,498 ASP for Q425 based on historical experience resulting in 2025 cases being recognized at $2,517 for the full year • Caris Assure volume growth of 78% for FY2025 and 13% sequentially in Q425 compared to Q325 FY25 vs FY24: +2,970 bps Molecular Profiling Services Gross Margin Expansion (1) (1) Gross Margin is calculated as total revenue less cost of services, divided by total revenue. Rounded to nearest percentage Q425 vs Q424: +3,470 bps 41% 47% 60% 68% 76% 36% 66% 38% 45% 57% 61% 64% Q424 Q125 Q225 Q325 Q425 FY24 FY25 Molecular Profiling Services Reported Gross Margin Margin excluding additional revenue from exceeding accrual on prior period cases 35% 64%
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©2026 Caris Life Sciences 14 Initiating Full Year 2026 Guidance Total Revenue $1.00BN – $1.02BN 23% – 26% YoY Full year 2026 revenue is expected to be in the range of $1.0 billion to $1.02 billion, representing growth of approximately 23% to 26% compared to full year 2025. Molecular Profiling Revenue $925MM - $935MM 21% - 22% YoY Molecular profiling revenue is expected to grow approximately 21% to 22% year over year in 2026. Excluding out-of-year revenue from excess collections recorded in 2025, this range implies growth of approximately 26% to 28%. Pharma R&D Services Revenue $75MM – $85MM 66% – 88% YoY Pharma R&D services revenue is expected to be in the range of $75 million to $85 million for the year. Clinical Therapy Selection Volume 20% YoY Clinical therapy selection volume is expected to be in the growth range of approximately 20% compared to full year 2025. GAAP Operating Expenses $590MM - $595MM 19% – 20% YoY GAAP operating expenses is expected to be in the range of $590 million to $595 million, representing a 19% to 20% increase due to commercial expansion and increase in pipeline trial activities. Free Cash Flow/Adjusted EBITDA Positive Expected to remain positive while investing in expansion and catalyst pipeline.
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Mission Caris was founded to make precision medicine a reality. We aim to fundamentally change the way disease is characterized and treated. We believe that more information is more power. And our philosophy is to provide every patient more power in the battle against disease.