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CARIS LIFE SCIENCES 1 1 09 Where Molecular Science Meets Artificial Intelligence 0 00 0 Q2 2026 Earnings Call August 5 , 2026 19 % 9
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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 1995 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, 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,” 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 presentation include, among other things: continued development, performance and commercialization of Caris Detect; 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 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; the impact on our future volumes of the continued execution of our strategy to re-align and expand our sales organization; 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 investigations 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 elsewhere in our Annual Report on Form 10 -K filed on 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 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 and liquidity. 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 definitions and 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 Differentiated technology across the cancer journey WES / WTS / IHC Tissue-based therapy selection COMMERCIAL WES / WTS / CH Blood-based therapy selection COMMERCIAL WGS / WTS Heme therapy selection Digital AI Early-stage breast predictor WGS/WTS Multi-cancer early detection WES / WTS / WGS Minimal residual disease VALIDATION IN- PROCESS 845,000+ MATCHED CASES WITH OUTCOMES 783,000+ WHOLE TRANSCRIPTOMES CASES 733,000+ WHOLE EXOMES CASES 6,200+ ORDERING ONCOLOGISTS 101 POA MEMBERS Data points as of June 30, 2026 ©2026 Caris Life Sciences 3 1.13MM+ PROFILED CASES COMMERCIAL COMMERCIALCOMMERCIAL
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Strong Revenue and Clinical Volume Growth ©2026 Caris Life Sciences 4 Q2 Revenue ($ in millions) Q2 Clinical Case Volume $162.9 $252.3 $18.5 $11.4 $181.4 $263.7 Q2 2025 Q2 2026 Pharma R&D Services Molecular Profiling Services +45% YoY 50,000 Q2 2025 59,200 Q2 2026 +18% YoY
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Q2 2026 Performance Highlights ©2026 Caris Life Sciences 5 Note: Volume rounded to nearest 100. * See earnings release for reconciliation. FINANCIAL PERFORMANCE TOTAL REVENUE $263.7M +45% YoY MOLECULAR PROFILING REV $252.3M +55% YoY CLINICAL CASES ~59,200 +18% YoY GAAP GROSS MARGIN 68% +500 bps YoY ADJUSTED EBITDA* $55.7M +$39.0M YoY NET CASH FROM OPERATIONS $28.5M +290% YoY GAAP net loss $(0.6)M vs. $(71.8)M YoY Free Cash Flow* $6.4M vs. $5.9M YoY $793.1M cash & securities ADDITIONAL OPERATING HIGHLIGHTS Salesforce Expansion 290 team members as of June 30, 2026. Volume Growth Acceleration 12% sequential growth from Q126. Continued Profitability Positive Adjusted EBITDA for 5th consecutive quarter. Published Caris Whole-exome TMB study WES-based TMB linked to improved overall survival. Launched Caris Detect A groundbreaking multi-cancer early detection blood test. Published Caris Lookback Program study Reinforced the clinical value of MI Cancer Seek testing. ~114k Whole Exome/Whole Transcriptome tests ~345k Clinical Oncology tests
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Commercial Execution Driving Sequential Acceleration from Q126 ©2026 Caris Life Sciences 6 Note: Volume rounded to nearest 100. CLINICAL CASE VOLUME ADDITIONAL COMMERCIAL HIGHLIGHTS 59,200 Q2 2026 ▲ 12% Sequentially +6,400 Cases 52,800 Q1 2026 48,300 MI Profile cases 13% YoY · 11% sequential growth 10,700 Caris Assure cases 50% YoY · 17% sequential growth 290 commercial team members Continued expansion of commercial sales force 74%+ of orders placed via EMR/Portal Streamlined digital ordering 3,300+ physicians using EMR Direct, in-workflow ordering 1,300+ Publications/Manuscripts Evidence generation driving adoption 50,000 Q2 2025 +18% YoY
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Redefining Early-Stage Cancer Detection
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Caris Detect: Tumor Type Update ©2026 Caris Life Sciences 8 58 Cancer Types Detected Coverage spans solid tumors, hematologic malignancies, and unresolved cancer-signal localization from a routine blood draw. LUNG / THORACIC - Non-small cell lung cancer - Small-cell lung cancer - Pulmonary neuroendocrine carcinoma - Thymic carcinoma GI / CRC - Colorectal adenocarcinoma - Appendiceal neoplasms - Distal small-bowel / terminal-ileum lesions - Anal squamous cell carcinoma BREAST - Invasive ductal carcinoma - Invasive lobular carcinoma - Inflammatory - Metaplastic and other primary breast carcinomas PROSTATE / TESTIS - Prostatic adenocarcinomas and other primary prostate malignancies - Testicular carcinoma PANCREAS / AMPULLA - Pancreatic adenocarcinomas - Ampullary carcinoma UPPER GI - Esophageal carcinoma - Gastroesophageal-junction carcinoma - Gastric adenocarcinoma - Proximal-duodenal malignancy - Gastrointestinal stromal tumor (GIST) SKIN - Cutaneous melanoma - Cutaneous squamous cell carcinoma - Merkel-cell carcinoma - Other visible skin malignancies BILIARY TRACT - Intrahepatic and extrahepatic cholangiocarcinoma - Gallbladder carcinoma HEAD AND NECK - Oral cavity carcinoma - Oropharyngeal carcinoma - Laryngeal carcinoma - Nasopharyngeal carcinoma - Salivary-gland cancers - Thyroid carcinoma PRIMARY BRAIN TUMOR - Glioblastoma UROTHELIAL TRACT - Urothelial bladder carcinoma - Upper-tract urothelial carcinoma (UTUC) - Urethral carcinoma RENAL - Renal-cell carcinoma - Urothelial carcinoma of the renal pelvis GYNECOLOGIC - Ovarian epithelial carcinoma - Fallopian-tube carcinoma - Primary peritoneal carcinoma - Germ-cell / sex-cord tumors - Endometrial carcinoma - Cervical carcinoma - Vulvar carcinoma HEPATIC (HCC) - Hepatocellular carcinoma SOFT TISSUE TUMORS - Angiosarcoma - Liposarcoma - Leiomyosarcoma - Malignant peripheral nerve sheath tumor - Rhabdomyosarcoma BONE TUMORS - Osteosarcoma HEMATOLOGIC MALIGNANCIES - Acute myeloid leukemia (AML) - Myelodysplastic syndromes (MDS) - Myeloproliferative neoplasms (MPN) - Large B-cell lymphoma OTHER / UNCERTAIN PRIMARY - Tumor type not confidently localized
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Caris Detect: Tissue-of-Origin Classifier ©2026 Caris Life Sciences 9 Pinpointing the tumor's origin, early — with fewer procedures The classifier concentrates probability on the true site, turning an open-ended cancer hunt into a short, prioritized workup. NARROWING THE SEARCH Lung CRC Breast Prostate Pancreas Upper GI Biliary Head/neckUrothelial Renal Ovarian Uterine Liver Melanoma Cervical Representative validation patient — probability collapses onto one origin. BY THE NUMBERS 83.9% resolved in one work-up 1.19 procedures per patient (avg.) 99.8% localized within two work-ups WHY IT MATTERS Fewer procedures Most patients resolve in one or two studies instead of a scattershot battery. Less radiation Narrow-first imaging spares anatomy a whole-body scan would expose by default. Faster to answer A prioritized shortlist compresses time from signal to confirmed primary site. Guides unknown primaries Directly supports metastasis-of-unknown-primary workups where origin is uncertain. Transparent & tunable Every routing step is explainable; the coverage balance is a dial, not a black box. Scalable triage Runs from a routine blood draw — deployable ahead of specialist imaging capacity. 30.6% 1.89 ~100% True Positives (n=2,507) Potential False Positives (n=30) resolved in one work-up procedures per patient (avg.) resolved within two work-ups ©2026 Caris Life Sciences 9
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Caris Detect: Tissue-of-Origin Classifier ©2026 Caris Life Sciences 10 Every result is delivered as a prioritized workup — per-site probabilities paired with the exact screening study to order. THE DELIVERABLE Example 1 Example 2 Caris Detect Report (sample deliverable) WHAT THE REPORT COMMUNICATES 1 A clear, actionable result “Cancer Signal Detected” is stated plainly, backed by whole-genome (WGS) and whole-transcriptome (WTS) sequencing. 2 A ranked, prioritized workup Suspected tissues of origin are ordered by probability — examples shown. 3 A specific next step per site Each workup group names the exact study to order and maps it on the body — e.g. contrast-enhanced CT chest, or CT abdomen & pelvis. 4 What the data deprioritizes Tissue types the signal makes unlikely are listed separately at <0.1%, narrowing the diagnostic search from the outset.
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Mutational Cleanse From Personalized Medicine To Personalized Prevention
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MUTATIONAL CLEANSE Early detection to personalized immune interception • First Caris Detect identifies disease early • Caris MAX 10,000x whole-exome sequencing to identify somatic neoepitopes • Use our proprietary AI to identify immunogenic mutations for personalized immunotherapy. 1 CARIS DETECT Blood-based early signal and tumor-of-origin routing while disease burden is low. 60.3% Stage I/II sensitivity › 2 CARIS MAX Ultra-deep Mutational Analysis eXome plus HLA and germline logic separates real somatic targets from noise. rare variant discovery › 3 AI TARGET RANKING Scores pathogenicity, clonality, expression, processing, HLA fit and blood-on-target risk. immunogenicity triage › 4 PERSONALIZED THERAPY Top neoepitopes become patient-specific immune targets, with VAF/ctDNA and T-cell monitoring. closed-loop readout Find the dangerous clone early. Make its mutation visible to the immune system. Remove it before clinically overt disease emerges. Driven by Biology: low-burden, blood-accessible clones where the selected mutation is reproducible, pathogenic, HLA-presented and quantitatively measurable over time. Caris AI Performance identifying immunogenic mutations 83.8% PPV top five variants 86.5% Sensitivity top variant / patient81.9% Sensitivity top five variants 62.3% Sensitivity top 100 variants Operational implication: focus manufacturing on mutations most likely to prime a mutant-specific T-cell response. ©2026 Caris Life Sciences 12
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Pipeline Update MI Clarity • Caris MRD Clinical Evidence
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Caris MI Clarity: Upgraded ©2026 Caris Life Sciences 14 Upcoming Version 2 brings treatment decision support to patients who were not tested at diagnosis V1 Capabilities ✓ Both early & late recurrence prognosis Distant-recurrence risk across Years 0–5 and Years 5–15 ✓ Ordering at diagnosis Actionable recurrence-risk insight right from diagnosis ✓ Fast turnaround time Rapid results to support timely treatment decisions ✓ Cost Accessible, cost-effective testing ✓ Chemotherapy decision support Identifies eligible premenopausal patients more or less likely to benefit from chemotherapy ✓ Extended endocrine therapy decision support Informs treatment decisions beyond the first five years ✓ Order years later after diagnosis Expands patient access beyond diagnosis when the extended endocrine therapy decision is due ✓ Integrated early and late treatment decision support One report combining risk recurrence prognosis with chemotherapy and extended endocrine therapy decision support. NEW V2
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Caris MRD Update Two complementary approaches to minimal residual disease 15©2026 Caris Life Sciences TUMOR NAIVE WHOLE EXOME WHOLE TRANSCRIPTOME Initial intended use: CRC A minimal residual disease diagnostic for patients with stage II and III solid tumors following curative-intent treatment, prior to adjuvant chemotherapy. Simultaneously profiles cancer- associated ctDNA / RNA alterations from a whole-blood sample. ✓ Uses Caris Assure platform ✓ Tumor naive ✓ Additional indications to follow Compiling additional data for MolDX TA TUMOR INFORMED WHOLE GENOME Intended use: Pan-tumor, Stage I–III. Tumor / normal WGS identifies trackers; a comprehensive approach minimizes false negatives and maximizes tracker count to achieve ultra-low PPM. ✓ Uses Caris Precision WG platform ✓ ✓ Validation in process, launch planning initiated Tumor informed Ultra-low sensitivity TUMOR - INFORMED ANALYTICAL PERFORMANCE >5 logs linear dynamic range ~15,000 trackers median value R² > 0.99 log-linear · slope ≈ 0.95 ©2026 Caris Life Sciences 15
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The Comprehensive Advantage ©2026 Caris Life Sciences 16 STUDY 1 Caris Lookback Program: comprehensive testing keeps delivering value 13,293 patients newly eligible for FDA-approved targeted therapies — identified from prior results, with no additional testing 483,000+ molecular profiles 87 FDA approvals reviewed 10 tumor types ✓ More patients matched to therapy — no re-biopsy, no new test STUDY 2 Whole-exome TMB drives better outcomes than targeted gene panels Longer overall survival with WES-based tumor mutational burden vs. targeted panels for pembrolizumab selection PANEL DISCORDANCE WITH WES 15% Panel A (324 Genes) 11% Panel B (523 Genes) 11% Panel C (648 Genes) Low/High High/Low ~10–15% of cases mis-scored ✓ Whole-exome provides more accurate TMB scoring than targeted panels Cancer Immunology, Immunotherapy (2026) 75:165; https://doi.org/10.1007/s00262-026-04365-4; Published online 11 May 2026 The Oncologist, Volume 31, Issue 6, June 2026, oyag169; https://doi.org/10.1093/oncolo/oyag169 ; Published online 29 April 2026 CLINICAL EVIDENCE Caris testing reveals what targeted gene panels miss — in both therapy eligibility and treatment outcomes.
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Financial Update Financial Overview 2026 Guidance Update
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Q2 2026 Financial Overview ©2026 Caris Life Sciences 18 TOTAL REVENUE $263.7M +45% vs. Q2 2025 GROSS MARGIN(1) 68% +500 bps vs. Q2 2025 ADJUSTED EBITDA(2) $55.7M +39.0MM improvement vs. Q2 2025 FREE CASH FLOW(2) $6.4M +$0.5MM improvement vs. Q2 2025 (1) Gross margin = total revenue less cost of services, divided by total revenue (2) Adjusted EBITDA and free cash flow are non-GAAP; see earnings release for reconciliation. Selected financial metrics All amounts millions except gross margin Q2 2025 Q2 2026 Change GAAP Total Revenue $181.4M $263.7M +45% Molecular Profiling Revenue $162.9M $252.3M +55% Pharma R&D Services Revenue $18.5M $11.4M -38% Gross Margin(1) 63% 68% +500 bps Operating Expenses $131.7M $152.7M +$21.0M Net Income / (Loss) ($71.8M) ($0.6M) +$71.2M NON-GAAP / CASH FLOW(2) Adjusted EBITDA $16.7M $55.7M +$39.0M Free Cash Flow $5.9M $6.4M +$0.5M
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Molecular Profiling Growth Driven by Volume and ASP ©2026 Caris Life Sciences 19 Molecular Profiling Services Revenue ($ in millions) ADDITIONAL HIGHLIGHTS Blended base ASP Surpassed $3,850 75% MI Cancer Seek Stable Tissue volume mix Clinical volume +18% YoY 59,200 cases consists of ~ 114k Exome/Transcriptome tests ChromoSeq reimbursement $3,228 Medicare reimbursed rate 239.5M covered lives MI Cancer Seek150.9 228.7 12.0 23.6 162.9 252.3 Q2 2025 Q2 2026 Revenue Base Accrual Revenue from prior period performance obligations +55% YoY Total 131.9M covered lives Caris Assure
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Raising full year guidance on strong Q2 performance ©2026 Caris Life Sciences 20 Total Revenue $1.03BN – $1.04BN 27% – 28% YoY Up from $1.00–$1.02BN on profiling strength. Clinical Therapy Selection Volume ~20% YoY Broad-based demand across the portfolio and continued commercial expansion. GAAP Operating Expenses $595M – $600M 20% – 21% YoY Continued commercial expansion and further increased marketing. Up from $590-$595M. Free Cash Flow / Adjusted EBITDA Positive While investing in expansion and catalyst pipeline during FY26, total for full year expected to be positive.