Caris Life Sciences—an Irving-based leader in precision oncology that filed for an initial public offering last month—plans to raise as much as $423.5 million when it goes public on the Nasdaq Global Select Market under the ticker symbol CAI.

That would give the company a valuation of around $5.3 billion, Reuters reported.

BofA Securities, J.P. Morgan, and Goldman Sachs & Co. LLC will act as lead book-running managers for the proposed offering, which will be made available only by means of a prospectus, Caris said.

In its SEC filing, Caris said it plans to offer 23,529,412 shares of its common stock to the public, while granting the underwriters a 30-day option to purchase up to an additional 3,529,411 shares of common stock at the IPO price, less underwriting discounts and commissions. The IPO price is expected to be between $16.00 and $18.00 per share, Caris said.

From personal mission to AI-driven precision medicine

As Dallas Innovates noted last month, Caris was born from a personal mission when it was founded in 2008 by entrepreneur David D. Halbert. Halbert launched the company after witnessing his mother’s struggle with cancer, determined to transform diagnosis and treatment by harnessing molecular science and data-driven insights.

Today, Caris integrates genomic, proteomic, and clinical data—powered by AI—to deliver personalized cancer insights for oncologists and patients. Its platform includes MI Cancer Seek, the first simultaneous Whole Exome and Whole Transcriptome Sequencing-based assay with FDA-approved CDx indications, and Caris Assure, launched in 2024 to guide therapy selection.

By building one of the world’s largest clinico-genomic databases, Caris has positioned itself as a pioneer in applying AI to precision oncology. Halbert has described Caris’ founding purpose as “to help improve the lives of as many people as possible” by unlocking the full potential of precision medicine.

In addition to its headquarters in North Texas, Caris has offices in Phoenix, New York, Cambridge, Tokyo, and Basel, serving clients across the U.S. and internationally. The company’s platform combines deep molecular analysis, examining the full genetic and molecular makeup of cancer, with advanced AI, machine learning, and computing power to support early detection, diagnosis, treatment selection, and drug development.

$1.86 billion raised since 2018

In April, just weeks before filing for its IPO last month, Caris closed a $168 million growth capital round led by life sciences investor Braidwell LP, alongside new investors Perceptive Advisors, Woodline, and Ghisallo, as well as existing backers including Millennium Management and First Light Asset Management.

Since 2018, Caris has raised a total of $1.86 billion, positioning itself for expansion at a time when competition in the AI-powered healthcare space is intensifying.

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