Irving-based Caris Life Sciences Inc., a health-care company that uses technology to help diagnose and treat cancer, is seeking to raise $423.5 million in an initial public offering.
The Sixth Street Partners-backed company plans to market 23.5 million shares for $16 to $18 each, according to its filing on Monday with the U.S. Securities and Exchange Commission. Neuberger Berman indicated it would be interested in buying as much as $75 million of the offering at the IPO price, the filing shows.
At the top of the range, the firm would have a market value of $5.35 billion, according to Bloomberg calculations.
Caris had a net loss of $127 million on revenue of $120.9 million for the first three months of 2025, compared with a net loss of $134.1 million on revenue of $80.7 million in the same period a year earlier, according to the filing.
Founded in 2008, Caris uses artificial intelligence and machine learning to analyze oncology data to diagnose and monitor cancer treatments, the filing shows. The company has run more than 6.5 million tests on over 849,000 cases. Its product portfolio consists of MI Profile, a tissue-based molecular profiling solution, which has generated the majority of Caris’ revenue; and Caris Assure, a blood-based molecular profiling solution launched in the first quarter of 2024.
Health-care and biotechnology IPOs, typically a staple of the U.S. calendar, have been lacking in 2025. First-time share sales in the sector on U.S. exchanges have raised $1.4 billion in the year to date, down 56% from the same period in 2024, according to data compiled by Bloomberg.
Founder and Chairman David Dean Halbert is expected to beneficially own 41.7% of the company after the offering, the filing shows. s of Sixth Street and private equity firm JH Whitney Capital Partners are set to have 9.8% and 6.8% ownership respectively.
Publicly traded biopharma services competitors to Caris include Tempus AI Inc., which debuted last year, as well as Guardant Health Inc., Natera Inc. and Personalis Inc.
The offering is being led by Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc., according to the filing. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol CAI.
- Anthony Hughes for Bloomberg