AI Earnings Predictions for Caris Life Sciences Inc. (CAI)

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Reports Second Quarter 2026 Financial Results and Increases 2026 Revenue Guidance

Revenue growth of 45% driven by strong performance in molecular profiling services, including approximately 59,200 clinical cases, consisting of over 114,000 whole exome/whole transcriptome tests with over 345,000 total oncology tests

Raises 2026 revenue guidance to $1.03 to $1.04 billion, representing growth of 27% to 28%

IRVING, Texas, August 05, 2026— Caris Life Sciences, Inc. (Nasdaq: CAI), a leading TechBio company actively developing and commercializing solutions to transform healthcare, today reported financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

•Reported total revenue of $263.7 million, an increase of 45% over the corresponding prior year period.

•Completed approximately 59,200 clinical cases, an increase of approximately 18% over the corresponding prior year period, including approximately 48,300 MI Profile cases and approximately 10,700 Caris Assure cases.

•Reported gross margin of 68%, an approximate 500 bps improvement over the corresponding prior year period.

•Reported net loss of $0.6 million.

•Reported positive Adjusted EBITDA of $55.7 million.

•Reported positive net cash provided by operating activities of $28.5 million, and positive free cash flow of $6.4 million.

“This was a record quarter, with approximately 59,200 clinical cases, up more than 12% sequentially, reflecting sustained demand and the payoff from investments in our commercial engine,” said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences. “Our comprehensive approach gives every case real molecular depth, across more than 1.13 million patients with AI trained on it, that depth is what powers Caris Detect. And Detect doesn't stop at finding cancer early, through what we call the Mutational Cleanse, we plan to turn an early signal into personalized immune targets, moving from early detection to early interception. It all comes back to one thing: making precision medicine a reality for every patient.”

Recent Operating Highlights

•Launched Caris Detect, a groundbreaking multi-cancer early detection blood test designed to uncover cancer signals at earlier, more treatable stages.

•Launched and received MolDX approval for Caris ChromoSeq, Caris' comprehensive whole genome tumor profiling assay for myeloid malignancies.

•Launched Caris MI Clarity next-generation prognostic tool that leverages multimodal AI technology and computational pathology to deliver rapid, clinically actionable results for HR+/HER2−, postmenopausal, node-negative early-stage breast cancer patients.

•Announced a share repurchase program of up to $100 million, of which approximately $82.1 million remains available for repurchase under the existing Board authorization.

•Published a study on the Caris Lookback Program demonstrating the ongoing clinical value of comprehensive testing with Caris MI Cancer Seek.

•Published a study showing that whole exome measurement of tumor mutational burden (TMB) results in increased overall survival compared to estimates derived from targeted gene panels.

•Launched the Behind the Diagnosis campaign, spotlighting patient lives transformed by Caris' comprehensive genomic testing.

•Announced a dual listing on NYSE Texas.

•Surpassed 1,130,000 total profiles and 845,000 total matched profiles through June 30, 2026. More than 783,000 whole transcriptome and 733,000 whole exome profiles through June 30, 2026.

Second Quarter 2026 Financial Results

Total revenue was $263.7 million for the three months ended June 30, 2026, compared to $181.4 million for the three months ended June 30, 2025, an increase of $82.3 million, or 45%.

The increase in total revenue was driven primarily by a 55% growth in molecular profiling services revenue, which was $252.3 million for the three months ended June 30, 2026, compared to $162.9 million for the three months ended June 30, 2025. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements.

Gross profit, calculated as total revenue less cost of services, for the three months ended June 30, 2026 and 2025, was $179.6 million and $113.7 million, respectively, representing a gross margin of 68% and 63%, respectively.

Operating expenses were $152.7 million for the three months ended June 30, 2026, compared to $131.7 million for the three months ended June 30, 2025, an increase of $21.0 million, or 16%. The increase was primarily driven by headcount-related costs.

Net loss was $0.6 million for the three months ended June 30, 2026, as compared to a net loss of $71.8 million for the three months ended June 30, 2025. Net loss per share attributable to common shareholders, basic and diluted, was $0.00 for the three months ended June 30, 2026, as compared to a net loss per share attrib

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Reports First Quarter 2026 Financial Results

Revenue growth of 79% driven by strong performance in molecular profiling services

IRVING, Texas, May 07, 2026— Caris Life Sciences, Inc. (Nasdaq: CAI), a leading, patient centric, next-generation AI TechBio company and precision medicine pioneer, today reported financial results for the quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

•Reported total revenue of $216.2 million, an increase of 79% over the corresponding prior year period.

•Completed approximately 52,800 clinical therapy selection cases, an increase of approximately 15% over the corresponding prior year period, consisting of approximately 43,600 MI Profile cases and approximately 9,200 Caris Assure cases.

•Reported gross margin of 65%, an approximate 1,800 bps improvement over the corresponding prior year period.

•Reported net loss of $0.5 million.

•Reported positive Adjusted EBITDA of $26.2 million.

•Reported positive net cash provided by operating activities of $32.9 million, and positive free cash flow of $22.5 million, inclusive of annual bonus payments of $30.5 million.

“We delivered another strong quarter with record performance for February and March following our January sales re-alignment. This performance underscores the continued demand for our platform and the strength of our comprehensive, patient-first approach,” said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences. “We are also encouraged by the Achieve 1 data, including the blinded readout, which demonstrates the superior performance of our whole genome technology over inferior techniques such as methylation. We remain focused on strengthening Caris Detect through the incorporation of additional pillars in advance of our upcoming launch.”

Recent Operating Highlights

•Re-aligned sales force in January 2026, and exited at a quarterly run-rate of approximately 56,000 completed cases for February and March.

•Reported Achieve 1 study results reinforcing the superior sensitivity and specificity of Caris Detect.

•Launched and received MolDX approval for Caris ChromoSeq, Caris’ comprehensive whole genome tumor profiling assay for myeloid malignancies.

•Launched Caris MI Clarity next-generation prognostic tool that leverages multimodal AI technology and computational pathology to deliver rapid, clinically actionable results for HR+/HER2−, postmenopausal, node-negative early-stage breast cancer patients.

•Powered by comprehensive approach of whole exome and whole transcriptome, launched the following new Caris AI Insights:

◦Guiding first-line therapy selection and treatment de-escalation in pancreatic cancer

◦Identifying early platinum resistance in ovarian cancer

◦Identifying the benefit or harm from the addition of chemotherapy for NSCLC patients

•Surpassed 1,070,000 total profiles and 790,000 total matched profiles through March 31, 2026.

◦More than 677,000 whole exome and 728,000 whole transcriptome profiles through March 31, 2026.

•Refinanced $400 million credit facility at a lower borrowing cost and secured access to additional strategic capital from Blue Owl and Blackstone.

First Quarter 2026 Financial Results

Total revenue was $216.2 million for the three months ended March 31, 2026, compared to $120.9 million for the three months ended March 31, 2025, an increase of $95.3 million, or 79%.

The increase in total revenue was driven primarily by an 85% growth in molecular profiling services revenue, which was $210.8 million for the three months ended March 31, 2026, compared to $114.1 million for the three months ended March 31, 2025. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.

Gross profit, calculated as total revenue less cost of services, for the three months ended March 31, 2026 and 2025, was $141.3 million and $57.1 million, respectively, representing a gross margin of 65% and 47%, respectively.

Operating expenses were $136.1 million for the three months ended March 31, 2026, compared to $115.0 million for the three months ended March 31, 2025, an increase of $21.1 million, or 18%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.

Net loss was $0.5 million for the three months ended March 31, 2026, as compared to a net loss of $102.6 million for the three months ended March 31, 2025. Net loss per share attributable to common shareholders, basic and diluted, was $0.00 for the three months ended March 31, 2026, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $3.57 for the three months ended March 31, 2025.

Net cash provided by operating activities was $32.9 million for the three months ended March 31, 2026, as compared to net cash used in operating activit

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Outlook

Full year revenue growth of 97% driven by strong performance in molecular profiling services

Expects full year 2026 revenue to be in the range of $1.0 billion to $1.02 billion

IRVING, Texas, February 26, 2026— Caris Life Sciences, Inc. (NASDAQ: CAI), a leading, patient centric, next-generation AI TechBio company and precision medicine pioneer, today reported financial results for the quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

•Reported total revenue of $292.9 million, an increase of 125% over the corresponding prior year period.

•Completed approximately 52,700 clinical therapy selection cases, an increase of approximately 20% over the corresponding prior year period, and consisting of approximately 44,150 MI Profile cases and approximately 8,550 Caris Assure cases.

•Reported gross margin of 75%, an approximate 2,000 bps improvement over the corresponding prior year period.

•Reported net income of $82.0 million.

•Reported positive Adjusted EBITDA of $106.1 million.

•Reported positive net cash provided by operating activities of $44.8 million, and positive free cash flow of $39.7 million.

Full Year 2025 Financial Highlights

•Reported total revenue of $812.0 million, an increase of 97% over the corresponding prior year.

•Completed approximately 199,300 clinical therapy selection cases, an increase of approximately 22% over the corresponding prior year, and consisting of approximately 170,300 MI Profile cases and approximately 29,000 Caris Assure cases.

•Reported gross margin of 66%, an approximate 2,300 bps improvement over the corresponding prior year period.

•Reported net loss of $68.1 million.

•Reported positive Adjusted EBITDA of $137.7 million.

•Reported positive net cash provided by operating activities of $83.2 million, and positive free cash flow of $66.9 million.

“Demand for our platform continued to accelerate in 2025, driving strong growth in volume and revenue and expanding adoption across our solutions. We are focused on building on this momentum, advancing our pipeline, and are particularly excited about the planned launch of our Caris Detect solution in the first half of 2026, which we believe represents a significant growth opportunity for Caris and an important step forward for precision medicine,” said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences.

Recent Operating Highlights

•Surpassed 1,016,000 total profiles and 740,000 total matched profiles through December 31, 2025.

◦More than 627,000 Whole Exome and 678,000 Whole Transcriptome profiles through December 31, 2025.

•Announced partnership with Everlywell to launch Caris’ forthcoming MCED assay, Caris Detect.

•Announced collaboration with Genentech to discover novel therapeutic targets in cancers with high unmet clinical need.

Fourth Quarter 2025 Financial Results

Total revenue was $292.9 million for the three months ended December 31, 2025, compared to $129.9 million for the three months ended December 31, 2024, an increase of $163.0 million, or 125%.

The increase in total revenue was driven primarily by a 199% growth in molecular profiling services revenue, which was $282.1 million for the three months ended December 31, 2025, compared to $94.4 million for the three months ended December 31, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.

Gross profit, calculated as total revenue less cost of services, for the three months ended December 31, 2025 and 2024, was $220.9 million and $70.7 million, respectively, representing a gross margin of 75% and 54%, respectively.

Operating expenses were $132.5 million for the three months ended December 31, 2025, compared to $107.7 million for the three months ended December 31, 2024, an increase of $24.8 million, or 23%. The increase was primarily driven by increased stock-based compensation expense and headcount-related costs.

Net income was $82.0 million for the three months ended December 31, 2025, as compared to a net loss of $36.9 million for the three months ended December 31, 2024. Net income per share attributable to common shareholders, basic and diluted, was $0.29 and $0.28 per share, respectively, for the three months ended December 31, 2025, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $1.73, for the three months ended December 31, 2024.

Net cash provided by operating activities was $44.8 million for the three months ended December 31, 2025, as compared to net cash used in operating activities of $38.9 million for the three months ended December 31, 2024, a 215% improvement. The improvement was driven by improved reimbursement from molecular profiling se

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Announces Preliminary Fourth Quarter and Full Year 2025 Results

Full year revenue growth of approximately 94% driven by strong performance in molecular profiling services

IRVING, Texas, January 12, 2026— Caris Life Sciences, Inc. (NASDAQ: CAI), a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer, today announced preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth quarter 2025 preliminary unaudited financial results

For the three-month period ended December 31, 2025, as compared to the same period of 2024:

•Total revenue of approximately $281 million, an increase of approximately 116%.

•Consisting of approximately $270 million of Molecular Profiling services revenue (including approximately $81 million of prior period true-ups) and approximately $11 million of Pharma research and developmental services revenue.

•Completed approximately 52,700 clinical therapy selection cases, an increase of approximately 20% and consisting of approximately 44,150 MI Profile cases and approximately 8,550 Caris Assure cases.

Full year 2025 preliminary unaudited financial results

For the twelve-month period ended December 31, 2025, as compared to the same period of 2024:

•Total revenue of approximately $800 million, an increase of approximately 94%.

•Consisting of approximately $755 million of Molecular Profiling services revenue (including approximately $33 million of prior year true-ups) and approximately $45 million of Pharma research and developmental services revenue.

•Completed approximately 199,300 clinical therapy selection cases, an increase of 22% and consisting of approximately 170,300 MI Profile cases and approximately 29,000 Caris Assure cases.

Preliminary unaudited cash, cash equivalents, restricted cash and marketable securities were approximately $802 million as of December 31, 2025, a net increase of approximately $43 million from September 30, 2025.

“2025 was a breakthrough year for Caris as we became a public company and demonstrated the scale and impact of our comprehensive molecular profiling platform,” said David D. Halbert, Founder, Chairman and CEO of Caris Life Sciences. “We continue to be focused on expanding clinical adoption, advancing a differentiated pipeline, and building the foundation for what we believe will be a new standard in precision medicine.”

This announcement comes ahead of the Company’s 1:30 Pacific time presentation today at the 44th Annual J.P. Morgan Healthcare Conference, which will include these results as well as additional business updates. Accompanying materials for this presentation will be posted, and live and replay webcasts will be available on our investor relations website at https://investor.carislifesciences.com.

Caris Life Sciences has not completed preparation of its financial statements for the fourth quarter or full year of 2025. The revenue, case volumes, and cash, cash equivalents, restricted cash and marketable securities presented in this release for the fourth quarter and the year ended December

31, 2025, are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete the review and preparation of our financial results. The company is in the process of completing its customary year-end close and review procedures as of and for the year ended December 31, 2025, and there can be no assurance that final results for this period will not differ from these estimates. During the preparation of Caris Life Sciences’ consolidated financial statements and related notes as of and for the year ended December 31, 2025, the company’s independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein.

Caris Life Sciences plans to report its complete fourth quarter and full year 2025 financial results during its earnings call in late February 2026.

About Caris Life Sciences

Caris Life Sciences® (Caris) is a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer that is actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Exome and Whole Transcriptome Sequencing) and the application of advanced AI and machine learning algorithms at scale, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies, and high-performance computing provides a differentiated platform to develop the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug develo

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Reports Third Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

Revenue growth of 113% driven by strong performance in molecular profiling services

Raises 2025 revenue guidance to $720 to $730 million, representing year-over-year growth of 75-77%

IRVING, Texas, November 05, 2025— Caris Life Sciences, Inc. (Nasdaq: CAI), a leading, patient centric, next-generation AI TechBio company, today reported financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

•Reported total revenue of $216.8 million, an increase of 113.4% over the corresponding prior year period.

•Completed 50,763 clinical therapy selection cases, an increase of 18.2% over the corresponding prior year period.

•Reported gross margin of 68.0%, a 2,432 bps improvement over the corresponding prior year period.

•Achieved net income of $24.3 million.

•Reported positive Adjusted EBITDA of $51.2 million.

•Reported positive net cash flow from operating activities of $62.4 million, and positive free cash flow of $55.3 million.

•Raised full-year 2025 revenue guidance to an updated range of $720 to $730 million, representing growth of 75% to 77% year-over-year.

“We delivered another record quarter for revenue and clinical volume, achieving positive net income and demonstrating the operating strength of our comprehensive, patient-first approach,” said David D. Halbert, Founder, Chairman and CEO of Caris Life Sciences. “These results reflect the core strength of our business and our continued progress toward delivering the next generation of personalized solutions through our exciting pipeline in MRD and early detection.”

Recent Operating Highlights

•Surpassed 959,000 total profiles and 660,000 total matched profiles through September 30, 2025.

◦More than 577,000 Whole Exome and 628,000 Whole Transcriptome profiles through September 30, 2025.

•Published study validating optimal sequencing in informing therapy choices for breast cancer subgroups:

◦Comparison of trastuzumab deruxtecan and sacituzumab govitecan in HER2-negative metastatic breast cancer: a large real-world data analysis.

•Published a study validating the analytical and clinical performance of MI Cancer Seek

◦Clinical and analytical validation of MI Cancer Seek®, a companion diagnostic whole exome and whole transcriptome sequencing-based comprehensive molecular profiling assay.

Third Quarter 2025 Summary Financial Results

(amounts in thousands, except case volume, average selling price (“ASP”) and per share data)

Q3 2025

Q3 2024

% Change Y/Y

Total revenue $216,833 $101,620 113.4 %

Molecular profiling services 207,587 93,803 121.3 %

Pharma research & developmental services 9,246 7,817 18.3 %

Total clinical case volume 50,76342,95618.2 %

MI Profile for therapy selection volume 43,22638,40912.5 %

Caris Assure for therapy selection volume 7,5374,54765.8 %

Total clinical ASP $4,089 $2,184 87.2 %

MI Profile for therapy selection ASP 4,273 2,241 90.7 %

Caris Assure for therapy selection ASP 3,034 1,697 78.8 %

Total gross margin68.0 %43.7 %24.3 %

Total operating expenses $114,863 $105,254 9.1 %

Total income (loss) from operations$32,642 $(60,842)153.7 %

Net income (loss)$24,325 $(67,729)135.9 %

Net income (loss) per share attributable to common shareholders, basic $0.09 $(2.59)103.5 %

Net income (loss) per share attributable to common shareholders, diluted $0.08 $(2.59)103.1 %

Net cash provided by (used in) operating activities$62,425 $(69,427)189.9 %

Non-GAAP measures(1)

Adjusted EBITDA$51,167 $(45,587)212.2 %

Free cash flow $55,330 $(71,255)177.7 %

Consolidated balance sheet data September 30, 2025December 31, 2024 Change

Cash, cash equivalents, restricted cash and marketable securities $759,254 $70,229 $689,025

Total outstanding debt, net of debt discounts$376,460 $379,528 $(3,068)

(1) See “Non-GAAP Measures” below.

Third Quarter 2025 Financial Results

Total revenue was $216.8 million for the three months ended September 30, 2025, compared to $101.6 million for the three months ended September 30, 2024, an increase of $115.2 million, or 113.4%.

The increase in total revenue was driven primarily by an 121.3% growth in molecular profiling services revenue, which was $207.6 million for the three months ended September 30, 2025, compared to $93.8 million for the three months ended September 30, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across therapy selection solutions.

Gross profit, calculated as total revenue less cost of services, for the three months ended September 30, 2025 and 2024, was $147.5 million and $44.4 million, respectively, representing a gross margin of 68.0% and 43.7%, respectively.

Operating expenses were $114.9 million for the three months ended September 30, 2025

EX-99.1

2 cai_ex99-1.htm

EX-99.1

Document

Exhibit 99.1

Caris Life Sciences Reports Second Quarter 2025 Financial Results

IRVING, Texas, August 12, 2025— Caris Life Sciences, Inc. (Nasdaq: CAI), a leading, patient centric, next-generation AI TechBio company, today reported financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights

•Reported total revenue of $181.4 million, an increase of 81.3% over the corresponding prior year period.

•Completed 50,032 clinical therapy selection cases, an increase of 22.0% over corresponding prior year period.

•Reported gross margin of 62.7%, a 2,514 bps improvement over corresponding prior year period.

•Reported net loss of $71.8 million, including $37.1 million of one-time expense associated with the conversion of redeemable convertible preferred stock, warrants and convertible notes from the initial public offering.

•Achieved positive Adjusted EBITDA of $16.7 million.

•Achieved positive net cash flow from operating activities of $7.3 million, and positive free cash flow of $5.9 million.

“Our second quarter results show the strength of our comprehensive approach and we look forward to continuing to build on this momentum into the second half of 2025,” said David D. Halbert, Founder, Chairman and CEO of Caris Life Sciences.

Recent Operating Highlights

•Surpassed 900,000+ profiles and 600,000+ total matched profiles.

◦529,000+ Whole Exome and 580,000+ Whole Transcriptome profiles.

•Welcomed LSU LCMC Health Cancer Center as the 97th member of the Caris Precision Oncology Alliance.

•Published landmark Caris Assure platform paper:

◦Validation of an AI-enabled exome/transcriptome liquid biopsy platform for early detection, MRD, disease monitoring, and therapy selection for solid tumors

•Published a study evaluating the largest real-world cohort of tissue-agnostic indications:

◦Real-world evidence provides clinical insights into tissue-agnostic therapeutic approvals

•Published original data in the New England Journal of Medicine independently validating findings on tumor-infiltrating clonal hematopoiesis (TI-CH).

•Published manuscript on development and validation of proprietary GPSai.

◦GPSai: A clinically validated AI tool for tissue of origin prediction during routine tumor profiling

•Raised $159.4 million in net proceeds from the pre-IPO financing on April 1, 2025 and $519.5 million in net proceeds from initial public offering in June 2025.

Second Quarter 2025 Summary Financial Results

(amounts in thousands, except case volume, average selling price (“ASP”) and per share data)

Q2 2025Q2 2024

% Change Y/Y

Total revenue $181,398 $100,049 81.3 %

Molecular profiling services 162,924 87,656 85.9 %

Pharma research & developmental services 18,474 12,393 49.1 %

Total clinical case volume 50,03240,99822.0 %

MI Profile for therapy selection volume 42,88636,42617.7 %

Caris Assure for therapy selection volume 7,1464,57256.3 %

Total clinical ASP $3,256 $2,138 52.3 %

MI Profile for therapy selection ASP 3,379 2,207 53.1 %

Caris Assure for therapy selection ASP 2,519 1,587 58.7 %

Total gross margin62.7 %37.5 %25.2 %

Total operating expenses $131,674 $104,565 25.9 %

Total loss from operations $(17,989)$(67,011)73.2 %

Net loss $(71,790)$(66,186)(8.5)%

Net loss per share attributable to common shareholders, basic and diluted $(7.97)$(2.54)(213.8)%

Net cash provided by (used in) operating activities$7,288 $(62,926)111.6 %

Non-GAAP measures(1)

Adjusted EBITDA$16,713 $(50,916)132.8 %

Free cash flow $5,902 $(65,514)109.0 %

Consolidated balance sheet data June 30, 2025December 31, 2024 Change

Cash, cash equivalents, restricted cash and marketable securities $724,936 $70,229 $654,707

Total outstanding debt, net of debt discounts$373,706 $379,528 $(5,822)

(1) See “Non-GAAP Measures” below.

Second Quarter 2025 Financial Results

Total revenue was $181.4 million for the three months ended June 30, 2025, compared to $100.0 million for the three months ended June 30, 2024, an increase of $81.3 million, or 81.3%.

The increase in total revenue was driven primarily by an 85.9% growth in molecular profiling services revenue, which was $162.9 million for the three months ended June 30, 2025, compared to $87.7 million for the three months ended June 30, 2024. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements across both therapy selection solutions.

Gross profit, calculated as total revenue less cost of services, for the three months ended June 30, 2025 and 2024, was $113.7 million and $37.6 million, respectively, representing a gross margin of 62.7% and 37.5%, respectively.

Operating expenses were $131.7 million for the three months ended June 30, 2025, compared to $104.6 million for the three months ended June 30, 2024, an increase of $27.1 million, or 25.9%. The increase was primarily driven by incr