Caris Life Sciences is a precision oncology company that sequences tumor DNA and RNA from cancer patients to help oncologists select the most effective therapies. Its flagship product, MI Profile, performs whole exome sequencing (all ~23,000 protein-coding genes) and whole transcriptome sequencing (all ~61,000 RNA transcripts) on tumor tissue biopsies — far broader than the typical 500-1,000 gene panels used by competitors. Caris Assure is its newer liquid biopsy alternative, applying the same WES/WTS approach to blood samples, with a key differentiator being its ability to filter out non-tumor mutations that can create false signals in competing tests. Caris generates revenue primarily on a per-test basis, billing insurers each time an oncologist orders a molecular profile. The two core financial drivers are test volume and average selling price (ASP) per test. ASP improved significantly after Caris obtained FDA Pre-Market Approval for its tissue test in late 2024, unlocking a national Medicare reimbursement rate and improving commercial payer contracts. Caris also runs a smaller pharma R&D business, licensing its clinico-genomic dataset — built from over 1 million profiled cases — to biopharma companies, and partnering on companion diagnostic development and drug target discovery. The company serves over 6,000 ordering physicians and has built an institutional network of 99 cancer centers. Its next major product is Caris Detect, a whole genome sequencing-based multi-cancer early detection blood test targeting a self-pay launch in H1 2026, which Caris views as a significant growth opportunity.