Caris Life Sciences IPO: All eyes on the stock price today as the AI cancer care firm makes its Nasdaq debut
On Wednesday morning, the cancer diagnostics biotech firm Caris Life Sciences rang Nasdaq’s opening bell in New York, marking the company’s awaited initial public offering.
The diagnostics company’s IPO follows the successful debut of fintech companies like Chime Financial and Circle Internet Group, and will test whether investors are ready to embrace biotech companies despite declines in the sector for the last six months. Here’s what to know about the listing.
What is Caris Life Sciences?
Founded in 2008 by David Dean Halbert, the healthcare company utilizes next-generation artificial intelligence (AI) and machine learning for precision medicine. Through molecular analysis, Caris specializes in cancer diagnosis and treatment.
According to a recent filing to the Securities and Exchange Commission (SEC), the Irving, Texas-based company currently has over 1,700 employees and over 100 biopharmaceutical partners.
The company incurred net losses of $281.9 million and $341.4 million in 2024 and 2023, respectively, on revenue of $412.3 million and $306.1 million. It is expecting additional losses in the future.
When is Caris Life Sciences’s IPO?
Caris Life Sciences shares are expected to begin trading on Wednesday, June 18, with the offering expected to run through June 20.
What is Caris Life Sciences’s stock ticker?
Caris Life Sciences will trade its stock under the ticker CAI.
What is the IPO price for CAI?
CAI shares were priced at $21, above their previously planned range. The IPO price was planned between the $19 and $20 range, up from the previous $16 and $18 planned price.
The current pricing would value Caris Life Sciences at around $5.9 billion.
What exchange will the stock trade in?
CAI will trade its shared on the Nasdaq Global Select Market.
How many shares are available?
Caris Life Sciences’s IPO will offer 23,529,412 shares. Founder and CEO Halbert is also set to retain 41.7% of ownership following the IPO.