Caris Life Sciences Inc(CAI) - 2025 Q2 - Quarterly Results

Revenue Growth - Total revenue for Q2 2025 was $181.4 million, an increase of 81.3% compared to $100.0 million in Q2 2024[7] - Molecular profiling services revenue grew by 85.9% to $162.9 million from $87.7 million year-over-year[8] - The company expects full year 2025 revenue to be between $675.0 million and $685.0 million, representing growth of 64% to 66% compared to 2024[13] - Total revenue for Q2 2025 reached $181.4 million, a 81.3% increase from $100.0 million in Q2 2024[23] - Molecular profiling services generated $162.9 million in revenue, up 85.5% from $87.7 million in the same quarter last year[23] Financial Performance - Gross margin improved to 62.7%, up 2,514 basis points from 37.5% in the prior year[5] - Adjusted EBITDA was positive at $16.7 million, a 132.8% improvement from a loss of $50.9 million in Q2 2024[12] - Net loss for Q2 2025 was $71.8 million, including a one-time expense of $37.1 million related to the IPO[11] - Net loss for the first half of 2025 was $174.4 million, compared to a net loss of $177.2 million in the first half of 2024[27] - The company reported a comprehensive loss of $71.4 million for Q2 2025, compared to a comprehensive loss of $66.1 million in Q2 2024[23] Cash Flow and Liquidity - Cash provided by operating activities was $7.3 million, a significant improvement from a cash used of $62.9 million in the prior year[12] - Cash, cash equivalents, and restricted cash increased to $720.4 million as of June 30, 2025, from $65.4 million at the end of 2024[25] - Total assets surged to $955.1 million as of June 30, 2025, compared to $343.7 million at the end of 2024[25] - Net cash provided by operating activities for Q2 2025 was $7,288,000, a recovery from negative $62,926,000 in Q2 2024[30] - Free cash flow for Q2 2025 was $5,902,000, compared to negative $65,514,000 in Q2 2024[30] Expenses - Selling and marketing expenses rose to $42.3 million in Q2 2025, an increase of 9.9% from $38.7 million in Q2 2024[23] - Research and development expenses were $25.0 million for the first half of 2025, slightly down from $24.8 million in the same period last year[23] - Interest expense increased to $19,208,000 in Q2 2025 from $13,674,000 in Q2 2024[29] - Stock-based compensation expense rose to $28,293,000 in Q2 2025 from $4,485,000 in Q2 2024[29] - Depreciation and amortization expense decreased to $6,409,000 in Q2 2025 from $11,610,000 in Q2 2024[29] Shareholder and Market Activity - The company raised $519.5 million in net proceeds from its initial public offering in June 2025[5] - The company issued Series E and F Preferred Stock, raising $121.2 million in net proceeds during the first half of 2025[27] - The weighted-average shares used in computing net loss per share increased to 64.9 million in Q2 2025 from 35.4 million in Q2 2024[23] Clinical and Operational Metrics - Clinical therapy selection volume is projected to grow by 19% to 21% compared to the previous year[13] - Total clinical case volume reached 50,032, an increase of 22.0% from 40,998 in the prior year[5] Other Financial Metrics - Changes in fair value of financial instruments showed a gain of $17,870,000 in Q2 2025, contrasting with a loss of $12,000,000 in Q2 2024[29] - Interest income decreased to $1,618,000 in Q2 2025 from $2,640,000 in Q2 2024[29] - Other expense, net, increased to $18,341,000 in Q2 2025 from $141,000 in Q2 2024[29]