Caris Life Sciences, Inc.CAI

Caris Life Sciences, Inc. Segments Disclosure

10-KFiled Mar 3, 20262 min read
Segment and Geographic Information
The Company operates as a single operating segment. An operating segment is defined as a component of an entity for which discrete financial information is available and regularly reviewed by the entity's chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, its Chairman and Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance.
Net loss as reported on the consolidated statements of operations and comprehensive loss is used by the CODM to assess segment performance against management budgets and prior period operating results for the purpose of making results-driven decisions about organizational resource allocation.
Segment revenues are derived from molecular profiling, strategic data, and research services that are delivered to the Company’s biopharmaceutical and clinical customers, who are predominantly located in the United States. The Company provides these services primarily by leveraging the Company’s proprietary technologies and clinico-genomic database, which are core to the Company’s operations and are deployed similarly across the service offerings.
The table below is a summary of the segment profit or loss, including significant segment expenses:
Years Ended December 31,
202520242023
(amounts in thousands)
Revenue:
Molecular profiling services$766,719 $349,115 $278,748 
Pharma research and development services45,314 63,145 27,380 
Revenue812,033 412,260 306,128 
Less:
Cost of services - Molecular profiling services262,353 223,075 207,509 
Cost of services - Pharma research and development services10,512 10,403 9,309 
Selling and marketing expense167,506 152,602 142,925 
General and administrative expense224,965 169,386 149,053 
Research and development expense101,584 113,916 116,883 
Total costs and operating expenses766,920 669,382 625,679 
Income (Loss) from operations45,113 (257,122)(319,551)
Interest income16,497 7,122 11,258 
Interest expense(56,853)(50,025)(31,610)
Changes in fair value of financial instruments(52,285)18,484 11,094 
Other expense, net(20,560)(349)(12,606)
Segment and consolidated net loss$(68,088)$(281,890)$(341,415)
The following table sets forth the Company’s revenue by geographic areas based on the customer’s location:
Years Ended December 31,
202520242023
(amounts in thousands)
United States $801,393 $401,836 $293,408 
International 10,640 10,424 12,720 
Total revenue$812,033 $412,260 $306,128 
No single country outside of the United States accounted for more than 10.0% of total revenue during each of the years ended December 31, 2025, 2024, and 2023. As of December 31, 2025 and 2024, approximately 99.0% of the Company’s total assets are located in the United States.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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