CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income (loss)	$ (174,370)	$ (177,214)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,454	29,315
Stock-based compensation expense	42,984	8,943
Non-cash operating lease expense	2,936	2,888
Amortization of debt discounts	9,700	3,322
Changes in fair value of financial instruments	50,203	(937)
Loss on debt extinguishment	17,930	0
Other	1,231	2,133
Changes in operating assets and liabilities:
Accounts receivable	37,040	(16,904)
Supplies	(2,621)	7,504
Prepaid expenses and other current assets	(2,265)	(1,383)
Other assets	334	430
Accounts payable	(1,925)	2,623
Accrued expenses and other liabilities	(18,681)	2,429
Net cash used in operating activities	(24,050)	(136,851)
Cash flows from investing activities
Maturities of marketable securities	0	61,376
Purchases of property and equipment	(4,075)	(4,326)
Net cash provided by (used in) investing activities	(4,075)	57,050
Cash flows from financing activities
Payments made on finance lease obligations	(44)	(110)
Proceeds from exercise of stock options	2,624	603
Payment of taxes withheld from net settlement of exercised options	(1,658)	0
Payment of deferred offering costs	(2,045)	(492)
Proceeds from the 2023 term loan, net of issuance costs	0	199,978
Purchase of treasury stock	(22)	0
Issuance of the 2025 Convertible Notes, net of issuance costs	27,865	0
Issuance of the 2025 Warrants	10,270	0
Payments from 2023 term loan amendment fee	(4,000)	0
Proceeds from initial public offering, net of underwriting discounts and commissions	528,459	0
Net cash provided by financing activities	682,687	199,979
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	97	13
Net increase in cash, cash equivalents, and restricted cash	654,659	120,191
Cash, cash equivalents, and restricted cash at beginning of period	68,028	60,007
Cash, cash equivalents, and restricted cash at end of period	722,687	180,198
Series E Preferred Stock
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of issuance costs	87,637	0
Series F Preferred Stock
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of issuance costs	$ 33,601	$ 0

Caris Life Sciences, Inc. 10-Q