CAICaris Life Sciences, Inc.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 1 · live

   Disclosure controls "not effective", on the line that carries the revenue estimates

   The Q2 2026 10-Q discloses a material weakness and concludes disclosure controls were not effective at 2026-06-30, for "a lack of sufficient qualified accounting resources". Revenue on profiling is accrued at an estimate and trued up when cash arrives: $110.1M of 2025 revenue (13.6%, $79.7M of it in Q4) and $23.6M of Q2 2026 (9.0%) were collections exceeding the accrual, and the half-year share rose to 7.1% from 5.3%. Without the 2025 collections revenue was about $702M, below the range the company reported beating. The measures that showed the effect — the headline clinical ASP and the margin excluding prior-period revenue — have been dropped, and the ASP definition changed three times.

2. Tier 1 · live

   43.9% in one man's hands, with 25 million of those shares pledged to his bank

   The founder owns 125,009,756 shares through six entities, and footnote 1 of the proxy records 25,000,000 of them — 8.8% of the company — "pledged as collateral to secure personal indebtedness of Mr. Halbert". The president has pledged 150,000 and the chief executive's brother 325,000 through a trust. Company policy allows pledging up to 20% of an insider's holding without pre-approval. Officers and directors hold 50.0%, and directors are elected by plurality, so a withheld vote has no effect.

3. Tier 2 · stable

   The office lease, the aircraft, the brother, the son, and the officer loans

   The head office lease to 2028 is "unconditionally and irrevocably guaranteed" by the founder and his spouse personally. Caris uses an aircraft owned by his family office and operated by Caris Air, dry-leases its own aircraft to Caris Air, and since October 2025 lets him and his family use that aircraft personally — $2.1M paid net in 2025. His brother has been a director since 2014; his son was on the payroll from 2011 until a November 2025 transition agreement, paid $435,930 for the year. The president and the general counsel exercised a million options in 2022 by tendering notes at 2.93%, repaid in stock in March 2025. A compensation-committee member the board calls independent ran the founder's family office from 2004 to 2010.

4. Tier 2 · stable

   Four of ten directors come out of the founder's last company, and there is no nominating committee

   Jon Halbert (co-founder and former vice chairman of AdvancePCS, and the chief executive's brother), Laura Johansen (its general counsel and SVP) and Danny Phillips (its chief financial officer, now chair of Caris's audit committee) sit alongside the founder. Two committees exist, audit and compensation; nomination is left to "our independent directors collectively". At the first annual meeting the owners withheld 23.7% from the lead independent director, 18.2% from the audit chair and 17.4% from the founder, against 12.9% for the newest outside directors — if the founder's 43.9% was voted in favour, the 62.2M withheld from Castleman is about 45% of every other vote cast.

5. Tier 2 · stable

   No say-on-pay, three officers disclosed, and plurality voting

   Caris uses the JOBS Act's emerging-growth exemptions: no compensation discussion, pay disclosed for the chief executive and two others only, and no advisory vote on pay at all — the 2026 ballot carried two items, directors and the auditor. The chief executive's bonus ran on company metrics the proxy text read does not name. Pre-IPO holders including the founder's entities, Sixth Street and J.H. Whitney keep registration rights under the April 2025 investors' rights agreement.