Caris Life Sciences, Inc. ($CAI)

Okay. Great. Hi, everyone. I'm Evie Koslosky, the life science tools and diagnostics analyst here at Goldman Sachs. I'm here today with Caris Life Sciences, Inc. They're going to start with a presentation, and then we'll open it up to Q&A at the end.

Okay. Evie, thank you. I'm Brian Brille. I'm Vice Chairman of Caris Life Sciences. I'm here with Milan Radovich, our CSO; and Luke Power, our CFO. And I think I would just start by saying that while we've been at this since 2008, and our founder had this vision around precision medicine and precision oncology. But I would say that we see more opportunity in the market in terms of working with cancer centers, both at the institutional level as well as the individual oncologist level than we've ever seen. So this whole revolution in molecular medicine and transitioning from sort of the previous way of looking at things to a true state-of-the-art in molecular medicine from both a clinical and research perspective is happening. It's happening very quickly. And we think we have huge edges as a result of building this platform over many, many years. I would suggest that these platforms really matter. The ability to be a partner and deliver the best technology at the individual oncologist level and to be a partner with the institution is what it is going to take to really be one of the true leaders in this space. And I think that's defined by technology. It's defined by scale. It's defined by data set importantly in this area. Remember, these are -- we are -- and these are real AI type of companies. And all of this needs to be delivered through a channel. So we've had, we think, the best technology from the beginning where whole exome, whole transcriptome, and we're moving towards whole genome, which we'll talk about. In terms of scale, we profiled over 200,000 patients last year, and that's going up very significantly. Our data set now is over 1 million profiles, most of which are whole exome whole transcriptome and the vast majority of which are matched with clinical outcomes information. And the channel is very important. You've got to reach the physicians. You've got to be in a position to be a real partner with the institutions. We're reaching over 6,000 ordering oncologists, and we're very excited about how the platform is progressing as well. So this leadership from a technology perspective, we're the only company with an FDA-approved whole exome, whole transcriptome technology. That has helped us with our partnerships. It's helped us with research, and it's also helped us with our reimbursement. We're expanding to whole genome initially with Caris ChromoSeq, which we launched recently in the heme area as well as with our multi-cancer early detection, Caris Detect. We go to market in a highly differentiated way. We support the physicians from a clinical perspective. We set up precision oncology programs, and we also are a very attractive research partner through the Caris Precision Oncology Alliance, which is now at 100 member institutions. We're launching new products. We just launched Caris ChromoSeq, which is a whole genome solution for heme profiling, which Milan will speak about. Caris MI Clarity is very exciting. It's a digital pathology solution, very quick as a result, uses our extensive data set, and this is for early-stage breast cancer. The data asset that we have accrues in scale, relevance and value all of the time. We're over 1 million genomic profiles. And these AI tools that we're using benefit from this. So this is driving not only our internal R&D, but also our attractiveness as a partner. One of the key things about our platform is our profitability. So that gives us huge leverage in terms of the ability to invest. We're investing in our commercial team. We're expanding the size. We're doing a variety of different things there, which we think are going to really help us with respect to the upside in our clinical case volume as well as continuing to invest in our product pipeline from MCED over on the right here from MCED, which has been a passion project of our founder since the very beginning, and we think is -- opens up an entirely new world in terms of reaching basically everybody, not just late-stage cancer patients. MRD, our tissue naive and tissue-informed approaches Milan will speak about. And the other thing we'd say about our platform, because we are so broad and so deep in the information that we generate, we've been looking at this for a number of years now. This gives us signals and information around all disease states, autoimmune, neurology, CNS, cardiology, et cetera, which we're extremely excited about. Our data set, you can see, continues to grow very nicely. We think we have the largest transcriptome data set in the world at 728,000 transcriptomes. The vast majority of this over 1 million size data set is matched with clinical outcomes. And we also have an extraordinary set of digital pathology slides. So every slide that comes in now is digitized. So this has become a real factory in terms of the generation of that data set. In investor meetings, we get a lot of questions around the market. Is it getting penetrated? Is it slowing down? And I'd say it's as exciting as it's ever been. The TAM is large, and this is just for therapy selection. It's large. It's growing. By our count, it's only about 35% to 40% penetrated, earlier staging is coming into play as well as a broader set of therapeutics, et cetera. So -- and not to mention the fact that we think we are pushing the definition itself of CGP, comprehensive genomic profiling beyond panels, beyond larger panels into whole exome, whole transcriptome and now whole genome. Molecular profiling has emerged as standard of care. There's no question about that. It wasn't that long ago at ASCO when a number of the podium presenters were talking about it's not a question about whether every single patient needs to be profiled they do. It's just a question of what technology you use and what partner you choose. So this then relates to precision oncology programs. So we're seeing a whole new generation of very thoughtful cancer center directors coming into place and they're thinking about, okay, how do I set up -- how do I not just get all of my physicians profiling consistently and systematically, but how do I set up a precision oncology program that generates the right data that has the best clinical outcomes. And who -- and this is hard. I mean, we have a cancer center director sitting here. I don't have to tell Steve how hard that job is. So the whole notion of being able to set up a program, a programmatic approach that does this is not easy. And that's how we think about our business. That's why we have 50 PhDs in the field, molecular science liaisons that are deployed for that purpose. We have account managers. We have a highly matrix set of people supporting the cancer center directors and their institutions to deploy these sorts of programs. So for these reasons, we're very excited about the trends about the future. And this notion of cancer centers moving towards institutional decisions at the top of the house, not just individual oncologists doing whatever it is, he or she wants to do, I think, is very important, and it relates to our ability to deliver all of these capabilities. So this is a little bit on our channel. We've always had a patient-first philosophy. So even the move a number of years ago to whole exome, whole transcriptome was motivated not for the data per se or the data applications, but by clinical utility and the notion that this is the best thing for the patient today is the best thing for the patients in the future as well. Our platform today is about 270 people, field-based team. We -- that number had gone down a little bit during the period of time right before the IPO when we were capital constrained. We have the opportunity now to reinvigorate that, invest in that business. That's what we're going to do. We have a new Chief Commercial Officer, who is highly dynamic. So he's adding people. So we're hiring. We've increased the number of territories significantly, and we'll continue to do so. And we're also putting product specialists in the field that can be very articulate and helpful with respect to supporting the different product capabilities. We also have a strategic coverage team, which we're quite proud of. We think we cover the top of the house extremely well across the various cancer centers. And covering the cancer center directors, their deputies, the committees, the various department heads. This is a whole -- there's an art to this, and it requires an investment, one that we have made. The Precision Oncology Alliance, which is really the only collaboration like it in precision oncology, I would argue precision medicine as well. We're at 100 institutions. We feel there's more that we can do with these sites. So we're very eager to take this to the next level. It's dynamic. We have new people still joining, and this group represents about 4,000 oncologists and about 650,000 new cancer patients annually. So there's a power in this collaboration that the institutions are very excited about. And at the heart of it is their ability to use our data set and do research with us and to publish together. So I'll turn this over to Milan. But basically, we're super excited about our technology leadership, our pipeline, which Milan will tell us about. The channel, I think, is very special. There are very few platforms that have all of these things. And finally, the financial profile that we have with a very, very strong top line growth, profitability as well, which puts us in a position. We announced a share repurchase this morning, which is not a super strategic thing, but it's certainly indicative of our ability, given our financial position and our profitability to continue to invest in the product pipeline, in the channel as well as get into the market and signal to the market our confidence level in the future for this company. Thanks. Milan.

Great. Thank you, Brian. Thank you very much. If I had it my way, I give this presentation on the beach, but it's a pleasure to have you guys here today. And I'm excited to give a little fun updates on the Caris technology platform. So as many of you know, Caris is well known for being as comprehensive as possible with the sequencing. We've really standardized on this concept of looking at every single gene in the genome and the transcriptome since 2019, and we do it for 2 reasons: one, to leave no stone unturned to identify a drug or a clinical trial for a patient. We know that many of the patients we serve are patients with late-stage disease who are looking for options for their care, and we want to make sure that they have the best shot for their treatment. But two, as Brian already alluded to, while our #1 goal is to help the patient up today, we can also use that data to help the patient up tomorrow. And we've amassed this huge data set that has been used extensively for academic research. We had 32 ASCO abstracts as many of you were there. We use it for our internal development and as well as in our partnership with pharma, and I'll touch on that. But building on our platform, while we've made our mainstay headway in therapy selection for late-stage disease on tissue, we built a platform to really cover the continuum of the entire disease course, building a liquid biopsy platform that covers therapy selection. We're currently validating as well for MRD. As I'll touch on a little bit later, building a platform for early detection, being able to detect cancers at the earliest stages, while all the while continuing our strong position in doing a tissue-based sequencing for therapy selection with our FDA-approved MI Cancer Seek. So from a sequencing perspective, as my colleagues like to make fun of me, I always like to say, we always look at the entire kit and caboodle, every gene in the genome, both at the DNA and the RNA level, as I already mentioned. And when you are doing this comprehensive amount of sequencing, you really can pick up an entire litany of analytes in the tissue that are important for therapy selection. So things -- basic things like mutations, copy number fusions, but more complex things like multi-gene signatures that help us predict, for example, the tissue of origin where the cancer came from or help predict a chemotherapy outcome or immunotherapy outcome. So we are the only test on the market that is FDA approved to do whole exome and transcriptome and we do this on every single patient, and it's part of our standard of care. And one of the cool things as well is that this large amount of data that we collect allows us to be really versatile. As I mentioned, new clinical trials, new biomarkers come out almost every single week. We have a whole team dedicated that updates our report on a weekly basis with the latest and greatest in evidence. And so when a patient is sequenced with Caris, we're not missing anything. If there's a drug out there, we're going to find it. And it's, again, part of our ethos and our approach to providing the best standard of care. In addition to that, we do -- as you guys are well aware, we have tons of FDA approvals coming out. And so one of the parts of Caris standard of care is we have the lookback program so that when a new biomarker gets approved, we look back usually about a year, identify all the patients that were positive for that particular biomarker and then we contact the physician and let them know. That's not any extra cost, just part of our standard of care. We did this recently with a variety of the drugs that have been FDA approved like [ Opdivo ] and [indiscernible]. We'll do it for [indiscernible]. We'll do it for all these novel new agents as well. As I mentioned as well, having this comprehensive sequencing allows us to do much more intricate types of gene signatures. I'll touch on them in a couple of slides. But one piece I wanted to point out here on the right side was a paper we just published a few weeks ago on the importance of whole exome for TMB. So some of you may be familiar with TMB, TMB stands for tumor mutational burden. As I used to explain to patients, it's a measure of how messed up the cancer is, how many mutations are in that cancer genome. And what we know is that cancers that have higher mutation burden begin to look more and more foreign to the immune system. However, we have this checkpoint called PD-L1 that acts like a camouflage that allows the tumor to evade the immune system. However, when we use drugs that block that camouflage, things like pembrolizumab, when these camouflages unmasked, these cancers that have a higher mutation burden that look more foreign actually are more responsive to immunotherapy. And it's been known in the academic literature for a long time that whole exome sequencing is the best way to assess TMB and by definition, you're sequencing every gene in the genome that can make a mutated neoantigen that could be presented to the immune system. But what folks have done traditionally is they'll do gene panels and they'll estimate TMB based on a subset, so maybe on 300 genes or 700 genes or whatnot. What we show in this paper is not only the importance of the accuracy of TMB by doing whole exome, but actually showing that this accuracy leads to better outcomes. This is the first time it's ever been demonstrated that having whole exome-based TMB, when you compare it to panels, results in about 10% to 15% discordance and that discordance results in inferior outcomes compared to using whole exome sequencing. So again, further refining this position and importance of doing this comprehensive sequencing. As mentioned, our whole exome transcriptome is FDA approved, the only FDA-approved whole exome and transcriptome on the market. And this doesn't really change our ethos. Our ethos has stayed the same, whether we're FDA approved or not. But what it does is it gives us the stamp of approval that the FDA has faith in our robustness, our sensitivity, our specificity in all our metrics. This is a massive submission, a fantastic work by the team who seek -- who achieved this FDA approval. It was approved for [indiscernible] indication across these various drugs you see here as well as a pan-cancer indication with MSI-high. Building on our legacy of whole exome transcriptome on tissue, we also do this on blood with our assay Caris Assure. It's 2 assays in one. It's a whole exome and transcriptome on the plasma, looking at all tumor-derived DNA and RNA, but as well as on the buffy coat or the white blood cell layer to analyze for incidental germline mutations, meaning mutations that patients may be born with that predispose them to develop cancer as well as mutations from something called clonal hematopoiesis or CHIP. For those of you, I think most of you are going to be familiar with this, but you're not, you can impress your friends and neighbors later. So CHIP stands for clonal hematopoiesis of indeterminate potential. What these are, are naturally occurring mutations in our white blood cells that tend to increase with age, smoking and prior chemotherapy exposure. And what we know is that many of these mutations occur in hotspots, certain hematopoietic hotspots, genes like JAK2, ASXL1 and others. What we know though is that a subset of them can occur in classical oncogenes, so genes like KRAS or TP53 or BRCA1 or BRCA2. And what happens is when these mutations occur in these oncogenes, they are a source of interference, meaning that if you couldn't differentiate between CHIP and a tumor-derived mutation, a doctor may make an inappropriate action based on a mutation that didn't actually come from the cancer, but came from the normal white blood cells. So we don't want to do that. That's not treating patients well. So the only way to definitively determine that is by sequencing the white blood cell layer directly. So we published a paper last year in clinical cancer research that identified that 42% of patients have CHIP alterations. This is consistent with the literature. But what we see on this graph is on the X-axis is every gene we've seen a CHIP mutation in and Y-axis says, if we see mutation in this gene, how often is a CHIP origin. And these genes in light blue, genes like CHEK2, BRCA2, [indiscernible], NF1 and so on, are genes that if you didn't know is a CHIP origin, could lead you to either an inappropriate therapy association, diagnostic association or prognostic association. So as I used to tell oncology fellows in the clinic is you want to use liquid biopsies to identify markers to give an actual therapy. But what you don't want to do is give a patient a wrong drug based on, again, the mutation not coming from the cancer cell, but coming from the white blood cells. Okay. As mentioned, we continue to also utilize this massive data set to develop really cutting-edge AI signatures. I'd like to tell people, Caris was doing AI before school, before ChatGPT wrote your kids essays. It's been in our DNA for a long time. And so we've always had a large staff of PhD level computational scientists and mathematicians at Caris. And a particular algorithm we've been very proud of that we first launched several years ago in our first version. We're now our third version called GPSai. And what this does is it takes that sequencing data and determines where the cancer came -- where -- what tissue did the cancer come from. It was originally developed for cancers of unknown primary. So meaning you got a patient with cancer, but they don't know where it came from. It's a really scary diagnosis. Dr. [indiscernible] can tell you about this. Your doctor comes in the room and says, hey, you have cancer, it looks bad and we don't know where it's from. And that's a problem because if you don't know where it's from, the diagnosis is the foundation of all cancer treatment. It dictates everything that's done after that, every treatment that's done after the diagnosis. So not having a good diagnosis is scary. But what we've also come to realize is this test has actually been equally helpful in identifying misdiagnosed cases. So every day at Caris, we sequence roughly 700 cases and about 1 to 5 or so come in where the algorithm says it's a different diagnosis on the path report. And so when we get that discrepancy, our pathologists will do the additional workup to get to a better diagnosis. This is a very robust assay. It was trained on almost 200 -- somewhere in the upper 200,000 cases. It is 84% accuracy for CUP and 95% accuracy across over 90 tumor types. We've also -- due to time, I can't go through all this, but we also developed additional algorithms for chemotherapy benefit for a variety of IO therapy benefit as well across a variety of different tumor types. So given some updates on pipeline. So an area that many of you are well aware that Caris is very excited about is for early detection. We developed a test called Caris Detect based on whole genome sequencing, a high-depth whole genome for the early detection of cancer. And the really advantageous approach of taking whole genome sequencing is that detecting cancer is a shots on goal problem. You've got a very small number of cancer molecules in a large pool of normal. And so taking as many shots on goal to detect the cancer signal gives you the best chance at optimal sensitivity and specificity. And so we have found whole genome sequencing to provide really significant advantages there. We have press released and presented on our earnings call, our first case control data, we call it Achieve-1 on 3,000 individuals, so 1,000 cancers and 2,000 normals and achieved a Stage I/II sensitivity of 60.3%, while maintaining a specificity of 99.2%. As you can tell, and many of you who are already familiar with the space, there's considerably better Stage I/II sensitivity than what you're currently seeing on the market. I want to point out cancers like breast and prostate performing quite well. And obviously, the importance of detection is you got to detect it early for these tests to be beneficial, and we are very supportive of this. We're continuing to generate additional data. We have a second cohort of 25,000 individuals that's currently accruing, and there will be more to come in this space. Also, just a few weeks ago, we launched Caris ChromoSeq. This is a whole genome test for hematological malignancies, initially launched for AML, MDS and MPN, originally published in the New England Journal of Medicine in 2021 by WashU, where we licensed it and then further improved upon this test and now have launched it. It's been a phenomenal test, 7-day turnaround time being able to pick up every variant needed for the appropriate diagnosis and treatment of hematological malignancies. It replaces the need for multiple smaller tests that are currently being done for hematological patients into one test. Feedback has been overwhelmingly positive on the ease, turnaround time and the amount of comprehensive information that this test is giving patients -- giving oncologists who treat heme cancers. And then we continue to work additional parts of our pipeline. We launched MI Clarity also a few weeks ago, which is our test for breast cancer recurrence. Think of it as a replacement for Oncotype, does a fantastic job in detecting early recurrence in the first 5 years, but this a really, really -- it really differentiates in the late recurrence, being able to detect which patients are at high risk of relapse in 5 to 15 years out from initial diagnosis. So this is a digital path predictor, no sequencing here. It's an AI on H&E image turns around very quickly. It turns around in a day and providing really robust information. We're also in the development of our MRD approach, both a tumor-naive approach using our whole exome and transcriptome liquid biopsy as well as a whole genome-based tumor-informed approach. Moving on to pharma. Pharma has 3 major pillars in how we support pharma core biopharma services, which is traditional profiling of samples from pharma, whether on clinical trials or correlative analyses as well as being able to support CDx engagements and identify patients who are positive for particular biomarkers for the clinical trials. We have a strategic data pillar. We've -- as Brian mentioned, amassed now over 1 million patients sequenced with a majority having whole exome transcriptome with clinical outcomes, and this is obviously really powerful from research. And then Caris Discovery, which is our division of Caris that's focused on utilizing our data, tissue and proprietary proteomics technologies to identify novel drug targets. Caris Discovery had fantastic news at the end of last year with Genentech, actually to announce our largest pharma deal today, being able to partner with Genentech to identify novel drug targets for refractory cancers. I always like to point out that Genentech folks have been absolutely joy to work with. Their scientists are phenomenal. Our groups work very closely together, advancing the science here, utilizing our technologies to identify these novel drug targets. So with that, I'll hand it off to my esteemed colleague, Mr. Power.

Thanks, Milan. I'll go through this relatively quickly. All the numbers here have been disclosed publicly. So I think everyone is aware of these. But we continue to have strong revenue performance. Obviously, in Q1, with the 79% growth primarily coming from the molecular profiling business, which is kind of our key unit. We've always been clinically focused. So the pharma portion of our business is continuing to grow from a smaller starting point. But when you look at molecular profiling, the kind of key thing that you have to focus on is there's 2 parts of the equation. There's the P x V. So from a pricing standpoint, from an ASP standpoint, what we've been able to do over the last year was demonstrate kind of this long-term approach that we take with our technology and having the reimbursement catch up. So historically, Caris has always kind of put the assay first and then sought reimbursement for that after the fact. So again, it's the right thing to do for the patient. So years ago, we went to a 500-gene panel before anyone else was doing even 100 genes. And then we did the exact same thing with whole exome and whole transcriptome. And the reimbursement catches up because the clinical utility is there. And obviously, it's the right thing to do. So from a revenue standpoint, we continue to demonstrate very strong performance since we IPO-ed last year. With overall financial performance as well, because of the reimbursement uplift and because of the focus on technology, we're also demonstrating really good operating leverage. And you can see that throughout the P&L for us, where we have a gross margin in the 65% range. Again, this is while you're doing whole exome and whole transcriptome, which is not the cheapest thing to do. But again, it's the right thing to do for the patient and also having positive adjusted EBITDA and positive free cash flow. So since we've IPO-ed, we've obviously had positive free cash flow for each of the 4 quarters. And what we're going to do this year and what we've communicated previously is we're going to utilize that positive free cash flow and reinvest it in the business. And that's kind of the attitude for this year is the reinvestment attitude. Last year, it was just demonstrating the profitability. We wanted to go IPO. We wanted to demonstrate the financial strength of the company. And now we're going to reinvest it. And obviously, we announced the share repurchase this morning, just showing how strong we are from an operating leverage standpoint. As you go into the molecular profiling business unit itself, there's 2 components to that. There's obviously the tissue components, which we've been very strong in. It's our legacy product, but also the blood component, which is kind of newer market for us, and we've been going for about 2 years now. We continue to see like great penetration in liquid, obviously, in the kind of high 50% growth range in Q1. It's a smaller N from a starting standpoint, but we continue to see great, great penetration there. From a tissue standpoint, it's our legacy product. We definitely think there's opportunities to continue to expand that growth, and that's kind of where the focus of our investment is this year from a molecular profiling standpoint. Brian touched on this earlier. One of the key things we're investing in is the sales force because, obviously, with our financial profile, the return on investment is obviously a lot differentiated than what others are doing out there. So we're going to continue to expand that with the goal of getting to 300 salespeople, hopefully, by the end of Q2, continuing to expand the territories. We went to 146. I think the next step for us is to get that to 175 and continue to get penetration across the broader network itself. We continue to focus on, obviously, EHR integrations. We're in a great space and a place where 70% of our orders are coming in electronically. So we continue to make the investment there on that side of the team. From an overall P&L standpoint, the key items I'll point out on this are obviously the adjusted EBITDA and the free cash flow. That's very unique given our scale and how long we've been around. It's not the first time we've actually achieved this. Like back in 2018, we also achieved positive free cash flow, but we decided to do the reinvestment and the reinvestment in the sales force. And obviously, that paid off with the technology focus of going to whole exome and whole transcriptome. And then from a performance standpoint, obviously, one of the key things from the equation standpoint is the ASP. Our MI Cancer Seek, the FDA-approved tissue assay is priced at $8,455 on the clinical lab fee schedule. We feel very good about that pricing. Our Caris Assure assay is priced at $3,649. One of the key things that we're going to focus on over the next kind of 1 to 2 years is kind of taking the same approach that we took with tissue and applying it to liquid. So what does that mean? It means actually taking our liquid assay through New York State approval, which we obviously publicly announced, we've submitted that, and we're waiting on it. And then we're taking that assay to the FDA. And once we get to the FDA approval, then pursue an ADLT path with improved pricing. So somewhat similar to what we did with tissue. But for tissue, our pricing is based on CDLT. It's not ADLT. There's a little confusion out there in the market on that. So we feel very good about the price stability around our ASPs over the coming years. From a tailwind standpoint, obviously, MI Cancer Seek continues to perform very well, being the only FDA-approved whole exome whole transcriptome assay out there. But Caris Assure is continuing to excel as well because of the unique approach we're taking. So we definitely think the gross margin is in a good space right now. One of the unique things about us as a company is we're never kind of focusing on kind of the individual gross margin levels. Like what we want to do is focus on the technology. We never go in developing a technology to hit a certain gross margin. You want to get the best data and the best test out there, and then you actually operationalize and kind of fine-tune it after the fact. So it's the same thing that we're taking with the Caris Detect. Like whole genome is not a cheap test to do, but it will get you the best performance. So that always has to be your primary focus anytime it's customer-focused or patient focused. And then from a guidance standpoint, we kind of maintained our guide based on the Q1 call. We feel very good about that today. One of the key things that we've pointed out is this is just based on the existing products that are out there at the end of Q1. Obviously, we've launched MI Clarity. We've launched ChromoSeq, and we're also planning on launching Detect. And we'll add these to the guide once they have actually had a quarter or 2 to mature and then continue to update the Street from there. And then I'll stop there for questions.

Great. So I think if you guys could kind of walk through the share buyback that you announced this morning, sort of what was the strategy? And then any other updates on kind of how you're thinking about capital allocation?

Yes. Listen, I don't think it was anything other than a view that we have the capability. We have the profitability that Luke was talking about, and we have the ability to continue to invest in both the product pipeline, [ MCED ] launch, channel strengthening, et cetera, et cetera. So we have the freeboard. And given where the stock is, why not use it. I think it's also a reflection of our CEO and founder's confidence about this market and the company overall.

Great. And then you mentioned the Detect launch earlier in the presentation. I guess maybe talk through what else you kind of need to see in order to launch that test, how you're thinking about timing? And then also just how you're thinking about that market developing over time, and you'll be launching as a self-pay kind of partnered with Everlywell, but any sort of updates there?

Yes. So we publicly announced that we're going to do the first launch with Everlywell, that online platform. I think what we're working through right now is just making sure that customer experience is kind of excelling end-to-end. So the focus on the IT systems, what the follow-ups are. We're in a unique position because of our history that it's not just -- we don't want to give just a result test. And then if it's a, yes, good look, no, you're good. Like we want to help the patient after the fact, too, after the result. So what we're doing now is kind of finalizing all those processes and what's the next step. So with the goal, obviously, we've communicated before in the first half of this year. So we're coming up on that. But again, the focus for us is always on the customer experience. So we want to make sure that's right. From a next step standpoint, then it's like, okay, getting that online platform up and running, seeing what the initial uptick is and then expanding partnerships. For us, we've kind of shown the financial discipline as a company over the last kind of couple of years, and we want to continue that with detection, too. So we're not going to hire a 300-person sales force, go [ PCP ] or anything like that. We're going to utilize the partnerships that are already out there because the health care space in itself, especially from people looking after their own health is changing. Like people are taking care of themselves more. They're doing a lot more online. So I think that's going to be the focus for us from a detect launch standpoint.

Great. And then I guess in the last 30 seconds, what do you feel is sort of the most underappreciated part of the Caris story? And what are you most excited about as you move throughout the next year?

I think the underappreciation is, obviously, we've shown the profitability. That's very unique in our space, but also the technology, like there's no one else doing whole exome whole transcriptome at the scale that we're doing it. And obviously, now expanding into whole genome for detect. I think that's very unique. It's not an easy thing to do. People think they can get a kit and they can run it. It's not. Like it takes a lot of years' experience to do it. And I think the technology component is kind of lost a little bit, but...

Awesome. Great. We'll end it there. Thank you so much...

Thank you.

Thanks, Evie.