Form 4: CAI Founder Halbert Retains Control of 121,025,002 Shares

Rhea-AI Filing Summary

David D. Halbert, identified as Founder, Chairman and Chief Executive Officer of Caris Life Sciences (CAI), reported a transaction dated 08/11/2025 that disposed of 141,956 shares at $29.75 per share. After the reported transaction, Mr. Halbert directly beneficially owned 2,295,133 shares and indirectly controlled 121,025,002 shares through affiliated entities.

The filing details the composition of the indirect holdings: 101,261,532 shares held by Caris Halbert, L.P., 8,528,805 by ADAPT I Ltd., 8,414,427 by Carisome I, L.P., 645,149 by Caris Investment II Ltd., and 2,175,089 by Caris Investment III Ltd. It also states Mr. Halbert is the managing member or trustee of the entities and that he disclaims beneficial ownership except to the extent of his pecuniary interest.

Positive

• Maintains substantial indirect control: 121,025,002 shares held through affiliated entities, preserving governance influence
• Retained significant direct stake: still directly owns 2,295,133 shares after the transaction

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider sale is small relative to total holdings; ownership concentration remains extremely high across affiliated entities.

The reported disposal of 141,956 shares at $29.75 represents a modest transaction compared with Mr. Halbert's combined direct and indirect position. Post-transaction direct ownership stands at 2,295,133 shares while indirect holdings total 121,025,002 shares. From a market-impact perspective, the sale size is minor versus the aggregate position and does not materially change the ownership profile reflected in the filing.

Corporate Governance Expert

TL;DR: Governance picture unchanged—Halbert retains control through multiple affiliated entities and formally disclaims ownership except for pecuniary interest.

The Form 4 clarifies control arrangements: Caris Investment Management, LLC is the general partner for several entities, and Mr. Halbert serves as managing member or trustee, giving him voting and investment power over the listed shares. The filing documents the specific entity holdings that comprise 121,025,002 indirectly held shares and repeats the standard disclaimer of beneficial ownership to the extent of pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HALBERT DAVID D

(Last) (First) (Middle)

C/O CARIS LIFE SCIENCES, INC.

750 W. JOHN CARPENTER FREEWAY, SUITE 800

(Street)

IRVING TX 75039

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Caris Life Sciences, Inc. [ CAI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/11/2025		F		141,956	D	$29.75	2,295,133	D
Common Stock								121,025,002	I	See Footnotes(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Common Stock reported herein includes (i) 101,261,532 shares of Common Stock held of record by Caris Halbert, L.P, (ii) 8,528,805 shares of Common Stock held of record by ADAPT I Ltd., (iii) 8,414,427 shares of Common Stock held of record by Carisome I, L.P., (iv) 645,149 shares of Common Stock held of record by Caris Investment II Ltd, and (v) 2,175,089 shares of Common Stock held of record by Caris Investment III Ltd. Caris Investment Management, LLC is the general partner of each of Caris Halbert, L.P., Caris Investment II Ltd., and Caris Investment III Ltd. Two family trusts are separately the general partner of ADAPT I Ltd. and the managing general partner of Carisome I, L.P., respectively.

2. David D. Halbert is the managing member of Caris Investment Management, LLC and the trustee of each of the two family trusts, and in such capacities, has voting and investment power with respect to the shares held of record by each of the foregoing entities. Mr. Halbert disclaims beneficial ownership except to the extent of his pecuniary interest therein.

Remarks:

Founder, Chairman, and Chief Executive Officer

	/s/ J. Russel Denton, Attorney-in-Fact for David D Halbert	08/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did David D. Halbert report for Caris Life Sciences (CAI)?

The Form 4 reports a transaction dated 08/11/2025 disposing of 141,956 shares at $29.75 per share.

How many shares does Halbert directly and indirectly beneficially own after the reported transaction?

After the transaction he directly owns 2,295,133 shares and indirectly controls 121,025,002 shares.

Which entities comprise the indirect holdings reported by Halbert?

The indirect holdings include 101,261,532 shares by Caris Halbert, L.P., 8,528,805 by ADAPT I Ltd., 8,414,427 by Carisome I, L.P., 645,149 by Caris Investment II Ltd., and 2,175,089 by Caris Investment III Ltd.

What roles does David D. Halbert hold at Caris Life Sciences according to the filing?

The filing identifies Mr. Halbert as Founder, Chairman, and Chief Executive Officer and indicates he is the managing member or trustee of the entities holding indirect shares.

Does Halbert disclaim beneficial ownership of the indirectly held shares?

Yes, the filing states Mr. Halbert disclaims beneficial ownership except to the extent of his pecuniary interest in those holdings.