But a closer look reveals some important context. Caris operates primarily in two revenue segments: molecular profiling services and pharma research & development. The first, its bread and butter, includes tissue-based and liquid biopsy tests. The second, its potential data licensing and pharma AI segment, represents only 6% of revenue—and that’s actually down from previous years. Not only that, gross margins for R&D services fell from 78% to 57% year-over-year. That’s a red flag, especially if you're buying this stock for its AI data monetization potential.