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KLRS

Kalaris Therapeutics Inc

KLRS

Kalaris Therapeutics Inc • NASDAQ
$6.24 ▼ -3.11% (-0.20)
Market Cap $116.70 M
52w High $12.90
52w Low $2.14
Dividend Yield 0%
P/E -0.16
Volume 77.39K
Outstanding Shares 18.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $12.741M ▲ $-11.894M ▼ 0% $-0.64 ▼ $-11.894M ▼
Q2-2025 $0 $12.256M ▲ $-11.35M ▼ 0% $-0.61 ▲ $-11.35M ▼
Q1-2025 $0 $10.354M ▼ $-10.196M ▲ 0% $-2.52 ▲ $-8.753M ▲
Q3-2024 $0 $37.849M ▲ $-38.084M ▼ 0% $-7.64 ▼ $-37.269M ▼
Q2-2024 $0 $4.187M $-5.65M 0% $-1.13 $-5.151M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $76.999M ▼ $81.175M ▼ $39.31M ▼ $41.865M ▼
Q2-2025 $88.426M ▼ $92.842M ▼ $39.727M ▲ $53.115M ▼
Q1-2025 $100.965M ▲ $103.092M ▲ $39.218M ▼ $63.874M ▲
Q3-2024 $1.913M ▼ $2.461M ▼ $91.841M ▲ $-89.38M ▼
Q4-2023 $3.169M $3.333M $48.35M $-45.017M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.894M ▼ $-11.333M ▲ $-34.706M ▼ $0 ▼ $-46.039M ▼ $-11.516M ▲
Q2-2025 $-11.35M ▼ $-14.885M ▼ $0 $2.346M ▼ $-12.539M ▼ $-14.885M ▼
Q1-2025 $-10.196M ▼ $-7.441M ▼ $0 $107.267M ▲ $99.826M ▲ $-7.441M ▼
Q2-2024 $-5.65M ▼ $-3.971M ▲ $0 $4.983M ▼ $1.012M ▼ $-3.971M ▲
Q1-2024 $-3.407M $-4.521M $0 $6.579M $2.058M $-4.521M

Five-Year Company Overview

Income Statement

Income Statement Kalaris is still a pure development‑stage biotech: it does not generate product revenue yet. The income statement mainly reflects research and corporate costs, which appear relatively small and fairly steady year over year. Losses are modest in absolute terms but, with no revenue to offset them, the company is fully dependent on external financing. Until clinical results mature and partnerships or approvals emerge, the income statement will likely stay in “investment mode” with ongoing losses and no commercial income.

Balance Sheet

Balance Sheet The reported balance sheet figures look minimal and even show negative equity, which often indicates accumulated losses and balance sheet clean‑up around a SPAC structure or merger. The narrative, however, notes that the recent merger with AlloVir brings a meaningful cash runway into the second half of the decade. That suggests the tabular balance sheet data may be outdated or incomplete. In practical terms, Kalaris seems to have more cash support than the bare numbers imply, but it still has no tangible asset base from products or property, and its value rests mainly on intellectual property and future trial results.

Cash Flow

Cash Flow Cash flows reflect a typical early‑stage biotech pattern: money flows out for operations and clinical preparation, with essentially nothing coming in from product sales and negligible spending on physical assets. The burn rate appears controlled but persistent. This means the company’s future depends on carefully managing its cash runway from the merger and, over time, accessing capital markets or partners if development timelines extend or expand.

Competitive Edge

Competitive Edge Kalaris is trying to enter a very crowded and well‑defended market in retinal disease, dominated by large pharmaceutical companies with established drugs, strong sales forces, and deep budgets. Its competitive angle is a potentially longer‑lasting, dual‑action anti‑VEGF therapy that could reduce injection frequency, directly targeting a well‑recognized pain point for patients and doctors. Strong patent coverage into the next decade and the involvement of a renowned anti‑VEGF scientist give the program scientific and reputational weight. Still, the company is early in the clinic, while competitors already have approved, next‑generation products, so Kalaris must show clearly superior or meaningfully more convenient outcomes to carve out space.

Innovation and R&D

Innovation and R&D The company is highly concentrated around one lead asset, TH103, which uses a dual‑binding mechanism to stay in the eye longer and potentially extend dosing intervals. This is a focused, high‑conviction R&D strategy: if TH103 works as hoped, it can be applied across several retinal conditions, greatly leveraging a single platform. The flip side is concentration risk—setbacks in this program would meaningfully affect the entire pipeline. Planned clinical milestones over the next couple of years will be crucial in validating the mechanism, confirming safety, and distinguishing the drug from existing therapies. The strong intellectual property position and the presence of a world‑class scientific founder support the innovation story but do not remove the inherent uncertainty of early‑stage clinical research.

Summary

Kalaris is a pre‑revenue, clinical‑stage biotech that has reshaped itself via a SPAC path and a subsequent merger, now aiming squarely at the established anti‑VEGF market in retinal disease. Financial statements show a company still in build‑out mode: modest but steady losses, reliance on external funding, and a balance sheet whose true strength now lies mainly in post‑merger cash and intellectual property rather than operating assets. Operationally, the story is almost entirely about TH103: a potentially longer‑acting retinal therapy backed by strong science, patents, and expert leadership, but still awaiting meaningful human data. The opportunity is large, given the size of the retinal market and the burden of frequent injections, but so are the risks, given the early stage of development, the dominance of entrenched competitors, and the company’s reliance on a single core program and on continued access to capital over the coming years.

NEWS

November 24, 2025 · 8:00 AM UTC

Kalaris to Present at Noble Capital Markets 21st Annual Emerging Growth Equity Conference

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November 12, 2025 · 8:00 AM UTC

Kalaris Reports Third Quarter 2025 Financial Results and Provides Business Updates

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November 3, 2025 · 7:30 AM UTC

Kalaris Expands Leadership Team Appointing Matthew Gall, MBA, as Chief Financial Officer

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October 30, 2025 · 8:00 AM UTC

Kalaris to Present at Stifel 2025 Annual Healthcare Conference

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September 15, 2025 · 3:26 PM UTC

UPDATE – Kalaris Therapeutics Now Enrolling Phase 1b/2 Multiple Ascending Dose Study of TH103 in Neovascular Age-Related Macular Degeneration

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