Imagine Eli Lilly or Novo Nordisk, but solely dedicated to developing GLP-1 drugs for even greater obesity weight loss.

Like a dedicated rival to Eli Lilly's Zepbound or Novo Nordisk's Wegovy, focused on creating the most effective and convenient GLP-1 solutions for obesity.

Kailera Therapeutics' major products are pipeline drug candidates aimed at obesity management:

• ribupatide (KAI-9531): A once-weekly injectable GLP-1/GIP receptor dual agonist peptide, currently in Phase 3 trials, designed for significant weight loss.
• oral ribupatide: A once-daily oral tablet formulation of the ribupatide peptide, offering a convenient oral option with potentially differentiated tolerability for weight loss.
• KAI-7535: A once-daily oral small molecule GLP-1 receptor agonist, developed to improve the clinical profile of existing oral obesity treatments.
• KAI-4729: A once-weekly injectable GLP-1/GIP/glucagon receptor tri-agonist, leveraging a novel mechanism to deliver compelling weight loss, improved liver fat reduction, and a differentiated tolerability profile.

Kailera Therapeutics (KLRA) is an advanced clinical-stage biotechnology company focused on developing obesity management medications. As a clinical-stage company, its product candidates are currently in clinical trials and are not yet approved or commercially available on the market.

Therefore, Kailera Therapeutics does not currently have major customers for commercial products.

Once its product candidates receive regulatory approval and are commercialized, Kailera Therapeutics would primarily sell its prescription medications to other companies within the pharmaceutical supply chain, rather than directly to individuals. These customers would typically include:

• Pharmaceutical wholesalers and distributors.
• Hospitals and healthcare systems.
• Retail and specialty pharmacies.

As the company is pre-commercial, specific names of these future customer companies and their corresponding public symbols cannot be identified at this time.

Ron Renaud, President & Chief Executive Officer

Ron Renaud is Kailera's President and Chief Executive Officer. He has a long and diversified track record of success in biotech, having previously served as President and Chief Executive Officer of Cerevel Therapeutics, which was acquired by AbbVie in 2024. Prior to that, he led Translate Bio as Chairman and Chief Executive Officer from 2014 until its acquisition by Sanofi in 2021. Earlier, he was the Chief Financial Officer, Chief Business Officer, and then President and Chief Executive Officer of Idenix Pharmaceuticals, which was acquired by Merck. Renaud also served as a partner at Bain Capital Life Sciences. His career also includes time as a biotechnology equity research analyst at J.P. Morgan, Schwab Soundview, and Bear Stearns, and over five years at Amgen in clinical research, investor relations, and finance.

Doug Pagán, Chief Financial Officer

Doug Pagán is Kailera's Chief Financial Officer, appointed on January 5, 2026. He brings over two decades of experience in driving organizational growth, operational excellence, and long-term value creation. Before joining Kailera, Pagán served as Chief Financial Officer and Chief Operating Officer of Atalanta Therapeutics, where he continues to serve on the Board of Directors.

Scott Akamine, Chief Legal Officer

Scott Akamine is Kailera's Chief Legal Officer. He is an accomplished biopharmaceutical legal executive experienced in guiding growth strategies through complex competitive, legal, and regulatory landscapes. Most recently, he served as Chief Legal Officer and Corporate for another entity.

Paul Burgess, Chief Operating Officer & Chief Business Officer

Paul Burgess is Kailera's Chief Operating Officer and Chief Business Officer, bringing over 20 years of experience from both start-up companies and larger pharmaceutical organizations. Prior to Kailera, he was the Chief Business Development and Strategic Operations Officer at Cerevel Therapeutics, where he led the sale of Cerevel to AbbVie. Before Cerevel, he served as the Chief Operating Officer and Chief Legal Officer of Translate Bio, where he was responsible for business development, legal, program management, quality, technical operations, and partner collaborations.

Scott Wasserman, M.D., Chief Medical Officer

Scott Wasserman is Kailera's Chief Medical Officer. Previously, he held positions at Frazier Life Sciences, Latigo Biotherapeutics, and Amgen.

The key risks for Kailera Therapeutics (KLRA) primarily stem from the inherent challenges of developing and commercializing novel pharmaceutical products in a highly competitive therapeutic area.

1. Clinical Trial Failure and Inability to Obtain Regulatory Approval: As an advanced clinical-stage biotechnology company, Kailera Therapeutics' business success is fundamentally dependent on the successful completion of clinical trials for its product candidates, especially its lead candidate ribupatide, which is in global Phase 3 trials. There is a significant risk that these trials may not demonstrate sufficient efficacy or an acceptable safety and tolerability profile, leading to failure or delays in development. Even with positive clinical data, there is no guarantee that regulatory authorities will grant approval, which would severely impact the company's ability to commercialize its treatments.

2. Intense Competition and Challenges in Market Adoption: The market for obesity management medications is highly competitive, with established and effective GLP-1-based treatments already available and gaining widespread adoption. Kailera Therapeutics needs to demonstrate that its product candidates, such as ribupatide, can offer "the greatest weight loss" with a "class-like or better" tolerability profile to differentiate itself significantly from existing options like tirzepatide. If their products do not achieve superior efficacy or a highly differentiated profile, they may struggle to gain market share and achieve significant adoption, particularly given that the "magnitude of weight reduction" is a crucial driver in therapy selection for both physicians and patients.

• Commercialization and Market Penetration of Injectable Ribupatide (KAI-9531): As Kailera Therapeutics' lead product candidate currently in global Phase 3 trials, the successful completion of these trials, regulatory approval, and subsequent launch of once-weekly injectable ribupatide are expected to be the primary drivers of revenue growth. The company anticipates this GLP-1/GIP receptor dual agonist peptide will offer significant weight loss, contributing to strong market adoption, particularly among patients with a BMI of 35+ who represent a large and growing segment of the obesity population.

• Launch and Market Acceptance of Oral Ribupatide: The development and eventual commercialization of a once-daily oral tablet formulation of ribupatide aim to expand the product franchise. This convenient oral option is designed to provide highly differentiated tolerability with compelling weight loss among oral treatments, potentially unlocking adoption for patients with more modest weight loss needs or supporting the chronic treatment journey of those with higher BMIs, thereby contributing to additional revenue streams.

• Introduction and Commercialization of KAI-7535: Kailera Therapeutics is advancing KAI-7535, a second oral product candidate described as a once-daily small molecule GLP-1 receptor agonist. The successful development and launch of KAI-7535 have the potential to improve upon the clinical profile of existing oral treatments, further diversifying the company's product portfolio and capturing market share in the growing oral obesity treatment segment.

• Advancement and Launch of KAI-4729: The company is developing KAI-4729, a once-weekly injectable GLP-1/GIP/glucagon receptor tri-agonist. This candidate leverages an incremental mechanism to potentially deliver compelling weight loss, improved liver fat reduction, and a differentiated tolerability profile. Its successful development and eventual market launch would introduce a new category-leading medication, expanding Kailera's offerings and generating new revenue.

Share Repurchases

Kailera Therapeutics' 3-Month Share Buyback Ratio was 0.00% as of December 2025, indicating no share repurchases were made.

Share Issuance

• Kailera Therapeutics priced its initial public offering (IPO) on April 16, 2026, offering 39,062,500 shares of common stock at $16.00 per share, with expected gross proceeds of $625.0 million.
• The underwriters were granted a 30-day option to purchase up to an additional 5,859,375 shares of common stock, which could result in an additional $92.8 million.

Inbound Investments

• In 2024, Kailera Therapeutics raised $400 million in a Series A venture capital round.
• The company completed a $600 million Series B financing round in October 2025, led by Bain Capital Private Equity, with participation from other investors including Adage Capital Management LP, CPP Investments, Invus, Janus Henderson Investors, Qatar Investment Authority (QIA), and Royalty Pharma.
• Prior to its IPO, Kailera Therapeutics secured over $1 billion in private funding from prominent investors like Bain Capital, Atlas Venture, and Arch Venture Partners to advance its drug pipeline.

Outbound Investments

Kailera Therapeutics has not made any investments or acquisitions to date.

Capital Expenditures

• Capital expenditures for the last 12 months (as of December 2025) totaled -$2.09 million.
• The company plans to allocate approximately $625 million from its IPO proceeds and existing cash to fund the global Phase 3 trials for injectable ribupatide through the second quarter of 2028.
• Additional capital is earmarked for advancing oral ribupatide to Phase 3 ($150 million) and progressing GLP-1 pill KAI-7535 through its planned Phase 2 study ($50 million).