Kalaris Therapeutics (KLRS)
Market Price (9/21/2026): $3.2 | Market Cap: $76.2 MilSector: Health Care | Industry: Biotechnology
Kalaris Therapeutics (KLRS)
Market Price (9/21/2026): $3.2Market Cap: $76.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -121% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -143% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -62% Key risksKLRS key risks include [1] a singular dependence on the clinical trial success of its lead product candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -121% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -143% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -62% |
| Key risksKLRS key risks include [1] a singular dependence on the clinical trial success of its lead product candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/10/2026
Kalaris Therapeutics (KLRS) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Continued Clinical Trial Challenges and Delayed Milestones for TH103. Kalaris Therapeutics experienced a significant setback with its lead drug candidate, TH103, for neovascular age-related macular degeneration (nAMD). In March 2026, the company announced a pause in patient dosing in its Phase 1 study due to observed cases of ocular inflammation (IOI), despite previous manufacturing adjustments. This issue led to a delay in the anticipated preliminary data readout for the Phase 1b/2 study, which was pushed from the second half of 2026 to the first half of 2027. Although the company reported "positive additional data" from expanded Phase 1a cohorts on July 17, 2026, which reinforced earlier findings and noted no IOI at the 2.5mg dose with adjusted manufacturing, one patient treated at the 5mg dose still experienced transient IOI. The market reacted negatively to this news, with the stock experiencing dips ranging from -4.56% to -8.05% on July 17-18, 2026, indicating ongoing concerns about the drug's safety profile and development timeline.
2. Increased Cash Burn and Sustained Operating Losses. Kalaris Therapeutics, an early-stage biopharmaceutical company without commercial revenue, continued to report significant operating losses. For fiscal Q1 2026 (ended March 31, 2026), the company reported a net loss of $10.9 million, and for fiscal Q2 2026 (ended June 30, 2026), the net loss was $11.5 million. Research and development (R&D) expenses increased from $8.4 million in Q2 2025 to $9.0 million in Q2 2026, primarily due to increased clinical expenses for TH103. The company's cash, cash equivalents, and marketable securities decreased to $93.5 million as of June 30, 2026, from $118.0 million as of December 31, 2025. This decline was largely attributed to cash used in operating activities. Over the last year, the company burned through $41 million, and its cash burn rate increased by 28%, raising concerns about long-term funding requirements and potential shareholder dilution, despite an expected cash runway into fiscal Q4 2027.
Show more
Kalaris Therapeutics (KLRS) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Continued Clinical Trial Challenges and Delayed Milestones for TH103. Kalaris Therapeutics experienced a significant setback with its lead drug candidate, TH103, for neovascular age-related macular degeneration (nAMD). In March 2026, the company announced a pause in patient dosing in its Phase 1 study due to observed cases of ocular inflammation (IOI), despite previous manufacturing adjustments. This issue led to a delay in the anticipated preliminary data readout for the Phase 1b/2 study, which was pushed from the second half of 2026 to the first half of 2027. Although the company reported "positive additional data" from expanded Phase 1a cohorts on July 17, 2026, which reinforced earlier findings and noted no IOI at the 2.5mg dose with adjusted manufacturing, one patient treated at the 5mg dose still experienced transient IOI. The market reacted negatively to this news, with the stock experiencing dips ranging from -4.56% to -8.05% on July 17-18, 2026, indicating ongoing concerns about the drug's safety profile and development timeline.
2. Increased Cash Burn and Sustained Operating Losses. Kalaris Therapeutics, an early-stage biopharmaceutical company without commercial revenue, continued to report significant operating losses. For fiscal Q1 2026 (ended March 31, 2026), the company reported a net loss of $10.9 million, and for fiscal Q2 2026 (ended June 30, 2026), the net loss was $11.5 million. Research and development (R&D) expenses increased from $8.4 million in Q2 2025 to $9.0 million in Q2 2026, primarily due to increased clinical expenses for TH103. The company's cash, cash equivalents, and marketable securities decreased to $93.5 million as of June 30, 2026, from $118.0 million as of December 31, 2025. This decline was largely attributed to cash used in operating activities. Over the last year, the company burned through $41 million, and its cash burn rate increased by 28%, raising concerns about long-term funding requirements and potential shareholder dilution, despite an expected cash runway into fiscal Q4 2027.
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Updated on 9/10/2026
Kalaris Therapeutics (KLRS) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Continued Clinical Trial Challenges and Delayed Milestones for TH103. Kalaris Therapeutics experienced a significant setback with its lead drug candidate, TH103, for neovascular age-related macular degeneration (nAMD). In March 2026, the company announced a pause in patient dosing in its Phase 1 study due to observed cases of ocular inflammation (IOI), despite previous manufacturing adjustments. This issue led to a delay in the anticipated preliminary data readout for the Phase 1b/2 study, which was pushed from the second half of 2026 to the first half of 2027. Although the company reported "positive additional data" from expanded Phase 1a cohorts on July 17, 2026, which reinforced earlier findings and noted no IOI at the 2.5mg dose with adjusted manufacturing, one patient treated at the 5mg dose still experienced transient IOI. The market reacted negatively to this news, with the stock experiencing dips ranging from -4.56% to -8.05% on July 17-18, 2026, indicating ongoing concerns about the drug's safety profile and development timeline.
2. Increased Cash Burn and Sustained Operating Losses. Kalaris Therapeutics, an early-stage biopharmaceutical company without commercial revenue, continued to report significant operating losses. For fiscal Q1 2026 (ended March 31, 2026), the company reported a net loss of $10.9 million, and for fiscal Q2 2026 (ended June 30, 2026), the net loss was $11.5 million. Research and development (R&D) expenses increased from $8.4 million in Q2 2025 to $9.0 million in Q2 2026, primarily due to increased clinical expenses for TH103. The company's cash, cash equivalents, and marketable securities decreased to $93.5 million as of June 30, 2026, from $118.0 million as of December 31, 2025. This decline was largely attributed to cash used in operating activities. Over the last year, the company burned through $41 million, and its cash burn rate increased by 28%, raising concerns about long-term funding requirements and potential shareholder dilution, despite an expected cash runway into fiscal Q4 2027.
3. Negative Analyst Sentiment and Downgrades. Despite a consensus "Moderate Buy" rating from several analysts, the period saw some critical downgrades and cautionary signals that likely contributed to the stock's decline. On June 14, 2026, Wall Street Zen downgraded Kalaris Therapeutics from a "hold" to a "sell" rating. This was followed by Weiss Ratings downgrading the stock from a "sell (d-)" to a "sell (e+)" on July 28, 2026. Furthermore, technical analysis from StockInvest.us issued a "sell signal" from a pivot top point on August 4, 2026, and a sell signal from the 3-month Moving Average Convergence Divergence (MACD) on September 6, 2026, forecasting an 11.96% further decline over the subsequent three months. These negative revisions and warnings from analytical platforms and ratings agencies likely dampened investor confidence and exerted downward pressure on the stock price.
Show less
Kalaris Therapeutics (KLRS) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Continued Clinical Trial Challenges and Delayed Milestones for TH103. Kalaris Therapeutics experienced a significant setback with its lead drug candidate, TH103, for neovascular age-related macular degeneration (nAMD). In March 2026, the company announced a pause in patient dosing in its Phase 1 study due to observed cases of ocular inflammation (IOI), despite previous manufacturing adjustments. This issue led to a delay in the anticipated preliminary data readout for the Phase 1b/2 study, which was pushed from the second half of 2026 to the first half of 2027. Although the company reported "positive additional data" from expanded Phase 1a cohorts on July 17, 2026, which reinforced earlier findings and noted no IOI at the 2.5mg dose with adjusted manufacturing, one patient treated at the 5mg dose still experienced transient IOI. The market reacted negatively to this news, with the stock experiencing dips ranging from -4.56% to -8.05% on July 17-18, 2026, indicating ongoing concerns about the drug's safety profile and development timeline.
2. Increased Cash Burn and Sustained Operating Losses. Kalaris Therapeutics, an early-stage biopharmaceutical company without commercial revenue, continued to report significant operating losses. For fiscal Q1 2026 (ended March 31, 2026), the company reported a net loss of $10.9 million, and for fiscal Q2 2026 (ended June 30, 2026), the net loss was $11.5 million. Research and development (R&D) expenses increased from $8.4 million in Q2 2025 to $9.0 million in Q2 2026, primarily due to increased clinical expenses for TH103. The company's cash, cash equivalents, and marketable securities decreased to $93.5 million as of June 30, 2026, from $118.0 million as of December 31, 2025. This decline was largely attributed to cash used in operating activities. Over the last year, the company burned through $41 million, and its cash burn rate increased by 28%, raising concerns about long-term funding requirements and potential shareholder dilution, despite an expected cash runway into fiscal Q4 2027.
3. Negative Analyst Sentiment and Downgrades. Despite a consensus "Moderate Buy" rating from several analysts, the period saw some critical downgrades and cautionary signals that likely contributed to the stock's decline. On June 14, 2026, Wall Street Zen downgraded Kalaris Therapeutics from a "hold" to a "sell" rating. This was followed by Weiss Ratings downgrading the stock from a "sell (d-)" to a "sell (e+)" on July 28, 2026. Furthermore, technical analysis from StockInvest.us issued a "sell signal" from a pivot top point on August 4, 2026, and a sell signal from the 3-month Moving Average Convergence Divergence (MACD) on September 6, 2026, forecasting an 11.96% further decline over the subsequent three months. These negative revisions and warnings from analytical platforms and ratings agencies likely dampened investor confidence and exerted downward pressure on the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -39.3% change in KLRS stock from 5/31/2026 to 9/20/2026 was primarily driven by a -0.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.27 | 3.20 | -39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 24 | 24 | -0.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| KLRS | -39.3% | |
| Market (SPY) | 0.9% | 24.2% |
| Sector (XLV) | 12.7% | 4.4% |
Fundamental Drivers
The -69.4% change in KLRS stock from 2/28/2026 to 9/20/2026 was primarily driven by a -21.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.46 | 3.20 | -69.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 19 | 24 | -21.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| KLRS | -69.4% | |
| Market (SPY) | 11.6% | 28.4% |
| Sector (XLV) | 5.5% | 8.4% |
Fundamental Drivers
The -21.6% change in KLRS stock from 8/31/2025 to 9/20/2026 was primarily driven by a -94.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.08 | 3.20 | -21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 24 | -94.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| KLRS | -21.6% | |
| Market (SPY) | 19.4% | 11.7% |
| Sector (XLV) | 24.1% | 3.0% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| KLRS | ||
| Market (SPY) | 75.6% | 14.5% |
| Sector (XLV) | 32.3% | 10.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KLRS Return | - | - | - | - | -26% | -63% | -72% |
| Peers Return | -26% | -42% | 1% | 61% | 80% | -10% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| KLRS Win Rate | - | - | - | - | 50% | 33% | |
| Peers Win Rate | 48% | 38% | 44% | 50% | 60% | 39% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| KLRS Max Drawdown | - | - | - | - | - | -71% | |
| Peers Max Drawdown | -47% | -57% | -56% | -61% | -47% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: REGN, OCUL, KOD, RGNX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
KLRS has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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KLRS has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kalaris Therapeutics (KLRS)
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Allovir, Inc. (KLRS) is a clinical-stage cell therapy company dedicated to the research and development of innovative treatments for severe viral infections. The company pioneers the creation of allogeneic, "off-the-shelf" multi-virus specific T cell (VST) therapies, designed to both prevent and treat a range of devastating viral-associated diseases.
The cornerstone of Allovir's product pipeline is posoleucel, an allogeneic VST therapy currently in clinical development. Posoleucel targets and treats multiple serious viruses, including BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus, human herpesvirus 6, and JC virus. Beyond their lead candidate, Allovir's preclinical and clinical programs include ALVR106 for common respiratory viruses like RSV and influenza, ALVR109 to address SARS-CoV-2/COVID-19, ALVR107 for hepatitis B, and ALVR108, showcasing a broad focus on critical viral threats.
Allovir's primary customers are patients at high risk of or suffering from severe viral infections, particularly those with compromised immune systems, such as transplant recipients, who face significant challenges from viral reactivations and associated complications. The company aims to provide essential preventative and therapeutic options within the global healthcare market to improve outcomes for these vulnerable populations.
```AI Analysis | Feedback
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- posoleucel: An allogeneic, off-the-shelf multi-virus specific T cell (VST) therapy designed to prevent and treat infections from BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus, human herpesvirus 6, and JC virus.
- ALVR106: A product candidate under development for respiratory syncytial virus, influenza, parainfluenza virus, and human metapneumovirus.
- ALVR109: A product candidate being developed to treat SARS-CoV-2 and COVID-19.
- ALVR107: A product candidate in development for treating hepatitis B.
- ALVR108: A preclinical and clinical development product candidate.
AI Analysis | Feedback
Kalaris Therapeutics (symbol: KLRS), which is Allovir, Inc. as described in the background, is a clinical-stage cell therapy company. Its primary activities involve the research and development of allogeneic, off-the-shelf multi-virus specific T cell (VST) therapies, with lead product candidates such as posoleucel currently undergoing preclinical and clinical development.
As a clinical-stage biopharmaceutical company, Allovir, Inc. does not yet have commercial products approved for sale on the market. Therefore, the company does not have major customers in the traditional sense of selling its therapies to individuals (patients) or other companies (e.g., hospitals, clinics, or distributors).
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Andrew Oxtoby
President and Chief Executive Officer Andrew Oxtoby has served as the President and Chief Executive Officer of Kalaris Therapeutics since March 2024 for "Legacy Kalaris" and for the combined company following its merger. Prior to joining Kalaris, he was the Chief Commercial Officer of Chinook Therapeutics, a biotechnology company that was acquired by Novartis AG in 2023. He also served as the President and CEO of Aimmune Therapeutics, Inc., leading its integration into Nestlé Health Science after its acquisition, and was previously its Chief Commercial Officer before the acquisition. Earlier in his career, Mr. Oxtoby spent 16 years at Eli Lilly and Company, holding various leadership positions in the U.S. and Europe, including Vice President of U.S. Diabetes Connected Care & Insulins.Matthew Gall
Chief Financial Officer and Treasurer Matthew Gall was appointed Chief Financial Officer and Treasurer of Kalaris Therapeutics, Inc., effective November 3, 2025. He previously held the position of Chief Financial Officer at iTeos Therapeutics from June 2020 to August 2025. Before his role at iTeos, Mr. Gall gained experience in senior corporate development and treasury roles at Sarepta Therapeutics from 2013 to 2020. He also held positions of increasing responsibility in finance and business development at Celgene Corporation and Gilead Sciences.David L. Hallal
Executive Chairman of the Board David L. Hallal serves as the Executive Chairman of the Board for Kalaris Therapeutics. He is a co-founder of ElevateBio, where he previously served as Chairman and CEO. Mr. Hallal spent over a decade at Alexion Pharmaceuticals, holding roles as Chief Executive Officer, Chief Operating Officer, and Chief Commercial Officer, and was instrumental in growing the company from a pre-commercial stage to over $3 billion in annual revenues, including leading the successful launch of Soliris for ultra-rare diseases. His commercial leadership experience also includes positions at OSI Eyetech, where he launched Macugen, at Biogen, where he led the immunology sales team to launch Amevive, and various leadership roles at Amgen.Brett R. Hagen
Chief Accounting Officer Brett R. Hagen has served as the Chief Accounting Officer of Kalaris Therapeutics, Inc. since 2025, and previously held the same role at AlloVir, Inc. His prior experience includes serving as Senior Director of Finance & Accounting at Eloxx Pharmaceuticals, Inc. in 2018. He was also Vice President of Finance at Boston Private Financial Holdings, Inc. from 2009 to 2014 and Controller at DNIB Unwind, Inc. from 2014 to 2016. Mr. Hagen also served as Chief Accounting Officer and Vice President of Finance at Proteostasis Therapeutics, Inc. in 2017.Matthew Feinsod, M.D.
Chief Medical Officer Matthew Feinsod, M.D., is the Chief Medical Officer of Kalaris Therapeutics, a role he assumed upon the closing of the merger, having previously served as Chief Medical Officer for "Legacy Kalaris" since December 2024. Dr. Feinsod was formerly the Executive Vice President of Global Strategy and Development and interim Chief Medical Officer at Applied Genetic Technologies Corp. (AGTC), a clinical-stage biotechnology company that was acquired by Syncona Limited. He co-founded and led Imagen Biotech, Inc., a venture-backed company focused on developing ophthalmology treatments. Dr. Feinsod has also held positions as Senior Vice President of Strategy and Product Development at Eyetech Pharmaceuticals, Inc. and as a medical officer in the ophthalmology division of the U.S. Food and Drug Administration.AI Analysis | Feedback
Key Risks to Kalaris Therapeutics (KLRS)
Kalaris Therapeutics (KLRS) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapeutics for prevalent retinal diseases, with its lead investigational therapy being TH103. As such, the company faces several significant risks inherent to the biotechnology industry.
- Clinical Trial Failures and Regulatory Approval Risk: As a clinical-stage company, the most significant risk to Kalaris Therapeutics is the potential for its lead product candidate, TH103, to fail in ongoing or future clinical trials, or to not receive regulatory approval. Clinical drug development is a lengthy, expensive, and uncertain process, with no guarantee that TH103 will prove safe and effective in later stages of development. For example, the Phase 1a clinical study data identified two cases of intraocular inflammation, which require close monitoring in subsequent data releases. Any setbacks in clinical trials or delays in obtaining necessary regulatory approvals would substantially harm the business and its prospects.
- Intense Market Competition: The market for anti-VEGF retinal therapies, which TH103 targets, is highly competitive and dominated by established pharmaceutical companies such as Regeneron (Eylea) and Roche (Lucentis/Vabysmo). Kalaris Therapeutics aims to differentiate TH103 through potentially longer-lasting and increased anti-VEGF activity. However, even with positive clinical data, gaining significant market share against entrenched competitors with strong commercial infrastructures and existing products will be challenging. The emergence of biosimilars and other next-generation therapies further intensifies this competitive landscape.
- Financial Sustainability and Need for Additional Capital: Kalaris Therapeutics is a pre-revenue company that has incurred significant net losses since its inception. While the company has reported a cash runway into 2027 based on its financial reports as of late 2025, clinical trials are capital-intensive, and operational spending is expected to increase as TH103 advances through development. The company will require substantial additional funding to complete the development, obtain regulatory approval, and successfully commercialize TH103. Any delays in development or commercialization could exhaust current financial resources faster than anticipated, necessitating further capital raising activities that may dilute existing shareholders.
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Kalaris Therapeutics (NASDAQ: KLRS) is a clinical-stage ophthalmology biotechnology company focused on developing therapies for neovascular retinal diseases. Its lead product candidate, TH103, is being developed to treat several conditions.
The addressable markets for Kalaris Therapeutics' main products or services are as follows:
Neovascular Age-Related Macular Degeneration (nAMD)
The global market for neovascular age-related macular degeneration (nAMD) treatment is valued at approximately USD 3.3 billion in 2025 and is projected to grow to USD 5.38 billion by 2035. In the United States, the market for treating neovascular age-related macular degeneration is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.6% from 2025 to 2035.Diabetic Macular Edema (DME)
The global diabetic macular edema (DME) market size reached approximately USD 5.4 billion in 2023 and is expected to grow to USD 7.5 billion by 2034. For the U.S. specifically, the DME market was estimated at approximately USD 1.3 billion in 2023.Retinal Vein Occlusion (RVO)
The global retinal vein occlusion (RVO) treatment market size was estimated at approximately USD 2.48 billion in 2022 and is projected to reach USD 4.18 billion by 2030. In the United States, the RVO market was approximately USD 1.61 billion in 2022.AI Analysis | Feedback
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Share Issuance
- In March 2025, as a result of the merger with AlloVir, pre-merger Kalaris stockholders received approximately 74.47% and pre-merger AlloVir stockholders received approximately 25.53% of the combined company's outstanding common stock on a fully-diluted basis.
- Kalaris Therapeutics announced an oversubscribed private placement in December 2025 to raise approximately $50.0 million gross, which included the issuance of 4,200,000 common shares and 800,000 pre-funded warrants.
Inbound Investments
- Upon the completion of the merger in March 2025, the combined company, Kalaris Therapeutics, had approximately $100 million in cash.
- In December 2025, Kalaris Therapeutics received approximately $50.0 million gross from an oversubscribed private placement.
Capital Expenditures
- The approximately $100 million in cash obtained from the merger in March 2025 is expected to fund the combined company's operating expenses and capital expenditure requirements into the fourth quarter of 2026.
- As of September 30, 2025, Kalaris had $77.0 million in cash, cash equivalents, and short-term investments, which is expected to fund operations into 2027.
- The company's activities are primarily focused on research and development, with substantially all operating expenses related to R&D activities and general corporate functions, often carried out through third-party contractors.
Peer Outperformance in Biotechnology
nullShare of Biotechnology constituents that KLRS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
36%
of 455 industry peers · -29.5% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is KLRS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.2% | 90.1% | CAH 392% · MCK 346% · COR 168% |
| Managed Health Care | 8 | 40.4% | -5.3% | 2.3% | OSCR 84% · HQY 56% · ELV 17% |
| Health Care Services | 20 | 21.1% | 37.6% | -0.3% | HIMS 239% · RDNT 173% · DGX 76% |
| Health Care Facilities | 24 | 6.0% | 6.5% | -4.5% | NHC 271% · THC 261% · ENSG 129% |
| Health Care Equipment | 50 | -2.7% | -0.2% | -21.1% | POCI 11050% · UFPT 341% · GKOS 222% |
| Pharmaceuticals | 62 | -10.5% | 14.8% | -38.6% | LQDA 2472% · INDV 1099% · ETON 1051% |
| Health Care Supplies | 12 | 14.1% | -8.9% | -39.7% | LNTH 287% · HAE 54% · MMSI 20% |
| Life Sciences Tools & Services | 109 | 4.3% | -11.3% | -68.4% | SNWV 1757% · MEDP 231% · NTRA 199% |
| Health Care Technology | 21 | -25.8% | -52.6% | -79.2% | SPOK 68% · HSTM 3% · VEEV -13% |
| Biotechnology ← | 364 | 0.6% | -21.7% | -79.4% | CELZ 1280% · DNTH 1221% · ELVN 1069% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kalaris Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.99 |
| Mkt Cap | 2.0 |
| Rev LTM | 52 |
| Op Inc LTM | -164 |
| FCF LTM | -160 |
| FCF 3Y Avg | -160 |
| CFO LTM | -159 |
| CFO 3Y Avg | -151 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.3% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 16.7% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | 0.3% |
| Op Inc Chg 3Y Avg | 1.7% |
| Op Mgn LTM | -94.1% |
| Op Mgn 3Y Avg | -158.9% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | -141.4% |
| CFO/Rev 3Y Avg | -137.5% |
| FCF/Rev LTM | -143.1% |
| FCF/Rev 3Y Avg | -140.0% |
Price Behavior
Price Behavior
| Market Price | $3.20 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/30/2020 | |
| Distance from 52W High | -70.9% | |
| 50 Days | 200 Days | |
| DMA Price | $3.91 | $6.36 |
| DMA Trend | down | down |
| Distance from DMA | -18.1% | -49.7% |
| 3M | 1YR | |
| Volatility | 64.2% | 99.0% |
| Downside Capture | 244.51 | 174.59 |
| Upside Capture | 13.32 | 103.91 |
| Correlation (SPY) | 29.7% | 13.1% |
KLRS Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.83 | 2.13 | 0.90 | 1.34 | 0.89 | 0.06 |
| Up Beta | 6.83 | 5.27 | 3.94 | 1.90 | 0.53 | -0.80 |
| Down Beta | -0.88 | 0.45 | 0.40 | 1.46 | 0.57 | -0.57 |
| Up Capture | 331% | 65% | -54% | -9% | 110% | 8% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 28 | 54 | 113 | 160 |
| Down Capture | 150% | 190% | 68% | 192% | 123% | 94% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 22 | 35 | 72 | 135 | 197 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KLRS | |
|---|---|---|---|---|
| KLRS | -28.0% | 98.5% | 0.11 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 3.5% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 13.0% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 19.5% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -3.5% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 7.0% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KLRS | |
|---|---|---|---|---|
| KLRS | -22.8% | 100.4% | -0.42 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 11.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 14.6% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 14.1% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -0.5% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 11.6% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KLRS | |
|---|---|---|---|---|
| KLRS | -12.2% | 100.4% | -0.42 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 11.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 14.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 14.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -0.5% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 11.6% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.8% | 0.5% | -11.9% |
| 5/12/2026 | 1.3% | 0.2% | -12.1% |
| 3/17/2026 | -3.3% | -26.2% | -33.4% |
| 11/12/2025 | -2.2% | 27.2% | 75.0% |
| 8/13/2025 | -8.4% | 3.2% | 71.9% |
| 5/14/2025 | 4.0% | 2.5% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 5 | 2 |
| # Negative | 3 | 1 | 4 |
| Median Positive | 1.3% | 2.5% | 73.4% |
| Median Negative | -3.3% | -26.2% | -13.6% |
| Max Positive | 4.0% | 27.2% | 75.0% |
| Max Negative | -8.4% | -26.2% | -33.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.8% | 0.5% | -11.9% |
| 5/12/2026 | 1.3% | 0.2% | -12.1% |
| 3/17/2026 | -3.3% | -26.2% | -33.4% |
| 11/12/2025 | -2.2% | 27.2% | 75.0% |
| 8/13/2025 | -8.4% | 3.2% | 71.9% |
| 5/14/2025 | 4.0% | 2.5% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 5 | 2 |
| # Negative | 3 | 1 | 4 |
| Median Positive | 1.3% | 2.5% | 73.4% |
| Median Negative | -3.3% | -26.2% | -13.6% |
| Max Positive | 4.0% | 27.2% | 75.0% |
| Max Negative | -8.4% | -26.2% | -33.4% |
Insider Activity
Updated 8/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 5222026 | 4.83 | 244,300 | 1,179,969 | 10,742,630 | Form | |
| 2 | Hagen, Brett R | Chief Accounting Officer | Direct | Sell | 3232026 | 6.72 | 1,915 | Form | ||
| 3 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 2172026 | 10.42 | 479,847 | 5,000,006 | 20,630,006 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 5222026 | 4.83 | 244,300 | 1,179,969 | 10,742,630 | Form | |
| 2 | Hagen, Brett R | Chief Accounting Officer | Direct | Sell | 3232026 | 6.72 | 1,915 | Form | ||
| 3 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 2172026 | 10.42 | 479,847 | 5,000,006 | 20,630,006 | Form |
Investor Activity (13F)
Updated Sep 21, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/20/2026