null

I am unable to identify the major products for Kalaris Therapeutics (symbol: KLRS) as I cannot find a real public company with this name and stock symbol in my knowledge base, indicating it may be fictional or hypothetical.

Kalaris Therapeutics (symbol: KLRS) is a clinical-stage biotechnology company focused on developing novel therapies for various conditions. As of its latest public filings, Kalaris Therapeutics has not commercialized any products and has not generated any revenue from product sales to date.

Therefore, Kalaris Therapeutics does not currently have major customers in the traditional sense of companies or individuals purchasing its products.

null

Andrew Oxtoby, CEO & Director

Andrew Oxtoby has served as President and Chief Executive Officer of Kalaris Therapeutics since March 2024. Prior to joining Kalaris, he was the chief commercial officer of Chinook Therapeutics, which was acquired by Novartis AG, from February 2023 to September 2023. He also served as President and CEO of Aimmune Therapeutics, Inc., acquired by Nestle Health Science, from October 2020 to December 2022. His experience also includes time at Eli Lilly.

Matthew Gall, MBA, CFO & Treasurer

Matthew Gall was appointed Chief Financial Officer of Kalaris Therapeutics, effective November 3, 2025. He previously served as CFO of iTeos Therapeutics from June 2020 to August 2025, where he managed business development and overall financial operations and strategy. Before iTeos, Mr. Gall held various finance and business development roles at Sarepta Therapeutics (including Senior Vice President of Corporate Development), Celgene Corporation, and Gilead Sciences. He holds a Bachelor of Science in Business Administration and an MBA from The University of Chicago.

Matthew Feinsod, MD, CMO

Matthew Feinsod brings extensive experience from his previous roles at organizations such as the FDA, Eyetech, Imagen, and AGTC.

Kristine Curtiss, SVP Clinical

Kristine Curtiss's background includes leadership positions in clinical development at iSTAR Medical, Iveric Bio, and PanOptica.

Brett Hagen, CPA, SVP Finance & CAO

Brett Hagen serves as the Senior Vice President of Finance and Chief Accounting Officer. His prior experience includes roles at AlloVir Inc., Eloxx, and Proteostasis Therapeutics.

The key risks to Kalaris Therapeutics (KLRS) are primarily centered around its clinical-stage nature, financial stability, and stock volatility.

1. Clinical Trial Dependence and Binary Event Risk: As a clinical-stage ophthalmology biotech company, Kalaris Therapeutics' business success and valuation are heavily reliant on the successful development and regulatory approval of its lead product candidate, TH103. The company is currently evaluating TH103 in Phase 1 clinical trials for neovascular age-related macular degeneration (nAMD), with initial clinical data from the Phase 1a trial expected by the end of 2025. The outcome of these trials represents a "make-or-break moment," where positive data could be transformative and attract partnerships, while a setback could lead to significant financial challenges, dilution, or even failure. The biotech sector generally carries high risks, with a high percentage of early-stage therapies failing in Phase 1 or 2.
2. Financial Health and Cash Burn: Kalaris Therapeutics is currently unprofitable and generates minimal to no revenue. While the company had a cash balance of $77.0 million as of September 30, 2025, which management anticipates will fund operations into 2027, its research and development (R&D) and general and administrative (G&A) expenses have been increasing significantly. For example, R&D expenses surged by 200% year-over-year in Q1 2025, and G&A expenses increased by 650% in the same period, contributing to an accelerated net loss. This accelerated cash burn raises concerns that the company's cash runway may be shorter than projected, potentially necessitating dilutive financing rounds sooner than expected. Earnings are also forecast to decline, and the company is not expected to become profitable within the next three years.
3. Stock Price Volatility: Kalaris Therapeutics' share price has exhibited high volatility. The stock's weekly volatility is reported to be higher than 75% of US stocks, indicating significant fluctuations over short periods. This high volatility presents a considerable risk for investors, as the value of their investment could change rapidly and substantially.

1. Advancement and Positive Clinical Trial Results for TH103 in Neovascular Age-related Macular Degeneration (nAMD): The primary driver of future revenue growth hinges on the successful progression of TH103, a novel anti-vascular endothelial growth factor (VEGF) therapy, through clinical trials. Kalaris Therapeutics is currently evaluating TH103 in a Phase 1 clinical trial for nAMD, with initial clinical data from the first part of the trial expected in the fourth quarter of 2025. Positive results and the subsequent initiation of a Phase 2 clinical trial would significantly de-risk the asset and move it closer to potential commercialization, laying the groundwork for future revenue.
2. Expansion of TH103's Clinical Development into Additional Retinal Diseases: Beyond nAMD, Kalaris plans to explore the development of TH103 for other significant retinal diseases, including diabetic macular edema (DME) and retinal vein occlusion (RVO). Expanding the therapeutic indications for TH103 would broaden its potential market reach, increasing the addressable patient population and, consequently, its long-term revenue potential.
3. Demonstration of Differentiated Treatment Profile for TH103: TH103 is engineered to potentially provide longer-lasting and increased anti-VEGF activity compared to existing therapies. If clinical data confirms this differentiated profile, offering patients a potentially more effective treatment or one requiring less frequent injections, TH103 could capture a substantial market share upon approval, thereby driving significant future revenue.
4. Strategic Partnerships or Licensing Agreements for TH103: While the recent merger with AlloVir strengthened Kalaris's financial position to fund operations and clinical development, future strategic collaborations or licensing agreements for TH103 could serve as a driver for future revenue. Such partnerships could provide non-dilutive funding, leverage established commercial infrastructures for broader market access, and accelerate the development and potential launch of TH103, ultimately contributing to revenue generation post-approval.

Share Issuance

• In March 2025, Kalaris Therapeutics issued an aggregate of 13,634,744 shares of its common stock to Legacy Kalaris securityholders as part of its merger with AlloVir, Inc.. This resulted in approximately 18,702,413 shares of the combined company's common stock being outstanding immediately after the merger.
• In October and November 2024, Kalaris received $10.0 million from initial closings of a convertible note financing which converted into shares.
• In January 2025, Legacy Kalaris issued convertible promissory notes totaling $7.5 million, with $3.75 million funded by AlloVir and $3.75 million by existing Kalaris stockholders, which converted into shares immediately prior to the merger.

Inbound Investments

• Upon the closing of the merger with AlloVir, Inc. in March 2025, the combined company had approximately $100 million in cash and cash equivalents.
• In October and November 2024, Kalaris received $10.0 million in initial closings of a convertible note financing.
• In January 2025, AlloVir provided $3.75 million to Legacy Kalaris under a convertible promissory note.

Capital Expenditures

• The approximately $100 million in cash and cash equivalents obtained from the merger in March 2025 is expected to fund Kalaris Therapeutics' operating expenses and capital expenditure requirements into the fourth quarter of 2026.
• The primary focus of capital allocation, including implied capital expenditures, is on advancing the development and commercialization of TH103, a novel anti-VEGF investigational therapy for retinal diseases, and supporting its clinical trials.