Kalaris Therapeutics (KLRS)
Market Price (11/6/2026): $2.36 | Market Cap: $56.2 MilSector: Health Care | Industry: Biotechnology
Kalaris Therapeutics (KLRS)
Market Price (11/6/2026): $2.36Market Cap: $56.2 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 -164% 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 -114%, 3Y Excs Rtn is -163% | 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 -83% 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 -164% |
| 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 -114%, 3Y Excs Rtn is -163% |
| 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 -83% |
| 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 11/5/2026
Kalaris Therapeutics (KLRS) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Delay in Key Clinical Trial Readout for Lead Candidate TH103.
Kalaris Therapeutics announced on August 11, 2026, that preliminary data from its Phase 1b/2 study of TH103, its lead investigational therapy for neovascular age-related macular degeneration, is now anticipated in the first half of 2027. This represents a delay from earlier expectations, which had guided for an initial readout in the second half of 2026. Furthermore, the initiation of potential Phase 3 clinical trials for TH103 remains on track for year-end 2027. This extended timeline for critical clinical milestones likely contributed to negative investor sentiment, as delays in drug development for a clinical-stage company can push out potential market entry and revenue generation.
2. Muted Investor Reaction to Q2 2026 Earnings Despite Narrower Loss.
On August 11, 2026, Kalaris Therapeutics reported its financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced a net loss of $0.48 per share, which was narrower than the consensus analyst estimate of -$0.50 per share. Despite beating analyst expectations for its bottom line, Kalaris's shares declined by 1.46% to 4.5% immediately following the report. As a pre-revenue biotechnology company, investors often seek significant positive catalysts beyond just beating loss estimates, such as accelerated clinical progress or strategic partnerships, which were not provided in the Q2 2026 update.
Show more
Kalaris Therapeutics (KLRS) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Delay in Key Clinical Trial Readout for Lead Candidate TH103.
Kalaris Therapeutics announced on August 11, 2026, that preliminary data from its Phase 1b/2 study of TH103, its lead investigational therapy for neovascular age-related macular degeneration, is now anticipated in the first half of 2027. This represents a delay from earlier expectations, which had guided for an initial readout in the second half of 2026. Furthermore, the initiation of potential Phase 3 clinical trials for TH103 remains on track for year-end 2027. This extended timeline for critical clinical milestones likely contributed to negative investor sentiment, as delays in drug development for a clinical-stage company can push out potential market entry and revenue generation.
2. Muted Investor Reaction to Q2 2026 Earnings Despite Narrower Loss.
On August 11, 2026, Kalaris Therapeutics reported its financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced a net loss of $0.48 per share, which was narrower than the consensus analyst estimate of -$0.50 per share. Despite beating analyst expectations for its bottom line, Kalaris's shares declined by 1.46% to 4.5% immediately following the report. As a pre-revenue biotechnology company, investors often seek significant positive catalysts beyond just beating loss estimates, such as accelerated clinical progress or strategic partnerships, which were not provided in the Q2 2026 update.
Show more
Updated on 11/5/2026
Kalaris Therapeutics (KLRS) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Delay in Key Clinical Trial Readout for Lead Candidate TH103.
Kalaris Therapeutics announced on August 11, 2026, that preliminary data from its Phase 1b/2 study of TH103, its lead investigational therapy for neovascular age-related macular degeneration, is now anticipated in the first half of 2027. This represents a delay from earlier expectations, which had guided for an initial readout in the second half of 2026. Furthermore, the initiation of potential Phase 3 clinical trials for TH103 remains on track for year-end 2027. This extended timeline for critical clinical milestones likely contributed to negative investor sentiment, as delays in drug development for a clinical-stage company can push out potential market entry and revenue generation.
2. Muted Investor Reaction to Q2 2026 Earnings Despite Narrower Loss.
On August 11, 2026, Kalaris Therapeutics reported its financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced a net loss of $0.48 per share, which was narrower than the consensus analyst estimate of -$0.50 per share. Despite beating analyst expectations for its bottom line, Kalaris's shares declined by 1.46% to 4.5% immediately following the report. As a pre-revenue biotechnology company, investors often seek significant positive catalysts beyond just beating loss estimates, such as accelerated clinical progress or strategic partnerships, which were not provided in the Q2 2026 update.
3. Increased Research and Development Expenses Amidst Declining Cash Reserves.
For fiscal Q2 2026, Kalaris Therapeutics' research and development expenses increased to $9.0 million, up from $8.4 million in Q2 2025, primarily driven by higher clinical and contract research organization costs associated with advancing the TH103 clinical program. Concurrently, the company's cash, cash equivalents, and marketable securities decreased from $118.0 million as of December 31, 2025, to $93.5 million as of June 30, 2026. While the company stated this cash position is expected to fund operations into the fourth quarter of 2027, the burn rate and increased R&D spending, combined with the extended clinical timelines, may have raised concerns among investors about future financing needs for its clinical-stage pipeline.
Show less
Kalaris Therapeutics (KLRS) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Delay in Key Clinical Trial Readout for Lead Candidate TH103.
Kalaris Therapeutics announced on August 11, 2026, that preliminary data from its Phase 1b/2 study of TH103, its lead investigational therapy for neovascular age-related macular degeneration, is now anticipated in the first half of 2027. This represents a delay from earlier expectations, which had guided for an initial readout in the second half of 2026. Furthermore, the initiation of potential Phase 3 clinical trials for TH103 remains on track for year-end 2027. This extended timeline for critical clinical milestones likely contributed to negative investor sentiment, as delays in drug development for a clinical-stage company can push out potential market entry and revenue generation.
2. Muted Investor Reaction to Q2 2026 Earnings Despite Narrower Loss.
On August 11, 2026, Kalaris Therapeutics reported its financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced a net loss of $0.48 per share, which was narrower than the consensus analyst estimate of -$0.50 per share. Despite beating analyst expectations for its bottom line, Kalaris's shares declined by 1.46% to 4.5% immediately following the report. As a pre-revenue biotechnology company, investors often seek significant positive catalysts beyond just beating loss estimates, such as accelerated clinical progress or strategic partnerships, which were not provided in the Q2 2026 update.
3. Increased Research and Development Expenses Amidst Declining Cash Reserves.
For fiscal Q2 2026, Kalaris Therapeutics' research and development expenses increased to $9.0 million, up from $8.4 million in Q2 2025, primarily driven by higher clinical and contract research organization costs associated with advancing the TH103 clinical program. Concurrently, the company's cash, cash equivalents, and marketable securities decreased from $118.0 million as of December 31, 2025, to $93.5 million as of June 30, 2026. While the company stated this cash position is expected to fund operations into the fourth quarter of 2027, the burn rate and increased R&D spending, combined with the extended clinical timelines, may have raised concerns among investors about future financing needs for its clinical-stage pipeline.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -32.8% change in KLRS stock from 7/31/2026 to 11/5/2026 was primarily driven by a -0.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.51 | 2.36 | -32.8% |
| 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
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| KLRS | -32.8% | |
| Market (SPY) | -1.9% | 0.3% |
| Sector (XLV) | 13.8% | 2.9% |
Fundamental Drivers
The -57.2% change in KLRS stock from 4/30/2026 to 11/5/2026 was primarily driven by a -21.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.52 | 2.36 | -57.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 19 | 24 | -21.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| KLRS | -57.2% | |
| Market (SPY) | 2.3% | 3.7% |
| Sector (XLV) | 27.2% | 1.5% |
Fundamental Drivers
The -53.1% change in KLRS stock from 10/31/2025 to 11/5/2026 was primarily driven by a -94.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.03 | 2.36 | -53.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 24 | -94.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| KLRS | -53.1% | |
| Market (SPY) | 8.4% | 5.1% |
| Sector (XLV) | 29.8% | 2.8% |
Fundamental Drivers
nullnull
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| KLRS | ||
| Market (SPY) | 81.3% | 11.8% |
| Sector (XLV) | 55.5% | 9.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KLRS Return | - | - | - | - | -26% | -72% | -79% |
| Peers Return | -26% | -42% | 1% | 61% | 80% | 37% | 70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| KLRS Win Rate | - | - | - | - | 50% | 36% | |
| Peers Win Rate | 48% | 38% | 44% | 50% | 60% | 41% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| KLRS Max Drawdown | - | - | - | - | - | -84% | |
| Peers Max Drawdown | -47% | -57% | -56% | -61% | -47% | -44% | |
| 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 11/5/2026 (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
Actively managed asset allocation strategies protect wealth. Learn more.
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)
```html
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
null
AI Analysis | Feedback
- 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).
AI Analysis | Feedback
null
AI Analysis | Feedback
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.
AI Analysis | Feedback
null
AI Analysis | Feedback
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
null
AI Analysis | Feedback
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
32%
of 452 industry peers · -52.8% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
null
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 | 7.6% | 56.6% | 93.6% | CAH 498% · MCK 396% · COR 181% |
| Health Care Services | 20 | 33.8% | 28.8% | 6.1% | HIMS 189% · RDNT 125% · DGX 100% |
| Health Care Facilities | 25 | 13.9% | 27.4% | -1.4% | THC 280% · NHC 210% · EHC 186% |
| Managed Health Care | 8 | 47.9% | 1.6% | -2.2% | OSCR 95% · HQY 52% · ELV 10% |
| Health Care Equipment | 50 | 11.0% | 17.8% | -17.6% | UFPT 355% · GKOS 286% · PLSE 127% |
| Pharmaceuticals | 61 | -12.9% | 10.6% | -37.3% | LQDA 977% · XERS 571% · KNSA 500% |
| Health Care Supplies | 11 | 23.9% | 17.0% | -40.1% | LNTH 248% · HAE 66% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -8.1% | -18.9% | -74.5% | AXGN 255% · NTRA 214% · MEDP 181% |
| Biotechnology ← | 364 | -25.8% | -36.1% | -82.0% | ELVN 1073% · TRVI 995% · DNTH 956% |
| Health Care Technology | 21 | -21.4% | -50.4% | -82.8% | VEEV -3% · DOCS -51% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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 | 7.36 |
| Mkt Cap | 1.5 |
| Rev LTM | 52 |
| Op Inc LTM | -185 |
| FCF LTM | -155 |
| FCF 3Y Avg | -147 |
| CFO LTM | -152 |
| CFO 3Y Avg | -140 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.6% |
| Rev Chg 3Y Avg | 9.1% |
| Rev Chg Q | 0.1% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | -18.8% |
| Op Inc Chg 3Y Avg | 6.1% |
| Op Mgn LTM | -120.4% |
| Op Mgn 3Y Avg | -168.5% |
| QoQ Delta Op Mgn LTM | -26.3% |
| CFO/Rev LTM | -98.8% |
| CFO/Rev 3Y Avg | -126.3% |
| FCF/Rev LTM | -100.6% |
| FCF/Rev 3Y Avg | -128.5% |
Price Behavior
Price Behavior
| Market Price | $2.36 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/30/2020 | |
| Distance from 52W High | -78.5% | |
| 50 Days | 200 Days | |
| DMA Price | $2.79 | $5.26 |
| DMA Trend | down | down |
| Distance from DMA | -15.3% | -55.1% |
| 3M | 1YR | |
| Volatility | 65.8% | 86.6% |
| Downside Capture | 424.19 | 155.87 |
| Upside Capture | 16.09 | 32.57 |
| Correlation (S&P 500) | 26.2% | 12.2% |
KLRS Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.95 | 2.00 | 2.69 | 1.28 | 0.85 | -0.49 |
| Up Beta | -12.34 | -0.87 | 3.71 | 2.71 | 0.78 | -1.09 |
| Down Beta | 2.17 | 3.22 | 3.15 | 1.27 | 0.82 | -0.82 |
| Up Capture | -50% | -36% | 85% | -29% | 23% | 7% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 6 | 11 | 21 | 49 | 105 | 171 |
| Down Capture | 418% | 391% | 328% | 189% | 130% | 104% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 16 | 32 | 42 | 76 | 143 | 229 |
[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 | -50.0% | 86.6% | -0.43 | - |
| Sector ETF (XLV) | 29.2% | 16.9% | 1.33 | 3.0% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 4.6% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 18.8% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -7.3% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 4.1% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 8.8% |
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 | -27.4% | 99.0% | -0.56 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 9.6% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 11.9% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 14.5% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -0.8% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 10.1% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 9.3% |
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 | -14.8% | 99.0% | -0.56 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.60 | 9.6% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 11.9% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 14.5% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | -0.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 10.1% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 9.3% |
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 Nov 6, 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 |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 11/5/2026