Kalaris Therapeutics, Inc.
KLRS evidence brief
What we can confirm
- BioSniper Score:
- 7.8 / 10
- Market Cap:
- $80.5M
- Lead Asset:
- alvr106 (Phase 1)
What it means
What to watch
Prepared research question
What matters most for KLRS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KLRS
Kalaris Therapeutics, Inc. (KLRS) is a clinical-stage biopharmaceutical company developing TH103, a dual-action anti-VEGF therapeutic for prevalent retinal diseases, with ongoing Phase 1b/2 trials and cash to fund operations into late 2027.
Key risk: Clinical trial delays
BioSniper Score
Based on 4 of 6 signals
Market Cap
$80.5M
Cash Runway
—
Lead Asset
alvr106 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates for Kalaris Therapeutics, Inc..
Kalaris Therapeutics, Inc. (KLRS) is a clinical-stage biopharmaceutical company developing TH103, a dual-action anti-VEGF therapeutic for prevalent retinal diseases, with ongoing Phase 1b/2 trials and cash to fund operations into late 2027.
- Kalaris is a clinical-stage biopharmaceutical company focused on retinal diseases, with lead candidate TH103 [news · published 2026-08-31].
- As of June 30, 2026, the company reported cash, cash equivalents and marketable securities of $93.5 million, expected to fund operations into Q4 2027 [news · published 2026-08-11].
- Latest reported financials (as of 2026-06-30) show cash & equivalents of $43.2M, net income of -$11.5M, and shareholders' equity of $57.7M [sec].
- Preliminary data from the ongoing Phase 1b/2 study of TH103 are anticipated in the first half of 2027 [news · published 2026-08-11].
- Potential Phase 3 clinical trials for TH103 are on track for initiation by year-end 2027 [news · published 2026-08-11].
What works
- TH103 has shown positive Phase 1a single ascending dose results in expanded neovascular AMD cohorts, reinforcing earlier findings on BCVA, OCT, pharmacokinetics, and time-to-retreatment [news · published 2026-07-17].
- The company has a cash runway into Q4 2027, which is expected to fund operations through key clinical milestones [news · published 2026-08-11].
- Kalaris is presenting at major industry conferences (e.g., Morgan Stanley Global Healthcare Conference), indicating active engagement with the investment and scientific communities [news · published 2026-08-31].
What to weigh
- The company is pre-revenue and reported a net loss of $11.5M for the period ending June 30, 2026, with no approved products [sec].
- Achieving profitability depends heavily on the successful development and eventual commercialization of TH103, which may never occur [sec_mda · as of 2026-03-17].
- The company will need substantial additional funding to continue operations beyond the current cash runway, as expenses are expected to increase with clinical development [sec_mda · as of 2026-03-17].
- Clinical development and regulatory approval of TH103 involve significant risks, including potential delays in trial completion and patient enrollment [sec · filed 2026-07-17].
From the filings
Quoted directly from source documents.
Cash position and runway
“$93.5 million in cash, cash equivalents and marketable securities as of June 30, 2026 is expected to fund operations into the fourth quarter of 2027 and through key clinical milestones”
News · August 11, 2026
Phase 1b/2 preliminary data timeline
“preliminary data anticipated in 1H 2027”
News · August 11, 2026
Phase 3 initiation timeline
“Potential Phase 3 clinical trials remain on track for initiation by year-end 2027”
News · August 11, 2026
Risk of never achieving profitability
“to achieve profitability will depend heavily on the successful development and eventual commercialization of our product candidate, which may never occur”
SEC MD&A · March 17, 2026
Risks & what to watch (3)›
Key risks
- Clinical trial delays — Potential delays in completion of clinical trials and patient enrollment for TH103 [sec · filed 2026-07-17]
- Funding dependency
- No approved products
What to watch
- Preliminary data from the Phase 1b/2 study of TH103, expected in 1H 2027 [news · published 2026-08-11].
- Initiation of Phase 3 clinical trials for TH103, targeted by year-end 2027 [news · published 2026-08-11].
- Cash runway and any subsequent financing rounds as the company approaches late 2027 [news · published 2026-08-11].
- Regulatory discussions and potential expansion of TH103 into other retinal indications [sec_mda · as of 2026-03-17].
Sources: News · Pipeline · SEC filings · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.73 · 0% dilution
Lead: Phase 3
4 candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
58
Total value held
$107.9M
| Holder | Shares | Value |
|---|---|---|
| samsara biocapital, llc | 12,948,081 | $74.7M |
| rtw investments, lp | 1,300,000 | $7.5M |
| paradigm biocapital advisors lp | 700,000 | $4.0M |
| alyeska investment group, l.p. | 572,687 | $3.3M |
| siren, l.l.c. | 435,798 | $2.5M |
| ikarian capital, llc | 360,000 | $2.1M |
| propel bio management, llc | 295,771 | $1.7M |
| kalehua capital management llc | 271,170 | $1.6M |
| vanguard capital management llc | 255,348 | $1.5M |
| raymond james financial inc | 118,887 | $686K |
Showing top 10 of 58 institutional holders of Kalaris Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 9.4%
- Days to cover
- 10.6
- Shares short
- 842,687
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KLRS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Kalaris Therapeutics, Inc.?
Kalaris Therapeutics, Inc. (KLRS) is a clinical-stage biopharmaceutical company developing TH103, a dual-action anti-VEGF therapeutic for prevalent retinal diseases, with ongoing Phase 1b/2 trials and cash to fund operations into late 2027.
What is Kalaris Therapeutics, Inc.'s lead drug candidate?
Kalaris Therapeutics, Inc.'s most advanced tracked candidate is alvr106 (Phase 1) for respiratory diseases caused by human metapneumovirus, influenza, parainfluenza virus, and respiratory syncytial virus.
Who is the CEO of Kalaris Therapeutics, Inc.?
Mr. Andrew Oxtoby is the chief executive officer of Kalaris Therapeutics, Inc. (KLRS).
Where is Kalaris Therapeutics, Inc. headquartered?
Kalaris Therapeutics, Inc. (KLRS) is headquartered in Berkeley Heights, NJ, United States.
What therapeutic areas does Kalaris Therapeutics, Inc. focus on?
Kalaris Therapeutics, Inc. develops therapies across Oncology, Ophthalmology, Infectious Disease, Respiratory.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.