Kalaris Therapeutics, Inc. KLRS
We are a clinical stage biopharmaceutical company dedicated to the development and commercialization of treatments for prevalent retinal diseases with major unmet medical needs.
We are developing TH103, a novel, clinical stage anti-vascular endothelial growth factor ("VEGF") drug, specifically engineered to achieve extended intraocular retention with enhanced VEGF inhibition in patients with exudative and/or neovascular retinal diseases. TH103 is a fully humanized recombinant fusion protein, functioning as a "decoy receptor" (a VEGF trap), leveraging salient molecular properties of the human body's native, highest affinity VEGF receptor 1. In head-to-head preclinical studies, TH103 showed more anti-VEGF activity and longer duration of activity compared to aflibercept, the current market-leading anti-VEGF agent, which also functions as a decoy receptor VEGF trap but differs from TH103 in key molecular elements. In December 2025, we reported initial data from our Phase 1a single ascending dose ("SAD") trial of TH103 in treatment-naïve neovascular Age-related Macular Degeneration ("nAMD") patients that showed TH103 was generally well tolerated and exhibited improvements on functional and anatomical outcomes at 1-month post-dosing. Preliminary single dose pharmacokinetic data from the Phase 1a trial also provide evidence that TH103 may offer extended treatment durability after a standard four-dose loading regimen.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $165.0K | — |
| R&D | $30.8M | $45.0M | $133.1M | $118.9M | $120.7M | $49.7M | $16.2M | — |
| SG&A | $15.4M | $6.7M | $48.3M | $52.3M | $49.1M | $21.6M | $10.6M | — |
| Total operating expenses | $46.2M | $51.7M | $199.9M | $171.2M | $169.8M | $71.3M | $26.9M | — |
| Operating income | -$46.2M | -$51.7M | -$199.9M | -$171.2M | -$169.8M | -$71.3M | -$26.7M | — |
| Interest expense | $1.4M | $2.7M | — | — | — | — | — | — |
| Pre-tax income | -$43.4M | -$69.2M | -$190.5M | -$169.0M | -$171.0M | -$69.8M | -$23.8M | — |
| Income tax | $0 | $0 | $126.0K | $265.0K | $1.0M | — | — | — |
| Net income | -$43.4M | -$69.2M | -$190.4M | -$168.7M | -$172.0M | -$69.8M | -$23.8M | — |
| EPS, basic | -2.85 | -51.77 | -42.09 | -2.20 | -2.74 | — | — | — |
| EPS, diluted | -2.85 | -51.77 | -42.09 | -2.20 | -2.74 | -2.59 | -18.54 | — |
| Shares, diluted (wtd. avg.) | 15.3M | 1.3M | 4.5M | 76.7M | 62.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.1M | $1.6M | $90.1M | $106.1M | $201.7M | $122.7M | $61.1M | — |
| Short-term investments | $19.9M | $0 | $93.8M | $127.7M | $46.5M | $233.7M | $65.0M | — |
| Total current assets | $118.8M | $2.6M | $187.6M | $243.1M | $253.3M | $361.3M | $127.3M | — |
| Property, plant and equipment | — | — | — | $930.0K | $1.5M | $812.0K | $350.0K | — |
| Total assets | $121.7M | $6.2M | $190.8M | $277.1M | $286.6M | $370.8M | $139.4M | — |
| Accounts payable | $1.3M | $1.6M | $6.8M | $3.0M | $8.4M | $963.0K | $630.0K | — |
| Total current liabilities | $9.7M | $24.7M | $28.4M | $24.3M | $37.9M | $12.3M | $9.1M | — |
| Total liabilities | $42.9M | $56.8M | $45.0M | $52.6M | $61.3M | $17.8M | $17.8M | — |
| Retained earnings | -$160.0M | -$116.6M | -$656.2M | -$465.8M | -$297.1M | -$125.1M | -$55.3M | — |
| Total equity | $78.8M | -$96.6M | -$45.0M | $224.5M | $225.3M | $353.1M | -$51.5M | -$30.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.4M | -$20.7M | -$124.5M | -$142.1M | -$106.3M | -$60.8M | -$20.2M | — |
| Depreciation and amortisation | $13.0K | — | $398.0K | $723.0K | $189.0K | $73.0K | $19.0K | — |
| Stock-based compensation | $1.9M | $895.0K | $40.8M | $41.3M | $44.0M | $9.4M | $2.9M | — |
| Capital expenditure | $200.0K | — | — | — | $26.0K | $235.0K | $339.0K | — |
| Investing cash flow | -$19.7M | $95.0M | $38.0M | -$80.5M | $186.0M | -$169.5M | -$64.6M | — |
| Financing cash flow | $155.0M | $19.1M | $70.5M | $127.0M | $232.0K | $292.0M | $120.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177362.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $165.0K | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$23.8M | -$69.8M | -$172.0M | -$168.7M | -$190.4M | -$69.2M | -$43.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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