KLRS Stock — Kalaris Therapeutics Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.85

Market cap

$44.1M

Cash

$93.5M

Enterprise value

-$49.4M

Balance sheet

Cash	$93.5M
Debt	$0.0M
Net cash	$93.5M
Enterprise value	-$49.4M
Basic shares	23.8M shares
Fully diluted shares	26.5M shares
Fully diluted market cap	$49.0M
Cash per share	$3.93
Quarterly burn	$11.0M
Cash runway	8.5 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-11.

Share structure

Common

23.8M

Pre-funded warrants

0.0M

Options

2.5M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.2M

FDSO

26.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

TH103 · Est. Apr 1, 2027 · half midpoint · guided in 7 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Apr 1, 2027 in 7 wks half midpoint	TH103 TH103 Phase 1b/2 in neovascular AMD	Phase 1b	neovascular AMD	H1 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TH103

Phase 2 · Active

Target VEGF

Partnerships License to use technology (with right to sublicense) related to new anti-VEGF agents and novel long-acting VEGF inhibitors for intraocular neovascularization

Indications

Neovascular age-related macular degeneration (nAMD) (Phase 2)
Other exudative and neovascular retinal diseases (Stage not disclosed)

Catalysts

— first half of 2027
— year-end 2027

Status note Lead and only named product candidate; novel clinical-stage anti-VEGF drug engineered for extended intraocular retention with enhanced VEGF inhibition. Ongoing Phase 1b/2 trial in nAMD designed to identify optimal dose/regimen for Phase 3.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	1,300,000	no change	0.05%	2026-08-14
Ikarian Capital	360,000	no change	0.24%	2026-08-14
ADAR1 Capital Management	100,000	no change	0.02%	2026-08-14
Stonepine Capital	30,122	+9,722	0.09%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KLRS — Kalaris Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

KLRS — Kalaris Therapeutics Inc.