KLRS
Kalaris Therapeutics IncKalaris Therapeutics Inc operates as a pharmaceutical company. The Company specializes in the development of novel cell therapies with a focus on restoring natural immunity against life-threatening virus-associated diseases in patients with severely weakened immune systems.
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -11.8 | -11.8 | -10.9 | -13.4 | -13.4 | -0.0 | 97.2 | 1.4 | 23.7 | -31.5% | -- | -- |
| Act | 2025-Q4 | 0.0 | -10.8 | -10.8 | -10.0 | -9.3 | -9.3 | -0.0 | 118.0 | 1.5 | 22.9 | -26.5% | -- | -- |
| Act | 2025-Q3 | 0.0 | -11.9 | -12.7 | -11.9 | -11.3 | -11.5 | -0.2 | 77.0 | 1.5 | 18.7 | -39.7% | -- | -- |
| Act | 2025-Q2 | 0.0 | -11.4 | -12.3 | -11.4 | -14.9 | -14.9 | -0.0 | 88.4 | 0.0 | 18.7 | -35.0% | -- | -- |
| Act | 2025-Q1 | 0.0 | -8.8 | -10.4 | -10.2 | -7.4 | -7.4 | -0.0 | 101.0 | 0.0 | 4.1 | -27.0% | -6.1x | -- |
| Act | 2024-Q3 | 0.0 | -37.3 | -37.9 | -38.1 | -4.3 | -4.3 | -0.0 | 1.9 | 9.3 | 5.0 | <-999% | -45.7x | -- |
| Act | 2024-Q2 | 0.0 | -5.2 | -4.2 | -5.7 | -4.0 | -4.0 | -0.0 | 129.6 | 9.0 | 5.0 | -9.8% | -10.3x | -- |
| Act | 2024-Q1 | 0.0 | -3.3 | -2.6 | -3.4 | -4.5 | -4.5 | -0.0 | 140.5 | 18.3 | 5.0 | -5.6% | -42.7x | -- |
| Act | 2023-Q4 | 0.0 | -3.4 | -3.5 | -3.5 | -4.1 | -4.1 | -0.0 | 3.2 | 0.0 | 5.0 | -- | -88.0x | -- |
| Act | 2023-Q3 | 0.0 | -40.6 | -47.0 | -44.3 | -34.5 | -34.5 | -0.0 | 213.3 | 32.9 | 5.0 | -204.6% | -- | -- |
| Act | 2023-Q2 | 0.0 | -45.3 | -47.3 | -45.3 | -27.1 | -27.1 | -0.0 | 246.5 | 31.5 | 4.1 | -150.6% | -- | -- |
| Act | 2023-Q1 | 0.0 | -40.6 | -43.2 | -41.2 | -32.1 | -32.1 | -0.0 | 202.6 | 33.8 | 4.1 | -185.4% | -- | -- |
| Act | 2022-Q4 | 0.0 | -37.5 | -40.4 | -38.1 | -31.6 | -31.6 | -0.0 | 233.8 | 35.4 | 4.1 | -125.8% | -- | -- |
| Act | 2022-Q3 | 0.0 | -41.9 | -43.0 | -42.1 | -35.1 | -35.1 | -0.0 | 264.1 | 21.7 | 3.7 | -119.2% | -- | -- |
| Act | 2022-Q2 | 0.0 | -44.1 | -44.6 | -44.6 | -28.9 | -28.9 | -0.0 | 172.7 | 22.5 | 2.8 | -354.9% | -- | -- |
| Act | 2022-Q1 | 0.0 | -43.0 | -43.2 | -43.9 | -46.5 | -46.5 | -0.0 | 201.4 | 23.1 | 2.8 | -202.3% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | — | — | — | -166 | — | — | — | — |
| 2023 | — | — | — | -130 | — | — | — | — |
| 2025 | 8.44 | — | — | -43 | — | — | n/m | — |
| TTM | 5.27 | — | — | -46 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 5.27 | — | — | 0 | — | — | — | — |
| 2027E | 5.27 | — | — | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Kalaris Therapeutics is a deeply distressed pre-revenue biotech whose sole clinical asset TH103 has suffered a critical safety setback with recurrent intraocular inflammation that may be intrinsic to the molecule rather than a manufacturing artifact. The trial pause, delayed readout to H1 2027, and $100M equity filing signal a company entering survival mode. Even if the IOI issue is resolved, TH103 faces an extremely competitive anti-VEGF market dominated by Eylea HD and Vabysmo with established safety profiles. Historical dilution of 360% annually, 22.6% short interest, and share count expansion from 4M to 23M shares in two years reflect capital destruction. With $118M cash against ~$12-15M quarterly burn, the company has roughly 2 years of runway but will need to raise capital on increasingly punitive terms. DCF is inapplicable - this is a binary clinical outcome bet with deteriorating probability of success and massive dilution headwinds. The risk/reward is heavily skewed to the downside.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 21.8% of float, sold 6.0%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Samsara BioCapital, LLC | $74.7M | $8.08 | +$0 | +$8.7M | -3.1% | $1.03B |
| RTW INVESTMENTS, LP | $7.5M | $8.44 | +$0 | +$7.5M | -2.2% | $9.26B |
| Paradigm Biocapital Advisors LP | $4.0M | $8.44 | +$0 | +$4.0M | +2.0% | $4.69B |
| Alyeska Investment Group, L.P. | $3.3M | $7.65 | +$976K | +$3.3M | -0.5% | $35.33B |
| Siren, L.L.C. | $2.5M | $7.96 | +$0 | +$884K | +6.2% | $3.61B |
| Ikarian Capital, LLC | $2.1M | $8.44 | +$0 | +$2.1M | -8.8% | $698M |
| Propel Bio Management, LLC | $1.7M | $6.15 | +$1.5M | +$1.7M | -2.9% | $159M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $1.5M | $5.77 | +$1.5M | +$1.5M | — | $4.04T |
| Kalehua Capital Management LLC | $782K | $8.44 | −$25K | +$782K | -6.9% | $141M |
| RAYMOND JAMES FINANCIAL INC | $686K | $7.63 | +$176K | +$686K | -0.0% | $322.69B |
| GOLDMAN SACHS GROUP INC | $638K | $6.06 | +$440K | +$638K | -0.2% | $760.93B |
| ADAR1 Capital Management, LLC | $577K | $8.44 | +$0 | +$577K | +8.3% | $1.64B |
| Woodline Partners LP | $577K | $5.98 | +$0 | +$453K | -0.1% | $26.43B |
| WHI TRUST Co LLC | $563K | $8.44 | +$0 | +$563K | -1.0% | $133M |
| BOOTHBAY FUND MANAGEMENT, LLC | $532K | $8.44 | +$0 | +$532K | -0.4% | $4.25B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $505K | $7.00 | +$28K | +$351K | +2.3% | $1.61T |
| Simplify Asset Management Inc. | $504K | $6.38 | +$389K | +$504K | -1.4% | $6.44B |
| MARSHALL WACE, LLP | $392K | $8.36 | −$29K | +$310K | +0.6% | $92.71B |
| RENAISSANCE TECHNOLOGIES LLC | $382K | $4.03 | −$125K | +$271K | +1.2% | $63.91B |
| MILLENNIUM MANAGEMENT LLC | $344K | $4.88 | +$200K | +$248K | -0.5% | $127.40B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 85.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 0M | 0M | -11M | $-0.61 | $-0.66 – $-0.57 | 4 |
| 2025 Q4 | 0M | 0M | -13M | $-0.59 | $-0.76 – $-0.18 | 5 |
| 2026 Q1 | 0M | 0M | -12M | $-0.52 | $-0.61 – $-0.43 | 5 |
| 2026 Q2 | 0M | 0M | -11M | $-0.47 | $-0.50 – $-0.35 | 6 |
| 2026 Q3 | 0M | 0M | -12M | $-0.49 | $-0.55 – $-0.37 | 6 |
| 2026 Q4 | 0M | 0M | -12M | $-0.53 | $-0.53 – $-0.53 | 4 |
| 2027 Q1 | 0M | 0M | -13M | $-0.53 | $-0.53 – $-0.53 | 2 |
| 2027 Q2 | 0M | 0M | -9M | $-0.38 | $-0.38 – $-0.38 | 2 |
| 2027 Q3 | 0M | 0M | -9M | $-0.40 | $-0.40 – $-0.40 | 2 |
| 2027 Q4 | 0M | 0M | -11M | $-0.47 | $-0.47 – $-0.47 | 2 |
Corporate
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | BUY | AKKARAJU SRINIVAS | director, 10 percent owner: | 244,300 | $4.83 | $1.18M | $10.74M |
| 2026-03-20 | SELL | Hagen Brett R | officer: Chief Accounting Officer | 1,915 | $6.72 | $13K | $0 |
| 2025-12-18 | BUY | AKKARAJU SRINIVAS | director, 10 percent owner: | 479,847 | $10.42 | $5.00M | $20.63M |
Order Flow (FINRA, ~3w lag)
Counter-Thesis
Counter-Thesis & Recent News
On March 11, 2026, Kalaris Therapeutics paused patient dosing in its Phase 1b/2 clinical trial for lead candidate TH103 due to persistent intraocular inflammation (IOI). Despite previous manufacturing 'tweaks' to reduce host cell proteins, a patient receiving a 5-mg dose of the updated material experienced moderate IOI. This safety setback has delayed the expected preliminary data readout from H2 2026 to H1 2027. Further adding to negative momentum, the company filed for a $100 million follow-on equity offering on April 4, 2026, signaling imminent shareholder dilution (Sources: Fierce Biotech, Simply Wall St).
The bear case centers on a potentially 'broken' clinical profile for TH103. The recurrence of inflammation even after manufacturing modifications suggests the IOI may be inherent to the molecule's design rather than a simple purity issue. With clinical readouts delayed until 2027, Kalaris faces an extended period of high cash burn (~$12M–$15M per quarter) without near-term catalysts. The stock has plummeted 31.4% YTD as of April 2026, reflecting investor fear that the drug will fail to reach Phase 3 or will be commercially unviable due to safety risks (Sources: Seeking Alpha, AAII).
Short interest in KLRS has reached a significant 17.36% of the float, with a 'days to cover' ratio of 14.58, indicating heavy professional betting against the company. A major red flag is the $100M equity filing occurring immediately after the trial pause, which suggests a desperate need to bolster the balance sheet while the stock is under pressure. Furthermore, the 8.25% monthly increase in short positions indicates rapidly deteriorating sentiment among institutional traders (Source: MarketBeat).
TH103 is entering an exceptionally crowded anti-VEGF market dominated by Regeneron's Eylea HD and Roche's Vabysmo. These competitors have established safety records and superior durability profiles. Any drug associated with intraocular inflammation faces an uphill battle; historical precedents like Novartis’ Beovu show that even minor safety concerns can lead to a 'black box' label or total commercial failure, regardless of the drug's efficacy (Sources: Seeking Alpha, Fierce Biotech).
Sentiment among retinal specialists and the broader medical community is increasingly skeptical. Physicians in this space are highly risk-averse regarding inflammation, as IOI can cause permanent vision loss. The trial pause for TH103 is a 'poison pill' for physician trust, and current market data shows the stock hitting 52-week lows, reflecting a broader lack of confidence in management's ability to resolve the product's biological flaws (Sources: Fierce Biotech, AAII).