Kalaris Therapeutics (KLRS) Q1 2026 earnings summary

Executive summary

• Focused on developing TH103, a novel anti-VEGF drug for retinal diseases, with ongoing Phase 1b/2 clinical trials in nAMD patients and plans for Phase 3 by year-end 2027, pending results and regulatory discussions.

• Patient screening underway for Phase 1b/2 study of TH103 for neovascular Age-related Macular Degeneration; preliminary data expected in 1H 2027.

• New manufacturing batch completed with process enhancements reducing impurities in clinical material.

• Reported a net loss of $10.9 million for Q1 2026, with negative cash flows from operations of $11.6 million and an accumulated deficit of $170.9 million as of March 31, 2026.

• Completed a reverse recapitalization merger with AlloVir in March 2025, resulting in a significant cash infusion and a new public listing under the ticker KLRS.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $104.9 million as of March 31, 2026, down from $118.0 million at December 31, 2025.

• Q1 2026 net loss: $10.9 million, compared to $10.2 million in Q1 2025.

• Research and development expenses increased to $7.6 million for Q1 2026, up from $6.0 million in Q1 2025, driven by expanded clinical trial activity.

• General and administrative expenses remained flat at $4.3 million year-over-year.

• Net loss per share was $(0.46) on 23,723,618 shares outstanding for Q1 2026.

Outlook and guidance

• Cash runway projected into Q4 2027, with management expecting to seek additional funding through equity, debt, or strategic partnerships.

• Preliminary data from the ongoing Phase 1b/2 trial of TH103 expected in H1 2027; Phase 3 trials targeted for late 2027, subject to results.

• Plans to expand TH103 development into additional retinal indications beyond nAMD.