Kalaris Therapeutics (KLRS) Q3 2026 earnings summary

Executive summary

• TH103 is in Phase 1b/2 development for nAMD; expanded Phase 1a data showed functional and anatomical improvements, while a manufacturing interruption delayed the next study readout.

• No product revenue; Q3 2026 net loss was $11.0M and cash, cash equivalents and marketable securities totaled $82.9M at September 30, 2026.

Financial highlights

• Q3 operating expenses were $11.8M, down $0.9M YoY; operating loss was $11.8M versus $12.7M, and net loss was $11.0M versus $11.9M.

• Q3 R&D was $8.3M versus $9.1M; lower manufacturing and process-development costs partly offset higher clinical expenses as sites opened and enrollment advanced. G&A was $3.5M versus $3.6M.

• 9M operating expenses were $36.0M versus $35.4M; net loss was $33.4M in both periods, with other income rising to $2.6M from $1.9M.

Outlook and guidance

• Preliminary Phase 1b/2 data, including durability data from initial cohorts, are expected in 2H 2027; a replacement clinical-supply batch is expected in Q2 2027.

• Current cash resources are projected to fund operating and capital needs into 2028 and beyond the preliminary data readout; estimates depend on assumptions and spending could accelerate.

• Phase 3 nAMD trials are intended to start in 2028, subject to regulatory discussions and adequate Phase 1b/2 data; development may expand to DME, diabetic retinopathy and retinal vein occlusion.

• R&D and G&A expenses are expected to rise as clinical development, manufacturing, infrastructure and potential commercialization activities advance.