Kalaris Therapeutics (KLRS) Q4 2025 earnings summary

Executive summary

• Achieved positive initial data from Phase 1a single ascending dose study in nAMD in December 2025, supporting further clinical development of TH103.

• Initiated enrollment for Phase 1b/2 multiple ascending dose trial in Q3 2025, with preliminary data expected in the first half of 2027.

• Completed an oversubscribed $50 million private placement in December 2025, strengthening the balance sheet.

• Cash, cash equivalents, and marketable securities of $118 million as of December 31, 2025, expected to fund operations into Q4 2027.

Financial highlights

• Cash, cash equivalents, and marketable securities increased to $118 million as of December 31, 2025, from $1.6 million at year-end 2024, primarily due to a merger and private placement.

• Research and development expenses were $30.8 million for 2025, down from $45.0 million in 2024, mainly due to a prior year royalty obligation expense.

• General and administrative expenses rose to $15.4 million in 2025 from $6.7 million in 2024, reflecting higher costs of operating as a public company.

• Net loss for 2025 was $43.4 million, an improvement from a net loss of $69.2 million in 2024.

Outlook and guidance

• Preliminary data from the ongoing Phase 1b/2 study is expected in the first half of 2027.

• Plans to initiate Phase 3 clinical trials by year-end 2027.

• Cash position is expected to fund operations through key clinical milestones into Q4 2027.