Kalaris Therapeutics Inc (NASDAQ: KLRS) is a clinical-stage biopharmaceutical company focused on developing treatments for retinal diseases. The company generates no product revenue, funding operations entirely through equity financing. Its lead program is TH103, a product candidate targeting retinal neovascular and exudative diseases, including neovascular age-related macular degeneration (nAMD), as disclosed in its 10-K filed March 17, 2026. As of December 31, 2025, Kalaris held $118.0 million in cash, cash equivalents, and short-term marketable securities, which management expects to fund operations into the fourth quarter of 2027. The company operates under a license agreement with UCSD, against which $0.1 million in development milestones had been achieved through December 31, 2025. Samsara LP, the principal stockholder, beneficially owned more than 50% of outstanding capital stock as of December 31, 2025, making Kalaris a controlled company. Research and development expenses and general and administrative costs are the primary uses of capital.

Revenue model

Pre-revenue clinical-stage company. No product revenue as of December 31, 2025. Operations are funded through equity raises. Future revenue, if any, would depend on successful clinical development and regulatory approval of TH103 or other product candidates.

Products and services

TH103, a product candidate in development for retinal neovascular and exudative diseases including nAMD. The company licenses technology from UCSD under the UCSD Agreement, which includes milestone payment obligations tied to development and regulatory events.

Customers and end markets

No commercial customers as of December 31, 2025. Target end market is ophthalmology, specifically patients with retinal neovascular and exudative diseases such as nAMD.

Value-chain role

Drug developer. Contracts with CDMOs for clinical supply manufacturing and CROs for clinical trials. Does not manufacture internally. Depends on third-party vendors for preclinical studies and supplies.

Geographic exposure

Headquartered in the United States. Subject to U.S. regulations including HIPAA and state privacy laws, as well as EU and UK GDPR requirements, indicating potential clinical or operational activity in the EEA and UK.

Source: SEC 10-K, filed 2026-03-17

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