Kalaris Therapeutics (KLRS) Q2 2026 earnings summary

Executive summary

• Advanced clinical development of TH103 for retinal diseases, with positive Phase 1a data and ongoing Phase 1b/2 trials in nAMD; preliminary data expected in the first half of 2027.

• Leadership team strengthened with new CFO and board member appointments to support growth.

• No revenue generated; operations funded by equity, convertible notes, a merger, and a $50M private placement.

• Net loss for the six months ended June 30, 2026 was $22.4M, with an accumulated deficit of $182.4M.

• Cash, cash equivalents, and marketable securities totaled $93.5M as of June 30, 2026, expected to fund operations into Q4 2027.

Financial highlights

• Research and development expenses rose to $16.6M for the six months ended June 30, 2026, up $2.1M year-over-year, driven by increased clinical activity.

• General and administrative expenses decreased by $0.5M to $7.6M for the same period, mainly due to lower insurance costs.

• Net loss per share was $(0.94) for the six months ended June 30, 2026, compared to $(1.89) year-over-year.

• Net cash used in operating activities was $22.6M for the six months ended June 30, 2026.

• Cash, cash equivalents, and marketable securities totaled $93.5M as of June 30, 2026, down from $118.0M at December 31, 2025, primarily due to operating expenses.

Outlook and guidance

• Cash runway expected into Q4 2027 based on current operating plans.

• Preliminary data from the ongoing Phase 1b/2 trial of TH103 expected in the first half of 2027.

• Plans to initiate Phase 3 trials for TH103 in nAMD by year-end 2027, subject to favorable results.

• Additional funding will be required to advance development and commercialization beyond current cash runway.