Early Clinical Strength and Durability of TH103 Underpin Buy Rating on Kalaris Therapeutics

William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on KLRS stock, giving a Buy rating on December 18.

Lachlan Hanbury Brown has given his Buy rating due to a combination of factors tied to the early clinical performance and strategic potential of Kalaris Therapeutics’ lead asset, TH103. He highlights that in treatment‑naïve neovascular AMD patients, TH103 delivered meaningful vision gains, substantial reductions in central retinal thickness, and a marked decline in retinal fluid after a single dose, landing in line with or better than his prior expectations. The durability profile is also a key driver of his positive stance, with a notable portion of patients going four months or longer without needing retreatment and nearly a third remaining treatment‑free over the entire six‑month observation window, despite not yet having explored the highest planned dose.

In addition, he views the safety profile as supportive of a favorable risk‑benefit balance: TH103 was generally well tolerated, with no dose‑limiting toxicities or drug‑related serious adverse events, and the observed intraocular inflammation cases at the top dose appear tied to fixable manufacturing impurities that have since been addressed without recurrence. He believes these data collectively suggest TH103 could offer a differentiated, longer‑lasting anti‑VEGF option in a large and established retinal market, with further upside as the program advances into Phase Ib/II and potentially straight into Phase III in neovascular AMD and other retinal vascular diseases. Taken together, the early efficacy, durability, manageable safety issues, and sizable commercial opportunity underpin his Buy recommendation on KLRS.

In another report released on December 18, Citizens JMP also maintained a Buy rating on the stock with a $26.00 price target.