Kalaris Therapeutics (KLRS) AI Stock Analysis

• Market Cap: $148.63M
• Dividend Yield: N/A
• Average Volume (3M): 136.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.53
• Revenue Growth: N/A
• EPS Growth: 63.31%
• Country: US
• Employees: 14
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -11.75
• Shares Outstanding: 18,702,417
• 10 Day Avg. Volume: 189,046
• 30 Day Avg. Volume: 136,224
• PEG Ratio: 0.01
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.67
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -3.91
• 1Y Price Target: $16.67
• Price Target Upside: 87.73% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -3.22
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $10.00 ▲(12.61% Upside)

The score is held back primarily by weak financial performance (no meaningful revenue, larger losses, and accelerating cash burn), despite a debt-free balance sheet. Technicals are constructive with strong trend confirmation across key moving averages, and recent corporate events are supportive due to extended runway and positive early clinical data. Valuation is difficult to anchor given the negative P/E and lack of dividend support.

Positive Factors

Extended Runway from Financing

An oversubscribed private placement expected to raise ~$50M materially extends runway into Q3 2027. This durable cash buffer gives management time to advance TH103 through clinical milestones, reducing immediate refinancing pressure and enabling strategic trial planning and partnerships.

Promising Phase 1a Clinical Data

Positive single-injection Phase 1a results showing meaningful vision gains and tolerability support TH103’s extended-retention design. Clinically durable efficacy and safety enhance the candidate’s differentiation, improving prospects for later-stage development, payer interest, and potential partnering or licensing.

Strengthened Financial Leadership

Hiring an experienced biotech CFO from iTeos/Sarepta strengthens capital markets credibility and execution capability. Durable benefit: improved capital planning, fundraising execution, and financial controls that are critical for a clinical-stage firm reliant on periodic financing to fund trials and manage dilution risk.

Negative Factors

No Meaningful Revenue Base

Kalaris remains a development-stage firm with negligible product revenue, meaning long-term viability hinges on successful clinical outcomes or partner deals. Without recurring revenue, the company lacks internal cash generation and is structurally dependent on external capital and milestone realization.

Accelerating Cash Burn

A sharp increase in operating cash outflows in 2024 materially raises funding needs and dilution risk. Sustained high burn without revenue or near-term material milestones forces frequent capital raises, constraining strategic optionality and pressuring management to prioritize spend efficiency and milestone pacing.

Negative Returns on Equity; Funding Dependence

Although equity was recapitalized, persistently negative ROE shows capital has yet to generate returns. Long-term value creation depends on converting R&D investment into clinical and commercial success; until then, reliance on equity financings risks dilution and limits shareholder return prospects.

Kalaris Therapeutics Business Overview & Revenue Model

Company Description

Kalaris Therapeutics Inc operates as a pharmaceutical company. The Company specializes in the development of novel cell therapies with a focus on restoring natural immunity against life-threatening virus-associated diseases in patients with severely weakened immune systems.

How the Company Makes Money

AlloVir makes money primarily through the development and commercialization of its proprietary T cell therapies. The company's revenue model focuses on the successful progression of its clinical trials and eventual regulatory approval, allowing for the marketing and sale of its therapies. Key revenue streams include potential milestone payments and royalties from partnerships with pharmaceutical companies and healthcare providers. AlloVir's earnings are significantly influenced by its ability to advance its clinical pipeline and secure strategic collaborations to support its research and development efforts.

Kalaris Therapeutics Financial Statement Overview

Summary

Development-stage profile with minimal operating revenue and widening losses in 2024 alongside a sharp increase in cash burn. Positives include no debt in 2023–2024 and a much stronger 2024 equity position versus prior negative equity, but funding/dilution risk remains elevated due to the burn rate.

Income Statement

The company has effectively no operating revenue in the annual periods shown (2020–2024), and it remains deeply loss-making. Losses widened materially in 2024 (net loss of ~$58.8M vs. ~$14.7M in 2023), indicating elevated spend without offsetting commercial traction. Margins are not meaningful given the lack of revenue, and profitability metrics are firmly negative—typical for early-stage biotech, but still a clear earnings risk.

Balance Sheet

Leverage appears low, with total debt at $0 in 2023–2024 and a stated debt-to-equity of 0.0 in those years, which reduces refinancing and interest burden risk. Equity improved sharply to ~$113.3M in 2024 from negative equity in 2022–2023, suggesting significant recapitalization. The key weakness is ongoing negative returns on equity (notably ~-0.52 in 2024), implying the balance sheet must support continued losses.

Cash Flow

Cash generation is weak, with consistently negative operating cash flow and free cash flow across all years shown. Cash burn increased substantially in 2024 (operating cash flow of about -$67.7M vs. -$14.1M in 2023), which heightens funding dependence. While free cash flow to net income is ~1.0 (losses largely convert to cash burn), the magnitude and acceleration of outflows in 2024 are the main concern.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	-1.12M
EBITDA	-32.00M	-58.77M	-58.77M	-14.01M	-15.25M	-169.84M
Net Income	-33.44M	-58.77M	-58.77M	-14.70M	-15.48M	-171.96M
Balance Sheet
Total Assets	81.17M	118.55M	118.55M	3.33M	3.90M	286.59M
Cash, Cash Equivalents and Short-Term Investments	77.00M	118.29M	118.29M	3.17M	3.06M	248.12M
Total Debt	1.54M	0.00	0.00	0.00	3.25M	30.07M
Total Liabilities	39.31M	5.24M	5.24M	48.35M	34.17M	61.33M
Stockholders Equity	41.87M	113.31M	113.31M	-45.02M	-30.27M	225.27M
Cash Flow
Free Cash Flow	-33.84M	-67.70M	-67.70M	-14.13M	-9.78M	-106.34M
Operating Cash Flow	-33.66M	-67.70M	-67.70M	-14.13M	-9.78M	-106.32M
Investing Cash Flow	-34.71M	95.00M	95.00M	0.00	0.00	185.98M
Financing Cash Flow	109.61M	21.00K	21.00K	14.24M	12.78M	232.00K

Kalaris Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KLRS, the sentiment is Positive. The current price of 8.88 is below the 20-day moving average (MA) of 9.16, above the 50-day MA of 8.21, and above the 200-day MA of 5.04, indicating a bullish trend. The MACD of 0.38 indicates Positive momentum. The RSI at 52.02 is Neutral, neither overbought nor oversold. The STOCH value of 43.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KLRS.

Kalaris Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KLRS	60 Neutral	$148.63M	-1.20	-63.45%	―	―	63.31%
CLLS	54 Neutral	$278.64M	-11.37	-31.07%	―	158.54%	66.90%
KOD	54 Neutral	$1.39B	-5.53	-207.92%	―	―	-12.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MCRB	50 Neutral	$134.97M	24.58	15.95%	―	448.44%	―
CHRS	48 Neutral	$261.08M	-1.36	―	―	-72.54%	-19972.15%
NKTR	47 Neutral	$759.35M	-4.70	-180.24%	―	-32.79%	36.87%

Kalaris Therapeutics Corporate Events

Kalaris Therapeutics Announces Oversubscribed $50 Million Financing

On December 17, 2025, Kalaris Therapeutics announced it had entered into a securities purchase agreement with a group of institutional accredited and qualified institutional investors for an oversubscribed private placement of common stock and pre-funded warrants expected to raise approximately $50 million in gross proceeds, with closing anticipated around December 19, 2025. The deal, priced at a premium to the recent Nasdaq trading average, involves the sale of 4.2 million common shares at $10.00 each and pre-funded warrants for 800,000 additional shares at $9.9999 each, with the warrants immediately exercisable but subject to ownership caps, and includes registration rights obligating Kalaris to later register the resale of the issued securities. Supported by both new and existing specialist healthcare investors and led by Morgan Stanley, Leerink Partners and William Blair, the financing extends Kalaris’s cash runway into the third quarter of 2027 and is intended to fund continued clinical development of TH103 for neovascular AMD as well as general corporate purposes, strengthening the company’s balance sheet and financial flexibility as it advances its retinal disease pipeline.

The most recent analyst rating on (KLRS) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Kalaris Therapeutics stock, see the KLRS Stock Forecast page.

Kalaris Therapeutics Announces Positive Phase 1a Trial Data

Kalaris Therapeutics announced on December 17, 2025, positive initial data from its Phase 1a clinical trial of TH103 in treatment-naïve patients with neovascular age-related macular degeneration (nAMD). The trial showed significant improvements in visual acuity and retinal anatomy, with a mean 10-letter gain in vision and robust reductions in central subfield thickness and fluid, following a single injection. TH103 was generally well-tolerated, with no serious adverse events or dose-limiting toxicities observed, and additional process improvements eradicated earlier instances of mild inflammation. This data supports TH103’s engineered extended intraocular retention and suggests the potential for reduced treatment burden and extended treatment durability, positioning the therapy as a promising advancement in the management of nAMD.

The most recent analyst rating on (KLRS) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Kalaris Therapeutics stock, see the KLRS Stock Forecast page.

Kalaris Therapeutics Appoints New CFO Matthew Gall

Kalaris Therapeutics, Inc. announced the appointment of Matthew Gall as Chief Financial Officer and Treasurer, effective November 3, 2025. Gall, with a robust background in financial leadership at iTeos Therapeutics and Sarepta Therapeutics, will also serve as the principal financial officer. His employment agreement includes a base salary, bonus eligibility, stock options, and severance benefits, reflecting the company’s strategic focus on strengthening its financial leadership. This appointment marks a significant shift in the company’s executive team, with Brett Hagan stepping down from his role as principal financial officer but continuing as principal accounting officer.

The most recent analyst rating on (KLRS) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Kalaris Therapeutics stock, see the KLRS Stock Forecast page.