Kalaris Q3 net loss narrows to $11.9M; cash $77M; Phase 1a data on track for year-end

Kalaris Therapeutics, Inc.

2025-Q3 EPS reported -$2.41 vs consensus -$0.67 ▼ miss (-261.9%)

Phase 1a SAD trial initial clinical data (safety, efficacy, PK) expected by year end 2025.
Phase 1b/2 MAD trial in nAMD enrolling up to 80 patients; initial data expected 2H 2026.
Cash, cash equivalents and ST investments $77.0M as of Sept 30, 2025; expected to fund operations into 2027.
R&D expense $9.1M (vs $36.0M in Q3 2024); net loss $11.9M (vs $38.1M).
Selected KBI Biopharma as CDMO; hired CFO Matthew Gall; opened NJ headquarters.

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