KLRS · Kalaris Therapeutics, Inc.

No longer meets the screen criteria as of 2026-07-15 — TTM revenue = $0. The page is kept because the daily page for the day the insider bought links here, and that purchase still happened.

Kalaris Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of treatments for prevalent retinal diseases. It develops TH103, a clinical-stage anti-vascular endothelial growth factor (VEGF) drug for the treatment of neovascular age-related macular degeneration (nAMD), which is in Phase 1b/2, as well as for the treatment of other exudative and neovascular retinal diseases. Kalaris Therapeutics, Inc. was formerly known as Theia Therapeutics, Inc. and changed its name to Kalaris Therapeutics, Inc. in May 2024. The company was founded in 2019 and is headquartered in Berkeley Heights, New Jersey.

Cap structure and valuation

Cap structure
SP	$4.46
SO	23.8M
Options	2.8M
Warrants	0.8M
FD SO	27.4M
MC	$122.4M

Cash	$34.4M
Total debt	—
EV	$87.9M

TTM Multiples
EV / Revenue	—
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	77.9%
Insiders	8.8%
# Institutions	64
Analysts	7
Consensus	—
Avg target	$18.71

Short % float	6.0%
Days to cover	6.12

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
SG&A	4.26	3.64	3.62	3.82
R&D	7.57	7.16	9.13	8.44

Operating Income	(11.83)	(10.80)	(12.74)	(12.26)
Operating Income YoY %	(14.3%)	(51.4%)	66.3%	(192.7%)
EBITDA	(11.82)	(10.79)	—	—

Interest Expense	0.00	0.00	0.00	0.00
Other Income / (Expense)	0.98	0.80	0.85	0.91
Pretax Income	(10.86)	(10.00)	(11.89)	(11.35)
Net Income	(10.86)	(10.00)	(11.89)	(11.35)
Net Income to Common	(10.86)	(9.99)	(11.89)	(11.35)

Diluted EPS	-$0.46	-$0.44	-$0.64	-$0.61
Basic EPS	-$0.46	-$0.44	-$0.64	-$0.61
Diluted Avg Shares	23.7	—	18.7	18.7
Basic Avg Shares	23.7	—	18.7	18.7

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
SG&A	15.34	15.40	6.69	48.26	52.33
R&D	32.30	30.75	45.04	133.07	118.87

Operating Income	(47.63)	(46.15)	(51.73)	(199.90)	(171.20)
Operating Income YoY %	(3.2%)	10.8%	74.1%	(16.8%)	—
EBITDA	—	(46.14)	—	(199.50)	(170.48)

Interest Expense	0.00	1.44	2.70	—	—
Other Income / (Expense)	3.53	4.16	(14.73)	9.36	2.23
Pretax Income	(44.10)	(43.44)	(69.17)	(190.54)	(168.97)
Tax Provision	—	0.00	0.00	(0.13)	(0.27)
Net Income	(44.10)	(43.44)	(69.17)	(190.42)	(168.71)
Net Income to Common	(44.09)	(43.43)	(69.17)	(190.42)	(168.71)

Diluted EPS	-$2.15	-$2.85	-$51.77	-$42.09	-$2.20
Basic EPS	-$2.15	-$2.85	-$51.77	-$42.09	-$2.20
Diluted Avg Shares	23.7	15.3	1.3	4.5	76.7
Basic Avg Shares	23.7	15.3	1.3	4.5	76.7

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	34.43	98.05	42.39	88.43
Short-term Investments	62.79	19.93	34.61	—
Other Current Assets	1.25	0.83	1.18	3.23
Total Current Assets	98.47	118.81	78.18	91.65

Operating Lease ROU	1.43	1.48	1.52	—
Long-term Investments	7.65	0.00	—	—
Other Assets	2.25	1.45	1.48	1.19
Total Assets	109.81	121.74	81.17	92.84

Accounts Payable	0.91	1.28	0.49	3.68
Current Lease Liabilities	0.32	0.32	0.38	—
Other Current Liabilities	6.86	8.12	5.20	3.97
Total Current Liabilities	8.08	9.71	6.07	7.65
Long-term Lease Liabilities	1.09	1.13	1.17	—
Other Liabilities	32.08	32.08	32.08	32.08
Total Liabilities	41.25	42.92	39.31	39.73
Mezzanine Equity	—	0.00	0.00	0.00

Retained Earnings	(170.85)	(160.00)	(150.00)	(138.11)
Total Equity	68.56	78.81	41.87	53.12

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	34.43	98.05	1.64	90.12	106.09
Short-term Investments	62.79	19.93	0.00	93.82	127.70
Other Current Assets	1.25	0.83	0.97	3.69	9.26
Total Current Assets	98.47	118.81	2.61	187.63	243.05

Net PPE	—	—	—	—	0.93
Operating Lease ROU	1.43	1.48	0.00	2.19	31.63
Long-term Investments	7.65	0.00	—	—	—
Other Assets	2.25	1.45	3.56	0.97	1.46
Total Assets	109.81	121.74	6.16	190.80	277.08

Accounts Payable	0.91	1.28	1.56	6.76	3.00
Current Lease Liabilities	0.32	0.32	0.00	10.78	7.17
Other Current Liabilities	6.86	8.12	23.14	10.82	14.17
Total Current Liabilities	8.08	9.71	24.70	28.37	24.34
Long-term Lease Liabilities	1.09	1.13	0.00	16.65	28.22
Other Liabilities	32.08	32.08	32.08	—	—
Total Liabilities	41.25	42.92	56.78	45.02	52.56
Mezzanine Equity	—	0.00	46.00	—	—

Retained Earnings	(170.85)	(160.00)	(116.56)	(656.19)	(465.77)
Total Equity	68.56	78.81	(96.62)	145.78	224.52

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(10.86)	(10.00)	(11.89)	(11.35)
D&A	0.01	0.01	—	—
Stock-Based Comp	0.58	0.33	0.64	0.59
Δ Working Cap & Other	(1.31)	2.60	(0.08)	(1.78)
Operating Cash Flow	(11.58)	(7.06)	(11.33)	(12.54)

CapEx	—	(0.02)	—	—
Other Investing	(50.35)	15.00	—	—
Investing Cash Flow	(50.35)	14.98	—	—

Other Financing	(1.70)	47.74	—	—
Financing Cash Flow	(1.70)	47.74	0.00	0.00

Free Cash Flow	—	(7.07)	—	—

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(44.10)	(43.44)	(69.17)	(190.42)	(168.71)
D&A	—	0.01	—	0.40	0.72
Stock-Based Comp	2.14	1.94	0.90	40.78	41.31
Δ Working Cap & Other	(0.55)	3.12	47.60	24.79	(15.38)
Operating Cash Flow	(42.51)	(38.37)	(20.67)	(124.45)	(142.05)

CapEx	—	(0.20)	—	—	—
Other Investing	—	(19.52)	95.00	37.98	(80.48)
Investing Cash Flow	—	(19.72)	95.00	37.98	(80.48)

Stock Issuance	—	42.00	—	—	126.42
Other Financing	46.05	113.01	19.14	70.50	—
Financing Cash Flow	46.05	155.01	19.14	70.50	126.96

Free Cash Flow	—	(38.57)	—	—	—

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	12.19	12.23	12.89	11.98
Quick Ratio	—	—	—	—
Debt / Equity	0.60	0.54	0.94	0.75
EBITDA Margin %	—	—	—	—
Working Capital	90.39	109.09	72.12	84.00
Net Debt	—	—	—	—
ROE %	(15.8%)	(12.7%)	(28.4%)	(21.4%)
ROA %	(9.9%)	(8.2%)	(14.7%)	(12.2%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	12.19	12.23	0.11	6.61	9.99
Quick Ratio	—	—	—	—	—
Debt / Equity	0.60	0.54	-0.59	0.31	0.23
EBITDA Margin %	—	—	—	—	—
Working Capital	90.39	109.09	(22.10)	159.27	218.71
Net Debt	—	—	—	—	—
ROE %	(64.3%)	(55.1%)	71.6%	(130.6%)	(75.1%)
ROA %	(40.2%)	(35.7%)	(1122.5%)	(99.8%)	(60.9%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-22	AKKARAJU SRINIVAS	Director, 10% Owner	2026-05-20	P	244,300	$4.83	$1,179,969
2026-05-22	AKKARAJU SRINIVAS	Director, 10% Owner	2026-05-20	J	(66,906)	—	$-0
2026-05-22	AKKARAJU SRINIVAS	Director, 10% Owner	2026-05-20	J	14,937	—	$0
2026-05-22	AKKARAJU SRINIVAS	Director, 10% Owner	2026-05-20	J	4,471	—	$0
2026-03-23	Hagen Brett R	Officer (Chief Accounting Officer)	2026-03-20	S	(1,915)	$6.72	-$12,869
2026-03-23	Hagen Brett R	Officer (Chief Accounting Officer)	2026-03-19	A	60,800	—	$0
2026-03-20	Oxtoby Andrew	Director, Officer (See Remarks)	2026-03-19	A	222,000	—	$0
2026-03-20	Gall Matthew	Officer (Chief Financial Officer)	2026-03-19	A	95,000	—	$0
2026-03-20	Feinsod Matthew	Officer (Chief Medical Officer)	2026-03-19	A	135,000	—	$0
2026-02-17	AKKARAJU SRINIVAS	Director, 10% Owner	2025-12-18	P	479,847	$10.42	$5,000,006
2025-12-22	AKKARAJU SRINIVAS	Director, 10% Owner	2025-12-22	A	1,500,000	$10.00	$15,000,000
2025-11-03	Gall Matthew	Officer (Chief Financial Officer)	2025-11-03	A	235,000	—	$0
2025-04-11	Hagen Brett R	Officer (Chief Accounting Officer)	2025-04-10	A	50,262	—	$0
2025-04-11	AKKARAJU SRINIVAS	Director, 10% Owner	2025-04-10	A	18,000	—	$0
2025-04-11	Jovan-Embiricos Morana	Director	2025-04-10	A	18,000	—	$0
2025-04-11	PATEL SAMIR CHANDRAKANT	Director	2025-04-10	A	18,000	—	$0
2025-04-11	Ferrara Napoleone	Director	2025-04-10	A	18,000	—	$0
2025-04-11	Dybbs Michael	Director	2025-04-10	A	18,000	—	$0
2025-04-11	Oxtoby Andrew	Director, Officer (See Remarks)	2025-04-10	A	287,000	—	$0
2025-04-11	ADAMIS ANTHONY P	Director	2025-04-10	A	18,000	—	$0
2025-04-11	Feinsod Matthew	Officer (Chief Medical Officer)	2025-04-10	A	70,551	—	$0
2025-04-11	Feinsod Matthew	Officer (Chief Medical Officer)	2025-04-10	A	101,000	—	$0
2025-04-11	PATTERSON LEONE D	Director	2025-04-10	A	18,000	—	$0
2025-04-11	Hallal David	Director	2025-04-10	A	18,000	—	$0
2025-03-27	Hagen Brett R	Officer (Chief Accounting Officer)	2025-03-26	S	(907)	$8.97	-$8,135
2025-03-18	Ferrara Napoleone	Director	2025-03-18	A	504,000	—	$0
2025-03-18	PATEL SAMIR CHANDRAKANT	Director	2025-03-18	A	252,000	—	$0
2025-03-18	PATEL SAMIR CHANDRAKANT	Director	2025-03-18	A	100,800	—	$0
2025-03-18	PATEL SAMIR CHANDRAKANT	Director	2025-03-18	A	105,913	—	$0
2025-03-18	Feinsod Matthew	Officer (Chief Medical Officer)	2025-03-18	A	4,030	—	$0
2025-03-18	Feinsod Matthew	Officer (Chief Medical Officer)	2025-03-18	A	28,224	—	$0
2025-03-18	Oxtoby Andrew	Director, Officer (See Remarks)	2025-03-18	A	476,611	—	$0
2025-03-18	AKKARAJU SRINIVAS	Director, 10% Owner	2025-03-18	A	11,444,503	—	$0
2025-03-18	ADAMIS ANTHONY P	Director	2025-03-18	A	19,484	—	$0
2025-03-18	ADAMIS ANTHONY P	Director	2025-03-18	A	12,989	—	$0
2025-02-24	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2025-02-21	S	(303)	$10.08	-$3,053
2025-02-24	Hagen Brett R	Officer (Chief Accounting Officer)	2025-02-21	S	(96)	$10.08	-$967
2025-02-24	Miller Edward	Officer (General Counsel)	2025-02-21	S	(106)	$10.08	-$1,068
2025-01-27	Miller Edward	Officer (General Counsel)	2025-01-23	S	(47)	$9.45	-$444
2025-01-27	Miller Edward	Officer (General Counsel)	2025-01-23	S	(5)	$9.94	-$50
2025-01-27	Hagen Brett R	Officer (Chief Accounting Officer)	2025-01-23	S	(32)	$9.45	-$303
2025-01-27	Hagen Brett R	Officer (Chief Accounting Officer)	2025-01-23	S	(4)	$9.94	-$40
2025-01-27	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2025-01-23	S	(116)	$9.45	-$1,097
2025-01-27	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2025-01-23	S	(13)	$9.94	-$129
2025-01-13	Miller Edward	Officer (General Counsel)	2025-01-10	S	(409)	$0.44	-$180
2025-01-13	Hagen Brett R	Officer (Chief Accounting Officer)	2025-01-10	S	(332)	$0.44	-$146
2025-01-13	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2025-01-10	S	(979)	$0.44	-$431
2024-12-11	Miller Edward	Officer (General Counsel)	2024-12-11	G	(57,549)	—	$-0
2024-12-11	Miller Edward	Officer (General Counsel)	2024-12-11	G	57,549	—	$0
2024-11-20	Hagen Brett R	Officer (Chief Accounting Officer)	2024-11-19	S	(554)	$0.55	-$304
2024-11-20	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-11-19	S	(3,186)	$0.55	-$1,748
2024-11-20	Miller Edward	Officer (General Counsel)	2024-11-19	S	(432)	$0.55	-$237
2024-11-20	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-11-19	S	(8,706)	$0.55	-$4,775
2024-11-06	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-11-05	S	(10,609)	$0.86	-$9,176
2024-11-06	Miller Edward	Officer (General Counsel)	2024-11-05	S	(2,272)	$0.86	-$1,965
2024-11-06	Hagen Brett R	Officer (Chief Accounting Officer)	2024-11-05	S	(1,655)	$0.86	-$1,431
2024-11-06	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-11-05	S	(5,136)	$0.86	-$4,442
2024-10-23	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-10-22	S	(1,882)	$0.77	-$1,445
2024-10-23	Hagen Brett R	Officer (Chief Accounting Officer)	2024-10-22	S	(486)	$0.77	-$373
2024-10-23	Miller Edward	Officer (General Counsel)	2024-10-22	S	(766)	$0.77	-$588
2024-10-23	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-10-21	S	(1,546)	$0.78	-$1,204
2024-10-23	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-10-21	S	(9,752)	$0.78	-$7,597
2024-10-23	Hagen Brett R	Officer (Chief Accounting Officer)	2024-10-21	S	(479)	$0.78	-$373
2024-10-23	Miller Edward	Officer (General Counsel)	2024-10-21	S	(635)	$0.78	-$495
2024-10-04	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-10-03	S	(940)	$0.81	-$766
2024-10-04	Miller Edward	Officer (General Counsel)	2024-10-03	S	(377)	$0.81	-$307
2024-10-04	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-10-03	S	(1,493)	$0.81	-$1,216
2024-10-04	Hagen Brett R	Officer (Chief Accounting Officer)	2024-10-03	S	(301)	$0.81	-$245
2024-08-22	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-08-20	S	(5,390)	$0.74	-$3,996
2024-08-20	Miller Edward	Officer (General Counsel)	2024-08-19	S	(422)	$0.76	-$321
2024-08-20	Hagen Brett R	Officer (Chief Accounting Officer)	2024-08-19	S	(544)	$0.76	-$413
2024-08-20	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-08-19	S	(3,159)	$0.76	-$2,399
2024-08-20	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-08-19	S	(3,091)	$0.76	-$2,348
2024-08-07	Miller Edward	Officer (General Counsel)	2024-08-05	S	(2,323)	$0.73	-$1,707
2024-08-07	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-08-05	S	(10,847)	$0.73	-$7,970
2024-08-07	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-08-05	S	(5,251)	$0.73	-$3,858
2024-08-07	Hagen Brett R	Officer (Chief Accounting Officer)	2024-08-05	S	(1,692)	$0.73	-$1,243
2024-07-23	Hagen Brett R	Officer (Chief Accounting Officer)	2024-07-22	S	(481)	$0.74	-$356
2024-07-23	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-07-22	S	(1,858)	$0.74	-$1,373
2024-07-23	Miller Edward	Officer (General Counsel)	2024-07-22	S	(757)	$0.74	-$560
2024-07-23	Hagen Brett R	Officer (Chief Accounting Officer)	2024-07-19	S	(479)	$0.75	-$359
2024-07-23	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-07-19	S	(9,731)	$0.75	-$7,299
2024-07-23	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-07-19	S	(1,542)	$0.75	-$1,157
2024-07-23	Miller Edward	Officer (General Counsel)	2024-07-19	S	(634)	$0.75	-$476
2024-07-03	Miller Edward	Officer (General Counsel)	2024-07-02	S	(379)	$0.72	-$273
2024-07-03	Sinha Vikas	Director, Officer (See Remarks), 10% Owner	2024-07-02	S	(939)	$0.72	-$676
2024-07-03	Hagen Brett R	Officer (Chief Accounting Officer)	2024-07-02	S	(304)	$0.72	-$219
2024-07-03	Brainard Diana	Director, Officer (Chief Executive Officer)	2024-07-02	S	(1,489)	$0.72	-$1,072
2024-06-07	Jovan-Embiricos Morana	Director, 10% Owner	2024-06-06	A	35,000	—	$0
2024-06-07	Hallal David	Director, 10% Owner	2024-06-06	A	35,000	—	$0
2024-06-07	Adams Derek N.	Director	2024-06-06	A	35,000	—	$0
2024-06-07	Bornstein Jeffrey S	Director	2024-06-06	A	35,000	—	$0
2024-06-07	Brenner Malcolm	Director	2024-06-06	A	35,000	—	$0
2024-06-07	Vera Juan	Director	2024-06-06	A	35,000	—	$0
2024-06-07	Tomasello Shawn	Director	2024-06-06	A	35,000	—	$0