No material financial surprise or guidance change. The stock is a binary event play on TH103 Phase 1b/2 data in 1H 2027. Monitor for any early efficacy signals or enrollment updates that could derisk the program before the formal data readout.
Price Chart
Executive Summary
Kalaris Therapeutics reported Q2 2026 results with a net loss of $11.5M ($-0.48/share), slightly wider than the $11.4M loss in Q2 2025. The company is dosing patients in its Phase 1b/2 study of TH103 for nAMD, with preliminary data expected in 1H 2027 and Phase 3 trials on track for year-end 2027.
Key Financial Metrics
Key Facts
- Net loss of $11.5M for Q2 2026 vs $11.4M in Q2 2025
- Cash, cash equivalents and marketable securities of $93.5M as of June 30, 2026
- Patient dosing ongoing in Phase 1b/2 study of TH103; preliminary data expected 1H 2027
- Phase 3 clinical trials on track for initiation by year-end 2027
- R&D expenses increased to $9.0M from $8.4M year-over-year
- Weighted-average shares outstanding of 23.8M vs 18.7M in prior year period
Financial Impact
Net loss of $11.5M for Q2 2026, slightly wider than $11.4M in Q2 2025. Cash burn of ~$24.5M from $118.0M (Dec 2025) to $93.5M (Jun 2026) over six months.
Risk Factors
- Clinical trial delays or negative data from Phase 1b/2 study
- Cash runway only into Q4 2027, requiring future capital raises
- Historical stock performance shows negative drift on neutral reports, indicating limited near-term catalysts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343477 |
| Document: d114296d8k.htm | 0001193125-26-343477 |
| Document: 0001193125-26-343477-index-headers.html | 0001193125-26-343477 |
| Document: 0001193125-26-343477-index.html | 0001193125-26-343477 |
| Document: 0001193125-26-343477.txt | 0001193125-26-343477 |
| 8-K Data (Synthetic) | 0001193125-26-343477 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G | $1.80 | awaiting T+60 | — | $1.80 (−0.00%) |
Aug 11, 2026 11w ago | 8-K | $3.97 | awaiting T+60 | — | $1.80 (−54.66%) |
Aug 11, 2026 11w ago | Press Release | $3.97 | awaiting T+60 | — | $1.80 (−54.66%) |
Aug 3, 2026 12w ago | 3 | $4.32 | awaiting T+60 | — | $1.80 (−58.33%) |
Jul 20, 2026 14w ago | 8-K | $4.00 $2.23 | ▼ −44.25% | ▼ −49.09% | $1.80 (−55.00%) |
Jul 17, 2026 14w ago | 8-K | $4.38 $2.26 | ▼ −48.40% | ▼ −53.09% | $1.80 (−58.90%) |
Jul 17, 2026 14w ago | Press Release | $4.38 $2.26 | ▼ −48.40% | ▼ −53.09% | $1.80 (−58.90%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.36 $3.90 | ▼ −10.55% | ▼ −14.95% | $1.80 (−58.72%) |
May 12, 2026 24w ago | 8-K | $4.79 $4.19 | ▼ −12.53% | ▼ −16.91% | $1.80 (−62.42%) |
May 12, 2026 24w ago | Press Release | $4.79 $4.19 | ▼ −12.53% | ▼ −16.91% | $1.80 (−62.42%) |
US Market Status
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