Start here if you're new
what it is
Kalaris is a tiny biotech trying to turn one eye drug into a real company.
how it gets paid
Last year Kalaris Therapeutics made n/a in revenue.
what just happened
The latest quarter showed an EPS loss of -$2.41, while trailing revenue stayed at $0M.
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$9.70 fy2024 eps est
n/a operating margin
1.4 beta
xvary composite: 34/100 — weak
What they do
Kalaris is a tiny biotech trying to turn one eye drug into a real company.
The honest answer: there is no proven moat yet. You are betting on one lead drug, TH103, and a team of 6 people. Anti-VEGF (blocks a protein that drives damaging blood vessel growth) → eye-disease treatment approach → so what: if TH103 shows longer-lasting activity, Kalaris gets a shot at relevance; if it does not, there is not much else here.
How they make money
n/a
annual revenue
The products that matter
lead clinical program
TH103
lead asset
TH103 is the only named program on this page, which tells you how concentrated the thesis is. If you own KLRS, this is the asset doing the valuation work.
main catalyst
funding the trial clock
cash runway
not disclosed here
The catch is simple: in pre-revenue biotech, runway is not a side detail. It decides whether management reaches the next data point without issuing more stock.
survival metric
everything beyond one asset
pipeline optionality
thin on this page
Biotechs like to say they are building a platform. This snapshot does not show enough to underwrite that claim, so you should treat any second-act narrative with caution.
unproven
Key numbers
5/100
price stability
That score says the stock has been extremely volatile. Plain English: your shares can swing hard even when business facts barely move.
$0M
ttm revenue
No revenue means there is no operating proof yet. You are funding research, not buying a finished business.
-$9.70
fy2024 eps
EPS means profit per share. Here it is a loss per share, which tells you cash is going out while the pipeline is still being tested.
$1M
long-term debt
Debt is low at 1% of capital. So the balance-sheet problem is not leverage. It is the lack of revenue.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $1M (1% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for KLRS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed an EPS loss of -$2.41, while trailing revenue stayed at $0M.
This is a clinical-stage biotech, so the income statement is still mostly trial spending and overhead. Quarterly EPS improved through most of 2024 on the history, then swung back to a -$3.49 fourth-quarter loss.
$0M
revenue
-$2.41
latest eps
-$9.70
fy2024 eps
the number that mattered
$0M matters most because revenue is still zero. Until that changes, every quarter is really a progress report on TH103, not an operating business update.
source: SEC filing and quarterly history provided
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What could go wrong
the #1 risk is TH103 failing to produce the data investors need. With no commercial revenue and one lead asset carrying the thesis, disappointment does not have many places to hide.
med
TH103 data miss
This is the obvious one because it is the real one. If the lead program disappoints, the valuation has no diversified business underneath it to catch the fall.
One named program is doing the work here. If it breaks, the thesis breaks with it.
med
cash burn forces a raise
Pre-revenue biotech runs on time and cash. If the timeline stretches or trial costs rise, new capital often arrives before new proof does.
That shifts value from current holders to whoever funds the next chapter.
med
thin coverage keeps the stock unstable
Analyst target data is thin and institutional ownership is described here as thin and noisy. When few people cover a stock, price discovery gets messy.
You can get sharp moves on light information, and that cuts both ways.
With no commercial revenue, a weak composite score, and one lead asset doing most of the work, KLRS is exposed to the worst biotech pairing: a bad data update and a financing need arriving together.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next company update
You want timing, not adjectives. If management gets more precise on trial progress or financing needs, the stock will care.
risk
any sign of funding pressure
The debt figure is small at $1M. The real question is whether equity holders fund the next step before TH103 is de-risked.
metric
price stability at 5 / 100
That number tells you this is a trading vehicle around catalysts. If it improves, the market is treating the story as less fragile.
trend
where the stock sits inside the $2–$13 range
At $8.50, KLRS is off the floor but not near the ceiling. Same range. Very different sentiment depending on where inside it the stock trades.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: there is no clean consensus to lean on.
risk profile
volatile
a 1.4 beta and 5 / 100 price stability tell you this will move harder than a steady large-cap name.
chart momentum
catalyst-driven
this name trades on trial expectations, financing risk, and any change in timing. Traditional chart comfort is thin.
earnings predictability
45/100
the losses are expected. The pace of them is less stable, because the business is still a clinical budget, not a finished commercial model.
source: institutional data
Institutional activity
institutional ownership data for KLRS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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