Detailed financial statements for Kalaris Therapeutics Inc (KLRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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), as well as for the treatment of other exudative and neovascular retinal diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.18, KLRS has negative trailing earnings (P/E not meaningful) and an ROE of -71.71%. Market capitalisation stands at $69M.
Balance sheet quality for KLRS: current ratio of 12.2, net cash position of $116.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.1M | $165000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $73000 | $1.1M | 0 | 0 | 0 | $13000 |
| Gross Profit | 0 | 0 | -$73000 | -$1.1M | 0 | 0 | 0 | -$13000 |
| Research & Development | $1.7M | $16.2M | $49.6M | $119.6M | $11.8M | $11.7M | $12.3M | $30.8M |
| Selling, General & Admin | $3.0M | $10.6M | $21.6M | $49.1M | $2.2M | $1.8M | $42.9M | $15.4M |
| Operating Expenses | $4.7M | $26.8M | $71.2M | $168.7M | $14.0M | $13.5M | $55.3M | $46.1M |
| Operating Income | -$3.6M | -$26.7M | -$71.3M | -$169.8M | -$14.0M | -$13.5M | -$55.3M | -$46.2M |
| EBITDA | -$2.4M | -$23.8M | -$69.7M | -$169.8M | -$15.2M | -$14.0M | -$58.8M | -$42.0M |
| Interest Expense | 0 | 0 | 0 | 0 | $235000 | $687000 | 0 | $1.4M |
| Pre-tax Income | -$2.4M | -$23.8M | -$69.8M | -$171.0M | -$15.5M | -$14.7M | -$58.8M | -$43.4M |
| Income Tax | 0 | 0 | 0 | $1.0M | 0 | 0 | 0 | 0 |
| Net Income | -$2.4M | -$23.8M | -$69.8M | -$172.0M | -$15.5M | -$14.7M | -$58.8M | -$43.4M |
| EPS | $-2.88 | $-8.42 | $-59.67 | $-63.00 | $-50.62 | $-42.09 | $-11.73 | $-2.85 |
| EPS (Diluted) | $-2.88 | $-8.42 | $-59.67 | $-63.00 | $-50.62 | $-42.09 | $-11.73 | $-2.85 |
| Shares Outstanding (Diluted) | $2.8M | $2.8M | $1.2M | $2.7M | $3.3M | $4.5M | $5.0M | $15.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$10000 | -$10000 | 0 |
| Operating Income | -$12.7M | -$10.8M | -$11.8M | -$12.4M |
| EBITDA | -$11.9M | -$10.0M | -$10.8M | -$12.4M |
| Net Income | -$11.9M | -$10.0M | -$10.9M | -$11.5M |
| EPS | $-0.64 | $-0.44 | $-0.46 | $-0.48 |
| EPS (Diluted) | $-0.64 | $-0.44 | $-0.46 | $-0.48 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $25.0M | $61.1M | $122.7M | $201.7M | $3.1M | $3.2M | $118.3M | $98.1M |
| Short-term Investments | 0 | $65.0M | $233.7M | $46.5M | 0 | 0 | 0 | $19.9M |
| Receivables | $302000 | $560000 | $450000 | $50000 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $25.3M | $127.3M | $361.3M | $253.3M | $3.9M | $3.3M | $118.5M | $118.8M |
| Property, Plant & Equipment | 0 | $12.1M | $9.5M | $31.3M | 0 | 0 | 0 | $1.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $25.3M | $139.4M | $370.8M | $286.6M | $3.9M | $3.3M | $118.5M | $121.7M |
| Accounts Payable | $153000 | $630000 | $963000 | $8.4M | $2.8M | $2.4M | $247000 | $1.3M |
| Short-term Debt | 0 | $3.1M | $3.2M | $6.6M | 0 | 0 | 0 | $316000 |
| Total Current Liabilities | $3.7M | $9.1M | $12.3M | $37.9M | $5.7M | $3.9M | $5.2M | $9.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | $3.3M | 0 | 0 | 0 |
| Total Liabilities | $3.7M | $17.8M | $17.8M | $61.3M | $34.2M | $48.4M | $5.2M | $42.9M |
| Retained Earnings | -$31.5M | -$55.3M | -$125.1M | -$297.1M | -$32.7M | -$47.4M | -$715.0M | -$160.0M |
| Total Equity | $21.6M | $121.6M | $353.1M | $225.3M | -$30.3M | -$45.0M | $113.3M | $78.8M |
| Total Debt | 0 | $11.8M | $8.7M | $30.1M | $3.3M | 0 | 0 | $1.4M |
| Net Debt | -$25.0M | -$114.3M | -$347.6M | -$218.1M | $194000 | -$3.2M | -$118.3M | -$116.5M |
| Working Capital | $21.6M | $118.2M | $349.0M | $215.5M | -$1.8M | -$609000 | $113.3M | $109.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $42.4M | $98.1M | $34.4M | $43.2M |
| Total Assets | $81.2M | $121.7M | $109.8M | $99.5M |
| Total Liabilities | $39.3M | $42.9M | $41.2M | $41.9M |
| Total Equity | $41.9M | $78.8M | $68.6M | $57.7M |
| Total Debt | $1.5M | $1.4M | $1.4M | $1.4M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.4M | -$23.8M | -$69.8M | -$172.0M | -$15.5M | -$14.7M | -$58.8M | -$43.4M |
| Depreciation & Amortization | 0 | $19000 | $73000 | $1.1M | 0 | 0 | 0 | $13000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $271000 | $148000 | 0 | 0 |
| Change in Working Capital | $3.4M | $1.4M | -$1.0M | $19.4M | $3.4M | -$1.1M | -$25.3M | $3.4M |
| Operating Cash Flow | $1.9M | -$20.2M | -$60.8M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.0M |
| Capital Expenditure | 0 | -$339000 | -$235000 | -$26000 | 0 | 0 | 0 | -$200000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.9M | -$20.5M | -$61.0M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$11.3M | -$9.3M | -$13.3M | -$11.4M |
| Capital Expenditure | -$183000 | -$17000 | 0 | 0 |
| Free Cash Flow | -$11.5M | -$9.3M | -$13.3M | -$11.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $638000 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -85.5% | -100.0% | | | | | |
| Net Income Growth (YoY) | | -881.0% | -192.7% | -146.4% | +91.0% | +5.1% | -299.8% | +26.1% |
| EPS Growth (YoY) | | -192.4% | -608.7% | -5.6% | +19.6% | +16.9% | +72.1% | +75.7% |
| Shares Change (YoY) | | +0.0% | -58.7% | +133.4% | +22.1% | +35.7% | +10.7% | +204.8% |
| FCF Growth (YoY) | | -1154.8% | -197.9% | -74.2% | +90.8% | -44.5% | -379.1% | +36.2% |
| Gross Margin | 0.0% | 0.0% | | | | | | |
| Operating Margin | -316.8% | -16182.4% | | | | | | |
| EBITDA Margin | -214.1% | -14436.4% | | | | | | |
| Net Margin | -214.1% | -14447.9% | | | | | | |
| FCF Margin | 171.2% | -12420.6% | | | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.6% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.69 | $-7.24 | $-52.20 | $-38.96 | $-2.93 | $-3.12 | $-13.52 | $-2.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.8M | $2.8M | $1.2M | $2.7M | $3.3M | $4.5M | $5.0M | $15.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -71.71% |
| Return on Invested Capital | -52.40% |
| Return on Assets | -44.47% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 10.98 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -0.21 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4663.65 | -1595.17 | -340.79 | -108.65 | -53.61 | -8.65 | -18.94 | -2.96 |
| P/B | 1761.67 | 312.61 | 67.35 | 82.95 | -298.77 | -36.59 | 9.82 | 1.63 |
| P/S | 33498.20 | 230426.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -316.8% | -16182.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -214.1% | -14447.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |