10-Q · May 12, 2026
Kalaris Therapeutics reported a net loss of $10.9 million or $(0.46) EPS for Q1 2026, slightly higher than the $10.2 million loss in Q1 2025. R&D expenses increased significantly to $7.6 million, up from $6.0 million…
Earnings analysis · 10-Q
KLRS earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Kalaris reported a Q2 2026 diluted EPS loss of $0.48, an improvement of $0.13 from the $0.61 loss in the prior-year quarter but a $0.02 deterioration from Q1 2026. Revenue, margins, operating cash flow and free cash…
Read full summary
Kalaris reported a Q2 2026 diluted EPS loss of $0.48, an improvement of $0.13 from the $0.61 loss in the prior-year quarter but a $0.02 deterioration from Q1 2026. Revenue, margins, operating cash flow and free cash flow were not disclosed in the provided filing extract, while cash and marketable securities of $93.5 million are expected to fund operations into Q4 2027. The key positives are continued TH103 clinical progress and dismissal of two merger-related complaints; the principal negatives are persistent losses, unremediated material weaknesses in internal controls and observed intraocular inflammation in clinical trials.
Reported figures
- Earnings per share
- $-0.48
What stood out
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Year-over-year loss improved
Diluted EPS was a $0.48 loss in Q2 2026, improving from a $0.61 loss in Q2 2025 by $0.13, although it worsened from a $0.46 loss in Q1 2026 by $0.02.
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Cash runway extends into Q4 2027
Cash, cash equivalents and marketable securities totaled $93.5 million at June 30, 2026, which management expects to fund operating expenses and capital expenditures into Q4 2027.
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TH103 clinical program advances
Management reported positive additional Phase 1a SAD data in July 2026 and is evaluating TH103 in a Phase 1b/2 study designed for approximately 60 to 80 nAMD patients.
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Merger litigation complaints dismissed
Two complaints related to the Merger were voluntarily dismissed on April 23, 2026, reducing the disclosed merger-litigation overhang.
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Internal-control remediation underway
Remediation efforts include implementation of multiple financial systems, including a new company-wide ERP system, and recruitment of additional accounting personnel; two new audit committee members were appointed in April 2025 and July 2026.
What to watch
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Material weaknesses remain unremediated
Disclosure controls and procedures were not effective as of June 30, 2026, and material weaknesses identified as of December 31, 2025 had not been fully remediated. The weaknesses could result in a material misstatement of substantially all accounts or disclosures and could lead to restatements or reporting delays.
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Losses and funding needs persist
The company reported net losses of $22.4 million for the six months ended June 30, 2026, compared with $21.5 million in the prior-year period, and had an accumulated deficit of $182.4 million at June 30, 2026.
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TH103 intraocular inflammation risk
Cases of intraocular inflammation were observed in both the Phase 1a and Phase 1b/2 TH103 trials. The company believes retained manufacturing impurities may have contributed to these cases, potentially affecting the clinical development program.
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Early-stage clinical uncertainty
The Phase 1b/2 study is planned for approximately 60 to 80 nAMD patients, exposing the program to enrollment, safety and efficacy execution risk before the targeted preliminary data milestone in 1H 2027.
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Concentrated voting control
Samsara LP and its affiliates controlled approximately 54.2% of voting power as of June 30, 2026, making the company a Nasdaq-controlled company and allowing reliance on exemptions from certain independent-governance requirements.
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Potential 100% pharmaceutical tariff
The filing discloses a potential 100% tariff beginning September 29, 2026 on certain patented pharmaceuticals, biologics, active pharmaceutical ingredients and key starting materials imported into the United States, creating possible supply-chain and development-cost exposure.
Management's outlook
No explicit numeric revenue or EPS guidance was provided. Management expects cash, cash equivalents and marketable securities of $93.5 million as of June 30, 2026 to fund operating expenses and capital expenditures into Q4 2027. Management is conducting a Phase 1b/2 trial designed for approximately 60 to 80 nAMD patients, expects preliminary data in 1H 2027, and is targeting potential Phase 3 initiation by year-end 2027.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.