Kalaris Therapeutics, Inc.

Clinical/early-stage biotech — ophthalmic clinical, very well-funded.

Strengths

• Liquidity — current ratio 12.2 (87th)

Risks

• Pre-revenue, deep losses — per metrics
• Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
• Binary clinical & funding risk — per 10-K

Notable findings

• High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
• No interest coverageInterest coverage -31.98 (cannot cover interest)
• Material weakness• We have identified material weaknesses in our internal control over financial reporting and we may identify additional material weaknesses in the future or fail to maintain an effective system of in
• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-38.6M)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Strong balance sheetStrong balance sheet — $118M cash & investments, ~12 quarters of runway
• Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
• Buying back stockNet buyback — share count -72%/yr over 3y
• Notable holderHeld by 4 notable fund(s): GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP +1 more (as of 2026-03-31)
• Pending merger2016 per one share, which was determined in accordance with the Merger Agreement (as defined below)