Kalaris Therapeutics Reports Q2 2025 Earnings: No Revenue, $88.4 Million Cash Balance, and Increased Expenses

Kalaris Therapeutics, a clinical-stage biotech focused on retinal diseases, reported a GAAP loss per share of $0.61 in Q2 2025 with no revenue. Operating expenses rose due to clinical trial activity and public company costs, but the company's cash balance stood at $88.4 million as of June 30, 2025, extending its runway into Q4 2026 after a merger with AlloVir.

Kalaris Therapeutics (NASDAQ: KLRS), a clinical-stage biopharmaceutical company focused on treatments for retinal diseases, reported its second quarter 2025 earnings on August 13, 2025. The company posted a GAAP loss per share of $0.61, in line with expectations for an early clinical-stage biotech. Despite the absence of revenue, Kalaris Therapeutics' cash balance stood at $88.4 million as of June 30, 2025, extending its runway into Q4 2026 following its merger with AlloVir.

Operating expenses rose sharply in Q2 2025, primarily driven by the June 2024 launch of the Phase 1 trial for TH103, the company's lead candidate. Research and development expenses increased to $8.4 million from $3.2 million year-over-year, reflecting the advancement of clinical activities since the Phase 1 trial initiation. General and administrative expenses also rose to $3.8 million from $1.0 million, primarily due to increased costs associated with public company operations.

The company's cash position of $88.4 million, a substantial increase from the $1.6 million at the end of 2024, extends operations into Q4 2026, providing approximately 15 months of operating capital at current burn rates. This extended runway positions Kalaris Therapeutics well to reach the initial TH103 clinical data readout in late 2025 without immediate financing concerns.

The quarter was marked by a sharp rise in operating expenses, tied largely to the June 2024 launch of the Phase 1 trial for TH103. Research and development expenses were $8.4 million for the quarter ended June 30, 2025, compared with $3.2 million a year earlier. This was driven by increased costs for clinical trial execution and outsourced manufacturing as the company ramped up enrollment for its first human study of TH103. General and administrative expenses were $3.8 million for the quarter ended June 30, 2025, compared with $1.0 million a year earlier. This reflected the changes and higher compliance costs stemming from Kalaris’s transition to public company status following its merger with AlloVir.

The GAAP net loss totaled $11.4 million for Q2 2025, notably wider than the $5.7 million GAAP net loss in Q2 2024. This jump tracks closely with the scaling-up of company operations and its start of clinical activities. As a pre-commercial company, Kalaris recorded no revenue, which is expected given the stage of its pipeline. The large increase in shares outstanding—from 1.3 million to 18.7 million between Q2 2024 and Q2 2025—resulted from the merger and related corporate restructuring.

Kalaris Therapeutics' Q2 2025 results highlight the company's healthy cash position of $88.4 million, a substantial increase from the $1.6 million at the end of 2024 following their merger with AlloVir. This cash runway extends operations into Q4 2026, providing approximately 15 months of operating capital at current burn rates. The clinical progress of TH103, their novel anti-VEGF agent for neovascular Age-related Macular Degeneration (nAMD), remains on track with initial clinical data expected in Q4 2025. This upcoming data readout represents a critical catalyst that will offer the first human efficacy signals for their differentiated approach to retinal disease treatment.

The strategic hiring of Kristine Curtiss as SVP of Clinical brings valuable ophthalmology-specific expertise to oversee the development program. Her extensive experience across ophthalmology clinical programs will be essential as Kalaris navigates the complex landscape of retinal disease trials, which require specialized imaging endpoints and careful patient selection. The current cash position provides sufficient capital to reach their near-term clinical milestones.

For the near future, investors will closely watch for updates on TH103 enrollment, safety, and early efficacy results. Expense levels, particularly the recent high pace of research and administrative spending, also warrant careful monitoring as the business grows.

References:
[1] https://www.theglobeandmail.com/investing/markets/markets-news/Motley%20Fool/34116671/kalaris-reports-loss-cash-at-88-million/
[2] https://www.stocktitan.net/news/KLRS/kalaris-reports-second-quarter-2025-financial-results-and-provides-4ellhtf3t3az.html