Kalaris Therapeutics Inc. Common Stock (KLRS)

FairStock Score: 64/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable economics and honest accounting. Kalaris is a clinical-stage biotech with 20 employees, no reported revenue, and a drug candidate TH103 in Phase 1b/2 for retinal disease. In filed figures, fiscal Q2 2026, the quarter ended 2026-06-30, net income was $-11.5M; fiscal Q1 2026, the quarter ended 2026-03-31, net income was $-10.9M. FY2025, the year ended 2025-12-31, net loss was $-43.4M, after FY2024's $-69.2M and FY2023's $-190.4M. That is not an earnings stream; it is a promise. FairStock's calculations at the 2026-10-13 close of $2.23 show a market cap of $53.1M, P/E -1.17, P/B 0.92, ROE -79.91%, ROCE -31.03%, FCF yield -77.6%, Piotroski 0/9, and Altman Z -0.75. The low debt-to-equity of 0.02 and price near book value are the main supports, but trailing free cash flow was $-41.2M. The Lynch category is none because losses in each of the last four years mean no category fits. A moat cannot be identified: no product revenue, no profits, and clinical, regulatory, and financing risks dominate. The price may look statistically cheap against book value, but Graham would demand a margin of safety in earning power, not just a pipeline option. Until TH103 proves itself and cash burn moderates, this is speculation on science, not a proven compounding business.

In plain English: Kalaris Therapeutics develops treatments for retinal eye diseases. It has no revenue yet and has lost money in recent years, so the business is not yet proven. The stock price is low compared with its accounting net assets, but heavy cash spending makes it hard to call it cheap or expensive on current numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer