Kalaris Therapeutics Inc
KLRSHealthcare|Biotechnology|US
$2.42
+0.06 (+2.54%)
DCF Value
$6.25
Tangible Book / Share
$2.42
Cash / Share
$3.93
Financials
Financial Snapshot
Market Cap
$57.6M
Enterprise Value
$15.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$44.3M
Cash & Investments
$93.5M
Net Cash
$92.1M
Free Cash Flow (TTM)
-$45.6M
Operating CF (TTM)
-$45.4M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$93.5M
Quarterly Burn
$11.4M
Monthly Burn
$3.8M
Est. Runway
~8.2 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $25.0M | $126.1M | $356.3M | $248.1M | $3.1M | $3.2M | $118.3M | $118.0M | $93.5M | |
| Operating Cash Flow | $1.9M | -$20.2M | -$60.8M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.0M | -$45.4M | |
| Free Cash Flow | $1.9M | -$20.5M | -$61.0M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.2M | -$45.6M | |
| Capital Expenditure | $0.00 | -$339.0K | -$235.0K | -$26.0K | $0.00 | $0.00 | $0.00 | -$200.0K | -$200.0K | |
| Financing Cash Flow | $22.9M | $120.9M | $292.0M | $232.0K | $12.8M | $14.2M | $21.0K | $159.6M | $50.1M |
R&D Spending
R&D (TTM)
$32.9M
R&D Intensity
—
R&D Growth vs Prior
+6.9%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $165.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $1.7M | $16.2M | $49.6M | $119.6M | $11.8M | $11.7M | $12.3M | $30.8M | $32.9M | |
| R&D % of Revenue | 149.8% | 9835.8% | — | — | — | — | — | — | — | |
| SG&A | $3.0M | $10.6M | $21.6M | $49.1M | $2.2M | $1.8M | $42.9M | $15.4M | $14.9M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $165.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $73.0K | $1.1M | $0.00 | $0.00 | $0.00 | $13.0K | $20.0K | |
| Gross Profit | $0.00 | $0.00 | -$73.0K | -$1.1M | $0.00 | $0.00 | $0.00 | -$13.0K | -$20.0K | |
| R&D | $1.7M | $16.2M | $49.6M | $119.6M | $11.8M | $11.7M | $12.3M | $30.8M | $32.9M | |
| SG&A | $3.0M | $10.6M | $21.6M | $49.1M | $2.2M | $1.8M | $42.9M | $15.4M | $14.9M | |
| Operating Income | -$3.6M | -$26.7M | -$71.3M | -$169.8M | -$14.0M | -$13.5M | -$55.3M | -$46.2M | -$47.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $235.0K | $687.0K | $0.00 | $1.4M | $0.00 | |
| Pretax Income | -$2.4M | -$23.8M | -$69.8M | -$171.0M | -$15.5M | -$14.7M | -$58.8M | -$43.4M | -$44.3M | |
| Net Income | -$2.4M | -$23.8M | -$69.8M | -$172.0M | -$15.5M | -$14.7M | -$58.8M | -$43.4M | -$44.3M | |
| EPS (Diluted) | -2.88 | -8.42 | -59.67 | -63.00 | -50.62 | -42.09 | -11.73 | -2.85 | -2.02 | |
| EBITDA | -$2.4M | -$23.8M | -$69.7M | -$169.8M | -$15.3M | -$14.0M | -$58.8M | -$42.0M | -$45.1M | |
| Shares Out. (M) | 2.83 | 2.83 | 1.17 | 2.73 | 3.33 | 4.52 | 5.01 | 15.27 | 23.80 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.0M | $61.1M | $122.7M | $201.7M | $3.1M | $3.2M | $118.3M | $98.1M | $43.2M | |
| Short-Term Investments | $0.00 | $65.0M | $233.7M | $46.5M | $0.00 | $0.00 | $0.00 | $19.9M | $50.4M | |
| Total Current Assets | $25.3M | $127.3M | $361.3M | $253.3M | $3.9M | $3.3M | $118.5M | $118.8M | $95.9M | |
| Total Assets | $25.3M | $139.4M | $370.8M | $286.6M | $3.9M | $3.3M | $118.5M | $121.7M | $99.5M | |
| Total Current Liabilities | $3.7M | $9.1M | $12.3M | $37.9M | $5.7M | $3.9M | $5.2M | $9.7M | $8.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $3.3M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.7M | $17.8M | $17.8M | $61.3M | $34.2M | $48.4M | $5.2M | $42.9M | $41.9M | |
| Stockholders' Equity | $21.6M | $121.6M | $353.1M | $225.3M | -$30.3M | -$45.0M | $113.3M | $78.8M | $57.7M | |
| Retained Earnings | -$31.5M | -$55.3M | -$125.1M | -$297.1M | -$32.7M | -$47.4M | -$715.0M | -$160.0M | -$182.4M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M | -$20.2M | -$60.8M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.0M | -$45.4M | |
| Capital Expenditure | $0.00 | -$339.0K | -$235.0K | -$26.0K | $0.00 | $0.00 | $0.00 | -$200.0K | -$200.0K | |
| Free Cash Flow | $1.9M | -$20.5M | -$61.0M | -$106.3M | -$9.8M | -$14.1M | -$67.7M | -$43.2M | -$45.6M | |
| Investing Cash Flow | $0.00 | -$64.6M | -$169.5M | $186.0M | $0.00 | $0.00 | $95.0M | -$19.7M | -$49.9M | |
| Financing Cash Flow | $22.9M | $120.9M | $292.0M | $232.0K | $12.8M | $14.2M | $21.0K | $159.6M | $50.1M | |
| Issuance of Stock | $32.9M | $120.9M | $292.0M | $232.0K | $0.00 | $0.00 | $21.0K | $50.0M | $50.1M | |
| Repurchase of Stock | -$10.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $4.3M | $6.0M | $0.00 | $7.5M | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $271.0K | $148.0K | $0.00 | $0.00 | $638.0K | |
| Net Change in Cash | $25.0M | $36.1M | $61.6M | $79.0M | $3.0M | $110.0K | $28.2M | -$20.2M | -$45.3M |
Dilution Tracker
Shares outstanding grew 1205.6% over 5 years — significant dilution
Shares Outstanding
24M
5-Year Share Growth
+1205.6%
Stock Issuance (TTM)
$50.1M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.83 | 2.83 | 1.17 | 2.73 | 3.33 | 4.52 | 5.01 | 15.27 | 23.80 | |
| Change vs Prior % | — | 0.0% | -58.7% | 133.4% | 22.1% | 35.7% | 10.7% | 204.8% | 55.9% | |
| Stock Issuance | $32.9M | $120.9M | $292.0M | $232.0K | $0.00 | $0.00 | $21.0K | $50.0M | $50.1M | |
| Stock Repurchase | -$10.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $271.0K | $148.0K | $0.00 | $0.00 | $638.0K |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | — | — | — | — | — | — | — | |
| Operating Margin % | -316.8% | -16182.4% | — | — | — | — | — | — | — | |
| Net Margin % | -214.1% | -14447.9% | — | — | — | — | — | — | — | |
| EBITDA Margin % | -214.1% | -14436.4% | — | — | — | — | — | — | — | |
| FCF Margin % | 171.2% | -12420.6% | — | — | — | — | — | — | — | |
| ROE % | -11.3% | -19.6% | -19.8% | -76.3% | 51.2% | 32.7% | -51.9% | -55.1% | -71.7% | |
| ROA % | -9.6% | -17.1% | -18.8% | -60.0% | -397.2% | -441.0% | -49.6% | -35.7% | -44.5% | |
| ROIC % | -16.7% | -20.0% | -19.7% | -66.5% | 781.6% | 2210.8% | -48.8% | -41.1% | -52.4% | |
| R&D / Revenue % | 149.8% | 9835.8% | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -85.5% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | -1430.1% | 100.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -642.5% | -167.1% | -138.1% | 91.8% | 3.9% | -310.4% | 16.5% | |
| Net Income | 0.0% | -881.0% | -192.7% | -146.4% | 91.0% | 5.1% | -299.8% | 26.1% | |
| EPS (Diluted) | 0.0% | -192.4% | -608.7% | -5.6% | 19.6% | 16.9% | 72.1% | 75.7% | |
| Operating Cash Flow | 0.0% | -1137.3% | -201.7% | -74.8% | 90.8% | -44.5% | -379.1% | 36.5% | |
| Free Cash Flow | 0.0% | -1154.8% | -197.9% | -74.2% | 90.8% | -44.5% | -379.1% | 36.2% | |
| R&D Expense | 0.0% | 854.6% | 205.6% | 141.2% | -90.2% | -0.5% | 5.4% | 149.2% | |
| SG&A Expense | 0.0% | 250.3% | 103.9% | 126.8% | -95.4% | -21.7% | 2342.6% | -64.1% | |
| Total Assets | 0.0% | 450.7% | 166.0% | -22.7% | -98.6% | -14.5% | 3456.7% | 2.7% | |
| Book Value / Share | 0.0% | 463.5% | 602.7% | -72.7% | -111.0% | -9.5% | 327.4% | -77.2% | |
| Debt | 0.0% | 0.0% | -26.1% | 245.9% | -89.2% | -100.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | 0.0% | -58.7% | 133.4% | 22.1% | 35.7% | 10.7% | 204.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.00
10Y Low / Med / High1.63 / 82.95 / 1761.67
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.25
Tangible Book / Share
$2.42
Net Current Assets / Share
$2.27
Graham Net-Net
$2.17
Cash / Share
$3.93
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4663.65 | -1595.17 | -340.79 | -108.65 | -53.61 | -8.54 | -18.94 | -2.96 | -1.20 | |
| P/S Ratio | 33498.20 | 230426.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 1761.67 | 312.61 | 67.35 | 82.95 | -298.77 | -36.14 | 9.82 | 1.63 | 1.00 | |
| EV/EBITDA | -15636.01 | -1594.09 | -339.50 | -109.01 | -593.09 | -115.89 | -16.92 | -0.77 | -0.35 | |
| EV/Revenue | 33476.20 | 230128.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-2.18
Distress
Piotroski F-Score
0
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $10.0M | $0.00 |
| Net Income | -$30.2M | -$25.0M | -$39.0M |
| EPS | $-2.00 | $-1.65 | $-2.41 |
| # Analysts (EPS) | 6 | 6 | 5 |