$KLRS

Kalaris Therapeutics, Inc.

CIK:0001754068|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development (including $15, $12, $30 and $25 for a related party)	$ 9,018	$ 8,440	$ 16,590	$ 14,470
General and administrative (including $93, $37, $160 and $188 for a related party)	3,368	3,816	7,629	8,140
Total operating expenses	12,386	12,256	24,219	22,610
Loss from operations	(12,386)	(12,256)	(24,219)	(22,610)
Other income (expense), net:
Change in fair value of tranche liability (including $0, $0, $0 and $331 for a related party)	0	0	0	365
Change in fair value of derivative liabilities (including $0, $0, $0 and $1,165 for a related party)	0	0	0	1,229
Interest expense (including $0, $0, $0 and $1,384 for a related party)	0	0	0	(1,443)
Loss on extinguishment and on issuance of convertible promissory notes (including $0, $0, $0 and $169 for a related party)	0	0	0	(186)
Other income, net	871	906	1,848	1,099
Total other income, net	871	906	1,848	1,064
Net loss	$ (11,515)	$ (11,350)	$ (22,371)	$ (21,546)
Net loss per share attributable to common stockholders - basic	$ (0.48)	$ (0.61)	$ (0.94)	$ (1.89)
Net loss per share attributable to common stockholders - diluted	$ (0.48)	$ (0.61)	$ (0.94)	$ (1.89)
Weighted-average shares outstanding - basic	23,797,306	18,701,286	23,760,665	11,417,677
Weighted-average shares outstanding - diluted	23,797,306	18,701,286	23,760,665	11,417,677
Comprehensive loss:
Net loss	$ (11,515)	$ (11,350)	$ (22,371)	$ (21,546)
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax	(24)	0	(79)	0
Total other comprehensive loss	(24)	0	(79)	0
Comprehensive loss	$ (11,539)	$ (11,350)	$ (22,450)	$ (21,546)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss			$ (22,371)	$ (21,546)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation expense			20
Stock-based compensation expense			1,224	965
Change in fair value of derivative liabilities (including $0 and $1,165 for a related party)	$ 0	$ 0	0	(1,229)
Change in fair value of tranche liability (including $0 and $331 for a related party)	0	0	0	(365)
Non-cash interest expense (including $0 and $1,384 for a related party)				1,443
Non-cash operating lease expense			85
Net amortization of premiums and accretion of discounts on marketable securities			(334)
Loss on extinguishment and on issuance of convertible promissory notes (including $0 and $169 for a related party)				186
Changes in assets and liabilities:
Prepaid expenses and other current assets			(1,042)	(588)
Other non-current assets			(796)	(281)
Accounts payable			(232)	2,240
Accrued expenses and other current liabilities			867	(805)
Operating lease liabilities			(48)
Net cash used in operating activities			(22,627)	(19,980)
Cash flows from investing activities:
Purchases of marketable securities			(70,181)
Maturities of marketable securities			40,000
Net cash used in investing activities			(30,181)
Cash flows from financing activities:
Proceeds from the issuance of convertible promissory notes (including $0 and $3,402 from a related party), net of issuance costs				7,500
Cash acquired in connection with the Merger				102,113
Payment of deferred transaction costs and issuance costs			(2,156)	(2,346)
Proceeds from the exercise of stock options			84
Net cash (used in) provided by financing activities			(2,072)	107,267
Net (decrease) increase in cash and cash equivalents and restricted cash			(54,880)	87,287
Cash and cash equivalents and restricted cash, at beginning of the period			98,553	1,639
Cash and cash equivalents and restricted cash, at end of the period	43,673	88,926	43,673	88,926
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	43,173	88,426	43,173	88,426
Restricted cash	500	500	500	500
Total cash, cash equivalents and restricted cash, at end of the period	$ 43,673	$ 88,926	43,673	88,926
Supplemental disclosure of cash flow information:
Unrealized loss on marketable securities			(79)
Deferred transaction and financing issuance costs included in accounts payable and accrued expenses and other current liabilities			$ 75
Premium on issuance of convertible promissory notes (including $0 and $169 for a related party)				186
Merger transaction costs recognized in additional paid-in capital				5,357
Issuance of common stock and equity elimination in connection with the Merger				104,990
Issuance of redeemable convertible preferred stock upon conversion of convertible promissory notes				3,695
Conversion of redeemable convertible preferred stock shares into common stock in connection with the Merger				49,694
Conversion of convertible promissory notes and accrued interest in connection with the Merger				$ 20,799

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 43,173	$ 98,054
Short-term marketable securities	50,365	19,928
Deferred transaction costs	514	0
Prepaid expenses and other current assets	1,869	827
Total current assets	95,921	118,809
Operating lease right-of-use assets	1,389	1,475
Restricted cash	500	499
Other non-current assets	1,729	953
Total assets	99,539	121,736
Current liabilities:
Accounts payable	1,124	1,281
Accrued expenses and other current liabilities (including $40 and $67 due to a related party)	7,267	8,117
Operating lease liabilities, current	347	316
Total current liabilities	8,738	9,714
Royalty obligation - related party	32,076	32,076
Operating lease liabilities, long-term	1,053	1,132
Total liabilities	41,867	42,922
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 and $0.0001 par value as of June 30, 2026 and December 31, 2025, respectively; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 23,804,981 and 22,902,418 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	240,113	238,805
Accumulated other comprehensive income (loss)	(73)	6
Accumulated deficit	(182,370)	(159,999)
Total stockholders' equity	57,672	78,814
Total liabilities and stockholders' equity	$ 99,539	$ 121,736