Kalaris Therapeutics

What Kalaris Therapeutics does

Kalaris Therapeutics is a clinical-stage biopharmaceutical company developing treatments for prevalent retinal diseases with major unmet medical needs, including neovascular (wet) age-related macular degeneration, diabetic eye disease, and retinal vein occlusion. The company is publicly traded on NASDAQ under the ticker KLRS and is headquartered in Berkeley Heights, New Jersey. Its strategy is centered on a single investigational asset, TH103, which addresses the limitations of currently approved anti-VEGF therapies—principally the heavy treatment burden of frequent intravitreal injections—by engineering a molecule that offers extended intraocular retention and more durable VEGF inhibition.

TH103 is a fully humanized recombinant fusion protein engineered by VEGF pioneer and scientific co-founder Dr. Napoleone Ferrara (Lasker Award winner; inventor of Avastin and Lucentis). Its dual-targeting mechanism combines optimized binding to VEGF receptor 1 ligands with concurrent anchoring to heparan sulfate proteoglycans (HSPG) in ocular tissue, designed to extend durability and potency versus single-mechanism incumbents. In pre-clinical head-to-head studies, TH103 demonstrated longer-lasting and increased anti-VEGF activity versus the market-leading agent. In a completed Phase 1a single ascending dose trial in treatment-naïve nAMD patients, TH103 was generally well tolerated and showed a potent anti-VEGF effect on functional and anatomical outcomes at one-month post-dosing, with single-dose durability signals. A Phase 1b/2 multiple ascending dose trial is currently enrolling after a prior pause due to observed intraocular inflammation in certain cohorts (now resumed following manufacturing enhancements), with initial Phase 1b/2 data expected in the first half of 2027.

Kalaris has no commercial product and is not yet generating revenue. It plans to commercialize TH103, if approved, through the traditional ophthalmology biologics channel: physician-administered intravitreal injection by retina specialists via specialty pharmacies and hospital buying groups. The company is supported by a specialty biotech investor base led by Samsara BioCapital, with additional institutional backing from RTW Investments, ADAR1 Capital Management, Paradigm Biocapital, Siren, Alyeska, and Ikarian, and raised approximately $50 million in a December 2025 private placement to fund clinical development.

Name

Kalaris Therapeutics

Legal name

Kalaris Therapeutics Inc.

Website

https://allovir.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Kalaris Therapeutics is a clinical-stage biopharmaceutical company developing TH103, a dual-targeting VEGF/HSPG biologic for intravitreal treatment of neovascular AMD, diabetic eye disease, and retinal vein occlusion. It is pre-revenue and trades on NASDAQ as KLRS.

Ownership category

akta.pro rank

Product category

Ophthalmic Biologics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Genetic & Genomic Rare Disease Therapeutics (HLAIAIAA)

Keywords

• Retinal disease therapeutics
• Anti-VEGF biologics
• Ophthalmology drug development
• Neovascular AMD treatment
• Biopharmaceutical drug development

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Revenue: Pre-commercialization clinical-stage biopharma. Revenue expected upon regulatory approval and commercialization of TH103 for neovascular retinal diseases including wet AMD, diabetic eye disease, and retinal vein occlusion.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Kalaris Therapeutics is a clinical-stage biopharmaceutical company developing TH103, an investigational dual-targeting VEGF/HSPG biologic designed for intravitreal delivery to treat exudative and/or neovascular retinal diseases including wet age-related macular degeneration (nAMD), diabetic eye disease, and retinal vein occlusion. TH103 is a fully humanized recombinant fusion protein engineered for extended intraocular retention and enhanced VEGF inhibition, and is currently being evaluated in a Phase 1b/2 multiple ascending dose trial with preliminary data expected in 1H 2027.

Product overview

Kalaris Therapeutics is a clinical-stage biopharmaceutical company with a single lead product, TH103. TH103 is an investigational dual-targeting VEGF/HSPG biologic drug designed for intravitreal delivery to treat neovascular retinal diseases including wet age-related macular degeneration (wet AMD), diabetic eye disease, and retinal vein occlusion. The company is conducting Phase 1a (completed) and Phase 1b/2 (enrolling) clinical trials for TH103 in neovascular AMD, with preliminary Phase 1b/2 data expected in the first half of 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• TH103 TH103 is an investigational dual-targeting biologic — a fully humanized recombinant fusion protein designed for intravitreal delivery — engineered for extended intraocular retention with enhanced VEGF inhibition through optimized binding to VEGF receptor 1 ligands and concurrent heparan sulfate proteoglycan (HSPG) anchoring. It is intended as a best-in-class therapy for exudative and/or neovascular retinal diseases including wet age-related macular degeneration, diabetic eye disease, and retinal vein occlusion.

Quantifiable outcome

• Phase 1a trial: TH103 was generally well tolerated and showed potent anti-VEGF effect on functional and anatomical outcomes at 1-month post-dosing
• +1 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Roche / Genentech: Roche/Genentech invented Lucentis (ranibizumab) and now markets Vabysmo (faricimab), the latter a dual-targeting anti-VEGF/Ang-2 biologic for retinal diseases. Vabysmo's dual mechanism and extended dosing intervals are the most direct mechanistic and commercial analog to TH103 in the market today.
• Astellas Pharma (Iveric Bio): Astellas acquired Iveric Bio in 2023 and commercializes Izervay (avacincaptad pegol), a complement C5 inhibitor for geographic atrophy. While the mechanism is complement (not anti-VEGF), both Astellas/Iveric and Kalaris operate in the same retinal disease commercial ecosystem with overlapping KOL and clinical site networks.
• Regeneron Pharmaceuticals: Regeneron develops and commercializes Eylea and Eylea HD, the leading anti-VEGF therapies for wet AMD, diabetic macular edema, and retinal vein occlusion. Kalaris's TH103 is positioned as a next-generation anti-VEGF directly competing with Eylea HD's extended-dosing franchise.
• Bayer / Regeneron (Eylea co-developer): Bayer co-develops and ex-US commercializes Eylea/Eylea HD with Regeneron. As a global ophthalmology commercial incumbent with revenue from the same anti-VEGF retinal franchise, Bayer is the principal strategic-acquirer reference point for a successful TH103 commercial outcome or partnership.

Emerging players

• Adverum Biotechnologies: Adverum is a clinical-stage ophthalmology gene therapy company developing ADVM-022 (axitinib intravitreal gene therapy) for wet AMD and diabetic retinopathy. Targets the same anti-VEGF pathway with a one-time-treatment value proposition versus TH103's extended-dosing biologic approach.
• Kodiak Sciences: Kodiak Sciences developed KSI-301 (tarcocimab tedromer), an anti-VEGF antibody biopolymer conjugate for retinal diseases including nAMD, DME, and RVO. Direct clinical-stage competitor pursuing extended-durability anti-VEGF positioning similar to TH103.
• Annexon Biosciences: Annexon is a clinical-stage biotech developing complement pathway inhibitors for ophthalmology (geographic atrophy) and autoimmune neurology. Public, clinical-stage, single-mechanism ophthalmology biotech — comparable size and stage profile to Kalaris with similar financing dynamics.
• Ocular Therapeutix: Ocular Therapeutix develops sustained-release intravitreal anti-VEGF therapies (e.g., axitinib hydrogel implant OTX-TKI) for retinal diseases. Pursues extended-durability retinal treatment through a different technological mechanism than TH103 but targets the same clinical unmet need.
• Apellis Pharmaceuticals: Apellis commercializes Syfovre (pegcetacoplan), a complement C3 inhibitor for geographic atrophy, and is exploring ophthalmology pipeline expansion. While a complement-pathway company, Apellis represents the broader clinical/scale peer set for clinical-stage retina biotechs in the same fundraising and BD ecosystem.
• Outlook Therapeutics: Outlook Therapeutics developed ONS-5010/LYTENAVA, an ophthalmic formulation of bevacizumab (the originator of which was invented by Kalaris co-founder Dr. Ferrara). Targets the same nAMD market with a cost-differentiation strategy versus branded anti-VEGF agents.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/allovir

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds12 records

Investors16 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kalaris Therapeutics