AlloVir(ALVR) - 2025 Q4 - Annual Results

Financial Performance - Kalaris reported a net loss of $43.4 million for the year ended December 31, 2025, a significant improvement from a net loss of $69.2 million in 2024[10]. - Total operating expenses for 2025 were $46.2 million, down from $51.7 million in 2024[16]. Cash and Funding - Cash, cash equivalents, and marketable securities totaled $118.0 million as of December 31, 2025, up from $1.6 million at the end of 2024, expected to fund operations into Q4 2027[7]. - Kalaris completed an oversubscribed private placement raising $50.0 million in December 2025[6]. Research and Development - Research and development expenses decreased to $30.8 million in 2025 from $45.0 million in 2024, primarily due to a $32.0 million royalty obligation in 2024[8]. - The company intends to initiate Phase 3 clinical trials for TH103 by the end of 2027, following preliminary data from the ongoing Phase 1b/2 study expected in 1H 2027[1]. - Positive initial data from the Phase 1a study of TH103 showed a mean 10-letter improvement in best corrected visual acuity and a mean 129µm reduction in central subfield thickness[5]. - The Phase 1a study demonstrated no dose-limiting toxicities or serious adverse events, supporting further dose escalation for TH103[4]. Administrative Expenses - General and administrative expenses increased to $15.4 million in 2025 from $6.7 million in 2024, driven by higher insurance, legal, and professional fees[9]. Share Information - The total number of shares outstanding as of December 31, 2025, was 22,902,418[10].