Core Insights - Kalaris Therapeutics is actively enrolling patients in a Phase 1 trial for TH103, a novel anti-VEGF agent aimed at treating neovascular and exudative retinal diseases, with initial clinical data expected in Q4 2025 [1][9] - The company reported cash and cash equivalents of $101 million as of March 31, 2025, which is expected to fund operations into Q4 2026 [1][4] Business Highlights - Kalaris completed its merger with Allovir in March 2025, which significantly increased its cash reserves [2][4] - TH103 was developed by VEGF pioneer Dr. Napoleone Ferrara and is designed to provide longer-lasting anti-VEGF activity compared to current therapies [2][8] - The company has expanded its Board of Directors with the appointment of Leone Patterson as a director and Chair of the Audit Committee [9] Financial Results - Cash and cash equivalents increased from $1.6 million as of December 31, 2024, to $101 million as of March 31, 2025, primarily due to the merger with AlloVir [4] - Research and development expenses for Q1 2025 were $6 million, up from $2 million in Q1 2024, reflecting increased costs related to the Phase 1 trial [5] - General and administrative expenses rose to $4.3 million in Q1 2025 from $0.6 million in Q1 2024, driven by a one-time charge for liability insurance and increased professional fees [6] - The net loss for Q1 2025 was $10.2 million, or $2.52 per share, compared to a net loss of $3.4 million, or $2.60 per share, in Q1 2024 [7][14]