Kalaris TH103 Shows Significant Visual Improvement in Initial Clinical Trial Data
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2025
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Source: Newsfilter
- Significant Visual Improvement: Kalaris' TH103 demonstrated an average 10-letter gain in best corrected visual acuity (BCVA) within one month, indicating its effectiveness in treating treatment-naïve patients with neovascular age-related macular degeneration (nAMD), potentially transforming patient outcomes.
- Anatomical Structure Enhancement: Over a six-month follow-up, TH103 achieved an average improvement of 129 micrometers in central subfield thickness (CST) and approximately 95% reduction in central subfield intraretinal fluid (IRF), highlighting its advantages in intraocular retention and anti-VEGF activity.
- Good Tolerability: The trial reported no dose-limiting toxicities (DLTs) or serious adverse events (SAEs), supporting further dose escalation and indicating TH103's safety and potential for long-term use.
- Accelerated Clinical Development: Kalaris plans to expedite patient enrollment in its ongoing Phase 1b/2 multi-ascending dose study, with preliminary data expected in the second half of 2026, reflecting the company's strong confidence in TH103's clinical prospects.
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Analyst Views on KLRS
Wall Street analysts forecast KLRS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for KLRS is 16.67 USD with a low forecast of 5.00 USD and a high forecast of 26.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 9.450
Low
5.00
Averages
16.67
High
26.00
Current: 9.450
Low
5.00
Averages
16.67
High
26.00
About KLRS
Kalaris Therapeutics, Inc., formerly AlloVir, Inc., is a clinical-stage biopharmaceutical company engaged in the development and commercialization of treatments for prevalent retinal diseases. The Company is focused on the development of TH103, a differentiated anti-vascular endothelial growth factor (VEGF) investigational therapy. TH103 is a fully humanized, recombinant fusion protein that acts against VEGF as a decoy receptor and has been specifically engineered for potentially improved VEGF inhibition and longer retention in the retina. TH103 is being evaluated in an ongoing, Phase I clinical trial for the treatment of neovascular age-related macular degeneration (nAMD), with plans to develop TH103 for additional neovascular and exudative diseases of the retina such as diabetic macular edema (DME), and retinal vein occlusion (RVO).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Kalaris Gains Momentum with Promising Initial Results from Neovascular AMD Trial and $50 Million Financing Support
Positive Phase 1a Data: Kalaris Therapeutics reported promising initial Phase 1a results for its therapy TH103 in treating neovascular age-related macular degeneration (nAMD), showing significant improvements in visual acuity and anatomical changes after one month.
Enhanced Treatment Durability: The therapy demonstrated a potential for extended durability, with 31% of patients not requiring additional anti-VEGF treatment during a six-month follow-up, and pharmacokinetic analysis indicating better intraocular retention compared to existing treatments.
Financial Support: Kalaris secured $50 million in oversubscribed financing, which will extend its cash runway into the third quarter of 2027 and support the ongoing development of TH103 and other corporate needs.
Stock Performance: Following the positive news, Kalaris shares surged 20%, closing at $10.42, with a trading range between $2.14 and $12.90 over the past year.
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Kalaris Therapeutics Secures $50 Million in Private Placement Financing
- Financing Size: Kalaris Therapeutics has entered into a securities purchase agreement to raise approximately $50 million through a private placement, which will be utilized to advance the clinical development of TH103 and for general corporate purposes, thereby enhancing its market position in retinal disease treatments.
- Investor Participation: The financing attracted both new and existing investors, including ADAR1 Capital and Coastlands Capital, reflecting strong market confidence in Kalaris' future prospects and potentially boosting its reputation in the biopharmaceutical industry.
- Share Issuance Details: Kalaris is selling 4.2 million shares of common stock at $10.00 per share, along with pre-funded warrants at $9.9999, which enhances the flexibility and attractiveness of the funding structure.
- Use of Funds Plan: Kalaris expects that the net proceeds from this placement, combined with existing cash, will fund operations into the third quarter of 2027, ensuring continued investment in clinical development and market outreach, driving long-term growth in a competitive biopharmaceutical landscape.
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