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Investing.com - William Blair has reiterated an Outperform rating on Kalaris (NASDAQ:KLRS), maintaining its positive outlook on the biopharmaceutical company focused on treating neovascular retinal diseases. The company, currently valued at approximately $48 million, maintains a strong liquidity position with a current ratio of 14.3x, according to InvestingPro data.
The firm’s analysis follows investor meetings held Wednesday with Kalaris management, including CEO Andrew Oxtoby and CMO Matt Feinsod, M.D. The discussions covered the company’s lead asset TH103, a fully humanized recombinant anti-VEGF fusion protein designed as a soluble decoy receptor with potentially greater VEGF affinity and longer eye residence time compared to Eylea. InvestingPro analysis indicates the company holds more cash than debt, supporting its research and development initiatives.
William Blair highlighted the preclinical data supporting TH103’s differentiated design, which could provide meaningful advantages in clinical settings. The company expects to release first-in-human data for TH103 in the fourth quarter of 2025.
The research firm noted Kalaris ended the first quarter of 2025 with $101 million in cash, providing runway through the end of 2026. The meetings also addressed the significant unmet needs in neovascular AMD (NASDAQ:AMD) treatment, including treatment burden associated with regular intravitreal injections of current anti-VEGF products.
Despite limitations in current treatments, William Blair pointed out that the global branded anti-VEGF market exceeds $15 billion and continues to grow steadily, with recent launches gaining market share by offering modestly longer durability—illustrating the potential value of therapies like TH103 that could meaningfully extend treatment intervals. While the stock has experienced a significant decline of about 78% over the past six months, analysts maintain optimistic price targets between $20-21 per share. Subscribers to InvestingPro can access additional insights, including 8 more ProTips and comprehensive financial health metrics.
In other recent news, Kalaris Therapeutics has caught the attention of Leerink Partners, which initiated coverage with an Outperform rating and a price target of $20 per share. The firm’s positive outlook is based on Kalaris’s development of TH103, a potential treatment for wet age-related macular degeneration (AMD). Leerink Partners highlighted the significant market opportunity for TH103, emphasizing its potential to offer longer-lasting efficacy and reduce the frequency of treatments needed for patients. Additionally, Kalaris Therapeutics announced new compensatory arrangements for its top executives, including CEO Andrew Oxtoby, whose new employment agreement sets an annual base salary of $569,100 with a performance bonus potential. The restructuring of executive compensation includes severance provisions and aligns with potential changes in company control. Senior Vice President Brett Hagen also had his offer letter amended to include severance benefits and other terms. These adjustments come as the company continues to navigate the competitive landscape of the biopharmaceutical industry.
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