Kalaris Therapeutics Inc (KLRS)

After Hours Losers: $RVPH $UK $OLLI $ZVSA $KLRS View the entire list here: https://stockanalysis.com/markets/afterhours/?ref=saveontrading

$KLRS realistic re-rating scenario for KLRS: Stock re-rates from ~$2.50 to $6–10 on strong data. Market cap could jump to $300M–$500M, still conservative vs comps. Room to grow further as Phase 2 progresses or partnership/M&A interest emerges.

$KLRS | Company | Program | Stage | Peak Valuation | Key Result Driver | | **Kodiak (KOD)** | KSI-301 | Phase 1b | **\$4B** | Strong durability + early fluid reduction | | **Regenxbio** | RGX-314 | Phase 2 | \$2.5B+ | Gene therapy for AMD with early signal | | **Outlook Thera** | ONS-5010 | Pre-Phase 3 | \$700M+ | Repurposed Avastin with regulatory path | Implication: If TH103 shows durability >12 weeks with comparable CST fluid reduction to aflibercept, it could easily support a $500M–$1.5B valuation, based on historical comps. Markets often price in 25–50% of the total rNPV after strong Phase 1 data → that’s $100M–$150M uplift in market cap, or $5–$8/share upside (vs. KLRS ~$2.50/share today). In 2020, Kodiak Sciences (KOD) went from ~$500M to $3B+ market cap after Phase 1b durability data. Similar upside occurred for Regenxbio when suprachoroidal delivery of RGX-314 entered trials.

$KLRS Category Estimate Data Timing Mid-Nov to late Dec 2025 (Q4) Readout Content Safety, PK/PD, retinal thickness changes Success Indicators Safe at 5–10mg, ≥8-week intraocular half-life, fluid reduction via OCT Primary “Success” Criteria: (80%-85% chance) Clean safety profile No dose-limiting toxicities or serious intraocular inflammation. Well tolerated at doses ≥5–10 mg. Clear, prolonged PK signal Drug persists in the eye significantly longer than aflibercept or ranibizumab (e.g., ≥8–10 weeks of measurable presence). Retinal fluid reduction A measurable drop in central subfield thickness (CST) in ≥50% of patients at therapeutic doses. Ideally, show effect lasting beyond 8 weeks from a single injection. Evidence of dose-response

$KLRS Simplified Risk-Adjusted NPV (rNPV) Scenario Peak Sales Probability NPV (12.5% DR, $M) Risk-Adjusted Base case $750M 22% ~$950M $209M High case (Vabysmo-level uptake) $1.5B 10% ~$1.5B $150M Low case (limited data) $250M 30% ~$250M $75M Blended rNPV range: $150M–$225M, or ~$8–12/share fully diluted. Compare that to KLRS’s current EV (negative) and stock price (~$2.50), and you’re looking at an asymmetric upside trade.

$KLRS Did some quick analysis on TH-103 % chances for positve data through approval Clinical Milestone Probability Ladder for TH103 Stage Industry Base Rate (Biologics - Ophthalmology) Adjusted Probability (TH103) Key Risk Factors Phase 1 Safety/PK ~70–75% 80–85% Fully human, receptor trap; low immunogenicity risk; good class safety. Phase 1B Efficacy Signal ~55–60% 60–70% Unproven in humans, but strong preclinical VEGF suppression and retention. Phase 1/2 Combined ~50–55% 55–65% Signal must show durable VEGF inhibition and at least parity to aflibercept. Phase 2 Proof-of-Concept ~40–45% 50–55% Human data must support extended durability and vision outcomes. Phase 3 Pivotal ~65–70% (if it gets here) 70–75% Established regulatory pathway and efficacy bar; clear benefit needed. FDA Approval ~85–90% (for Phase 3-completed biologics) 85–90% If Phase 3 succeeds, path to approval is fairly reliable.