The firm faces a precarious liquidity outlook, evidenced by a sharp decline in cash from $98.1M to $34.4M in the most recent quarter, reflecting the ongoing burden of R&D expenditures that reached $36.0M in 2024Q3.
| Cash from Operations | -48.88M | -42.98M | -67.7M | -14.13M | -9.78M | -106.32M | -60.81M | -20.16M | 1.94M |
| Operating CF Margin % | - | - | - | - | - | - | - | -12215.15% | 171.19% |
| Operating CF Growth % | -516.17% | 36.52% | -379.09% | -44.51% | 90.8% | -74.84% | -201.72% | -1137.31% | - |
| Net Income | -44.1M | -43.44M | -58.77M | -14.7M | -15.48M | -171.96M | -69.78M | -23.84M | -2.43M |
| Depreciation & Amortization | 20K | 13K | 0 | 0 | 0 | 1.12M | 73K | 19K | 0 |
| Stock-Based Compensation | 638K | 0 | 0 | 148K | 271K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.39M | -2.98M | 16.37M | 1.51M | 2.04M | 45.17M | 9.93M | 2.27M | 967K |
| Working Capital Changes | -53K | 3.43M | -25.3M | -1.09M | 3.4M | 19.35M | -1.03M | 1.4M | 3.41M |
| Change in Receivables | 0 | 0 | 206K | 0 | 0 | 400K | 110K | -258K | 170K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.4M | -88K | -28.86M | -402K | 1.83M | 20.29M | 2.73M | 4.94M | 601K |
| Cash from Investing | -70.07M | -19.72M | 95M | 0 | 0 | 185.98M | -169.5M | -64.64M | 0 |
| Capital Expenditures | -200K | -200K | 0 | 0 | 0 | -26K | -235K | -339K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | 205.45% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 52.42M | 159.61M | 21K | 14.24M | 12.78M | 232K | 291.98M | 120.92M | 22.87M |
| Debt Issued (Net) | 7.5M | 7.5M | 0 | 6M | 4.3M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 50.07M | 50M | 21K | 6.74M | 8.47M | 232K | 291.98M | 120.92M | 22.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10M |
| Other Financing | -5.15M | 102.11M | 0 | 1.5M | 5K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -66.54M | -20.23M | 28.17M | 110K | 3M | 79M | 61.58M | 36.12M | 24.96M |
| Free Cash Flow | -49.09M | -43.18M | -67.7M | -14.13M | -9.78M | -106.34M | -61.05M | -20.49M | 1.94M |
| FCF Margin % | - | - | - | - | - | - | - | -12420.61% | 171.19% |
| FCF Growth % | -142.28% | 36.23% | -379.09% | -44.51% | 90.8% | -74.2% | -197.87% | -1154.76% | - |
| FCF per Share | -2.07 | -2.83 | -13.52 | -3.12 | -2.93 | -38.96 | -52.20 | -7.24 | 0.69 |
| FCF Conversion (FCF/Net Income) | 1.11x | 0.99x | 1.15x | 0.96x | 0.63x | 0.62x | 0.87x | 0.85x | -0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, KLRS exhibits a volatile relationship between net income and operating cash flow, with OCF/NI ratios fluctuating between 0.11 and 1.33 over the last ten quarters, suggesting that GAAP losses are not always indicative of the actual cash resources consumed during specific periods.
The wide variance in the OCF/NI ratio suggests that non-cash items and working capital swings significantly distort the company's reported net income. Investors should monitor these fluctuations closely, as they may mask the underlying intensity of the cash burn required to sustain clinical operations.
Based on the provided figures, KLRS has maintained a consistently negative free cash flow trajectory, with quarterly outflows reaching as high as $34.5M in 2023Q3, confirming that the company remains entirely dependent on external financing to fund its ongoing research and development activities without any offsetting revenue.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of these outflows warrants caution regarding the company's long-term sustainability. The lack of a clear path toward cash flow breakeven implies that future dilution remains a primary risk for shareholders.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $2.9M inflow in 2025Q4 to a $3.1M outflow in 2023Q3, which indicates that the company's cash position is sensitive to the timing of vendor payments and other short-term operational liabilities.
These swings in working capital suggest that management is actively managing cash outflows to preserve liquidity, though such efforts are insufficient to offset the structural burn. The inconsistency in these movements may reflect the irregular nature of clinical trial expenses and supply chain procurement.
Based on the provided data, the company has begun reporting stock-based compensation, which reached $638.0K in 2025Q3, serving as a non-cash expense that effectively reduces the reported net loss while failing to provide any relief to the actual cash burn rate experienced by the business.
While SBC is a standard tool for talent retention in biotech, it is critical to distinguish between accounting losses and actual cash outflows. Analysts should adjust for these non-cash charges to ensure that the true cash runway is not being overestimated by the headline net loss figures.
Quick answers to the most common questions about buying KLRS stock.
Kalaris Therapeutics Inc (KLRS) generated $-43.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kalaris Therapeutics Inc (KLRS) reported negative free cash flow of $43.2M in 2025, indicating capital requirements exceeded cash from operations.
Kalaris Therapeutics Inc (KLRS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.