The company exhibits no operating leverage, having generated zero revenue over the last ten quarters while sustaining quarterly operating losses that peaked at $47.0M in 2023Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 165K | 1.14M |
| Revenue Growth % | - | - | - | - | - | - | -100% | -85.46% | - |
| Cost of Goods Sold | 20K | 13K | 0 | 0 | 0 | 1.12M | 73K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -20K | -13K | 0 | 0 | 0 | -1.12M | -73K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | -1430.14% | - | - | - |
| Operating Expenses | 47.61M | 46.14M | 55.26M | 13.46M | 14.01M | 168.7M | 71.24M | 26.85M | 4.73M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 16270.91% | 416.83% |
| Selling, General & Admin | 15.32M | 15.39M | 42.92M | 1.76M | 2.24M | 49.08M | 21.65M | 10.62M | 3.03M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 6435.15% | 267.05% |
| Research & Development | 32.3M | 30.75M | 12.34M | 11.71M | 11.76M | 119.62M | 49.59M | 16.23M | 1.7M |
| R&D % of Revenue | - | - | - | - | - | - | - | 9835.76% | 149.78% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -47.63M | -46.15M | -55.26M | -13.46M | -14.01M | -169.82M | -71.31M | -26.7M | -3.6M |
| Operating Margin % | - | - | - | - | - | - | - | -16182.42% | -316.83% |
| Operating Income Growth % | - | 16.48% | -310.4% | 3.87% | 91.75% | -138.14% | -167.06% | -642.52% | - |
| EBITDA | -45.87M | -46.14M | -58.77M | -14.01M | -15.25M | -168.7M | -71.24M | -26.68M | -2.43M |
| EBITDA Margin % | - | - | - | - | - | - | - | -16170.91% | -214.1% |
| EBITDA Growth % | 15.84% | 21.49% | -319.42% | 8.12% | 90.96% | -136.82% | -166.98% | -998.02% | - |
| D&A (Non-Cash Add-back) | 10K | 13K | 0 | 0 | 0 | 1.12M | 73K | 19K | 0 |
| EBIT | -45.88M | -46.15M | -58.77M | -14.01M | -15.25M | -170.96M | -69.78M | -23.84M | -2.43M |
| Net Interest Income | 0 | -1.44M | 5.49M | -687K | -235K | 1.31M | 1.33M | 2.06M | 56K |
| Interest Income | 0 | 0 | 5.49M | 0 | 0 | 1.31M | 1.33M | 2.06M | 56K |
| Interest Expense | 0 | 1.44M | 0 | 687K | 235K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.53M | 2.71M | -3.51M | -1.24M | -1.48M | -1.14M | 1.52M | 2.86M | 1.17M |
| Pretax Income | -44.1M | -43.44M | -58.77M | -14.7M | -15.48M | -170.96M | -69.78M | -23.84M | -2.43M |
| Pretax Margin % | - | - | - | - | - | - | - | -14447.88% | -214.1% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1.01M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.59% | 0% | 0% | 0% |
| Net Income | -44.1M | -43.44M | -58.77M | -14.7M | -15.48M | -171.96M | -69.78M | -23.84M | -2.43M |
| Net Margin % | - | - | - | - | - | - | - | -14447.88% | -214.1% |
| Net Income Growth % | 23.09% | 26.09% | -299.82% | 5.08% | 91% | -146.42% | -192.73% | -881.03% | - |
| Net Income (Continuing) | -44.1M | -43.44M | -58.77M | -14.7M | -15.48M | -171.96M | -69.78M | -23.84M | -2.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.86 | -2.85 | -11.73 | -42.09 | -50.62 | -63.00 | -59.67 | -8.42 | -2.88 |
| EPS Growth % | 82.04% | 75.7% | 72.13% | 16.86% | 19.65% | -5.58% | -608.67% | -192.36% | - |
| EPS (Basic) | - | -2.85 | -11.73 | -42.09 | -50.62 | -63.00 | -59.67 | -8.42 | -2.88 |
| Diluted Shares Outstanding | 23.72M | 15.27M | 5.01M | 4.52M | 3.33M | 2.73M | 1.17M | 2.83M | 2.83M |
| Basic Shares Outstanding | 23.72M | 15.27M | 5.01M | 4.52M | 3.33M | 2.73M | 1.17M | 2.83M | 2.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, KLRS maintains a pre-revenue profile where R&D expenditures, which peaked at $36.0M in 2024Q3, represent the primary driver of the company's ongoing cash burn as it advances its clinical-stage pipeline through increasingly expensive late-stage trials in immunocompromised patient populations.
The company's cost structure is dominated by R&D, which fluctuates significantly based on trial enrollment milestones and clinical development phases. Investors should monitor the volatility in these expenses, as they suggest a lack of predictable cost control inherent in early-stage biotechnology development.
Based on the provided figures, KLRS exhibits no operating leverage, as the company has generated zero revenue over the last ten quarters while sustaining quarterly operating losses that reached as high as $47.0M in 2023Q3, reflecting a business model entirely dependent on external capital infusions.
The absence of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss. This structure implies that the company's survival is tethered to its ability to manage its cash runway rather than operational efficiency or scale.
According to recent SEC filings, the company's net income remains consistently negative, with quarterly losses ranging from $3.4M to $44.3M, a trend that is further complicated by non-cash stock-based compensation expenses that reached $638.0K in 2025Q3, potentially obscuring the true underlying cash burn rate.
The reliance on stock-based compensation as a component of operating expenses warrants further investigation, as it may dilute shareholders without providing a direct offset to the company's cash requirements. Analysts should focus on the adjusted cash burn to better understand the true financial health of the entity.
As indicated by the historical data, the company's reliance on periodic capital raises to offset consistent operating losses suggests that the current $98M cash position may be insufficient if clinical trial timelines extend, posing a significant risk of future dilution for existing equity holders.
The lack of revenue generation creates a binary risk profile where the company's valuation is entirely dependent on clinical success. If the lead VST candidate fails to meet primary endpoints, the current cost structure may become unsustainable, forcing management to seek dilutive financing or face a liquidity crisis.
Quick answers to the most common questions about buying KLRS stock.
For fiscal year 2025, Kalaris Therapeutics Inc (KLRS) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.1M in 2018.
Kalaris Therapeutics Inc (KLRS) reported a net loss of $43.4M for the fiscal year ending 2025.