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Jun 30
Allovir Q2 2025 Earnings Report
Allovir, now Kalaris, reported a higher net loss in Q2 2025 due to increased clinical and administrative costs as it advanced its lead asset TH103.
Key Takeaways
Kalaris posted an increased net loss in Q2 2025 driven by R&D and G&A expenses related to its Phase 1 trial of TH103, while maintaining strong cash reserves post-merger with AlloVir.
Net loss for Q2 2025 was $11.35 million, or $0.61 per share.
Cash and cash equivalents increased to $88.4 million following the AlloVir merger.
R&D expenses rose due to Phase 1 clinical trial initiation of TH103.
General and administrative expenses grew with public company operational costs.
Allovir
Allovir
Forward Guidance
Kalaris expects to deliver initial clinical data from its Phase 1 TH103 trial in Q4 2025 and believes its cash balance will fund operations into Q4 2026.
Positive Outlook
- Enrollment ongoing for TH103 Phase 1 trial in nAMD patients.
- Initial safety and efficacy data expected in Q4 2025.
- Cash runway extends into Q4 2026.
- Expanded leadership team with key clinical expertise.
- Advancing TH103 with potential for improved VEGF inhibition.
Challenges Ahead
- No revenue generated in the quarter.
- Operating losses increased due to higher clinical activity.
- Still in early-stage clinical development with no near-term commercialization.
- G&A costs rose due to transition to public company operations.
- Reliance on single lead candidate increases pipeline risk.