Wedbush Morning Call - May 14 2026 7:03AM

Research evidence excerpt

Wedbush Morning Call - May 14 2026 7:03AM

MORNING CALL - May 14, 2026

Best Ideas List (BIL)/Upgrades/Downgrades/Initiations

Kalaris Therapeutics, Inc. (KLRS)

Rating: OUTPERFORM, 12-Month Price Target: $17.00, Price: $4.83

Initiating At OP With $17 PT; Developing A Better Anti-VEGF, And They Know How

We are initiating coverage of KLRS with an Outperform rating and $17 PT. We believe that the lead candidate TH103, a novel

anti-VEGF therapy rationally designed to improve the durability of treatment effect to address the largest unmet medical need

in neovascular retinal disorders, could be a strong competitor as a first-line therapy in the substantial anti-VEGF market that

has exceeded $15B with branded products alone. Patients with wet AMD that received a single dose of TH103 in the Ph1a

study, many with the worst lesion type, achieved visual function improvement that compares favorably with what available

therapies demonstrated in clinical studies. Moreover, PK and retreatment data also suggest longer lasting effect, consistent

with preclinical data that showed increased retinal retention. The ongoing Ph1b/2 study aims to identify Ph3 dose and regimen,

with initial data expected in 1H27, and our conservative estimates, with only low single digit peak market penetration, still

suggest significant upside potential.

TH103 was Designed to Address the Largest Unmet Medical Need in Wet AMD. The need for frequent injections and

monitoring creates a significant burden for wet AMD patients, and nonadherence is a main reason for the limited clinical

benefit in real world practice, even with long-acting agents, such as Eylea HD and Vabysmo, already available. TH103

was designed by Kalaris’ co-founder Napoleone Ferrara, MD, who was a co-discoverer of VEGF and was also behind the