1Q26: Phase 1b/2 Trial Data Continues To Be Expected In 1H27

Research evidence excerpt

1Q26: Phase 1b/2 Trial Data Continues To Be Expected In 1H27

C O M PA N Y N O T E

1 2 M a y 2 0 2 6

Kalaris Therapeutics, Inc. (KLRS) Neutral

CONCLUSION PRICE: US$4.73

KLRS continues to guide for Phase 1b/2 data for TH103 (anit-VEGF) in wet AMD in 1H27. TARGET: US$7.00

The company indicated they have manufactured another batch with lower levels of process Our $7 PT is based on a DCF through

impurities compared to prior formulations. Recall, KLRS has had to modify the formulation 2035E(15% discount rate), and assumes

previously as incidences of IOI have been noted at several different dose levels in the TH103peak US sales of $326M and EU sales

Phase 1a trial. As the wet AMD space is highly competitive, we view a clean safety profile of $167M in wet AMD.

as paramount to success in this indication as well as differentiated efficacy. As such, a

Biren Aminprofile devoid of incidences of IOI or other AEs is critical for TH103's development path. Sr. Research Analyst, Piper Sandler & Co.

The company continues to expect the initiation of Phase 3 studies by YE'27. 732 284-6909, biren.amin@psc.com

Kailie Briza

• The Phase 1b/2 remains on track for a readout in 1H27. The company disclosed Research Analyst, Piper Sandler & Co.

patient screening is underway and a new manufacturing batch has been made and 312 281-3437, kailie.briza@psc.com

requires packaging and labeling. Previously there have been safety signals reported Michael Mazzola, Ph.D.

with TH103 treatment. At the initial readout of the Phase 1a in December 2025, two Research Analyst, Piper Sandler & Co.

212 284-9397, michael.mazzola@psc.com

cases of IOI at the 2.5 mg dose were reported. KLRS determined the IOI cases were

Felicia Berben, PharmD due to mfr-related host cell protein.