Incrementally Positive SAD Data for TH103 Presented at ASRS

Research evidence excerpt

Incrementally Positive SAD Data for TH103 Presented at ASRS

Update

July 17, 2026 02:21 PM GMT

Morgan Stanley & Co. LLCMKalaris Therapeutics | North America Judah C. Frommer, CFA

Equity Analyst

Incrementally Positive SAD Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

Nick.Japhet@morganstanley.com +1 212 761-2721

Data for TH103 Presented at Parth Patel

Parth.Patel@morganstanley.com +1 212 761-5065

ASRS

Kalaris Therapeutics (KLRS.O, KLRS US)

Biotechnology | United States of America

Key Takeaways Stock Rating Overweight

Industry View Attractive

KLRS reported incremental Ph1a SAD data for TH103 in wet AMD at ASRS Price target $14.00

Shr price, close (Jul 16, 2026) $4.55

Data further support enhanced intraocular retention and durability of benefit vs. Mkt cap, curr (mm) $108

approved anti-VEGF biologics 52-Week Range $11.88-2.14

Preliminary Ph1b/2 MAD data on track for 1H27 readout

In connection with its presentation at ASRS, KLRS announced incremental Ph1a

SAD data for TH103 in wet AMD. The expanded Ph1a SAD dataset included a total

of 17 treatment-naive patients in the efficacy analysis population (vs. 13 prior) and 3

additional treatment-experienced patients for safety. All 20 patients had completed

6 months of follow-up. Consistent with the company's prior update (as discussed in

our initiation here), plasma PK suggested greater intraocular retention with 27x to

53x lower Cmax compared to approved anti-VEGF therapies on a molar equivalence

basis. Treatment-naive patients (excluding one patient treated with aflibercept at

Week 2) experienced a mean 9.2 letter improvement in BCVA and 118 micron

improvement in CST at Month 1 following a single TH103 injection. The results also