Overview

• US biopharmaceutical firm's Q1 net loss beat analyst expectations

• Cash and equivalents expected to fund operations into Q4 2027

Outlook

• Company expects cash to fund operations into Q4 2027 and through key clinical milestones

Result Drivers

• HIGHER CLINICAL SPENDING - Increased research and development expenses were driven by higher CRO and clinical costs as the company expanded investigational sites and patient enrollment

• PIPELINE PROGRESS - Completion of new manufacturing batch and ongoing patient screening for Phase 1b/2 study contributed to operating expenses

Company press release: ID:nGNX4PS2Df

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Beat	-$10.86 mln	-$11.70 mln (5 Analysts)
Q1 Operating Income	Slight Miss*	-$11.83 mln	-$11.80 mln (3 Analysts)
Q1 Operating Expenses		$11.83 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Kalaris Therapeutics Inc is $19.00, about 301.7% above its May 11 closing price of $4.73

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