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2025 ANNUAL REPORT 400 Connell Drive, Suite 5500 Berkeley Heights, New Jersey 07922 (650) 249-2727 Dear Kalaris Therapeutics, Inc. Stockholders: 2025 was a transformational year for our company, and I want to thank each employee, stockholder, and external vendor partner for their contributions to and support of our mission to develop and commercialize treatments for prevalent retinal diseases with major unmet medical needs. Our lead product candidate, TH103, is a novel investigational therapy engineered by VEGF scientific pioneer Dr. Napoleone Ferrara to address the limitations of current therapies for neovascular and exudative retinal diseases. I also would like to recognize each patient who has enrolled in our clinical trial of TH103 for nAMD, as well as the clinical trial s principal investigators and their teams. Our merger with AlloVir Inc., which closed in March 2025, has further strengthened our foundation and enabled us to continue to advance the clinical development of TH103. In the third quarter of 2025, we began to enroll patients in our Phase 1b/2 multiple ascending dose trial of TH103 in nAMD, which is designed to inform dose selection for potential Phase 3 development. We also opened our new corporate headquarters in Berkeley Heights, New Jersey and selected KBI Biopharma as our Contract Development and Manufacturing Organization for clinical and commercial drug substance manufacturing. The year culminated with our announcement of positive initial Phase 1a single ascending dose data for TH103 in December 2025. These data indicated that TH103 was generally well tolerated and exhibited improvements on visual acuity and retinal anatomy outcomes at 1-month postdosing. In addition, preliminary single dose pharmacokinetic data suggested increased intraocular retention, which may support a longer duration of effect. Also in December 2025, we raised gross proceeds of $50.0 million through an oversubscribed private placement of equity securities, which helped strengthen our balance sheet. As we advance the development of TH103, we remain committed to our belief that TH103 may provide extended intraocular retention with enhanced VEGF inhibition and has potential to be a best-in class therapeutic for patients with neovascular and exudative retinal diseases. These are exciting times for Kalaris, and on behalf of myself, our Board of Directors, management and the entire Kalaris team, I want to thank you for your continued support. Very truly yours, Andrew Oxtoby President and Chief Executive Officer
 • shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/1/2023 ALVR Stockholder Letter
 • stockholder letter icon 4/23/2024 ALVR Stockholder Letter
 • stockholder letter icon 7/1/2025 ALVR Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


ALVR Shareholder/Stockholder Letter Transcript:



2025 ANNUAL REPORT
400 Connell Drive, Suite 5500
Berkeley Heights, New Jersey 07922
(650) 249-2727
Dear Kalaris Therapeutics, Inc. Stockholders:
2025 was a transformational year for our company, and I want to thank each employee,
stockholder, and external vendor partner for their contributions to and support of our mission to
develop and commercialize treatments for prevalent retinal diseases with major unmet medical
needs. Our lead product candidate, TH103, is a novel investigational therapy engineered by
VEGF scientific pioneer Dr. Napoleone Ferrara to address the limitations of current therapies for
neovascular and exudative retinal diseases. I also would like to recognize each patient who has
enrolled in our clinical trial of TH103 for nAMD, as well as the clinical trial   s principal
investigators and their teams.
Our merger with AlloVir Inc., which closed in March 2025, has further strengthened our
foundation and enabled us to continue to advance the clinical development of TH103. In the third
quarter of 2025, we began to enroll patients in our Phase 1b/2 multiple ascending dose trial of
TH103 in nAMD, which is designed to inform dose selection for potential Phase 3 development.
We also opened our new corporate headquarters in Berkeley Heights, New Jersey and selected
KBI Biopharma as our Contract Development and Manufacturing Organization for clinical and
commercial drug substance manufacturing.
The year culminated with our announcement of positive initial Phase 1a single ascending dose
data for TH103 in December 2025. These data indicated that TH103 was generally well tolerated
and exhibited improvements on visual acuity and retinal anatomy outcomes at 1-month postdosing. In addition, preliminary single dose pharmacokinetic data suggested increased
intraocular retention, which may support a longer duration of effect. Also in December 2025, we
raised gross proceeds of $50.0 million through an oversubscribed private placement of equity
securities, which helped strengthen our balance sheet.
As we advance the development of TH103, we remain committed to our belief that TH103 may
provide extended intraocular retention with enhanced VEGF inhibition and has potential to be a
best-in class therapeutic for patients with neovascular and exudative retinal diseases. These are
exciting times for Kalaris, and on behalf of myself, our Board of Directors, management and the
entire Kalaris team, I want to thank you for your continued support.
Very truly yours,
Andrew Oxtoby
President and Chief Executive Officer


shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 

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