Kalaris Eyes Key Clinical Readouts for TH103 in the nAMD Arena

Financing for the company remains in good shape through 2027, thanks to prior capital measures. This funding runway provides stability to push ongoing studies forward without immediate fundraising pressure. A recent uptick in institutional interest around Kalaris’ capital structure underscores that the emphasis remains squarely on the clinical pipeline and the forthcoming study outcomes.

Key considerations for evaluating the pipeline include:

• Phase 1 data: safety, tolerability, and pharmacokinetics of TH103.
• Trial pace: progress in enrollment for the Phase 1b/2 dose-finding study.
• Duration of effect: signals of a longer dwell time in the eye could serve as a meaningful competitive differentiator.

February milestones to watch

Market participants are likely to treat late February as a make-or-break window. The Macula Society’s annual meeting runs from February 25 to 28 in San Diego, and on February 26, Dr. Dean Eliott is scheduled to present initial Phase 1 data on intravitreal TH103 administration in treatment-naive patients. This data release is expected to be a central gauge of the asset’s potential.

Should investors sell immediately? Or is it worth buying Kalaris?

In addition, quarterly results and an update on overall business progress are anticipated by late February or early March, providing a broader context for the company’s ongoing clinical work and strategic trajectory.

Competitive landscape and strategic focus

The retina-treatments market is characterized by a strong demand for long-acting solutions. Current standards frequently require monthly injections, placing a substantial burden on patients and clinicians alike. Kalaris’ strategy centers on extending the drug’s active presence in the eye, aiming to capture share from established therapies through longer-lasting effects of TH103.

Looking beyond the San Diego presentation, attention shifts to the second half of 2026. By then, additional preliminary data from the ongoing Phase 1b/2 study are expected to emerge, potentially influencing the timeline and design of any subsequent Phase 3 development milestones.