Kalaris Therapeutics, Inc. · NASDAQ:KLRS
Kalaris Therapeutics — Technical Presentation (December 2025)
30 slides from Kalaris Therapeutics's technical presentation, Dec 17, 2025
Slide 1: TH103 Phase 1a Initial Data Release
Exhibit 99.2 TH103 Phase 1a Initial Data Release December 2025
Slide 2: Forward-Looking Statements & Disclaimer
Forward-Looking Statements & Disclaimer This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risk and uncertainties. All sta
Slide 3: Your Vision Our Mission
Your Vision Our Mission Kalaris is a clinical stage biopharmaceutical company dedicated to the development and commercialization of treatments for prevalent retinal diseases Our lead asset, TH103, was invented by Dr. Napoleone Ferrara, whose pioneering research established the anti-VEGF class of the
Slide 4: TH103
TH103 Engineered to improve upon a drug class that has helped millions of patients, with optimization built directly into the molecule itself. Fully humanized, recombinant fusion protein designed for intravitreal delivery, with potential to be best-in-class for neovascular and exudative retinal dise
Slide 5: TH103 Preclinical Review & Phase 1a Initial Data Summary
TH103 Preclinical Review & Phase 1a Initial Data Summary 5
Slide 6: TH103: Dual-targeting, next generation drug engineered by anti-VEGF pioneer
TH103: Dual-targeting, next generation drug engineered by anti-VEGF pioneer Dr. Napoleone Ferrara to address major unmet needs in retina disease Optimized VEGF Binding: 1 Leverages higher-affinity VEGFR1 , potentially leading to enhanced VEGF inhibition Extended Ocular Retention: 2 Leverages high-af
Slide 7: TH103: Increased VEGF-inhibitory activity vs. aflibercept in preclinical studies
TH103: Increased VEGF-inhibitory activity vs. aflibercept in preclinical studies TH103 achieved 100% inhibition vs. aflibercept 80% inhibition of TH103 increased reduction in mean choroidal neovascularization 2 VEGF-induced endothelial cell proliferation (CNV) area after administration at Day -1 1 (
Slide 8: TH103: Demonstrated prolonged retinal retention vs. aflibercept in preclinical studies
TH103: Demonstrated prolonged retinal retention vs. aflibercept in preclinical studies TH103 demonstrated increased retention in the retina as compared to TH103 demonstrated reduced systemic exposure after 1 aflibercept at two weeks post-injection intravitreal administration (in vivo, rabbit model)
Slide 9: TH103: Demonstrated prolonged bioactivity vs. aflibercept in an animal model
TH103: Demonstrated prolonged bioactivity vs. aflibercept in an animal model Mean CNV Area In a second murine experiment, rather Standard error = than at Day -1, TH103 and aflibercept were administered at Day -14 prior to laser injury to assess durability of treatment effect. In this model, TH103 s
Slide 10: Phase 1a initial data summary
Phase 1a initial data summary Efficacy: rapid, robust response on BCVA and OCT ✓ parameters observed across dose levels at one month Safety: TH103 generally well tolerated, supporting ✓ exploration of further dose-escalation Durability: ✓ - PK analysis consistent with greater TH103 intraocular reten
Slide 11: Phase 1a Single Ascending Dose Study in Treatment-Naïve nAMD
Phase 1a Single Ascending Dose TH103 5.0 mg x 1 (SAD) Study in TH103 2.5 mg x 1 Treatment-Naïve TH103 1.5 mg x 1 nAMD TH103 0.5 mg x 1 Multi-center U.S. study to evaluate safety, tolerability, pharmacokinetics, and anti- Study Details VEGF activity following a single ● Primary timepoint for analysis
Slide 12: Key baseline characteristics of patients in Phase 1a trial of TH103
Key baseline characteristics of patients in Phase 1a trial of TH103 who have reached study completion Study Cohort 0.5 mg 1.5 mg 2.5 mg 1 All Patients (n=13) (n=3) (n=7) (n=3) Age (mean) 78 77 82 79 Sex (female / male) 3 / 0 5 / 2 1 / 2 9 / 4 BCVA (ETDRS letters, 58 (44-71) 59 (35-73) 49 (36-63) 57
Slide 13: Phase 1a initial data summary
Phase 1a initial data summary Efficacy: rapid, robust response on BCVA and OCT ✓ parameters observed across dose levels at one month 13 13
Slide 14: Mean letter gain in BCVA after a single TH103 injection at Month 1
Mean 10 letter gain in BCVA letter score after a single TH103 injection at Month 1 Mean BCVA Change Over Time 12 54% +10 letters (7/13 patients) 10 Gained ≥ 10 letters at Month 1 8 6 4 23% (3/13 patients) 2 Gained ≥ 20 letters at Month 1 0 D1D2 D4 W1 W2 M1 Time ETDRS = Early Treatment Diabetic Retin
Slide 15: Change in mean visual acuity in treatment naïve nAMD patients for market-leading agents
Change in mean visual acuity in treatment naïve nAMD patients for current market-leading agents at Month 1 Mean Change in BCVA at Month 1 in Tx-Naive nAMD patients (ETDRS letters) 12 10 8 6 4 2 0 Eylea (VIEW 1&2) Eylea (T&L) Eylea (PULSAR) Eylea HD Vabysmo Eylea HD BCVA Baseline Mean: ~60, n=673 Eyl
Slide 16: Rapid, robust improvement in CST and total retinal fluid volume
Rapid, robust improvement in CST and total retinal fluid (TRF) volume at Week 1 and Month 1 1 Mean CST Change Over Time Case Example (1.5 mg) 0 -20 -40 Mean ~87% resolution 2 of TRF by Week 1 -60 ���� Mean ~90% resolution Single Dose TH103 2 of TRF at Month 1 -80 -100 -120 -140 -129���� m mean CST c
Slide 17: Change in mean CST in treatment naïve nAMD patients for market-leading agents
Change in mean CST in treatment naïve nAMD patients for current market-leading agents at Month 1 Mean Change in CST at Month 1 in Tx-Naive nAMD patients (���� m) Eylea (VIEW 1&2) Eylea (T&L) Eylea (PULSAR) Eylea HD Vabysmo -100 -105 ���� -110 -115 -120 -125 -130 -135 Eylea HD CST Baseline Mean: ~370
Slide 18: Rapid and consistent resolution of intraretinal fluid volume across doses
Rapid and consistent resolution of intraretinal fluid (IRF) volume observed across doses Case Example (2.5 mg) IRF Volume Over Time (nL) 160 by Subject 140 120 Single Dose TH103 100 80 Mean ~95% IRF 60 Mean ~99% IRF resolution at Week 1 resolution by Month 1 40 Week 1 20 0 D1 D2 D4 W1 14 W2 M1 1 4 7
Slide 19: Phase 1a initial data summary
Phase 1a initial data summary Efficacy: rapid, robust response on BCVA and OCT ✓ parameters observed across dose levels at one month Safety: TH103 generally well tolerated, supporting ✓ exploration of further dose-escalation 19 19
Slide 20: Safety Summary from Phase 1a Trial
Safety Summary 1 from Phase 1a Trial w/ Additional Original Manufacturing Process Processing Steps ● No dose limiting toxicity (DLT) or serious adverse events (SAEs) observed 0.5mg 1.5mg 2.5mg 2.5mg * (n=3) (n=7) (n=3) (n=6) ● Transient, mild-moderate intraocular inflammation (IOI) Anterior presente
Slide 21: Phase 1a initial data summary
Phase 1a initial data summary Efficacy: rapid, robust response on BCVA and OCT ✓ parameters observed across dose levels at one month Safety: TH103 generally well tolerated, supporting ✓ exploration of further dose-escalation Durability: ✓ - PK analysis consistent with greater TH103 intraocular reten
Slide 22: Initial SAD plasma PK data consistent with greater TH103 intraocular retention
Initial SAD plasma PK data is consistent with greater TH103 intraocular retention Plasma Drug Levels Cmax* Cmax/Dose* TH103 2.5 mg Treatment (ng/mL) (nM/mmol) Plasma Levels (Cmax/Dose): 1 Eylea 2 mg 40.5 20.6 27x lower than Eylea 2mg 2 Eylea HD 8 mg 247 31.2 3 Vabysmo 6 mg 234 39.0 41x lower than Ey
Slide 23: Single-dose durability signal suggests potential for stronger durability outcomes
Single-dose durability signal suggests potential for stronger Phase 1a Single-Dose Time to Retreatment (n = 13) durability outcomes after standard four- Time to first retreatment dose loading regimen 38% ≥ 4M Without any retreatment 31% ≥ 6M M1 M2 M3 M4 M5 M6 Single TH103 Ongoing Phase 1b/2 study de
Slide 24: Case Example: TH103 single-injection durable response past Month 6
Case Example: TH103 single-injection durable response past Month 6 CST Change Over Time 550 500 Single Dose TH103 (0.5mg) 450 ���� 400 234 ���� m improvement at Month 6 350 300 250 W1 W2 M1 M2 M3 M4 M5 M6 Time Source: As measured by independent reading center 24 Month 6 Month 1 Week 1 CST Change ( m
Slide 25: First-in-Human data support TH103's potential to be best-in-class
First-in-Human data support TH103’s potential to be best-in-class, first-line treatment for prevalent retinal diseases Efficacy: rapid, robust response on BCVA and OCT parameters observed across dose levels at one month ✓ - Mean 10-letter BCVA improvement at Month 1 - Mean 129μm improvement in mean
Slide 26: Phase 1b/2 & Next Steps
>) Kalaris Phase 1b/2 & Next Steps
Slide 27: Actively Enrolling Phase 1b/2 Trial in nAMD; interim data 2H 2026
Actively Enrolling Phase 1b/2 Trial in nAMD; interim data 2H 2026 Open label, multiple ascending dose design followed by randomized, masked, multi-dose cohort-expansion phase Dose Levels (n~80) Study Phase Extension Phase 5.0mg • Monthly disease activity assessment 2.5mg • Patients exit study after
Slide 28: Kalaris is accelerating TH103 clinical development into later stage studies
Kalaris is accelerating First-in-Human data support TH103's potentially clinically 1 meaningful differentiation and advancement into multi-dose TH103 clinical trials development into later stage studies with preliminary readout expected in 2H 2026 Actively enrolling a Phase 1b/2 multiple ascending d
Slide 29: Kalaris Therapeutics
S Kalaris Therapeutics
Slide 30: Glossary
Glossary OCT: Optical Coherence BCVA: Best Corrected Visual Acuity DR: Diabetic Retinopathy Tomography Cmax: Maximum Plasma ETDRS: Early Treatment Diabetic PK: Pharmacokinetics Concentration Retinopathy Study HSPG: Heparan Sulfate CNV: choroidal Neovascularization RVO: Retinal Vein Occlusion Proteog
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