MeritValue

Kalaris Therapeutics, Inc.

KLRSdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Kalaris Therapeutics, Inc. earns about -69% on equity, and has bought back 76% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$172M1−$168.7M2−$190.4M3−$69.2M4−$43.4M4
Operating cash flow−$106.3M5−$142.1M6−$124.5M7−$20.7M8−$38.4M8
Capital expenditure$26,0009———$200,00010
Free cash flow (derived)−$106.3M5———−$38.6M8
Total debt—————
Cash & equivalents$201.7M11$106.1M12$90.1M13$1.64M14$98.1M14
Diluted shares62.8M76.7M4.5M1.3M15.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$51.62
your share of equity
Profit it earned you last year
−$28.45
Free cash flow it threw off
−$25.26
Debt you’d be carrying
—

10 shares is a claim on $51.62 of net worth that earned you −$28.45 and generated −$25.26 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-69% avg · 5y
FY21 -76%FY22 -75%FY23 —FY24 —FY25 -55%

It earned an average -69% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−76% shares · 5y

Share count is down 76% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-002830 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-031879 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-035143 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-110659 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-002830 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-031879 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-035143 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-110659 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-002830 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2025-12-31 · accession 0001193125-26-110659 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-002830 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-031879 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-035143 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-110659 (CashAndCashEquivalentsAtCarryingValue)