Kalaris Therapeutics is a clinical-stage biopharmaceutical company focused entirely on developing a single drug candidate, TH103, for retinal diseases driven by abnormal blood vessel growth. Kalaris' lead target is neovascular age-related macular degeneration (nAMD), a condition affecting an estimated 1.6M U.S. adults in which abnormal blood vessels leak fluid into the macula, causing vision loss. The current standard of care requires patients to receive frequent in-eye injections, often every one to two months, for years — and many patients miss appointments, resulting in vision loss. TH103 is a "VEGF trap" fusion protein that binds to VEGF before it can trigger abnormal vessel growth. Unlike the current market leader, aflibercept (Eylea), TH103 uses domains from VEGF receptor 1 only, which Kalaris believes anchors the molecule to retinal tissue longer, extending its duration of action and reducing how often patients need injections. TH103 was developed by Dr. Napoleone Ferrara, who co-discovered VEGF and invented Lucentis and Avastin while at Genentech. Kalaris completed a Phase 1a trial in 13 nAMD patients in late 2025 and is running an ongoing Phase 1b/2 multi-dose study with data expected in the first half of 2027. Kalaris is pre-revenue, funds operations through equity raises, and outsources manufacturing to contract manufacturers. If TH103 is approved, Kalaris plans to commercialize it directly using a specialty salesforce targeting retina specialists.