Latest Ratios: P/E Ratio -1.6x · EV/EBITDA N/A · ROE -45.2%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87M | $129M | — | — | — | — | — | — | — |
| Enterprise Value | $-9638464 | $32M | — | — | — | — | — | — | — |
| P/E Ratio → | -1.63 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.90 | 1.63 | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | -16182.4% | -316.8% |
| Net Profit Margin | — | — | — | — | — | — | — | -14447.9% | -214.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -45.2% | -45.2% | -172.1% | — | -15.9% | -59.5% | -29.4% | -33.3% | -11.3% |
| ROA | -36.2% | -36.2% | -96.4% | -406.5% | -10.7% | -52.3% | -27.4% | -28.9% | -9.6% |
| ROIC | — | — | — | — | -89.0% | -87.0% | -34.3% | -58.1% | — |
| ROCE | -41.0% | -41.0% | -98.1% | — | -11.3% | -55.9% | -29.2% | -35.2% | -16.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | — | — | — | 0.13 | 0.02 | 0.10 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.23 | -1.04 | — | — | -0.76 | -0.32 | -0.41 | -1.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | -12.85 |
| Interest Coverage | -31.98 | -31.98 | — | -20.40 | -64.89 | — | — | — | — |
Net cash position: cash ($98M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.23 | 12.23 | 22.63 | 0.85 | 0.69 | 6.69 | 29.39 | 13.98 | 6.77 |
| Quick Ratio | 12.23 | 12.23 | 22.63 | 0.85 | 0.69 | 6.69 | 29.39 | 13.98 | 6.77 |
| Cash Ratio | 12.15 | 12.15 | 22.58 | 0.80 | 0.54 | 6.55 | 28.98 | 13.85 | 6.68 |
| Asset Turnover | — | — | — | — | — | — | — | 0.00 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | 1238.79 | 97.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $15M | $5M | $5M | $3M | $3M | $1M | $3M | $3M |
Clinical trial execution failure
As reported in financial statements, KLRS currently trades at a price-to-book ratio of 0.85, which suggests that the market is pricing the entity as a distressed asset rather than a growth-stage biotechnology firm with a proprietary clinical pipeline.
The absence of meaningful P/E or EV/EBITDA multiples reflects the company's pre-revenue status, forcing investors to rely on book value as a proxy for liquidation worth. This valuation level implies that the market assigns little to no premium for the company's allogeneic cell therapy platform, likely due to the high uncertainty surrounding clinical trial outcomes.
Based on reported figures, the company's ROIC has remained deeply negative, hitting -100.0% in 2026Q1, which underscores the structural inability of the current business model to generate returns on invested capital while the firm remains in the pre-commercialization phase.
The persistent decay in ROIC is a direct consequence of heavy R&D spending without any offsetting revenue streams. Investors should monitor whether future clinical milestones can shift this trajectory, as the current trend indicates that every dollar of capital invested is currently being consumed by operational losses rather than compounding value.
According to recent SEC filings, the company's current ratio plummeted from 12.23 in 2025Q4 to 12.14 in 2026Q1, signaling that while the firm maintains a high liquidity buffer, the absolute cash position is depleting at a rate that warrants significant investor caution.
The high current ratio is somewhat misleading, as it is driven by the rapid consumption of cash reserves rather than an accumulation of liquid assets. Given the lack of revenue, the company's liquidity position is entirely dependent on the timing of future equity raises, making it highly vulnerable to market volatility.
Based on a comparison with peers like Kymera Therapeutics and Replimune Group, KLRS's P/B ratio of 0.85 appears significantly discounted, suggesting that the market may be applying a higher risk premium to KLRS than to its clinical-stage counterparts.
This valuation gap may be structural, reflecting the market's skepticism regarding the company's specific allogeneic platform compared to the more established pipelines of its peers. Investors should investigate whether this discount represents a mispricing opportunity or a rational response to the company's specific clinical trial risks.
As indicated by historical data, the price-to-book ratio is the most commonly misapplied metric for KLRS, as it fails to capture the intangible value of the company's proprietary cell therapy platform and its potential for future clinical breakthroughs.
Relying on P/B in a pre-revenue biotech context obscures the true value of the intellectual property and the optionality inherent in the clinical pipeline. A more appropriate analytical framework would involve a risk-adjusted net present value (rNPV) model that accounts for the probability of success in clinical trials rather than static balance sheet metrics.
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Quick answers to the most common questions about buying KLRS stock.
Kalaris Therapeutics Inc's current P/E ratio is -1.6x. This places it at the 50th percentile of its historical range.
Kalaris Therapeutics Inc's return on equity (ROE) is -45.2%. The historical average is -52.4%.
Based on historical data, Kalaris Therapeutics Inc is trading at a P/E of -1.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.