Transaction overview
On December 18, 2025, Samsara Opportunity Fund, L.P. completed a privately negotiated purchase of 479,847 shares of Kalaris Therapeutics, Inc. (NASDAQ: KLRS) common stock at $10.42 per share. The purchase amounted to $5,000,005 in aggregate.
Current trading and market backdrop
Following the disclosure of the private transaction, Kalaris shares are trading at $8.27, roughly 21% below the price paid by Samsara Opportunity Fund. The stock has fallen 14.26% over the past week. InvestingPro reports Kalaris’s market capitalization at $154.39 million.
Holdings and ownership structure
After this acquisition, Samsara Opportunity Fund, L.P. directly holds 1,979,847 shares of Kalaris. Samsara Opportunity Fund GP, LLC - the general partner of the fund - may be regarded as having beneficial ownership of these shares.
Srinivas Akkaraju, identified as a director and a 10% owner of Kalaris Therapeutics, is the managing member of Samsara BioCapital GP, LLC, which serves as the general partner of Samsara LP, and of Samsara Opportunity Fund GP, LLC. He has disclaimed beneficial ownership of the purchased shares except to the extent of any pecuniary interest he may hold.
The transaction also involved an internal disposition: the 479,847 shares sold to Samsara Opportunity Fund were transferred from Samsara BioCapital, L.P. As a result of that movement, Samsara BioCapital, L.P. now holds 10,968,234 shares.
Performance, balance sheet signal, and analyst views
Despite the recent weeklong selloff, Kalaris has delivered a substantial 230.6% return over the prior six months. InvestingPro’s data indicate the company holds more cash than debt, though the business is noted to be rapidly consuming its cash reserves.
Analyst price targets for Kalaris span a wide range, from $5 to $26, reflecting divergent expectations about the company’s outlook.
Clinical progress and market reaction
Kalaris recently reported encouraging early results from a Phase 1a trial of TH103, an anti-VEGF therapy being developed for neovascular age-related macular degeneration (nAMD). The company disclosed a mean improvement of 10 letters in visual acuity and notable anatomical changes after one month, including a 129-micron reduction in central subfield thickness and a 95% reduction in intraretinal fluid.
Following these clinical data, Citizens raised its price target for Kalaris to $26 and retained a Market Outperform rating. Separately, Chardan Capital Markets initiated coverage with a Buy rating, pointing to the commercial potential of TH103 in treating wet AMD.
Financing and upcoming presentation
Kalaris also announced a private placement that generated approximately $50 million in gross proceeds. The financing comprised the sale of 4.2 million shares of common stock at $10.00 per share and pre-funded warrants for 800,000 shares at $9.9999 per warrant. Institutional investors participating in the round included ADAR1 Capital Management and RTW Investments.
The company is scheduled to present its Phase 1 data for TH103 at the 49th Annual Meeting of the Macula Society in San Diego.
Implications
The reported insider-aligned purchase increases the direct holdings of Samsara Opportunity Fund in Kalaris while transferring a portion of shares from Samsara BioCapital, L.P. to the Opportunity Fund. The combination of financing, early clinical readouts, and analyst actions indicates elevated investor interest in Kalaris’s retinal program, even as the equity’s near-term price action has been volatile and the firm continues to use cash to fund operations.