Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 42,387	$ 1,639
Short-term investments	34,612	0
Prepaid expenses and other current assets	1,184	967
Total current assets	78,183	2,606
Deferred transaction costs	0	3,146
Operating lease right-of-use assets	1,516	0
Restricted cash	500	0
Other non-current assets	976	410
Total assets	81,175	6,162
Current liabilities:
Accounts payable	494	1,560
Accrued expenses and other current liabilities (including $64 and $85 due to a related party)	5,195	2,195
Convertible promissory notes, net of discount of $1,298 (including $0 and $18,670 due to a related party)	0	19,541
Derivative liabilities (including $0 and $995 due to a related party)	0	1,042
Tranche liability (including $0 and $331 due to a related party)	0	365
Operating lease liabilities, current	376	0
Total current liabilities	6,065	24,703
Royalty obligation - related party	32,076	32,076
Operating lease liabilities, long-term	1,169	0
Total liabilities	39,310	56,779
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.00001 par value, no shares authorized, issued and outstanding as of September 30, 2025; 75,151,340 shares authorized as of December 31, 2024; 43,151,340 shares issued and outstanding as of December 31, 2024; liquidation preference of $0 as of September 30, 2025	0	45,999
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025; no shares authorized, issued, and outstanding as of December 31, 2024
Common stock, $0.0001 and $0.00001 par value as of September 30, 2025 and December 31, 2024, respectively; 300,000,000 and 86,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 18,702,418 and 1,356,431 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	2	0
Additional paid-in capital	191,858	19,945
Accumulated other comprehensive income	6	0
Accumulated deficit	(150,001)	(116,561)
Total stockholders' equity (deficit)	41,865	(96,616)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 81,175	$ 6,162

Kalaris Therapeutics, Inc. 10-Q