Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 98,054,000	$ 1,639,000
Short-term marketable securities	19,928,000	0
Prepaid expenses and other current assets	827,000	967,000
Total current assets	118,809,000	2,606,000
Deferred transaction costs	0	3,146,000
Operating lease right-of-use assets	1,475,000	0
Restricted cash	499,000	0
Other non-current assets	953,000	410,000
Total assets	121,736,000	6,162,000
Current liabilities:
Accounts payable	1,281,000	1,560,000
Accrued expenses and other current liabilities (including $67 and $85 due to a related party)	8,117,000	2,195,000
Convertible promissory notes, net of discount of $1,298 (including $0 and $18,670 due to a related party)	0	19,541,000
Derivative liabilities (including $0 and $995 due to a related party)	0	1,042,000
Tranche liability (including $0 and $331 due to a related party)	0	365,000
Operating lease liabilities, current	316,000	0
Total current liabilities	9,714,000	24,703,000
Royalty obligation - related party	32,076,000	32,076,000
Operating lease liabilities, long-term	1,132,000	0
Total liabilities	42,922,000	56,779,000
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.00001 par value, no shares authorized, issued and outstanding as of December 31, 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 December 31, 2025	0	45,999,000
Stockholders' equity (deficit):
Common stock, $0.0001 and $0.00001 par value as of December 31, 2025 and 2024, respectively; 300,000,000 and 86,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 22,902,418 and 1,356,431 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2,000	0
Additional paid-in capital	238,805,000	19,945,000
Accumulated other comprehensive income	6,000	0
Accumulated deficit	(159,999,000)	(116,561,000)
Total stockholders' equity (deficit)	78,814,000	(96,616,000)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 121,736,000	$ 6,162,000

Kalaris Therapeutics, Inc. 10-K