Story
Kalaris Therapeutics Stock Slides 6.4% Despite Naming Veteran Analyst as New CFO
Summary
Shares of the clinical-stage biopharma company fell on Monday despite the appointment of Liisa Bayko, a former senior biotechnology analyst at Evercore ISI, as its new Chief Financial Officer.
Shares of Kalaris Therapeutics Inc. (NASDAQ:KLRS) fell on Monday, even as the company announced the appointment of a seasoned biotechnology analyst as its new Chief Financial Officer. The stock closed the session down 6.4% following the news.
Executive Appointment
Kalaris named Liisa Bayko its new CFO, bringing over 20 years of biotechnology finance experience to the clinical-stage company. The appointment was announced Monday.
Bayko most recently served as Managing Director and Senior Biotechnology Analyst at Evercore ISI, where her coverage focused on small- and mid-cap biotechnology companies. Her prior experience includes senior analyst roles at JMP Securities and positions at Prudential Equity Group and Baker Brothers Advisors.
Andrew Oxtoby, President and CEO of Kalaris, said in a statement that Bayko has extensive experience in valuing biotechnology companies, engaging with the investor community, and navigating capital markets.
AdMarket Context and Clinical Pipeline
The negative market reaction was notable given the appointment of an executive with a strong industry background. The leadership change comes as Kalaris continues to advance its lead product candidate, TH103.
The company is currently enrolling patients in a Phase 1b/2 study of TH103 for treatment-naïve neovascular age-related macular degeneration (wet AMD). Kalaris is focused on developing treatments for retinal diseases.
According to the company, TH103 is an investigational dual-targeting biologic designed for intravitreal delivery. Its potential applications also include other retinal conditions such as diabetic eye disease and retinal vein occlusion.
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