Kailera Therapeutics, Inc. (KLRA)

Price$16.23Cached quoteAs of 2026-09-06 16:42 UTC

AI: Undervalued

Price checkThe market value leaves a relatively modest premium over Kailera’s large cash and securities balance.

Using the latest close and 129.6 million shares outstanding, Kailera’s equity value is about $2.1 billion. Against $1.17 billion of cash, cash equivalents and marketable securities at June 30, that implies roughly $0.9 billion of enterprise value, meaning the value assigned to the drug pipeline after net cash. The balance sheet showed no conventional financial debt, only operating liabilities and leases. That looks inexpensive for multiple obesity programs, though all remain unapproved.

Big pictureKailera has no product revenue yet, so valuation depends mainly on clinical milestones and competitive differentiation.

Kailera Therapeutics, Inc. trades on Nasdaq as KLRA and is a clinical-stage obesity biotechnology company. It generated no revenue through June 2026 and used $145.8 million of operating cash in the first half, while research spending accelerated as late-stage trials expanded. This is not a normally cyclical business tied closely to the economy; instead, its valuation moves in a clinical-event cycle around trial data, regulatory decisions, financing conditions and sentiment toward crowded GLP-1 obesity development.

Business strengthA deep obesity pipeline and substantial liquidity provide several shots on goal without near-term refinancing pressure.

The lead asset is ribupatide injection, already in a global Phase 3 program, while oral ribupatide, KAI-7535 and KAI-4729 diversify mechanism and delivery format. June data showed encouraging oral ribupatide weight loss with comparatively low gastrointestinal event rates, while July KAI-7535 Phase 3 data in China confirmed efficacy but exposed high nausea and vomiting. Liquidity is durable into mid-2028 by management’s estimate, giving Kailera time to reach important 2027 and 2028 readouts without conventional debt.

What could change the storyStrong late-stage efficacy could rerate shares, while tolerability setbacks or financing needs could erase the discount.

The bull case assumes ribupatide produces competitive global Phase 3 weight loss with acceptable tolerability, the oral programs show clearer convenience or side-effect advantages, and existing cash reaches key readouts before another major raise. The bear case assumes efficacy is not differentiated enough in an intensely competitive market, gastrointestinal issues limit uptake, development costs rise, or delays push funding needs forward. Dilution also matters: 18.6 million options were outstanding, additional plan shares were reserved, and the IPO lock-up expires October 13, 2026.

AI: News

Q2 runway reaffirmedKailera reported a larger quarterly loss but said current liquidity should fund operations into mid-2028.

On August 12, 2026, Kailera reported second-quarter results, with quarterly research and development expense of $101.1 million and a $111.3 million net loss. Cash, cash equivalents and marketable securities totaled $1.17 billion at June 30. Management said that balance should support operations into mid-2028. The company also said the ribupatide injection high-dose Phase 2b trial was fully enrolled and oral ribupatide Phase 3 trials are planned for the first half of 2027.

Oral GLP-1 meets endpointsHengrui’s China Phase 3 trials validated KAI-7535 efficacy, but gastrointestinal side effects became the central concern.

On July 7, 2026, Kailera announced positive topline results from two Hengrui Phase 3 studies of HRS-7535, licensed as KAI-7535 outside Greater China. In obesity, the higher dose produced up to 11.1% mean weight loss at week 50, while the diabetes study met its main glycemic endpoint. However, nausea occurred in about 70% of higher-dose obesity participants and vomiting in roughly two-thirds, prompting investor concern despite low discontinuation rates.

Ribupatide data strengthenedJune clinical data supported both injectable globalization and an oral formulation with potentially differentiated tolerability.

On June 5, 2026, Kailera and Hengrui presented ribupatide data at the American Diabetes Association meeting. In a China Phase 2 study, oral ribupatide delivered up to 12.1% mean weight loss at week 26 with no observed plateau, while vomiting rates at the two higher doses remained in the low double digits. A separate Phase 1 bridging study of injectable ribupatide showed similar exposure and weight reduction in Asian and non-Asian participants, supporting global development.

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Revenue

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2025	2024
Revenue	$0	—	—
Research & development	$109.1M	$109.1M	$7.0M
Operating expenses	$158.3M	—	—
Operating income	−$158.3M	−$158.3M	−$230.4M
EBITDA	−$158.0M	−$158.0M	−$230.4M
Net income	−$149.0M	−$149.0M	−$219.7M
Basic EPSper basic share	-$1.26	—	—
Diluted EPSper diluted share	-$1.26	-$949.00	-$219.71

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

20.26%of listed shares

Bain Capital Investors LLC26.26M shares · Jun 30, 2026

View holders

Top 20 reported holders of KLRA
Holder	% owned
Bain Capital Investors LLC	20.26%26.26M shares
Kaplan Andrew T.	≈20.26%26.26M shares
Koppel Adam	≈17.42%22.58M shares
Bain Capital Life Sciences Investors, LLC	17.42%22.58M shares
RTW INVESTMENTS, LP	8.31%10.78M shares
CANADA PENSION PLAN INVESTMENT BOARD	5.64%7.3M shares
Atlas Venture Life Science Advisors, LLC	3.99%5.17M shares
FMR LLC	3.06%3.97M shares
BlackRock, Inc.	3.03%3.93M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.73%3.53M shares
CITADEL ADVISORS LLC	2.50%3.24M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	2.48%3.21M shares
WELLINGTON MANAGEMENT GROUP LLP	2.25%2.92M shares
Royalty Pharma Sub-Manager, LLC	1.89%2.46M shares
Siren, L.L.C.	1.71%2.21M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.31%1.69M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.27%1.65M shares
GEODE CAPITAL MANAGEMENT, LLC	0.87%1.13M shares
FARALLON CAPITAL MANAGEMENT, L.L.C.	0.85%1.1M shares
Frazier Life Sciences Management, L.P.	0.85%1.1M shares

Percentages use 129.62M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$326.75M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 20, 2026Form 4	RTW INVESTMENTS, LP +1TenPercentOwner	BuyCommon Stock · indirect	500.0K	$16.00	$8.00M	10.78M
Apr 20, 2026Form 4	BCPE Perseus Investor, LP +4TenPercentOwner	BuyCommon Stock · indirect	8.40M	$16.00	$134.38M	26.26M
Apr 20, 2026Form 4	Koppel AdamDirector,TenPercentOwner	BuyCommon Stock · indirect	1.56M	$16.00	$25.00M	22.58M
Apr 20, 2026Form 4	BCLS Fund IV Investments GP, LLC +4TenPercentOwner	BuyCommon Stock · indirect	1.56M	$16.00	$25.00M	22.58M
Apr 20, 2026Form 4	Kaplan Andrew T.Director,TenPercentOwner	BuyCommon Stock · indirect	8.40M	$16.00	$134.38M	26.26M

Review ownership filings at SEC.gov ↗

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Kailera Therapeutics, Inc. (KLRA)

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