KLRA Stock — Kailera Therapeutics Inc.: Cash, EV, Pipeline

What they do

Kailera Therapeutics is a clinical-stage biopharmaceutical company developing therapies for obesity and related conditions, advancing KAI-9531, an injectable GLP-1/GIP receptor co-agonist, in clinical trials for chronic weight management.

Source: company website via company website

Share price

$12.97

Market cap

$1,684.2M

Cash

$1,037.6M

Enterprise value

$646.6M

Balance sheet

Cash	$1,037.6M
Debt	$0.0M
Net cash	$1,037.6M
Enterprise value	$646.6M
Basic shares	129.8M shares
Fully diluted shares	149.5M shares
Fully diluted market cap	$1,939.3M
Cash per share	$7.99
Quarterly burn	$77.5M
Cash runway	11.8 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

129.6M

Pre-funded warrants

0.0M

Options

18.6M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.3M

FDSO

149.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Ribupatide · Jun 12 - Jul 24 in 7 mo · Phase 2 · Obesity

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jun 12 - Jul 24 in 7 mo	Ribupatide	Phase 2	Obesity	mid-2027 Est. Jul 16, 2027 · guidance midpoint
Aug 18 - Sep 29 in 9 mo	KAI-7535	Phase 2	Obesity; Overweight	2027 Est. Aug 18, 2027 · PCD + 6 wks (Aug 4-Sep 1)
Mar 14 - Apr 25 in 16 mo	Ribupatide	Phase 3	Obesity; Overweight	—
Mar 21 - May 2 in 17 mo	Ribupatide	Phase 1	End Stage Renal Disease; Renal Impairment; Obesity	—
Apr 12 - May 24 in 17 mo	Ribupatide	Phase 3	Obesity	—
May 8 - Jun 19 in 18 mo	Ribupatide	Phase 3	Obesity With Diabetes; Overweight With Diabetes	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Ribupatide injection

Phase 3 · Active Modality: peptide

Aliases KAI-9531

Target GLP-1 (filing: GLP-1-based pipeline)

Partnerships Hengrui (May 2024 license & collaboration; exclusive ex-Greater China development/commercialization rights; Hengrui develops/commercializes in Greater China)

Indications

Obesity (Phase 3)
Type 2 diabetes (Phase 3)

Status note Once-weekly injectable peptide. Global Phase 3 trials initiated Dec 2025 and Jan 2026 (obesity). Hengrui reported topline from two China Phase 3 trials in T2D (Jul/Aug 2026).

Ribupatide oral

Stage not disclosed · Active Modality: peptide

Target GLP-1 (filing: GLP-1-based pipeline)

Partnerships Hengrui (May 2024 license & collaboration; exclusive ex-Greater China rights)

Indications

Obesity (Stage not disclosed)

Status note Once-daily oral tablet formulation of ribupatide; Phase 3 trials planned to be initiated (timing not stated in filing).

KAI-7535

Stage not disclosed · Active Modality: small molecule

Aliases HRS-7535

Target GLP-1 (filing: GLP-1-based pipeline)

Partnerships Hengrui (May 2024 license & collaboration; exclusive ex-Greater China rights)

Indications

Obesity (Stage not disclosed)

Status note Once-daily small molecule. Hengrui reported topline from two China Phase 3 trials (obesity; T2D) in Jul 2026; KLRA advancing global clinical trials.

KAI-4729

Preclinical · Active Modality: peptide

Target GLP-1 (filing: GLP-1-based pipeline)

Partnerships Hengrui (May 2024 license & collaboration; exclusive ex-Greater China rights)

Indications

Obesity (Preclinical)

Status note Once-weekly injectable GLP-1/GIP/glucagon receptor tri-agonist; Phase 1 trial planned to be initiated (timing not stated in filing).

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Ribupatide
Lead indication	Obesity; Overweight
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07284875	Phase 3	Recruiting	Sponsor	Kailera	—	Obesity; Overweight	—
NCT07284979	Phase 3	Recruiting	Sponsor	Kailera	—	Obesity	—
NCT07284901	Phase 3	Recruiting	Sponsor	Kailera	—	Obesity With Diabetes; Overweight With Diabetes	—
NCT07458269	Phase 2	Active, not recruiting	Sponsor	Kailera	—	Obesity	mid-2027 Est. Jul 16, 2027 · guidance midpoint
NCT07497880	Phase 2	Active, not recruiting	Sponsor	Kailera	—	Obesity; Overweight	2027 Est. Aug 18, 2027 · PCD + 6 wks (Aug 4-Sep 1)
NCT07793929	Phase 1	Not yet recruiting	Sponsor	Kailera	—	End Stage Renal Disease; Renal Impairment; Obesity	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Kailera on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	10,776,820	+10,776,820	2.03%	2026-08-14
Frazier Life Sciences	1,100,000	+1,100,000	0.53%	2026-08-14
Cormorant Asset Management	550,000	+550,000	0.62%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KLRA — Kailera Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KLRA — Kailera Therapeutics Inc.