☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______________________ to ______________________Commission File Number: 001-43233 Kailera Therapeutics, Inc.(Exact Name of Registrant as Specified in its Charter) 99-3088927(I.R.S. EmployerIdentification No.) Delaware(State or other jurisdiction ofincorporation or organization)180 Third Avenue, 4th FloorWaltham, MA(Address of principal executive offices)Registrant’s telephone number, including area code: (781) 317-0290 Securities registered pursuant to Section 12(b) of the Act: Title of each classTradingSymbol(s)Name of each exchange on which registeredCommon Stock, par value $0.00001 per shareKLRANasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of August 6, 2026, the registrant had 129,643,676 shares of common stock, $0.00001 par value per share, outstanding. SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this Quarterly Report on Form 10-Qthat do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to,statements regarding our future results of operations and financial position, business strategy, product candidate development,prospective products, product candidate approvals, research and development activities and costs, future revenue, timing andlikelihood of success of our business plans, plans and objectives of management, future results and timing of clinical trials, treatmentpotential of our product candidates, and the market potential of our product candidates. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,”“may,” “plan,” “potential,” “predict,” “project,” “target,” “should,” “will,” or “would” or the negative of these terms or other similarexpressions, although not all forward-looking statements contain these words. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results,performance or achievements to be materially different from any future results, performance or achievements expressed or impliedby the forward-looking statements. We have based these forward-looking statements largely on our current expectations andprojections about our business, the industry in which we operate and financial trends that we believe may affect our business,financial condition, results of operations and prospects. However, there can be no assurance that management’s expectations, beliefs,and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global,regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. Webelieve that these factors include but are not limited to those described under “Risk Factors” and the following: •the success, cost, timing, progress and results of nonclinical studies and clinical trials for our current and future productcandidates and the reporting and interpretati