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KALA

KALA BIO, Inc.

KALA

KALA BIO, Inc. • NASDAQ
$0.97 ▲ 6.12% (+0.06)
Market Cap $6.78 M
52w High $20.60
52w Low $0.61
Dividend Yield 0%
P/E -0.17
Volume 2.93M
Outstanding Shares 7.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $7.239M ▼ $-7.564M ▲ 0% $-1.07 ▲ $-6.473M ▲
Q2-2025 $0 $11.028M ▲ $-11.155M ▼ 0% $-1.71 ▼ $-10.007M ▼
Q1-2025 $0 ▼ $10.648M ▲ $-8.947M ▼ 0% ▲ $-1.41 ▲ $-7.788M ▼
Q4-2024 $254K ▲ $9.39M ▼ $-8.175M ▲ -3.219K% ▼ $-1.74 ▲ $-6.714M ▲
Q3-2024 $0 $9.568M $-8.95M 0% $-1.93 $-7.409M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.096M ▼ $25.021M ▼ $1.112M ▼ $-8.665M ▼
Q2-2025 $31.942M ▼ $36.053M ▼ $39.259M ▼ $-3.206M ▼
Q1-2025 $42.222M ▼ $48.252M ▼ $42.544M ▼ $5.708M ▼
Q4-2024 $51.181M ▲ $55.483M ▲ $43.151M ▼ $12.332M ▲
Q3-2024 $49.202M $54.079M $47.22M $6.859M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.564M ▲ $-10.877M ▼ $1K ▲ $30K ▲ $-10.846M ▼ $-10.861M ▼
Q2-2025 $-11.155M ▼ $-7.734M ▲ $-16K ▼ $-2.53M ▼ $-10.28M ▼ $-7.734M ▲
Q1-2025 $-8.947M ▼ $-8.824M ▼ $0 ▲ $-135K ▼ $-8.959M ▼ $-8.824M ▼
Q4-2024 $-8.175M ▲ $-4.598M ▲ $-69K ▲ $6.646M ▲ $1.979M ▲ $-4.667M ▲
Q3-2024 $-8.95M $-4.725M $-90K $-180K $-4.995M $-4.676M

Five-Year Company Overview

Income Statement

Income Statement KALA’s income statement looks like a classic early‑stage biotech that never made it to commercial scale. Revenue has effectively disappeared, and the company has been running entirely on research and corporate funding rather than product sales. Losses have been consistent each year, though they appear to have narrowed modestly more recently as the company trims expenses. Overall, the business model has not yet proven its ability to generate sustainable revenue or profits, and the income statement reflects a company in prolonged development mode rather than one operating a going commercial business.

Balance Sheet

Balance Sheet The balance sheet is small and fairly simple. The company’s assets are modest and largely made up of cash, with only a thin layer of shareholder equity. Debt is present and meaningful relative to the company’s overall size, which adds some financial risk given the ongoing losses. Over the last few years, total assets and equity have trended downward, signaling that the company has been drawing down its resources without replenishing them through profitable operations. Financial flexibility appears limited, and future funding would likely depend on external capital or strategic transactions rather than internal cash generation.

Cash Flow

Cash Flow KALA has been consistently burning cash, mainly through operating activities tied to research, development, and overhead. There is no meaningful spending on long‑term physical assets, so the cash outflow is essentially all operating burn rather than investment in equipment or facilities. While the rate of cash outflow seems to have improved somewhat over time, it remains negative, and there is no offsetting inflow from product sales. This means the company’s survival horizon is closely linked to its remaining cash, its ability to cut costs further, and whether it can secure outside funding or a strategic deal.

Competitive Edge

Competitive Edge KALA’s competitive position has been severely weakened. Its main source of potential differentiation was its stem‑cell‑derived MSC‑S platform and the lead drug candidate KPI‑012. With that platform and program now halted after a key trial failure, the company no longer has an active, clearly differentiated product in development. In a crowded and capital‑intensive biotech landscape, a small company without a viable lead program, revenue, or near‑term approvals faces a very steep competitive challenge. At this point, any residual competitive value would likely stem from know‑how, remaining intellectual property, and its status as a listed entity, rather than from a strong product pipeline or established market presence.

Innovation and R&D

Innovation and R&D Historically, KALA was an innovation‑driven story centered on its MSC‑S biologics platform and the promise of KPI‑012 for serious eye diseases. That platform was positioned as a novel, multi‑mechanism, cell‑free regenerative therapy, and earlier clinical signals had supported continued investment. The failure of the key Phase 2b trial, and the subsequent decision to stop development of KPI‑012 and the entire platform, effectively resets the company’s R&D identity. Innovation efforts are being wound down rather than expanded, with workforce reductions and cost cuts replacing pipeline growth. Future R&D direction is uncertain, and management is now focused more on strategic options than on advancing a next‑generation pipeline.

Summary

KALA BIO is in a transition from being a high‑risk, innovation‑focused biotech to a company searching for a new purpose after a major pipeline failure. Financially, it has no meaningful revenue, ongoing but somewhat reduced losses, a small and shrinking asset base, and continuing cash burn. Strategically, its main technology platform and competitive moat have been dismantled, leaving it without a clear growth engine in a demanding sector. The company is now essentially at a crossroads: the key question is less about how fast it can grow its pipeline and more about how it navigates restructuring, preserves remaining value, and determines whether its future lies in reinvention, partnership, sale, or an orderly wind‑down. Uncertainty is high on both the business and scientific fronts.