KALA Stock — KALA BIO Inc.: Cash, EV, Pipeline

What they do

Our current focus is leveraging our mesenchymal stem cell secretome (“MSC-S”) platform to test development of a scalable AI platform-as-a-service business to deploy secure, purpose-built AI systems directly within biotech and pharmaceutical client environments.

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.16

Market cap

$3.0M

Cash

$7.2M

Enterprise value

$22.7M

Balance sheet

Cash	$7.2M
Debt	$26.9M
Net cash	-$19.7M
Enterprise value	$22.7M
Basic shares	19.3M shares
Fully diluted shares	19.3M shares
Fully diluted market cap	$3.1M
Cash per share	$0.37
Quarterly burn	$1.5M
Cash runway	4.7 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

19.3M

Pre-funded warrants

0.0M

Options

—

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

19.3M

Cap table as of 2026-08-14.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

KPI-012

Phase 2 · Terminated Modality: mesenchymal stem cell secretome (MSC-S)

Indications

Persistent corneal epithelial defects (PCED) (Phase 2)

Status note CHASE Phase 2b trial did not meet primary endpoints; development of KPI-012 and the MSC-S platform discontinued by September 2025. Had received Orphan Drug and Fast Track designations for PCED (April 2023).

KPI-014

Stage not disclosed · Active Modality: mesenchymal stem cell secretome (MSC-S)

Status note Legacy portfolio asset; the company is preserving and seeking to monetize via licensing/collaboration. No ongoing clinical trials as of June 30, 2026; preclinical activities contingent on funding and partners.

Per-asset detail extracted from the 10-Q filed 2026-08-19. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

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
ADAR1 Capital Management	0	-141,480	0.00%	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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KALA — KALA BIO Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

KALA — KALA BIO Inc.