What is Kala Pharmaceuticals Inc's earnings per share (EPS)?

Kala Pharmaceuticals Inc (KALA) reported diluted earnings per share of $-3.31 for fiscal year 2025. This represents a 67.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Kala Pharmaceuticals Inc Financials

KALA

Source SEC Filings (10-K/10-Q) Updated May 15, 2026 Currency USD FYE December

This page shows Kala Pharmaceuticals Inc (KALA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI KALA FY2025 2026-05-15

KALA BIO’s balance-sheet reset removed debt, but it also left cash runway reliant on ongoing external funding.

Between FY2024 and FY2025, total liabilities fell from $43.2M to $2.5M, and interest expense also dropped sharply. Yet operating cash burn worsened to -$32.0M as cash fell to $7.6M, which means the cleaner balance sheet came from shedding obligations faster than the business was replacing the cash it consumed.

Net loss improved to -$27.0M in FY2025 from -$38.5M in FY2024, but that accounting improvement did not ease the funding burden because cash use moved the other way. When reported loss looks better while operating cash flow does not, the gap usually points to non-cash items or lower financing costs rather than a fundamentally cheaper operating model.

Shares outstanding climbed from 2.8M in FY2023 to 8.2M in FY2025, showing that the company has been relying more on external capital than on internally generated cash. The current ratio of 3.8x looks healthy because current liabilities are only $2.5M, but cash of $7.6M still sits well below one year of recent operating cash use.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Kala Pharmaceuticals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Kala Pharmaceuticals Inc carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.81, Kala Pharmaceuticals Inc holds $3.81 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.

Returns

Kala Pharmaceuticals Inc generates a -385.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -312.3% the prior year.

Piotroski F-Score Weak

2/9

Kala Pharmaceuticals Inc passes 2 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

1.19x

For every $1 of reported earnings, Kala Pharmaceuticals Inc generates $1.19 in operating cash flow (-$32.0M OCF vs -$27.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-12.0x

Kala Pharmaceuticals Inc earns $-12.0 in operating income for every $1 of interest expense (-$39.2M vs $3.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

Kala Pharmaceuticals Inc generated $0 in revenue in fiscal year 2025.

EBITDA

-$38.8M

YoY+4.6%

Kala Pharmaceuticals Inc's EBITDA was -$38.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.6% from the prior year.

Net Income

-$27.0M

YoY+29.9%

Kala Pharmaceuticals Inc reported -$27.0M in net income in fiscal year 2025. This represents an increase of 29.9% from the prior year.

EPS (Diluted)

$-3.31

YoY+67.4%

Kala Pharmaceuticals Inc earned $-3.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 67.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.6M

YoY-85.2%

5Y CAGR-37.2%

10Y CAGR+2.8%

Kala Pharmaceuticals Inc held $7.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+34.8%

Kala Pharmaceuticals Inc had 8M shares outstanding in fiscal year 2025. This represents an increase of 34.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-385.6%

YoY-73.4pp

5Y CAGR-281.3pp

Kala Pharmaceuticals Inc's ROE was -385.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 73.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$18.8M

YoY-15.0%

5Y CAGR+0.5%

10Y CAGR+5.1%

Kala Pharmaceuticals Inc invested $18.8M in research and development in fiscal year 2025. This represents a decrease of 15.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

KALA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0-100.0%	$3.9M-65.4%	$11.2M+76.7%	$6.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$18.8M-15.0%	$22.1M+18.9%	$18.6M+5.3%	$17.7M+53.3%	$11.5M-37.3%	$18.4M
SG&A Expenses	$23.6M+28.8%	$18.3M-10.8%	$20.6M-68.4%	$65.0M-38.1%	$105.1M+29.6%	$81.1M
Operating Income	-$39.2M+4.4%	-$41.0M-3.3%	-$39.7M+51.5%	-$81.7M+37.3%	-$130.2M-35.3%	-$96.2M
Interest Expense	$3.3M-43.4%	$5.8M-0.5%	$5.8M-20.0%	$7.3M-13.3%	$8.4M-2.4%	$8.6M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$27.0M+29.9%	-$38.5M+8.7%	-$42.2M+5.9%	-$44.8M+68.6%	-$142.6M-36.7%	-$104.3M
EPS (Diluted)	$-3.31+67.4%	$-10.15+41.5%	$-17.35+41.1%	$-29.48+72.8%	$-108.32	$-1.99

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$61K	N/A	$6.1M-1.7%	$6.2M+2.9%	$6.1M	N/A	$5.2M-2.8%	$5.3M
SG&A Expenses	$1.7M	N/A	$4.5M-2.3%	$4.6M+1.1%	$4.6M	N/A	$4.4M+1.9%	$4.3M
Operating Income	-$1.8M	N/A	-$7.2M+34.4%	-$11.0M-3.4%	-$10.7M	N/A	-$10.0M-4.0%	-$9.6M
Interest Expense	$1.1M	N/A	$963K-10.9%	$1.1M-0.9%	$1.1M	N/A	$1.5M+1.4%	$1.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.6M	N/A	-$7.6M+32.2%	-$11.2M-24.7%	-$8.9M	N/A	-$8.9M+6.6%	-$9.6M
EPS (Diluted)	$-0.14	N/A	$-1.07+37.4%	$-1.71-21.3%	$-1.41	N/A	$-1.93+38.9%	$-3.16

KALA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.5M-82.9%	$55.5M-0.8%	$55.9M-35.6%	$86.8M-37.7%	$139.4M-37.1%	$221.6M
Current Assets	$9.5M-82.0%	$52.8M-0.1%	$52.9M-38.5%	$85.9M-30.9%	$124.4M-27.4%	$171.4M
Cash & Equivalents	$7.6M-85.2%	$51.2M+0.6%	$50.9M-27.8%	$70.5M-23.5%	$92.1M+19.2%	$77.3M
Inventory	N/A	N/A	N/A	N/A	$8.6M+65.2%	$5.2M
Accounts Receivable	N/A	N/A	N/A	$195K-98.7%	$15.3M+59.8%	$9.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5M-94.2%	$43.2M-10.9%	$48.4M-28.6%	$67.8M-44.7%	$122.6M+0.8%	$121.6M
Current Liabilities	$2.5M-85.3%	$17.0M+103.2%	$8.3M-67.5%	$25.7M-31.4%	$37.4M+68.4%	$22.2M
Long-Term Debt	N/A	$20.1M-41.2%	$34.2M-9.9%	$37.9M-51.9%	$78.9M+9.3%	$72.2M
Total Equity	$7.0M-43.3%	$12.3M+64.3%	$7.5M-60.5%	$19.0M+12.9%	$16.8M-83.2%	$100.0M
Retained Earnings	-$694.9M-4.0%	-$667.9M-6.1%	-$629.4M-7.2%	-$587.2M-8.3%	-$542.4M-35.7%	-$399.8M

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$12.3M+29.8%	$9.5M-62.1%	$25.0M-30.6%	$36.1M-25.3%	$48.3M-13.0%	$55.5M+2.6%	$54.1M-12.2%	$61.6M
Current Assets	$12.3M+29.8%	$9.5M-60.9%	$24.3M-27.9%	$33.7M-26.4%	$45.7M-13.4%	$52.8M+3.0%	$51.3M-12.9%	$58.9M
Cash & Equivalents	$1.8M-76.7%	$7.6M-64.2%	$21.1M-34.0%	$31.9M-24.3%	$42.2M-17.5%	$51.2M+4.0%	$49.2M-9.2%	$54.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.6M-37.6%	$2.5M-92.6%	$33.7M-14.2%	$39.3M-7.7%	$42.5M-1.4%	$43.2M-8.6%	$47.2M-1.4%	$47.9M
Current Liabilities	$1.6M-37.6%	$2.5M-92.3%	$32.6M+103.4%	$16.0M-30.3%	$23.0M+35.5%	$17.0M-29.0%	$23.9M+24.4%	$19.2M
Long-Term Debt	N/A	N/A	$26.9M+43.4%	$18.8M+24.2%	$15.1M-24.8%	$20.1M+17.1%	$17.2M-24.8%	$22.8M
Total Equity	$10.8M+53.8%	$7.0M+180.7%	-$8.7M-170.3%	-$3.2M-156.2%	$5.7M-53.7%	$12.3M+79.8%	$6.9M-50.0%	$13.7M
Retained Earnings	-$696.5M-0.2%	-$694.9M+0.1%	-$695.6M-1.1%	-$688.0M-1.6%	-$676.9M-1.3%	-$667.9M-1.2%	-$659.7M-1.4%	-$650.8M

KALA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$32.0M-8.9%	-$29.4M-5.2%	-$27.9M+64.6%	-$78.9M+27.1%	-$108.2M-19.3%	-$90.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$15K+92.8%	-$208K+51.5%	-$429K-100.7%	$62.7M-11.4%	$70.8M+190.5%	-$78.2M
Financing Cash Flow	-$11.6M-138.9%	$29.9M+251.2%	$8.5M+207.1%	-$7.9M-118.7%	$42.6M-73.5%	$160.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$2.9M+36.5%	-$4.6M+58.1%	-$10.9M+34.3%	-$16.6M-87.6%	-$8.8M-91.9%	-$4.6M+2.7%	-$4.7M+48.7%	-$9.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$7.0M	$0-100.0%	$1K	N/A	N/A	-$69K+23.3%	-$90K-150.0%	-$36K
Financing Cash Flow	$4.1M+145.7%	-$9.0M-30043.3%	$30K+101.2%	-$2.5M-1774.1%	-$135K-102.0%	$6.6M+3792.2%	-$180K-101.2%	$15.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KALA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-2099.3%-940.6pp	-1158.8%+353.8pp	-1512.6%
Net Margin	N/A	N/A	N/A	-1151.6%+117.1pp	-1268.7%+371.1pp	-1639.8%
Return on Equity	-385.6%-73.4pp	-312.3%+250.1pp	-562.4%-326.1pp	-236.2%+612.4pp	-848.6%-744.3pp	-104.3%
Return on Assets	-284.3%-214.9pp	-69.4%+6.0pp	-75.4%-23.8pp	-51.6%+50.6pp	-102.3%-55.2pp	-47.1%
Current Ratio	3.81+0.7	3.11-3.2	6.33+3.0	3.35+0.0	3.32-4.4	7.71
Debt-to-Equity	0.36-1.3	1.63-2.9	4.56+2.6	2.00-2.7	4.70+4.0	0.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-15.1%	N/A	N/A	N/A	-156.7%	N/A	-130.5%-60.7pp	-69.8%
Return on Assets	-13.2%	N/A	-30.2%+0.7pp	-30.9%-12.4pp	-18.5%	N/A	-16.6%-1.0pp	-15.6%
Current Ratio	7.91+4.1	3.81+3.1	0.75-1.4	2.10+0.1	1.99-1.1	3.11+1.0	2.15-0.9	3.07
Debt-to-Equity	0.14-0.2	0.36+3.5	-3.11+2.7	-5.86-8.5	2.65+1.0	1.63-0.9	2.50+0.8	1.66
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Kala Pharmaceuticals Inc's annual revenue?

Kala Pharmaceuticals Inc (KALA) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Kala Pharmaceuticals Inc profitable?

No, Kala Pharmaceuticals Inc (KALA) reported a net income of -$27.0M in fiscal year 2025.

What is Kala Pharmaceuticals Inc's EBITDA?

Kala Pharmaceuticals Inc (KALA) had EBITDA of -$38.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Kala Pharmaceuticals Inc's return on equity (ROE)?

Kala Pharmaceuticals Inc (KALA) has a return on equity of -385.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kala Pharmaceuticals Inc's operating cash flow?

Kala Pharmaceuticals Inc (KALA) generated -$32.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kala Pharmaceuticals Inc's total assets?

Kala Pharmaceuticals Inc (KALA) had $9.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Kala Pharmaceuticals Inc spend on research and development?

Kala Pharmaceuticals Inc (KALA) invested $18.8M in research and development during fiscal year 2025.

How many shares does Kala Pharmaceuticals Inc have outstanding?

Kala Pharmaceuticals Inc (KALA) had 8M shares outstanding as of fiscal year 2025.

What is Kala Pharmaceuticals Inc's current ratio?

Kala Pharmaceuticals Inc (KALA) had a current ratio of 3.81 as of fiscal year 2025, which is generally considered healthy.

What is Kala Pharmaceuticals Inc's debt-to-equity ratio?

Kala Pharmaceuticals Inc (KALA) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kala Pharmaceuticals Inc's return on assets (ROA)?

Kala Pharmaceuticals Inc (KALA) had a return on assets of -284.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kala Pharmaceuticals Inc's cash runway?

Based on fiscal year 2025 data, Kala Pharmaceuticals Inc (KALA) had $7.6M in cash against an annual operating cash burn of $32.0M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Kala Pharmaceuticals Inc's Piotroski F-Score?

Kala Pharmaceuticals Inc (KALA) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kala Pharmaceuticals Inc's earnings high quality?

Kala Pharmaceuticals Inc (KALA) has an earnings quality ratio of 1.19x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Kala Pharmaceuticals Inc cover its interest payments?

Kala Pharmaceuticals Inc (KALA) has an interest coverage ratio of -12.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Kala Pharmaceuticals Inc?

Kala Pharmaceuticals Inc (KALA) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.