Every 10-Q that Kala Pharmaceuticals Inc (KALA) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow KALA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KALA filings page.
KALA BIO, Inc. (KALA) reported sharply reduced operating losses as it pivots from ophthalmology biologics to an on‑premises AI infrastructure platform for biotechnology clients. For the six months ended June 30, 2026, net loss was $3.2 million, improving from $20.1 million a year earlier as research and development spending fell to $0.1 million after discontinuing the KPI‑012 MSC‑S program.
Total operating expenses declined to $3.5 million from $21.7 million, driven mainly by lower KPI‑012 trial costs, workforce reductions and elimination of interest expense after resolving debt with Oxford Finance. Cash and cash equivalents were $229 thousand at June 30, 2026, with an additional $7.0 million short‑term loan receivable to Minglemint Solutions that bears 8.0% interest and is callable in part.
KALA raised $4.2 million in January 2026 via Series AAA preferred stock (since converted into 17.64 million common shares) and executed a 1‑for‑50 reverse stock split in May 2026. It obtained an Exclusive License to Younet’s Researgency biomedical AI platform, agreed to pay up to $530 thousand in initial cash fees plus equity, and secured a $55 million option to acquire Younet. A new Form S‑3 shelf registers up to $350 million of securities, including a $250 million at‑the‑market common stock program.
KALA BIO, Inc. reported a much smaller net loss as it restructures around an AI platform strategy. For the three months ended March 31, 2026, net loss was $1.6 million versus $8.9 million a year earlier, driven by sharply lower research and development and general and administrative expenses after discontinuing its KPI‑012 eye‑disease program.
Cash and cash equivalents were $1.8 million with an additional $7.0 million short‑term investment loan, and management believes current resources fund operations into the second quarter of 2027. During the quarter KALA raised $4.2 million through a private placement of Series AAA preferred stock (all since converted to common), secured an exclusive license to Younet’s Researgency biomedical AI platform, and made a secured 8.0% loan to Minglemint Solutions. The company also completed a 1‑for‑50 reverse stock split and regained Nasdaq market‑value compliance, but continues to report a material weakness in internal control over financial reporting.
KALA BIO’s Q3 2025 report shows a sharp deterioration in its business and financial position. The company’s CHASE Phase 2b trial of KPI-012 for persistent corneal epithelial defect failed to meet its primary and key secondary endpoints, and management decided to cease development of KPI-012 and its MSC-S platform.
To preserve cash, KALA approved a workforce reduction of about 19 employees, or roughly 51%. Cash and cash equivalents fell to $21,096 thousand at September 30, 2025 from $51,181 thousand at December 31, 2024, while current debt rose, driving current liabilities above total assets and resulting in stockholders’ deficit of $8,665 thousand. The company reported a Q3 2025 net loss of $7,564 thousand, narrower than the prior-year quarter mainly due to a $4,833 thousand non-cash gain from remeasuring contingent consideration.
On September 29, 2025, lender Oxford Finance declared a material adverse change default under KALA’s Loan and Security Agreement and accelerated $29.1 million of obligations. In October, Oxford swept substantially all of KALA’s cash and moved toward foreclosure before partially pausing. KALA subsequently obtained a $375 thousand 15% convertible loan from an individual investor solely to finalize a potential additional financing and to prepare this filing. Management concludes there is substantial doubt about KALA’s ability to continue as a going concern, and notes that bankruptcy proceedings could leave little or no recovery for stockholders.
KALA BIO (Nasdaq: KALA) Q2 2025 10-Q highlights
- No commercial revenue after 2022 business sale; the model is now fully R&D-focused on lead candidate KPI-012 for persistent corneal epithelial defects (PCED).
- Losses narrowed modestly. Six-month net loss was $20.1 m vs. $21.4 m YoY; quarterly loss was $11.2 m.
- Cash burn improved: operating cash outflow $16.6 m vs. $20.1 m YoY. However, cash & equivalents fell to $31.9 m from $51.2 m at 12/31/24.
- Runway & going-concern. Management projects liquidity into 1Q 2026 but discloses “substantial doubt” about continuing as a going concern without additional capital.
- Balance sheet deterioration. Shareholders’ equity turned negative (-$3.2 m) from +$12.3 m; accumulated deficit reached $688 m.
- Expenses. 1H 25 R&D $12.3 m (+5% YoY); G&A $9.2 m (-5%). Grant income of $2.9 m from CIRM partially offsets costs.
- Debt. Total Oxford loan balance $28.3 m (current $9.5 m); $2.5 m principal repaid YTD. Compliance depends on maintaining Nasdaq listing.
- Milestone potential. Up to $325 m of sales-based payments from Alcon remain possible but timing uncertain; $4.8 m in Combangio contingent liabilities remain on balance sheet.
- Share count 7.0 m common as of 8/7/25; Series E–I convertible preferred outstanding but carry no dividend or liquidation preference.
Management continues Phase 2b CHASE trial for KPI-012; additional capital raises, partnerships or cost cuts are being evaluated.