Every 424B that Kala Pharmaceuticals Inc (KALA) has filed with the SEC in the last 12 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 424B covers the supplement that carries the terms of a priced offering, 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. has established an at-the-market equity program, allowing it to issue and sell up to $250,000,000 of common stock from time to time through H.C. Wainwright & Co. as sales agent or principal under a Sales Agreement. Sales may occur on Nasdaq under the symbol KALA or other U.S. trading markets at market-related prices, with Wainwright earning a 3.0% commission on gross proceeds. At an assumed price of $0.78 per share, this would correspond to up to 337,837,838 shares and 357,177,624 shares outstanding after the offering, though actual amounts will depend on market conditions and management’s discretion.
The company is transitioning from ophthalmic biologics R&D to an AI platform-as-a-service model for biotechnology, built around its licensed Researgency agentic AI platform, while seeking to monetize legacy MSC-S biologics assets. A 1-for-50 Reverse Stock Split effective May 8, 2026, reduced outstanding common shares from 929,491,578 to 18,589,824, with no change to the 1,500,000,000 authorized shares. For 2025, KALA reported a net loss attributable to common stockholders of $26.98 million, or $165.56 basic and diluted net loss per share on a split-adjusted basis. The company is a smaller reporting company and intends to use any ATM proceeds for general corporate purposes, including working capital.
KALA BIO, Inc. is registering up to 241,435,910 shares of common stock for resale by existing stockholders, including 238,335,910 shares issued or issuable upon conversion of preferred stock plus shares issued under settlement agreements with LifeSci Capital and Baker Brothers funds. This is a resale registration only, so KALA will not receive proceeds from any share sales, while it will cover registration expenses and selling stockholders will pay any selling commissions.
The shares were largely created through a $6.0 million private placement of Series AA and Series AAA preferred stock and through equity-based settlements of advisory and participation-rights disputes. As of February 4, 2026, 911,330,225 common shares were outstanding.
KALA highlights significant listing risk: Nasdaq has notified the company that it is below the $35 million market value of listed securities requirement, with a compliance deadline of May 11, 2026, and below the $1.00 minimum bid price requirement, with a compliance period through July 20, 2026. Failure to regain compliance could lead to delisting, reduced liquidity, penny-stock status and greater difficulty raising capital.
KALA BIO, Inc. is establishing an at-the-market program to sell up to $15,000,000 of common stock through H.C. Wainwright & Co. Shares may be sold from time to time on Nasdaq or other U.S. markets, with Wainwright earning a 3.0% commission on gross proceeds. At an assumed price of $0.6211 per share, this would equal about 24.2 million shares, bringing total common stock outstanding to 52,000,425 shares, though actual amounts may differ.
The company plans to use net proceeds for general corporate purposes and working capital, but 25% of new debt or equity financings must be used to repay a 15% convertible loan, and 10% of equity proceeds after a shareholder meeting must be paid to Oxford up to $1,000,000. Recent financings include a December 2025 $10 million registered direct equity raise and a November 2025 preferred stock private placement of up to $6.0 million. The filing highlights substantial doubt about the company’s ability to continue as a going concern, a Nasdaq market value deficiency notice, and significant additional dilution potential from options, warrants, RSUs and convertible preferred stock.