Nasdaq warns KALA BIO (NASDAQ: KALA) on sub-$1 share price and listing

Rhea-AI Filing Summary

KALA BIO, Inc. reported that it received a notice from Nasdaq that its common stock no longer meets the minimum bid price requirement of $1.00 per share. The deficiency is based on the closing bid price for the 30 consecutive business days from December 3, 2025 to January 16, 2026.

The company has a 180-day compliance period, until July 20, 2026, for its stock to close at or above $1.00 for at least ten consecutive business days to regain compliance. If it satisfies other Nasdaq initial listing standards, it may qualify for an additional 180-day period, potentially using a reverse stock split to cure the deficiency.

The notice does not immediately affect the listing or trading of KALA’s common stock, but failure to regain compliance could lead to delisting, subject to potential appeal.

Insights

Equity markets and listing standards analyst

Nasdaq bid-price deficiency raises delisting risk despite current continued listing.

KALA BIO disclosed that Nasdaq determined its common stock failed the minimum $1.00 bid-price requirement over the 30 business days from December 3, 2025 to January 16, 2026. This triggers a formal deficiency status, which is often associated with weaker market sentiment and can affect how some institutional investors view the stock.

The company has until July 20, 2026 to regain compliance by maintaining a closing bid of at least $1.00 for ten consecutive business days. If it meets other Nasdaq initial listing standards, it may receive another 180 days and could use a reverse stock split to increase the share price. These tools are available but not guaranteed; Nasdaq can still move toward delisting if it believes the deficiency will not be cured.

For now, the shares continue trading on the Nasdaq Capital Market, but the explicit possibility of delisting, even with appeal rights, introduces additional listing uncertainty that investors will likely weigh against any future operational or financing developments the company discloses in subsequent periods.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 20, 2026

KALA BIO, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-38150		27-0604595
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1167 Massachusetts Avenue

Arlington, MA 02476

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (781) 996-5252

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		KALA		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On January 20, 2026, KALA Bio, Inc. (the “Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days between December 3, 2025, to January 16, 2026, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market (“Nasdaq”) pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until July 20, 2026 (the “Compliance Period”), in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).

In order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional cure period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. There can be no assurance that the Company will be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company’s request for continued listing subsequent to any delisting notification. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities.

The letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on Nasdaq, subject to the Company’s compliance with the other listing requirements of Nasdaq.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KALA BIO, INC.
Date: January 23, 2026	By:	/s/ David Lazar
		David Lazar
		Chief Executive Officer

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FAQ

Why did KALA (KALA BIO, Inc.) receive a Nasdaq deficiency notice?

KALA received a letter from Nasdaq because the closing bid price of its common stock was below $1.00 per share for 30 consecutive business days from December 3, 2025 to January 16, 2026, violating Nasdaq Listing Rule 5550(a)(2).

How long does KALA have to regain Nasdaq bid price compliance?

KALA has a 180-day compliance period, until July 20, 2026, during which its common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days to regain compliance.

Can KALA get more time beyond July 20, 2026 to fix its Nasdaq listing issue?

If KALA meets the continued listing requirement for the market value of its publicly held shares and all other initial Nasdaq listing standards except bid price, and gives written notice of its intention to cure the deficiency, it may receive an additional 180 days to regain compliance.

What actions might KALA take to cure the Nasdaq bid price deficiency?

KALA states it may indicate an intention to cure the deficiency during a second compliance period, including effecting a reverse stock split if necessary to help its stock meet the $1.00 minimum bid requirement.

Is KALA’s stock being delisted from Nasdaq now?

No. The company notes that the Nasdaq letter has no immediate impact on the listing of its common stock, which will continue to be listed and traded on The Nasdaq Capital Market while it works to regain compliance.

What happens if KALA fails to regain Nasdaq compliance?

If KALA does not regain compliance and is not eligible for or does not successfully use an additional compliance period, Nasdaq may notify the company that its common stock is subject to delisting. KALA would then have the right to appeal any such determination.