Baker Funds Disclose Multiple KALA Dispositions at ~$1.38–$1.60

Rhea-AI Filing Summary

Baker Bros. reporting persons filed a Form 4 disclosing multiple sales of KALA BIO, Inc. (KALA) common stock on 09/30/2025 and 10/01/2025. The filing shows four separate dispositions: 21,376 and 195,425 shares on 09/30/2025 at a weighted average price of $1.5959, and 50,640 and 462,967 shares on 10/01/2025 at a weighted average price of $1.3838. After each reported transaction, the filings list the number of shares beneficially owned by the reporting entities and individuals on an indirect basis. Footnotes state the trading occurred through the Funds (667, L.P. and Baker Brothers Life Sciences, L.P.) across price ranges of $1.50–$1.84 and $1.27–$1.48, and clarify the Adviser and certain partners disclaim beneficial ownership except for pecuniary interest.

Positive

• None.

Negative

• Four sizable dispositions reported on 09/30/2025 and 10/01/2025 (21,376; 195,425; 50,640; 462,967 shares) by Baker-related funds
• Weighted average sale prices disclosed at $1.5959 (09/30/2025) and $1.3838 (10/01/2025), indicating sales across two price ranges
• Sales executed by funds (667, L.P. and Baker Brothers Life Sciences, L.P.) rather than direct individual sales, reducing clarity on individual economic exposure

Insights

Insider Transactions Analyst

TL;DR: Significant block sales of KALA stock by Baker-associated funds on 09/30/2025 and 10/01/2025.

The Form 4 reports four dispositions: 21,376 and 195,425 shares sold on 09/30/2025 at a weighted average price of $1.5959, and 50,640 and 462,967 shares sold on 10/01/2025 at a weighted average price of $1.3838.

The filing clarifies these trades were executed by the Funds (667, L.P. and Baker Brothers Life Sciences, L.P.) and notes price ranges of $1.50–$1.84 and $1.27–$1.48 across multiple transactions. It also explains the Adviser has investment and voting discretion while certain parties disclaim direct beneficial ownership apart from pecuniary interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BAKER BROS. ADVISORS LP

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KALA BIO, Inc. [ KALA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% owner

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		S		21,376	D	$1.5959(1)	97,120	I	See Footnotes(2)(3)(4)
Common Stock	09/30/2025		S		195,425	D	$1.5959(1)	887,973	I	See Footnotes(3)(4)(5)
Common Stock	10/01/2025		S		50,640	D	$1.3838(6)	46,480	I	See Footnotes(2)(3)(4)
Common Stock	10/01/2025		S		462,967	D	$1.3838(6)	425,006	I	See Footnotes(3)(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BAKER BROS. ADVISORS LP

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% owner

1. Name and Address of Reporting Person^*

Baker Bros. Advisors (GP) LLC

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% owner

1. Name and Address of Reporting Person^*

BAKER FELIX

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% owner

1. Name and Address of Reporting Person^*

BAKER JULIAN

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% owner

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares of common stock ("Common Stock") of KALA BIO, Inc. (the "Issuer") were traded by 667, L.P. ("667") and Baker Brothers Life Sciences, L.P. ("Life Sciences", and together with 667, the "Funds") in multiple transactions at prices ranging from $1.50 to $1.84, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Staff"), upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

2. After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I directly held by 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.

3. Baker Bros. Advisors LP (the "Adviser") serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds. Baker Bros. Advisors (GP) LLC (the "Adviser GP") is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds.

4. Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

5. After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J.Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I directly held by Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences.

6. The price reported in Column 4 is a weighted average price. These shares were traded by 667 and Life Sciences in multiple transactions at prices ranging from $1.27 to $1.48, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the Staff, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

	By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing	10/02/2025
	By: Baker Bros. Advisors (GP) LLC, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing	10/02/2025
	/s/ Felix J. Baker	10/02/2025
	/s/ Julian C. Baker	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transactions did Baker Bros. report for KALA (KALA)?

The Form 4 reports dispositions of 21,376 and 195,425 shares on 09/30/2025 at a weighted average price of $1.5959, and 50,640 and 462,967 shares on 10/01/2025 at a weighted average price of $1.3838.

Who executed the trades reported on the Form 4?

The trades were executed by the Funds: 667, L.P. and Baker Brothers Life Sciences, L.P., per the footnotes.

What price ranges does the filing disclose for the trades?

Footnotes state the 09/30/2025 trades occurred at prices between $1.50 and $1.84 and the 10/01/2025 trades between $1.27 and $1.48.

Do Julian C. Baker and Felix J. Baker claim direct beneficial ownership?

No. The filing states the individuals and adviser disclaim beneficial ownership of securities held directly by the Funds except to the extent of any pecuniary interest.

Were the filings signed and dated?

Yes. The Form 4 is signed by Scott L. Lessing, Felix J. Baker, and Julian C. Baker with signature dates of 10/02/2025.