KALA BIO, Inc. Amendment No. 2 to a Schedule 13G/A updates beneficial ownership disclosures following a 1-for-50 Reverse Stock Split effective May 8, 2026. The filing reports that the Reporting Persons collectively may be deemed to beneficially own 2,312 shares of Common Stock, or 0.01%, based on 18,226,604 shares outstanding as of February 4, 2026. The disclosure breaks the Funds' direct holdings into 667 (228 shares) and Life Sciences (2,084 shares) and states the Adviser and related entities may be deemed indirect beneficial owners under existing management agreements.
Positive
None.
Negative
None.
Insights
Update documents revised holdings after a reverse split; no new purchases or sales disclosed.
The amendment restates beneficial ownership using the post-split share counts and an outstanding share base of February 4, 2026. It attributes 2,312 shares (0.01%) to the Reporting Persons through the Funds and management arrangements.
Disclosure hinges on the Adviser’s contractual authority over the Funds’ voting and dispositive power; cash‑flow treatment or trading activity is not described in the excerpt.
The filing explicitly ties percentage calculations to 18,226,604 shares outstanding as of February 4, 2026 and preserves previously filed cover-page items by reference. It notes the Adviser GP is sole general partner and the Adviser retains investment and voting discretion under amended management agreements.
Reviewers should note the cited effective date of the Reverse Stock Split (May 8, 2026) when reconciling pre- and post-split schedules.
Key Figures
Reverse Stock Split:1-for-50Shares outstanding:18,226,604 sharesReporting Persons beneficial ownership:2,312 shares+3 more
"the 1-for-50 reverse stock split that became effective on May 8, 2026"
A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.
beneficially ownfinancial
"The Funds beneficially own 2,312 shares of Common Stock or 0.01% of the outstanding Common Stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Rule 13d-3regulatory
"Such percentage figures are calculated in accordance with Rule 13d-3"
Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.
management agreementslegal
"Pursuant to the management agreements, as amended, among the Adviser, the Funds and their respective general partners"
A management agreement is a contract that spells out who runs a business or part of it, what services they provide, how they get paid, and how the relationship can end. Think of it like hiring a property manager to run a building: the deal clarifies responsibilities, fees and performance expectations. Investors care because these agreements determine ongoing costs, leadership stability and how well management’s incentives line up with shareholder value, which directly affects returns and risk.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
KALA BIO, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
483119301
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
483119301
1
Names of Reporting Persons
Baker Bros. Advisors LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,312.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,312.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,312.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.01 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
483119301
1
Names of Reporting Persons
Baker Bros. Advisors (GP) LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,312.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,312.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,312.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.01 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
483119301
1
Names of Reporting Persons
Julian C. Baker
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,312.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,312.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,312.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.01 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
483119301
1
Names of Reporting Persons
Felix J. Baker
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,312.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,312.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,312.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.01 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
KALA BIO, Inc.
(b)
Address of issuer's principal executive offices:
1167 Massachusetts Avenue, Arlington, MA 02476
Item 2.
(a)
Name of person filing:
This Amendment No. 2 to Schedule 13G amends the previously filed Schedule 13G filed by Baker Bros. Advisors LP (the "Adviser"), Baker Bros. Advisors (GP) LLC (the "Adviser GP"), Julian C. Baker and Felix J. Baker (collectively, the "Reporting Persons"). Except as supplemented herein, such statements, as heretofore amended and supplemented, remain in full force and effect. This Amendment No. 2 is being filed jointly by the Reporting Persons.
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is:
c/o Baker Bros. Advisors LP
860 Washington Street, 3rd Floor
New York, NY 10014
(212) 339-5690
(c)
Citizenship:
The Adviser is a limited partnership organized under the laws of the State of Delaware. The Adviser GP is a limited liability company organized under the laws of the State of Delaware. The citizenship of each of Julian C. Baker and Felix J. Baker is the United States of America.
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(e)
CUSIP No.:
483119301
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The amount of beneficial ownership and percentage of beneficial ownership reported herein reflect the effect of the 1-for-50 reverse stock split that became effective on May 8, 2026 ("Reverse Stock Split").
Items 5 through 9 and 11 of each of the cover pages to this Amendment No. 2 are incorporated herein by reference. Set forth below is the aggregate number of shares of Common Stock ("Common Stock") of KALA BIO, Inc. (the "Issuer") directly held by each of Baker Brothers Life Sciences, L.P. ("Life Sciences") and 667, L.P. ("667", and together with Life Sciences, the "Funds") which may be deemed to be indirectly beneficially owned by the Reporting Persons, subject to the Reverse Stock Split.
The percentage of beneficial ownership for each of the Reporting Persons reported herein and the information set forth below is based on 18,226,604 shares of Common Stock outstanding as of February 4, 2026 which reflects the effect of the Reverse Stock Split, as reported in the Issuer's Prospectus filed with the Securities and Exchange Commission on February 17, 2026. Such percentage figures are calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Pursuant to the management agreements, as amended, among the Adviser, the Funds and their respective general partners, the Funds' respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect to the Funds' investments and voting power over investments.
The Adviser GP is the sole general partner of the Adviser. The Adviser GP, Felix J. Baker and Julian C. Baker as managing members of the Adviser GP, and the Adviser may be deemed to be beneficial owners of securities of the Issuer directly held by the Funds.
(b)
Percent of class:
The Funds beneficially own 2,312 shares of Common Stock or 0.01% of the outstanding Common Stock. 667 beneficially owns 0.0% and Life Sciences beneficially owns 0.01% of the outstanding Common Stock, which reflects the effect of the Reverse Stock Split.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
667 directly holds 228 shares of Common Stock and Life Sciences directly holds 2,084 shares of Common Stock, which reflects the effect of the Reverse Stock Split.
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
667 directly holds 228 shares of Common Stock and Life Sciences directly holds 2,084 shares of Common Stock, which reflects the effect of the Reverse Stock Split.
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The information in Item 4 is incorporated herein by reference.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Baker Bros. Advisors LP
Signature:
/s/ Scott L. Lessing
Name/Title:
By: Baker Bros. Advisors (GP) LLC, its general partner Scott L. Lessing/ President
What stake does Baker Bros. report in KALA (KALA)?
The filing reports 2,312 shares representing 0.01% of Common Stock. This percentage is calculated using 18,226,604 shares outstanding as of February 4, 2026, after the 1-for-50 Reverse Stock Split.
How are the 2,312 shares allocated between the Funds?
The disclosure shows 667, L.P. directly holds 228 shares and Baker Brothers Life Sciences, L.P. directly holds 2,084 shares, reflecting post-split share counts and the reported totals in Item 4.
Does the filing state any recent purchases or sales by the Reporting Persons?
No. The amendment restates beneficial ownership and recalculates percentages after the 1-for-50 Reverse Stock Split; it does not disclose any open-market purchases, sales, or cash proceeds in the provided excerpt.
What effect does the Reverse Stock Split have on percentage ownership?
The filing ties reported share counts and percentages to the post-split base; calculations reflect the 1-for-50 Reverse Stock Split effective May 8, 2026, and use the outstanding share count as of February 4, 2026 for percentage math.
Who is reported to control voting and disposition of the Funds' KALA shares?
Under amended management agreements, the Adviser (Baker Bros. Advisors LP) is reported to have complete discretion over investment and voting power of the securities held by the Funds; the Adviser GP is the Adviser’s sole general partner.
