The firm's capital structure has eroded significantly, with total assets contracting to $12.3 million as of 2026Q1, leaving no tangible infrastructure or goodwill to support the balance sheet.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 12.32M | 9.49M | 52.8M | 52.87M | 85.94M | 124.37M | 171.38M | 105.48M | 177.03M | 115.21M | 45.63M | 5.87M | 10.78M | 5.97M |
| Cash & Short-Term Investments | 8.76M | 7.56M | 51.18M | 50.9M | 70.5M | 92.14M | 153.54M | 85.45M | 170.9M | 114.56M | 45.47M | 5.76M | 10.62M | 5.34M |
| Cash Only | 1.76M | 7.56M | 51.18M | 50.9M | 70.5M | 92.14M | 77.26M | 85.45M | 170.9M | 114.56M | 45.47M | 5.76M | 10.62M | 5.34M |
| Short-Term Investments | 7M | 0 | 0 | 0 | 0 | 0 | 76.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 74K | 0 | 0 | 236K | 6.5M | 17.45M | 9.85M | 13.1M | 1.03M | 0 | 0 | 0 | 38K | 303K |
| Days Sales Outstanding | - | - | - | - | 609.3 | 566.82 | 565.34 | 787.09 | - | - | - | - | 30.48 | 2.21K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 8.64M | 5.23M | 4.65M | 4.09M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 769.64 | 601.51 | 595.69 | 1.57K | - | - | - | - | - |
| Other Current Assets | 3.48M | 1.93M | 1.62M | 1.18M | 8.25M | 3.92M | 1.55M | 1.38M | 477K | 648K | 154K | 43K | 26K | 59K |
| Total Non-Current Assets | 0 | 0 | 2.69M | 3.08M | 878K | 15.06M | 50.23M | 48.84M | 43.94M | 920K | 703K | 2.58M | 944K | 1.1M |
| Property, Plant & Equipment | 0 | 0 | 2.44M | 2.78M | 416K | 4.02M | 31.02M | 32.48M | 31.73M | 786K | 594K | 738K | 835K | 911K |
| Fixed Asset Turnover | 0.00x | - | - | - | 9.36x | 2.80x | 0.21x | 0.19x | - | - | - | 0.06x | 0.54x | 0.05x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 144K | 0 | 246K | 0 | 462K | 0 | 0 | 12.58M | 12.21M | 134K | 0 | 109K | 109K | 194K |
| Other Non-Current Assets | 0 | 0 | 0 | 301K | 0 | 11.04M | 19.21M | 3.78M | 0 | 0 | 109K | 1.73M | 0 | 0 |
| Total Assets | 12.32M | 9.49M | 55.48M | 55.95M | 86.82M | 139.43M | 221.61M | 154.32M | 220.97M | 116.13M | 46.33M | 8.45M | 11.72M | 7.07M |
| Asset Turnover | 0.00x | - | - | - | 0.04x | 0.08x | 0.03x | 0.04x | - | - | - | 0.01x | 0.04x | 0.01x |
| Asset Growth % | -252.58% | -82.9% | -0.83% | -35.56% | -37.73% | -37.08% | 43.6% | -30.16% | 90.27% | 150.67% | 448.4% | -27.93% | 65.75% | - |
| Total Current Liabilities | 1.56M | 2.49M | 16.96M | 8.35M | 25.68M | 37.42M | 22.23M | 24.77M | 17.01M | 14.46M | 5.55M | 5.51M | 2.95M | 5.58M |
| Accounts Payable | 1.04M | 986K | 628K | 919K | 2.35M | 4.9M | 1.72M | 2.52M | 5.45M | 1.2M | 997K | 1.4M | 429K | 436K |
| Days Payables Outstanding | 6.09K | - | 885.02 | 1.11K | 334.92 | 436.45 | 198.32 | 322.71 | 2.08K | 682.32 | 1.23K | - | - | - |
| Short-Term Debt | 0 | 0 | 10.34M | 0 | 5M | 0 | 0 | 1.33M | 463K | 6.67M | 556K | 2M | 0 | 4.16M |
| Deferred Revenue (Current) | 0 | 0 | 637K | 1.07M | 4.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K |
| Other Current Liabilities | 513K | 1.51M | 2.39M | 2.62M | 10.8M | 17.15M | 9.29M | 13.1M | 5.92M | 3.79M | 1.48M | 1.14M | 1.74M | 786K |
| Current Ratio | 7.91x | 3.81x | 3.11x | 6.33x | 3.35x | 3.32x | 7.71x | 4.26x | 10.41x | 7.97x | 8.23x | 1.07x | 3.65x | 1.07x |
| Quick Ratio | 7.91x | 3.81x | 3.11x | 6.33x | 3.35x | 3.09x | 7.48x | 4.07x | 10.17x | 7.97x | 8.23x | 1.07x | 3.65x | 1.07x |
| Cash Conversion Cycle | - | - | - | - | - | 900.02 | 968.53 | 1.06K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 26.2M | 40.1M | 42.16M | 85.2M | 99.39M | 99.86M | 98.98M | 12M | 128.54M | 8.73M | 5.51M | 1.29M |
| Long-Term Debt | 0 | 0 | 20.1M | 34.19M | 37.94M | 78.93M | 72.24M | 71.18M | 70.23M | 11.99M | 9.1M | 7.79M | 4.66M | 513K |
| Capital Lease Obligations | 2.34M | 0 | 1.43M | 1.8M | 0 | 548K | 27.14M | 28.67M | 28.75M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 4.66M | 4.11M | 4.22M | 5.72M | 0 | 0 | 0 | 9K | 119.45M | 939K | 843K | 773K |
| Total Liabilities | 1.56M | 2.49M | 43.15M | 48.45M | 67.85M | 122.62M | 121.61M | 124.63M | 115.98M | 26.45M | 134.09M | 14.24M | 8.46M | 6.87M |
| Total Debt | 0 | 0 | 32.25M | 36.32M | 42.95M | 80.19M | 100.92M | 101.18M | 99.44M | 18.65M | 9.65M | 9.79M | 4.66M | 4.67M |
| Net Debt | -1.76M | -7.56M | -18.93M | -14.57M | -27.55M | -11.95M | 23.65M | 15.73M | -71.46M | -95.91M | -35.82M | 4.04M | -5.96M | -667K |
| Debt / Equity | 0.00x | - | 2.62x | 4.84x | 2.26x | 4.77x | 1.01x | 3.41x | 0.95x | 0.21x | - | - | 1.43x | 23.14x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.06x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -13.14x | -7.24x | -6.99x | -6.73x | -11.20x | -13.06x | -11.20x | -10.40x | -19.53x | -39.13x | -42.59x | -26.40x | -11.09x | -58.28x |
| Total Equity | 10.76M | 7M | 12.33M | 7.5M | 18.97M | 16.8M | 100M | 29.69M | 104.99M | 89.68M | -87.76M | -5.79M | 3.26M | 202K |
| Equity Growth % | -304.45% | -43.27% | 64.34% | -60.45% | 12.91% | -83.2% | 236.77% | -71.72% | 17.07% | 202.18% | -1414.97% | -277.59% | 1514.85% | - |
| Book Value per Share | 1.32 | 0.86 | 2.23 | 3.09 | 12.48 | 12.89 | 95.46 | 43.40 | 196.21 | 210.76 | -253.89 | -16.76 | 6.74 | 0.42 |
| Total Shareholders' Equity | 10.76M | 7M | 12.33M | 7.5M | 18.97M | 16.8M | 100M | 29.69M | 104.99M | 89.68M | -87.76M | -5.79M | 3.26M | 202K |
| Common Stock | 19K | 28K | 6K | 3K | 2K | 1K | 59K | 36K | 34K | 25K | 1K | 6K | 5K | 5K |
| Retained Earnings | -696.52M | -694.9M | -667.92M | -629.41M | -587.21M | -542.39M | -399.78M | -295.46M | -201.11M | -134.37M | -92.14M | -58.97M | -42.29M | -22.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | -1.82M | -1.54M | -1.32M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, KALA's total assets have plummeted from $55.9 million in 2023Q4 to just $12.3 million by 2026Q1, signaling a severe contraction in the company's resource base as it exhausts capital to fund its clinical-stage research and development activities.
The consistent decline in total assets reflects a business model that is currently consuming its own foundation to survive the clinical trial process. This trajectory suggests that without a significant capital infusion or milestone-driven inflow, the company's ability to maintain its current R&D pace is rapidly approaching a terminal point.
Based on KALA's reported figures, the cash position has dwindled to a precarious $1.8 million as of 2026Q1, representing a dramatic decline from the $50.9 million held in 2023Q4 and leaving the firm with virtually no buffer against operational or clinical trial contingencies.
While the current ratio of 7.91 appears superficially high, it is a misleading metric in this context because it is driven by the near-total absence of current liabilities rather than an abundance of liquid assets. Investors should interpret this liquidity profile as a sign of extreme financial fragility that necessitates immediate external financing.
According to recent SEC filings, KALA's retained earnings have reached a staggering deficit of $696.5 million, illustrating the massive historical capital destruction inherent in the company's long-term pursuit of ophthalmic therapeutic development without achieving sustained commercial profitability.
The persistent growth of this deficit underscores the high-risk nature of the company's R&D-heavy business model. This trend suggests that equity holders are effectively funding a perpetual loss-making machine, where the only path to value creation is a binary success in the clinical pipeline rather than operational efficiency.
As indicated by the provided data, the complete absence of PPE and goodwill on the balance sheet as of 2026Q1 confirms that KALA has effectively liquidated its tangible and intangible infrastructure, leaving the company as a pure-play, high-risk R&D shell with no underlying operational assets.
This lack of physical or intangible assets means that the company's valuation is entirely untethered from traditional book value metrics and rests solely on the speculative potential of its secretome platform. This structural reality makes the firm exceptionally vulnerable to any negative clinical data, as there is no asset base to provide a floor for the valuation.
Quick answers to the most common questions about buying KALA stock.
As of 2025, KALA BIO, Inc. (KALA) had total assets of $9.5M including $9.5M in current assets.
KALA BIO, Inc. (KALA) carries total debt of $0.0M, offset by $7.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KALA BIO, Inc. (KALA) has total shareholders' equity (book value) of $7.0M ($0.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KALA BIO, Inc. (KALA) reported a current ratio of 3.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.