The company has effectively ceased commercial operations, reporting zero revenue while sustaining R&D expenditures that peaked at $6.2 million in 2025Q2.
KALA BIO, Inc. (KALA) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 3.89M | 11.24M | 6.36M | 6.07M | 0 | 0 | 0 | 45K | 455K | 50K |
| Revenue Growth % | - | - | - | -100% | -65.37% | 76.67% | 4.74% | - | - | - | -100% | -90.11% | 810% | - |
| Cost of Goods Sold | 54K | 0 | 259K | 303K | 2.56M | 4.1M | 3.17M | 2.85M | 955K | 643K | 297K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 65.78% | 36.45% | 49.87% | 46.89% | - | - | - | - | - | - |
| Gross Profit | -54K | 0 | -259K | -303K | 1.33M | 7.14M | 3.19M | 3.23M | -955K | -643K | -297K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | 34.22% | 63.55% | 50.13% | 53.11% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | 14.52% | -122.75% | -81.35% | 123.99% | -1.15% | 437.8% | -48.52% | -116.5% | - | - | - | - |
| Operating Expenses | 20.93M | 39.16M | 40.17M | 38.85M | 82.69M | 116.58M | 99.42M | 91.45M | 63.77M | 39.23M | 32.37M | 15.66M | 18M | 10.98M |
| OpEx % of Revenue | - | - | - | - | 2124.56% | 1037.15% | 1562.72% | 1505.6% | - | - | - | 34802.22% | 3955.38% | 21962% |
| Selling, General & Admin | 17.8M | 23.63M | 18.34M | 20.26M | 65.03M | 105.06M | 81.07M | 64.49M | 34.48M | 10.22M | 7.34M | 4.28M | 4.14M | 3.25M |
| SG&A % of Revenue | - | - | - | - | 1670.99% | 934.71% | 1274.25% | 1061.79% | - | - | - | 9508.89% | 909.45% | 6494% |
| Research & Development | 6.56M | 18.78M | 21.84M | 18.59M | 17.65M | 11.52M | 18.35M | 26.96M | 29.29M | 29.01M | 25.03M | 11.38M | 13.86M | 7.73M |
| R&D % of Revenue | - | - | - | - | 453.57% | 102.45% | 288.46% | 443.81% | - | - | - | 25293.33% | 3045.93% | 15468% |
| Other Operating Expenses | -1000K | -3.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -20.99M | -39.16M | -40.43M | -39.15M | -81.36M | -109.43M | -96.23M | -88.22M | -64.72M | -39.88M | -32.67M | -15.95M | -17.84M | -11.13M |
| Operating Margin % | - | - | - | - | -2090.34% | -973.6% | -1512.59% | -1452.49% | - | - | - | -35435.56% | -3920.88% | -22264% |
| Operating Income Growth % | - | 3.15% | -3.27% | 51.87% | 25.66% | -13.72% | -9.08% | -36.31% | -62.31% | -22.06% | -104.87% | 10.62% | -60.26% | - |
| EBITDA | -20.48M | -38.84M | -40.17M | -38.85M | -80.82M | -108.46M | -95.32M | -87.38M | -63.77M | -39.23M | -32.37M | -15.62M | -17.54M | -10.93M |
| EBITDA Margin % | - | - | - | - | -2076.54% | -964.93% | -1498.26% | -1438.61% | - | - | - | -34702.22% | -3855.38% | -21862% |
| EBITDA Growth % | 49.37% | 3.31% | -3.41% | 51.93% | 25.48% | -13.78% | -9.08% | -37.03% | -62.54% | -21.19% | -107.3% | 10.98% | -60.48% | - |
| D&A (Non-Cash Add-back) | 182K | 317K | 259K | 303K | 537K | 975K | 912K | 843K | 955K | 643K | 297K | 330K | 298K | 201K |
| EBIT | -8.98M | -23.7M | -32.73M | -36.38M | -37.56M | -134.22M | -96.23M | -88.22M | -64.72M | -39.88M | -32.67M | -15.95M | -17.84M | -11.13M |
| Net Interest Income | -620K | -2.14M | -3.73M | -3.1M | -6.6M | -8.28M | -8.1M | -6.12M | -1.63M | -492K | -620K | -604K | -1.61M | -191K |
| Interest Income | 484K | 1.14M | 2.06M | 2.71M | 664K | 104K | 493K | 2.36M | 1.69M | 527K | 147K | 0 | 0 | 0 |
| Interest Expense | 1.1M | 3.28M | 5.78M | 5.81M | 7.27M | 8.38M | 8.59M | 8.48M | 3.31M | 1.02M | 767K | 604K | 1.61M | 191K |
| Other Income/Expense | 10.91M | 12.18M | 1.92M | -3.05M | 36.53M | -33.17M | -8.1M | -6.12M | -2.02M | -2.34M | -498K | -736K | -1.52M | 479K |
| Pretax Income | -10.08M | -26.98M | -38.51M | -42.2M | -44.82M | -142.6M | -104.33M | -94.35M | -66.74M | -42.21M | -33.17M | -16.68M | -19.36M | -10.65M |
| Pretax Margin % | - | - | - | - | -1151.64% | -1268.73% | -1639.85% | -1553.29% | - | - | - | -37071.11% | -4255.16% | -21306% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -10.08M | -26.98M | -38.51M | -42.2M | -44.82M | -142.6M | -104.33M | -94.35M | -66.74M | -42.21M | -33.17M | -16.68M | -19.36M | -10.65M |
| Net Margin % | - | - | - | - | -1151.64% | -1268.73% | -1639.85% | -1553.29% | - | - | - | -37071.11% | -4255.16% | -21306% |
| Net Income Growth % | 72.92% | 29.94% | 8.74% | 5.85% | 68.57% | -36.69% | -10.58% | -41.37% | -58.11% | -27.27% | -98.82% | 13.84% | -81.74% | - |
| Net Income (Continuing) | -10.08M | -26.98M | -38.51M | -42.2M | -44.82M | -142.6M | -104.33M | -94.35M | -66.74M | -42.21M | -33.17M | -16.68M | -19.36M | -10.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -135.92 | -165.50 | -507.50 | -867.50 | -1474.00 | -108.32 | -99.50 | -138.00 | -124.73 | -99.20 | -95.95 | -48.26 | -40.03 | -22.03 |
| EPS Growth % | 48.75% | 67.39% | 41.5% | 41.15% | -1260.78% | -8.86% | 27.9% | -10.64% | -25.74% | -3.39% | -98.82% | -20.56% | -81.71% | - |
| EPS (Basic) | - | -165.50 | -507.50 | -867.50 | -1474.00 | -108.32 | -99.50 | -138.00 | -124.73 | -99.20 | -95.95 | -48.26 | -40.03 | -22.03 |
| Diluted Shares Outstanding | 74.16K | 162.97K | 75.92K | 48.64K | 30.41K | 1.32M | 1.05M | 684.2K | 535.08K | 425.5K | 345.67K | 345.67K | 483.67K | 483.67K |
| Basic Shares Outstanding | 74.16K | 162.97K | 75.92K | 48.64K | 30.41K | 1.32M | 1.05M | 684.2K | 535.08K | 425.5K | 345.67K | 345.67K | 483.67K | 483.67K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KALA stock.
For fiscal year 2025, KALA BIO, Inc. (KALA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 2013.
KALA BIO, Inc. (KALA) reported a net loss of $27.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Revenue Absence Defines Clinical Pivot
As indicated by the company's financial statements, KALA has transitioned to a pre-revenue entity following the divestiture of its commercial assets, leaving the firm entirely dependent on future milestone payments and the successful clinical development of its MSC-S platform to generate any top-line growth.
The absence of revenue across the last ten quarters confirms the company's status as a pure-play R&D firm. Investors should note that future growth is no longer tied to commercial execution but rather to the binary outcomes of the CHASE clinical program and potential milestone receipts from Alcon.
R&D Intensity Drives Cash Depletion
Based on reported figures, KALA's cost structure is dominated by high-intensity R&D expenditures, which reached a peak of $6.2 million in 2025Q2, reflecting the significant capital requirements necessary to sustain the CHASE Phase 2b/3 clinical trial for its lead candidate, KPI-012.
The company's expense discipline appears constrained by the non-discretionary nature of clinical trial recruitment and specialized manufacturing costs. The persistent R&D burn, coupled with the lack of offsetting revenue, suggests that the current cost structure is unsustainable without immediate external financing or strategic intervention.
Non-Operating Items Mask Operational Reality
According to recent SEC filings, the reported net income of $686,000 in 2025Q4 appears to be an anomaly driven by non-operating items rather than core operational performance, as the firm continues to record significant quarterly losses in all other periods throughout the observed ten-quarter timeframe.
The positive net income figure in 2025Q4 warrants skepticism, as it likely reflects one-time accounting gains from the Alcon divestiture rather than a shift toward profitability. Analysts should focus on the consistent operating losses, which provide a more accurate representation of the company's ongoing cash-burn trajectory.
Liquidity Constraints Threaten Operational Continuity
Based on the provided financial data, the company's cash position of $7.5 million appears critically low relative to its historical quarterly burn rate, suggesting that KALA faces a high probability of significant shareholder dilution or a forced strategic alternative in the near term to maintain operations.
Short-sellers would likely focus on the widening gap between the company's limited cash reserves and the capital-intensive nature of its late-stage clinical trials. This liquidity risk may overshadow the potential clinical value of the MSC-S platform, creating a valuation floor that is increasingly tied to survival rather than long-term therapeutic success.