KALA BIO, Inc.
KALAHealthcare|Biotechnology|US
$0.16
+0.00 (+2.23%)
DCF Value
$40.64
Tangible Book / Share
$121.95
Cash / Share
$97.48
Financials
Financial Snapshot
Market Cap
$3.0M
Enterprise Value
$2.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$10.1M
Cash & Investments
$7.2M
Net Cash
$7.2M
Free Cash Flow (TTM)
-$19.9M
Operating CF (TTM)
-$19.9M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$7.2M
Quarterly Burn
$5.0M
Monthly Burn
$1.7M
Est. Runway
~1.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $45.5M | $114.6M | $170.9M | $85.4M | $153.5M | $92.1M | $70.5M | $50.9M | $51.2M | $7.6M | $7.2M | |
| Operating Cash Flow | -$27.3M | -$34.1M | -$54.1M | -$92.7M | -$90.7M | -$108.2M | -$78.9M | -$27.9M | -$29.4M | -$32.0M | -$19.9M | |
| Free Cash Flow | -$27.5M | -$34.6M | -$55.7M | -$94.1M | -$92.6M | -$109.1M | -$79.2M | -$28.5M | -$29.6M | -$32.0M | -$19.9M | |
| Capital Expenditure | -$153.0K | -$480.0K | -$1.6M | -$1.3M | -$1.9M | -$886.0K | -$313.0K | -$610.0K | -$208.0K | -$15.0K | $0.00 | |
| Financing Cash Flow | $67.2M | $103.7M | $124.1M | $9.0M | $160.6M | $42.6M | -$7.9M | $8.5M | $29.9M | -$11.6M | -$4.9M |
R&D Spending
R&D (TTM)
$6.6M
R&D Intensity
—
R&D Growth vs Prior
-65.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.1M | $6.4M | $11.2M | $3.9M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $25.0M | $29.0M | $29.3M | $27.0M | $18.4M | $11.5M | $17.7M | $18.6M | $21.8M | $18.8M | $6.6M | |
| R&D % of Revenue | — | — | — | 443.8% | 288.5% | 102.4% | 453.6% | — | — | — | — | |
| SG&A | $7.3M | $10.2M | $34.5M | $64.5M | $81.1M | $105.1M | $65.0M | $20.3M | $18.3M | $23.6M | $17.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.1M | $6.4M | $11.2M | $3.9M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $297.0K | $643.0K | $955.0K | $2.8M | $3.2M | $4.1M | $2.6M | $303.0K | $259.0K | $0.00 | $54.0K | |
| Gross Profit | -$297.0K | -$643.0K | -$955.0K | $3.2M | $3.2M | $7.1M | $1.3M | -$303.0K | -$259.0K | $0.00 | -$54.0K | |
| R&D | $25.0M | $29.0M | $29.3M | $27.0M | $18.4M | $11.5M | $17.7M | $18.6M | $21.8M | $18.8M | $6.6M | |
| SG&A | $7.3M | $10.2M | $34.5M | $64.5M | $81.1M | $105.1M | $65.0M | $20.3M | $18.3M | $23.6M | $17.8M | |
| Operating Income | -$32.7M | -$39.9M | -$64.7M | -$88.2M | -$96.2M | -$109.4M | -$81.4M | -$39.2M | -$40.4M | -$39.2M | -$21.0M | |
| Interest Expense | $767.0K | $1.0M | $3.3M | $8.5M | $8.6M | $8.4M | $7.3M | $5.8M | $5.8M | $3.3M | $1.1M | |
| Pretax Income | -$33.2M | -$42.2M | -$66.7M | -$94.3M | -$104.3M | -$142.6M | -$44.8M | -$42.2M | -$38.5M | -$27.0M | -$10.1M | |
| Net Income | -$33.2M | -$42.2M | -$66.7M | -$94.3M | -$104.3M | -$142.6M | -$44.8M | -$42.2M | -$38.5M | -$27.0M | -$10.1M | |
| EPS (Diluted) | -95.95 | -99.20 | -124.73 | -138.00 | -99.50 | -108.32 | -1474.00 | -867.50 | -507.50 | -165.50 | -81.82 | |
| EBITDA | -$32.4M | -$39.2M | -$63.8M | -$87.4M | -$95.3M | -$133.3M | -$37.0M | -$36.1M | -$32.5M | -$23.4M | -$8.8M | |
| Shares Out. (M) | 0.35 | 0.43 | 0.54 | 0.68 | 1.05 | 1.32 | 0.03 | 0.05 | 0.08 | 0.16 | 0.07 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $45.5M | $114.6M | $170.9M | $85.4M | $77.3M | $92.1M | $70.5M | $50.9M | $51.2M | $7.6M | $229.0K | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $76.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.0M | |
| Total Current Assets | $45.6M | $115.2M | $177.0M | $105.5M | $171.4M | $124.4M | $85.9M | $52.9M | $52.8M | $9.5M | $10.6M | |
| Total Assets | $46.3M | $116.1M | $221.0M | $154.3M | $221.6M | $139.4M | $86.8M | $55.9M | $55.5M | $9.5M | $10.6M | |
| Total Current Liabilities | $5.5M | $14.5M | $17.0M | $24.8M | $22.2M | $37.4M | $25.7M | $8.3M | $17.0M | $2.5M | $1.5M | |
| Long-Term Debt | $9.1M | $12.0M | $70.2M | $71.2M | $72.2M | $78.9M | $37.9M | $34.2M | $20.1M | $0.00 | $0.00 | |
| Total Liabilities | $134.1M | $26.5M | $116.0M | $124.6M | $121.6M | $122.6M | $67.8M | $48.4M | $43.2M | $2.5M | $1.5M | |
| Stockholders' Equity | -$87.8M | $89.7M | $105.0M | $29.7M | $100.0M | $16.8M | $19.0M | $7.5M | $12.3M | $7.0M | $9.0M | |
| Retained Earnings | -$92.1M | -$134.4M | -$201.1M | -$295.5M | -$399.8M | -$542.4M | -$587.2M | -$629.4M | -$667.9M | -$694.9M | -$698.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.3M | -$34.1M | -$54.1M | -$92.7M | -$90.7M | -$108.2M | -$78.9M | -$27.9M | -$29.4M | -$32.0M | -$19.9M | |
| Capital Expenditure | -$153.0K | -$480.0K | -$1.6M | -$1.3M | -$1.9M | -$886.0K | -$313.0K | -$610.0K | -$208.0K | -$15.0K | $0.00 | |
| Free Cash Flow | -$27.5M | -$34.6M | -$55.7M | -$94.1M | -$92.6M | -$109.1M | -$79.2M | -$28.5M | -$29.6M | -$32.0M | -$19.9M | |
| Investing Cash Flow | -$153.0K | -$480.0K | -$1.6M | -$1.3M | -$78.2M | $70.8M | $62.7M | -$429.0K | -$208.0K | -$15.0K | -$15.0K | |
| Financing Cash Flow | $67.2M | $103.7M | $124.1M | $9.0M | $160.6M | $42.6M | -$7.9M | $8.5M | $29.9M | -$11.6M | -$4.9M | |
| Issuance of Stock | $67.5M | $94.0M | $70.8M | $8.4M | $158.6M | $41.2M | $31.8M | $18.5M | $26.4M | $10.9M | $12.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $8.9M | $52.8M | -$30.0K | -$32.0K | -$263.0K | -$40.0M | -$10.0M | -$5.0M | -$22.5M | -$20.0M | |
| Stock Based Comp. | $2.1M | $3.6M | $8.6M | $10.0M | $13.3M | $16.1M | $7.0M | $7.5M | $8.4M | $7.0M | $2.0M | |
| Net Change in Cash | $39.7M | $69.1M | $68.4M | -$85.1M | -$8.3M | $5.1M | -$24.1M | -$19.9M | $286.0K | -$43.6M | -$31.7M |
Dilution Tracker
Shares Outstanding
19M
5-Year Share Growth
-84.4%
Stock Issuance (TTM)
$12.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.35 | 0.43 | 0.54 | 0.68 | 1.05 | 1.32 | 0.03 | 0.05 | 0.08 | 0.16 | 0.07 | |
| Change vs Prior % | — | 23.1% | 25.8% | 27.9% | 53.1% | 25.7% | -97.7% | 59.9% | 56.1% | 114.7% | -54.5% | |
| Stock Issuance | $67.5M | $94.0M | $70.8M | $8.4M | $158.6M | $41.2M | $31.8M | $18.5M | $26.4M | $10.9M | $12.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $3.6M | $8.6M | $10.0M | $13.3M | $16.1M | $7.0M | $7.5M | $8.4M | $7.0M | $2.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 53.1% | 50.1% | 63.5% | 34.2% | — | — | — | — | |
| Operating Margin % | — | — | — | -1452.5% | -1512.6% | -973.6% | -2090.3% | — | — | — | — | |
| Net Margin % | — | — | — | -1553.3% | -1639.8% | -1268.7% | -1151.6% | — | — | — | — | |
| EBITDA Margin % | — | — | — | -1438.6% | -1498.3% | -1185.5% | -951.2% | — | — | — | — | |
| FCF Margin % | — | — | — | -1548.5% | -1456.1% | -970.8% | -2035.5% | — | — | — | — | |
| ROE % | 37.8% | -47.1% | -63.6% | -317.8% | -104.3% | -848.6% | -236.2% | -562.4% | -312.3% | -385.6% | -222.3% | |
| ROA % | -71.6% | -36.3% | -30.2% | -61.1% | -47.1% | -102.3% | -51.6% | -75.4% | -69.4% | -284.3% | -95.3% | |
| ROIC % | -79.0% | -36.7% | -31.7% | -67.4% | -47.9% | -106.5% | -123.0% | -81.7% | -82.1% | -559.8% | -232.1% | |
| R&D / Revenue % | — | — | — | 443.8% | 288.5% | 102.4% | 453.6% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -100.0% | 0.0% | 0.0% | 0.0% | 4.7% | 76.7% | -65.4% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -116.5% | -48.5% | 437.8% | -1.1% | 124.0% | -81.4% | -122.7% | 14.5% | 100.0% | |
| Operating Income | -104.9% | -22.1% | -62.3% | -36.3% | -9.1% | -13.7% | 25.7% | 51.9% | -3.3% | 3.1% | |
| Net Income | -98.8% | -27.3% | -58.1% | -41.4% | -10.6% | -36.7% | 68.6% | 5.9% | 8.7% | 29.9% | |
| EPS (Diluted) | -98.8% | -3.4% | -25.7% | -10.6% | 27.9% | -8.9% | -1260.8% | 41.1% | 41.5% | 67.4% | |
| Operating Cash Flow | -81.2% | -24.7% | -58.7% | -71.3% | 2.2% | -19.3% | 27.1% | 64.6% | -5.2% | -8.9% | |
| Free Cash Flow | -79.3% | -25.7% | -61.1% | -68.9% | 1.5% | -17.8% | 27.4% | 64.0% | -3.7% | -8.1% | |
| R&D Expense | 119.9% | 15.9% | 1.0% | -8.0% | -31.9% | -37.3% | 53.3% | 5.3% | 17.5% | -14.0% | |
| SG&A Expense | 71.6% | 39.2% | 237.2% | 87.1% | 25.7% | 29.6% | -38.1% | -68.8% | -9.5% | 28.8% | |
| Total Assets | 448.4% | 150.7% | 90.3% | -30.2% | 43.6% | -37.1% | -37.7% | -35.6% | -0.8% | -82.9% | |
| Book Value / Share | -1415.0% | 183.0% | -6.9% | -77.9% | 120.0% | -86.6% | 4787.9% | -75.3% | 5.3% | -73.6% | |
| Debt | -1.4% | 93.2% | 433.1% | 1.8% | -0.3% | -20.5% | -46.4% | -15.4% | -11.2% | -100.0% | |
| Diluted Shares | 0.0% | 23.1% | 25.8% | 27.9% | 53.1% | 25.7% | -97.7% | 59.9% | 56.1% | 114.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High14.91 / 1039.13 / 2790.94
P/B0.00
10Y Low / Med / High0.65 / 62.31 / 236.99
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High7.83 / 1041.72 / 2794.66
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$40.64
Tangible Book / Share
$121.95
Net Current Assets / Share
$0.47
Graham Net-Net
$78.90
Cash / Share
$97.48
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -481.76 | -465.98 | -98.01 | -66.85 | -170.35 | -27.93 | -1.29 | -0.40 | -0.68 | -0.17 | -0.00 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 1039.13 | 2790.94 | 354.31 | 14.91 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -182.07 | 219.32 | 62.31 | 212.57 | 177.57 | 236.99 | 3.06 | 2.27 | 2.14 | 0.65 | 0.00 | |
| EV/EBITDA | -492.48 | -498.90 | -101.46 | -72.41 | -186.53 | -29.80 | -0.82 | -0.07 | -0.23 | 0.13 | -0.32 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 1041.72 | 2794.66 | 353.24 | 7.83 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-92.96
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $25.0M | $26.1M | $134.2M |
| Net Income | -$4.3M | -$3.3M | -$1.5M |
| EPS | $-26.50 | $-20.00 | $-9.00 |
| # Analysts (EPS) | 1 | 1 | 1 |