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Mar 31, 2020
Kala Bio Q1 2020 Earnings Report
Reported financial results for the first quarter of 2020 and provided a corporate update.
Key Takeaways
Kala Pharmaceuticals reported a net product revenue of $1.1 million from INVELTYS sales, a decrease compared to the previous year. The company resubmitted the NDA for EYSUVIS to the FDA and anticipates a potential approval and launch by year-end. Kala's cash resources are expected to fund operations into at least the second quarter of 2022.
Announced positive results from STRIDE 3 clinical trial of EYSUVIS, demonstrating statistically significant results for primary and key secondary endpoints.
EYSUVIS NDA was resubmitted on April 30th, with potential approval and launch expected before year-end.
Raised $146.9 million in gross proceeds from sales of common stock in early 2020.
First quarter 2020 INVELTYS revenue reached $1.1 million.
Forward Guidance
Kala anticipates that its existing cash resources will enable it to fund its operations into at least the second quarter of 2022. The company believes physicians will move to reschedule many deferred procedures once conditions permit and expects INVELTYS prescriptions and revenue to return to growth.
Positive Outlook
- Potential approval and launch of EYSUVIS by year-end.
- Resubmitted NDA for EYSUVIS to the FDA.
- Positive results from STRIDE 3 clinical trial of EYSUVIS.
- Well-capitalized following public offering of common stock.
- Existing cash resources will enable it to fund its operations into at least the second quarter of 2022.
Challenges Ahead
- COVID-19 related restrictions on elective procedures have affected INVELTYS prescriptions and revenue.
- Impacts are expected to persist through the pandemic.
- Uncertainty around the impact and duration of the restrictions related to COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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