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Jun 30, 2020
Kala Bio Q2 2020 Earnings Report
Reported second quarter 2020 financial results, with INVELTYS® revenue reaching $0.8 million and the FDA accepting the NDA for EYSUVISTM.
Key Takeaways
Kala Pharmaceuticals reported a net product revenue of $0.8 million for the second quarter ended June 30, 2020, related to INVELTYS sales, compared to $2.1 million in the second quarter of 2019. The FDA accepted Kala's NDA resubmission for EYSUVIS, with a PDUFA goal date of October 30, 2020. As of June 30, 2020, Kala had cash, cash equivalents, and short-term investments of $184.6 million.
FDA accepted the NDA resubmission for EYSUVIS with a PDUFA goal date of October 30, 2020.
Second quarter INVELTYS revenue was $0.8 million.
Kala plans to increase its sales force to approximately 100 to 125 representatives to promote both EYSUVIS and INVELTYS, pending the status of the COVID-19 pandemic.
Cash, cash equivalents, and short-term investments totaled $184.6 million as of June 30, 2020.
Kala Bio
Kala Bio
Forward Guidance
Kala anticipates that its existing cash, cash equivalents and short-term investments will enable it to fund its operations into at least the second quarter of 2022.
Positive Outlook
- Potential launch of EYSUVIS before year-end.
- FDA acceptance of EYSUVIS NDA resubmission.
- Plan to expand sales force to promote EYSUVIS and INVELTYS.
- Strong INVELTYS prescription growth as states relaxed restrictions.
- Cash runway extends into at least the second quarter of 2022.
Challenges Ahead
- Cataract procedures were down 50% compared to Q2 2019.
- INVELTYS prescriptions decreased approximately 51% compared to Q1 2020.
- COVID-19 pandemic adversely affected INVELTYS prescriptions and revenue.
- Uncertainty around the impact and duration of COVID-19 restrictions.
- In-person interactions with customers were suspended for a significant portion of Q2.