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Jun 30, 2024
Kala Bio Q2 2024 Earnings Report
KALA BIO reported financial results for the second quarter of 2024 and provided a corporate update.
Key Takeaways
KALA BIO reported a net loss of $9.6 million for the second quarter of 2024. The company's cash and cash equivalents were $54.2 million as of June 30, 2024, which is expected to fund operations into the fourth quarter of 2025.
Closed $12.5 million private placement financing led by SR One.
Cash resources of $54.2 million as of June 30, 2024, expected to fund operations into 4Q 2025.
Topline data from Phase 2b CHASE trial of KPI-012 for PCED targeted in Q1 2025.
KALA is advancing an innovative pipeline based on its proprietary mesenchymal stem cell secretome (MSC-S) platform.
Kala Bio
Kala Bio
Forward Guidance
KALA BIO anticipates that its cash resources as of June 30, 2024, together with the $3.2 million of funds received under the CIRM Award in August 2024 and anticipated additional funding under the CIRM award, will enable it to fund operations into the fourth quarter of 2025.
Positive Outlook
- Advancing KPI-012 toward a late-stage clinical readout.
- Exploring the broad potential of MSC-S platform.
- Targeting topline results from the Phase 2b CHASE trial in Q1 2025.
- Progressing the clinical development of KPI-012.
- Exploring the potential of KPI-012 for additional rare, front-of-the-eye diseases
Challenges Ahead
- Uncertainties inherent in the initiation and conduct of preclinical studies and clinical trials.
- Uncertainties regarding availability and timing of data from clinical trials.
- Uncertainties associated with regulatory review of clinical trials and applications for marketing approvals.
- KALA’s ability to retain and hire key personnel.
- The sufficiency of cash resources and need for additional financing