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Jun 30, 2025
Kala Bio Q2 2025 Earnings Report
Kala Bio reported a higher net loss in Q2 2025 as R&D and G&A expenses grew with the progression of its CHASE Phase 2b trial, which completed patient enrollment.
Key Takeaways
Kala Bio ended Q2 2025 with a net loss of $11.2 million and completed enrollment in its KPI-012 Phase 2b CHASE trial for PCED, with topline results expected in September. Cash reserves decreased but remain sufficient into Q1 2026.
Completed patient enrollment of 79 patients in Phase 2b CHASE trial for KPI-012.
Net loss was $11.2 million for Q2 2025, or $1.71 per share.
R&D expenses rose to $6.2 million as KPI-012 development advanced.
Cash balance stood at $31.9 million, expected to fund operations into Q1 2026.
Forward Guidance
Kala Bio expects to report topline data from its KPI-012 CHASE trial by end of September 2025 and believes positive data could support a pivotal BLA submission.
Positive Outlook
- Topline results from CHASE Phase 2b trial expected September 2025.
- KPI-012 received Orphan Drug and Fast Track designations.
- Strong enrollment of 79 patients across 37 sites.
- Exploring KPI-012 for additional rare corneal diseases like LSCD.
- Preclinical progress on KPI-014 for retinal degeneration underway.
Challenges Ahead
- No revenue reported during the quarter.
- Net loss widened compared to prior year quarter.
- Cash burn continues due to ongoing clinical development.
- Operating loss reached $11 million for the quarter.
Historical Earnings Impact
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