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Dec 31, 2023
Kala Bio Q4 2023 Earnings Report
KALA BIO reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a corporate update.
Key Takeaways
KALA BIO reported a net loss of $8.6 million for Q4 2023, compared to a net loss of $12.8 million for the same period in 2022. Research and development expenses increased to $4.7 million due to higher KPI-012 development costs. Cash and cash equivalents totaled $50.9 million as of December 31, 2023.
Advanced Phase 2b CHASE trial of KPI-012 for PCED, targeting topline data by year-end 2024.
Explored opportunities to expand KPI-012 into additional corneal indications.
Cash resources as of December 31, 2023, along with proceeds from the March 2024 private placement, are expected to fund operations into 3Q 2025.
Net loss for Q4 2023 was $8.6 million, an improvement compared to $12.8 million in Q4 2022.
Kala Bio
Kala Bio
Forward Guidance
KALA BIO anticipates that its cash resources as of December 31, 2023, together with gross proceeds of $8.6 million received from its March 2024 private placement financing and anticipated funding under the CIRM award, will enable it to fund operations into the third quarter of 2025.
Positive Outlook
- Advancing Phase 2b CHASE trial of KPI-012 for PCED.
- Targeting topline data from the CHASE trial by year-end 2024.
- Exploring opportunities to expand KPI-012 into additional corneal indications.
- Cash resources are expected to fund operations into 3Q 2025.
- KPI-012 may address a significant unmet need for PCED patients.
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.
- KALA's ability to comply with the requirements under the CIRM award
- The sufficiency of cash resources and need for additional financing
- KALA’s ability to comply with the covenants under its loan agreement