Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -3.31.EBIT: As of FY2025, the actual value is USD -37.03 M.<h3>Financial Performance</h3><h4>Net Loss</h4>KALA BIO, Inc. reported a net loss of - $27.0 million for the year ended December 31, 2025, compared to - $38.5 million for the year ended December 31, 2024, representing an improvement of $11.5 million.<h4>Accumulated Deficit</h4>As of December 31, 2025, KALA BIO, Inc. had an accumulated deficit of - $694.9 million.<h4>Operating Expenses</h4><ul><li>General and Administrative Expenses: Increased to $23.6 million in 2025 from $18.3 million in 2024, a rise of $5.3 million.</li><li>Research and Development Expenses: Decreased to $18.8 million in 2025 from $22.1 million in 2024, a reduction of - $3.3 million.</li><li>(Gain) Loss on Fair Value Remeasurement of Contingent Consideration: A gain of $4.7 million was recorded in 2025, compared to a loss of - $0.5 million in 2024.</li><li>Impairment of Right-of-Use Assets: KALA BIO, Inc. recognized an impairment expense of $1.4 million in 2025, with no such expense in 2024.</li><li>Total Operating Expenses: Decreased to $39.2 million in 2025 from $41.0 million in 2024, a reduction of - $1.8 million.</li><li>Loss from Operations: The loss from operations was - $39.2 million in 2025, compared to - $41.0 million in 2024, an improvement of $1.8 million.</li></ul><h4>Other Income (Expense)</h4><ul><li>Interest Income: Decreased to $1.1 million in 2025 from $2.1 million in 2024, a reduction of - $1.0 million.</li><li>Interest Expense: Decreased to - $3.3 million in 2025 from - $5.8 million in 2024, a reduction of $2.5 million.</li><li>Grant Income: Decreased to $3.4 million in 2025 from $6.2 million in 2024, a reduction of - $2.8 million.</li><li>Gain on Extinguishment of Debt: A gain of $5.8 million was recognized in 2025, with no such gain in 2024.</li><li>Other Income (Expense), Net: Increased to $5.1 million in 2025 from $0 in 2024.</li></ul><h4>Cash and Indebtedness</h4><ul><li>Cash and Cash Equivalents: Totaled $7.6 million as of December 31, 2025, a decrease from $51.2 million as of December 31, 2024.</li><li>Indebtedness Outstanding under Loan Agreement: Reduced to $0 as of December 31, 2025, from $29.3 million as of December 31, 2024.</li></ul><h4>Cash Flow Activities</h4><ul><li>Net Cash Used in Operating Activities: Increased to - $32.0 million in 2025 from - $29.4 million in 2024, an increase of - $2.6 million.</li><li>Net Cash Used in Investing Activities: Decreased to - $0.015 million in 2025 from - $0.2 million in 2024, a decrease of $0.1 million.</li><li>Net Cash (Used in) Provided by Financing Activities: Net cash used was - $11.6 million in 2025, a significant change from net cash provided of $29.9 million in 2024.</li><li>Net Decrease in Cash and Cash Equivalents: A decrease of - $43.6 million in 2025, compared to an increase of $0.3 million in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Workforce: KALA BIO, Inc. had 6 full-time employees as of December 31, 2025, and March 31, 2026, further reduced to 3 full-time employees as of the Annual Report date.</li><li>Strategic Transition: KALA BIO, Inc. is transitioning from historical biologics R&amp;D to an “AI platform-as-a-service” model, leveraging its mesenchymal stem cell secretome (MSC-S) platform, following the discontinuation of the CHASE Phase 2b clinical trial for KPI-012 in September 2025.</li><li>Younet AI Licensing Agreement: On March 3, 2026, KALA BIO, Inc. entered into an exclusive license for the Researgency AI research platform from Younet AI, securing worldwide exclusive rights for biotechnology applications.</li><li>Oxford Finance Settlement: KALA BIO, Inc. settled its obligations under the Loan Agreement with Oxford Finance LLC for $2.0 million in December 2025, resolving approximately $10,600 in aggregate liability.</li><li>CIRM Award: No further funding is expected from the California Institute for Regenerative Medicine (CIRM) Award as of December 31, 2025, following the cessation of KPI-012 development.</li><li>New Loan: On February 9, 2026, KALA BIO, Inc. made a $7.0 million loan to Minglemint Solutions LLC at 8.0% interest, due February 9, 2027.</li></ul><h3>Outlook</h3>KALA BIO, Inc. expects its existing cash and cash equivalents to fund operations into the first quarter of 2027 based on current operating plans and anticipated expenses related to the Researgency initiative and routine corporate costs. The company plans to increase research and development expenses substantially in the future to align with the Researgency platform’s development, with profitability depending on successful commercialization. KALA BIO, Inc. is actively evaluating additional financing alternatives, including sales under its ATM program and private placements, and pursuing asset monetization opportunities for its biologics assets.

KALA BIO | 10-K: FY2025 Revenue: USD 0