Here are 1-2 brief analogies for Kala Bio (KALA):

1. Think of Kala Bio as a Moderna for eye diseases, applying a unique drug delivery technology to develop new therapies.

2. Kala Bio is like a specialized, drug-focused Alcon or Bausch + Lomb, creating new prescription treatments for eye conditions using its proprietary technology.

• KPI-012: A clinical-stage product candidate for the treatment of persistent corneal epithelial defects.
• EYSUVIS: A therapy for the short-term treatment of the signs and symptoms of dry eye disease.
• INVELTYS: A topical ocular steroid used for the treatment of post-operative inflammation and pain following ocular surgery.
• KPI-287: A preclinical product designed to inhibit growth factors for the treatment of various retinal diseases, including wet age-related macular degeneration, diabetic macular edema, and retinal vein occlusion.
• Selective Glucocorticoid Receptor Modulators Program: A preclinical program developing a novel class of compounds to regulate gene expression for therapeutic purposes.

Kala Bio (KALA) is a biopharmaceutical company that develops and commercializes therapies for eye diseases. As such, it does not sell its products directly to individual patients. Instead, its primary customers are other companies within the pharmaceutical supply chain that facilitate the distribution of prescription medications.

The major customers for Kala Bio, consistent with the business model of pharmaceutical companies, are typically large pharmaceutical wholesalers and distributors. These companies purchase drugs directly from manufacturers and then distribute them to pharmacies, hospitals, and clinics. While specific contractual details are proprietary, the following are the dominant pharmaceutical wholesalers in the United States, and thus would be the most likely major customers for a company like Kala Bio:

• McKesson Corporation (NYSE: MCK)
• AmerisourceBergen Corporation (NYSE: ABC)
• Cardinal Health, Inc. (NYSE: CAH)

These distributors serve as critical intermediaries in getting Kala Bio's commercialized products, such as EYSUVIS and INVELTYS, to healthcare providers and ultimately to patients.

• Ajinomoto Bio-Pharma Services (Ajinomoto Co., Inc., TYO: 2802)
• Catalent Pharma Solutions LLC (Catalent, Inc., CTLT)
• Recro Gainesville LLC (Recro Pharma, Inc., RECR)

Avi Minkowitz, Chief Executive Officer and Chief Financial Officer

Mr. Minkowitz was appointed Chief Executive Officer and Chief Financial Officer of KALA BIO, Inc. effective February 2, 2026. He brings experience in financing, mergers and acquisitions, business development, management consulting, and real estate acquisition and management. He also has prior board and entrepreneurial experience.

Darius Kharabi, Chief Business Officer

Mr. Kharabi has served as Chief Business Officer since November 2021. He co-founded and served as Chief Executive Officer of Combangio Inc., a clinical-stage ophthalmology mesenchymal stem cell secretome company that KALA BIO acquired in November 2021. Mr. Kharabi is also a co-founder and Chief Operating Officer of Lagunita Biosciences, LLC, an early-stage medical investment company. He has held board and executive leadership positions in multiple Lagunita portfolio companies, including xCella Biosciences (acquired by Ligand) and Kedalion Therapeutics (acquired by Novartis AG).

Kim Brazzell, Ph.D., Chief Medical Officer and Head of Research and Development

Dr. Brazzell has served as Chief Medical Officer at Kala Pharmaceuticals, Inc. since February 2013. He also served as a Principal of Acuity Advisors, LLC, an ophthalmic consulting company, from January 2014 to July 2018.

1. Clinical Development and Regulatory Approval Risk: Kala Bio's business is highly dependent on the successful clinical development, regulatory approval, and commercialization of its product candidates, particularly KPI-012 for persistent corneal epithelial defects, which is in clinical development. The failure of clinical trials, delays in obtaining regulatory approvals, or inability to successfully launch and gain market acceptance for new therapies could significantly harm the company's financial condition and future prospects.

2. Commercialization and Competition Risk: Even with approved products like EYSUVIS for dry eye disease and INVELTYS for post-operative inflammation and pain, Kala Bio faces intense competition from established pharmaceutical companies with existing treatments and new therapies. The company's ability to achieve commercial success depends on its capacity to differentiate its products, secure market access, and gain widespread physician and patient adoption in a competitive ophthalmology market.

3. Intellectual Property Risk: Kala Bio relies on its proprietary mucus penetrating particles technology and product-specific patents to protect its intellectual property. The loss or expiration of key patents, challenges to their validity, or the inability to obtain new patent protection could expose the company to competition from generic or biosimilar products, thereby diminishing its market exclusivity and revenue potential.

Addressable Market Sizes for Kala Bio's Main Products

KPI-012 (Persistent Corneal Epithelial Defects - PCED)

EYSUVIS (Dry Eye Disease)

INVELTYS (Post-Operative Inflammation and Pain Following Ocular Surgery)

KPI-287 (Retinal Diseases: Wet Age-Related Macular Degeneration, Diabetic Macular Edema, and Retinal Vein Occlusion)

• Wet Age-Related Macular Degeneration (Wet AMD): The global wet AMD market size across the top 7 markets (U.S., EU4, U.K., and Japan) was valued at USD 9,528.8 million in 2024 and is expected to reach USD 18,317.5 million by 2035. The market size in the 7MM was nearly USD 7,783 million in 2023, with the United States accounting for approximately 33% of that total, or about USD 2,599 million.
• Diabetic Macular Edema (DME): The global diabetic macular edema market size reached USD 5.4 billion in 2023 and is expected to reach USD 7.5 billion by 2034. Other estimates place the global DME market at USD 4.2 billion in 2025, projected to reach USD 4.7 billion by 2035.
• Retinal Vein Occlusion (RVO): The global retinal vein occlusion treatment market size was estimated at USD 2.48 billion in 2022 and is projected to reach USD 4.18 billion by 2030, with North America holding the largest revenue share of 41.20% in 2022. The U.S. retinal vein occlusion treatment industry reached USD 858.5 million in 2023. Another source estimates the global market at USD 3.01 billion in 2025, forecasted to reach USD 5.45 billion by 2034, with the North American market surpassing USD 1.18 billion in 2024. The total RVO market size in the 7MM was approximately USD 2,297.5 million in 2022, with the U.S. market at approximately USD 1,611.9 million in 2022.

Selective Glucocorticoid Receptor Modulators Program

For Kala Bio (KALA), the primary expected driver of future revenue growth over the next 2-3 years centers around its strategic pivot into the artificial intelligence (AI) in healthcare market.

The key driver is:

1. Commercialization of the Researgency.ai Platform: Kala Bio has launched Researgency.ai, an AI platform, and has entered into a licensing agreement with Younet AI. This initiative positions Kala Bio to tap into the global AI-in-healthcare market, which is projected to grow significantly. The company's vision for Researgency.ai, described as a "Palantir for biotech," aims to diversify revenue beyond its traditional drug pipeline. The success and adoption of this AI platform, including securing paying clients and establishing clear pricing, are expected to drive any future revenue growth for the company.

Share Issuance

• Kala Pharmaceuticals completed a 1-for-50 reverse stock split on October 20, 2022, reducing outstanding common shares from approximately 73.2 million to about 1.46 million.
• In December 2024, KALA BIO secured approximately $10.75 million from a private placement, selling common stock and Series I Convertible Non-Redeemable Preferred Stock to institutional investors.
• KALA BIO engaged in multiple share issuances with investor David E. Lazar and other Series AAA investors in late 2025 and early 2026, including a first closing of a private placement for $1.8 million in November 2025 and a second closing for $4.2 million in January 2026 from the issuance of Series AA and Series AAA Preferred Stock.
• In December 2025, KALA BIO completed a registered direct offering of 10,000,000 shares of common stock at $1.00 per share, generating approximately $10 million in gross proceeds.
• In March 2026, KALA BIO agreed to issue 5,000,000 shares of its common stock to Younet AI as part of a platform development and exclusive license agreement.

Inbound Investments

• KALA BIO received a $10.75 million private placement in December 2024 from institutional investors, including SR One, Cormorant Asset Management, and Woodline Partners, to fund operations and advance the clinical development of KPI-012.
• Investor David E. Lazar made an initial investment of $1.8 million in November 2025 as part of a $6 million securities purchase agreement, with a further $4.2 million from Series AAA Preferred Shares expected following stockholder approval.
• Kala Bio entered into a Convertible Loan Agreement with investor David Lazar for $375,000 in November 2025.

Capital Expenditures

• In the last 12 months, capital expenditures for KALA BIO amounted to -$84,000.