Kala Bio (KALA)
Market Price (2/26/2026): $0.399 | Market Cap: $2.8 MilSector: Health Care | Industry: Biotechnology
Kala Bio (KALA)
Market Price (2/26/2026): $0.399Market Cap: $2.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -134%, 3Y Excs Rtn is -167% | Penny stockMkt Price is 0.4 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 | ||
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil | ||
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 314% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1277% | ||
| High stock price volatilityVol 12M is 156% | ||
| Key risksKALA key risks include [1] the complete discontinuation of its development platform following the pivotal trial failure of its lead candidate, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -134%, 3Y Excs Rtn is -167% |
| Penny stockMkt Price is 0.4 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 314% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1277% |
| High stock price volatilityVol 12M is 156% |
| Key risksKALA key risks include [1] the complete discontinuation of its development platform following the pivotal trial failure of its lead candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Kala Bio (KALA) stock has lost about 50% since 10/31/2025 because of the following key factors:
1. Failure of Key Clinical Trial: Kala Bio's stock performance since October 31, 2025, was significantly impacted by the announcement on September 29, 2025, that its CHASE Phase 2b clinical trial for KPI-012 failed to meet its primary and key secondary endpoints. This critical setback for its lead product candidate led to a temporary halt in development and a reassessment of strategic options, fundamentally undermining investor confidence and the company's future prospects.
2. Severe Financial Distress and Debt Issues: The company faced significant financial challenges, evidenced by a notice of foreclosure from its secured lender Oxford Finance LLC, which declared all loan obligations immediately due and payable in November 2025. This precarious financial position necessitated a convertible loan agreement for $375,000 to provide a lifeline, highlighting the urgent need for capital and the company's distressed state.
Show more
1. Failure of Key Clinical Trial: Kala Bio's stock performance since October 31, 2025, was significantly impacted by the announcement on September 29, 2025, that its CHASE Phase 2b clinical trial for KPI-012 failed to meet its primary and key secondary endpoints. This critical setback for its lead product candidate led to a temporary halt in development and a reassessment of strategic options, fundamentally undermining investor confidence and the company's future prospects.
2. Severe Financial Distress and Debt Issues: The company faced significant financial challenges, evidenced by a notice of foreclosure from its secured lender Oxford Finance LLC, which declared all loan obligations immediately due and payable in November 2025. This precarious financial position necessitated a convertible loan agreement for $375,000 to provide a lifeline, highlighting the urgent need for capital and the company's distressed state.
Show more
Stock Movement Drivers
Fundamental Drivers
The -48.2% change in KALA stock from 10/31/2025 to 2/25/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 2252026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.78 | 0.40 | -48.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -7.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 2/25/2026| Return | Correlation | |
|---|---|---|
| KALA | -48.2% | |
| Market (SPY) | 1.6% | 20.1% |
| Sector (XLV) | 9.4% | 0.6% |
Fundamental Drivers
The -94.0% change in KALA stock from 7/31/2025 to 2/25/2026 was primarily driven by a -9.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 2252026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.77 | 0.40 | -94.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 6 | 7 | -9.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 2/25/2026| Return | Correlation | |
|---|---|---|
| KALA | -94.0% | |
| Market (SPY) | 10.0% | 9.0% |
| Sector (XLV) | 21.6% | -7.2% |
Fundamental Drivers
The -95.6% change in KALA stock from 1/31/2025 to 2/25/2026 was primarily driven by a -34.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312025 | 2252026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.20 | 0.40 | -95.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 5 | 7 | -34.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2025 to 2/25/2026| Return | Correlation | |
|---|---|---|
| KALA | -95.6% | |
| Market (SPY) | 16.2% | 15.2% |
| Sector (XLV) | 8.9% | 7.5% |
Fundamental Drivers
The -97.7% change in KALA stock from 1/31/2023 to 2/25/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2252026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.34 | 0.40 | -97.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 0 | |
| P/S Multiple | 4.5 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 7 | -78.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2023 to 2/25/2026| Return | Correlation | |
|---|---|---|
| KALA | -97.7% | |
| Market (SPY) | 76.9% | 15.9% |
| Sector (XLV) | 23.9% | 11.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KALA Return | -82% | -37% | -82% | -1% | -92% | -26% | -100% |
| Peers Return | 15% | -69% | 112% | 37% | 126% | -5% | 118% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 83% |
Monthly Win Rates [3] | |||||||
| KALA Win Rate | 25% | 25% | 42% | 42% | 42% | 0% | |
| Peers Win Rate | 45% | 38% | 43% | 47% | 63% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KALA Max Drawdown | -83% | -94% | -86% | -34% | -92% | -35% | |
| Peers Max Drawdown | -28% | -74% | -42% | -42% | -40% | -24% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OCUL, EYPT, KOD, MGTX, LCTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/25/2026 (YTD)
How Low Can It Go
| Event | KALA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -99.2% | -25.4% |
| % Gain to Breakeven | 12951.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -54.5% | -33.9% |
| % Gain to Breakeven | 119.8% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -87.3% | -19.8% |
| % Gain to Breakeven | 689.6% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to OCUL, EYPT, KOD, MGTX, LCTX
In The Past
Kala Bio's stock fell -99.2% during the 2022 Inflation Shock from a high on 2/8/2021. A -99.2% loss requires a 12951.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kala Bio (KALA)
Kala Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapies using its proprietary mucus penetrating particles technology for the treatment of eye diseases. The company's product candidates include KPI-012, which is in clinical development stage for the treatment of persistent corneal epithelial defects; EYSUVIS for the short-term treatment of the signs and symptoms of dry eye disease; and INVELTYS, a topical twice-a-day ocular steroid for the treatment of post-operative inflammation and pain following ocular surgery. Its preclinical development products comprise KPI-287 that inhibits the vascular endothelial and platelet derived growth factors for the treatment of retinal diseases, including wet age-related macular degeneration, diabetic macular edema, and retinal vein occlusion; and selective glucocorticoid receptor modulators program, a novel class of compounds to regulate gene expression through the transrepression pathway while avoiding the transactivation pathway. The company was formerly known as Hanes Newco, Inc. and changed its name to Kala Pharmaceuticals, Inc. in December 2009. Kala Pharmaceuticals, Inc. was incorporated in 2009 and is headquartered in Watertown, Massachusetts.
AI Analysis | Feedback
A smaller, earlier-stage Vertex Pharmaceuticals, focused on developing treatments for rare eye and respiratory diseases.
Similar to Ultragenyx or Sarepta Therapeutics, but specializing in rare ocular and respiratory conditions.
AI Analysis | Feedback
- EYSUVIS: An FDA-approved ophthalmic corticosteroid suspension indicated for the short-term treatment of the signs and symptoms of dry eye disease.
- INVELTYS: An FDA-approved ophthalmic corticosteroid suspension indicated for the treatment of post-operative inflammation and pain following ocular surgery.
- KPI-012: An investigational therapy utilizing a mesenchymal stem cell secretome currently in clinical trials for the treatment of persistent corneal epithelial defect and other severe ocular diseases.
AI Analysis | Feedback
Kala Bio (symbol: KALA) is currently a pre-commercial, research and development biopharmaceutical company.
In July 2023, Kala Bio divested its commercial ophthalmology assets, including its previously marketed products EYSUVIS and INVELTYS, to Alcon (symbol: ALC).
As a result of this divestiture and its current focus on preclinical drug discovery and development, Kala Bio does not currently have major commercial customers purchasing its products or services. The company's activities are centered on advancing its proprietary mesenchymal stem cell (MSC) secretome platform for novel therapies through research and development phases, rather than commercial sales.
AI Analysis | Feedback
- AbbVie Inc. (ABBV)
- Alcon Inc. (ALC)
AI Analysis | Feedback
Todd Bazemore, President and Chief Executive Officer Mr. Bazemore was appointed permanent President and Chief Executive Officer of Kala Bio in September 2025, having served as interim CEO since February 2025 and previously as President and Chief Operating Officer. He brings over 30 years of experience in the biopharmaceutical industry, particularly in rare diseases. Prior to joining Kala Bio, he was Executive Vice President and Chief Operating Officer of Santhera Pharmaceuticals (USA), Inc. from September 2016 to November 2017. From April 2014 to January 2016, he served as Executive Vice President and Chief Commercial Officer of Dyax Corp., which was acquired by Shire plc. Before Dyax, he held various leadership roles at Sunovion Pharmaceuticals, Inc. (formerly Sepracor Inc.), prior to its acquisition by Dainippon Sumitomo Pharma. Mary Reumuth, Chief Financial Officer Ms. Reumuth has served as Kala Bio's Chief Financial Officer since July 2017, also holding the titles of Treasurer, Corporate Secretary, and Principal Accounting Officer. She previously served as Senior Vice President, Finance from February 2017 to July 2017, Vice President, Finance from December 2014 to February 2017, and Senior Director, Finance from February 2014 to December 2014, as well as Corporate Controller from February 2014 to July 2017. Darius Kharabi, Chief Business Officer Mr. Kharabi has served as Kala Bio's Chief Business Officer since November 2021. He co-founded and was Chief Executive Officer of Combangio Inc., a clinical-stage ophthalmology mesenchymal stem cell secretome company that Kala Bio acquired in November 2021. He is also the co-founder and Chief Operating Officer of Lagunita Biosciences, LLC, an early-stage medical investment company. Mr. Kharabi helped create and held leadership positions in several Lagunita portfolio companies, including xCella Biosciences, which was acquired by Ligand, and Kedalion Therapeutics, which was acquired by Novartis AG. Kim Brazzell, Head of Research & Development and Chief Medical Officer Dr. Brazzell has served as Kala Bio's Chief Medical Officer since February 2013. He was also a Principal of Acuity Advisors, LLC, an ophthalmic consulting company, from January 2014 to July 2018. Prior to that, Dr. Brazzell served as Chief Medical Officer of Mimetogen Pharmaceuticals, Inc., a clinical-stage biotechnology company, from January 2012 until December 2015. He also held several executive positions at Inspire Pharmaceuticals, Inc., a specialty pharmaceutical company focused on ophthalmic products. Mark Iwicki, Chairman of the Board Mr. Iwicki serves as the Chairman of the Board of Directors of Kala Bio. He previously served as the President and Chief Executive Officer of Kala Bio before stepping down in February 2025. Mr. Iwicki's prior experience includes serving as President and Chief Executive Officer of Civitas Therapeutics and Sunovion Pharmaceuticals Inc. He also held management positions at Novartis Pharmaceuticals Corporation, Astra Merck Inc., and Merck & Co., and has served on the boards of multiple other companies.AI Analysis | Feedback
The key risks to Kala Bio (KALA) are predominantly centered around the failure of its lead product candidate and the subsequent severe financial repercussions.
- Failure of Lead Product and Discontinuation of Development: Kala Bio's primary and most significant risk stems from the recent failure of its lead product candidate, KPI-012, in the CHASE Phase 2b clinical trial for persistent corneal epithelial defect (PCED). The trial did not meet its primary endpoint of complete healing or achieve statistical significance for key secondary efficacy endpoints. As a direct consequence, Kala Bio has ceased further development of KPI-012 and its entire mesenchymal stem cell secretome (MSC-S) platform. This critical setback effectively reverts the company to a preclinical stage, with no clinical-stage candidates remaining in its pipeline.
- Imminent Financial Instability and Potential Dissolution: The failure of KPI-012 has plunged Kala Bio into severe financial distress, raising substantial doubt about its ability to continue as a going concern. The company has initiated efforts to explore strategic alternatives, including discussions with its secured lender, and is implementing aggressive cash preservation measures, such as workforce reductions. Its lender, Oxford Finance, has initiated foreclosure proceedings due to default on loan obligations, seizing substantially all of Kala Bio's cash reserves. The company anticipates Nasdaq delisting and cessation of SEC filings, with stockholders and unsecured creditors unlikely to receive distributions upon dissolution.
AI Analysis | Feedback
The highly competitive and continuously evolving landscape of dry eye disease therapies presents a clear emerging threat to Kala Bio. With numerous established pharmaceutical companies developing and launching novel treatments, some of which feature different mechanisms of action, improved efficacy, better safety profiles (especially non-steroidal options), or more convenient dosing, Kala Bio's investigational dry eye therapy, INPRESA, faces the risk of being overshadowed. These competing therapies, many of which are already approved or in late-stage development from well-resourced players, could capture significant market share and limit the commercial viability and adoption of INPRESA, even if it gains regulatory approval. This dynamic is similar to how new, more advanced or convenient offerings can disrupt and erode the market for existing or developing products.
AI Analysis | Feedback
Kala Bio (symbol: KALA) is a clinical-stage biopharmaceutical company focused on developing therapies for rare and severe eye diseases. The company's pipeline utilizes its proprietary mesenchymal stem cell secretome (MSC-S) platform.
The addressable markets for Kala Bio's main product candidates are:
- KPI-012 for Persistent Corneal Epithelial Defect (PCED): The estimated incidence of PCED is approximately 100,000 patients in the U.S. This represents a potentially sizable market opportunity, estimated to be over $1 billion, as there are currently no U.S. Food and Drug Administration (FDA)-approved prescription products with a broad indication covering all underlying etiologies of PCED.
- KPI-012 for Limbal Stem Cell Deficiency (LSCD): The estimated incidence of LSCD is 100,000 patients in the U.S., representing a potentially substantial market opportunity.
AI Analysis | Feedback
For Kala Bio (symbol: KALA), there are currently no identifiable expected drivers of future revenue growth over the next 2-3 years based on the latest available information.
Kala Bio, a clinical-stage biopharmaceutical company, has recently announced the discontinuation of its lead product candidate, KPI-012, which was in development for the treatment of persistent corneal epithelial defect (PCED). This decision followed the failure of its Phase 2b CHASE clinical trial to meet its primary and key secondary efficacy endpoints.
Furthermore, the company explicitly stated its plans to cease the development of its entire proprietary mesenchymal stem cell secretome (MSC-S) platform. This platform was the foundation for all its investigational therapies, including KPI-012 for other rare corneal diseases like Limbal Stem Cell Deficiency (LSCD) and the preclinical program KPI-014 for inherited retinal diseases.
As a result of these significant clinical setbacks and the termination of its entire pipeline, Kala Bio currently has no approved or marketed products and consequently generates no revenue. The company's immediate focus has shifted to preserving cash, which includes workforce reductions and exploring various strategic options. Analyst forecasts for Kala Bio also reflect this, indicating zero revenue projections for both 2025 and 2026.
AI Analysis | Feedback
Share Issuance
- KALA BIO completed a private placement in December 2024, raising approximately $10.75 million through the sale of common stock and Series I Convertible Non-Redeemable Preferred Stock.
- The number of shares outstanding for KALA BIO increased by 99.78% in the year prior to November 2025.
- A 1-for-20 reverse stock split was implemented by Kala Pharmaceuticals, Inc. (which later became KALA BIO) on December 26, 2023, to regain compliance with Nasdaq's minimum bid price requirement.
Inbound Investments
- KALA BIO secured approximately $10.75 million in a private placement from institutional investors including SR One, Cormorant Asset Management, and Woodline Partners in December 2024, to advance the clinical development of KPI-012.
- In December 2024, KALA BIO received $2.5 million under a California Institute for Regenerative Medicine (CIRM) award.
Outbound Investments
- Kala Pharmaceuticals acquired Combangio on November 15, 2021, expanding its pipeline with the clinical-stage biologic KPI-012. The acquisition involved an upfront cost of $5 million.
Capital Expenditures
- Capital expenditures for KALA BIO were -$175,000 in the 12 months leading up to November 7, 2025.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to KALA.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01302026 | ABT | Abbott Laboratories | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 5.0% | 5.0% | -1.0% |
| 01302026 | VEEV | Veeva Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -13.5% | -13.5% | -15.7% |
| 01162026 | BIIB | Biogen | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.0% | 16.0% | 0.0% |
| 01162026 | BMRN | BioMarin Pharmaceutical | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.5% | 12.5% | 0.0% |
| 01162026 | DOCS | Doximity | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -40.9% | -40.9% | -42.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.67 |
| Mkt Cap | 0.9 |
| Rev LTM | 19 |
| Op Inc LTM | -191 |
| FCF LTM | -124 |
| FCF 3Y Avg | -113 |
| CFO LTM | -121 |
| CFO 3Y Avg | -105 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 0.7% |
| Rev Chg Q | -56.6% |
| QoQ Delta Rev Chg LTM | -12.6% |
| Op Mgn LTM | -517.7% |
| Op Mgn 3Y Avg | -315.7% |
| QoQ Delta Op Mgn LTM | -110.7% |
| CFO/Rev LTM | -409.2% |
| CFO/Rev 3Y Avg | -254.5% |
| FCF/Rev LTM | -429.5% |
| FCF/Rev 3Y Avg | -262.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.9 |
| P/S | 34.8 |
| P/EBIT | -6.5 |
| P/E | -6.2 |
| P/CFO | -8.1 |
| Total Yield | -16.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -20.1% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.8% |
| 3M Rtn | 3.4% |
| 6M Rtn | 27.7% |
| 12M Rtn | 118.1% |
| 3Y Rtn | 58.1% |
| 1M Excs Rtn | 2.9% |
| 3M Excs Rtn | 1.9% |
| 6M Excs Rtn | 20.5% |
| 12M Excs Rtn | 97.7% |
| 3Y Excs Rtn | -25.7% |
Price Behavior
Price Behavior
| Market Price | $0.40 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/20/2017 | |
| Distance from 52W High | -97.9% | |
| 50 Days | 200 Days | |
| DMA Price | $0.54 | $4.26 |
| DMA Trend | down | down |
| Distance from DMA | -25.3% | -90.5% |
| 3M | 1YR | |
| Volatility | 134.4% | 156.7% |
| Downside Capture | 428.63 | 253.70 |
| Upside Capture | -126.04 | -67.47 |
| Correlation (SPY) | 22.0% | 15.3% |
KALA Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.80 | 1.74 | 1.77 | 1.23 | 1.16 | 1.21 |
| Up Beta | -4.19 | 1.51 | 3.57 | 3.54 | 0.70 | 0.85 |
| Down Beta | 5.24 | 1.63 | 2.24 | 2.73 | 1.17 | 1.38 |
| Up Capture | 177% | -286% | -24% | -190% | -34% | 5% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 13 | 22 | 54 | 108 | 326 |
| Down Capture | 355% | 579% | 199% | 153% | 154% | 111% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 27 | 38 | 69 | 138 | 412 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KALA | |
|---|---|---|---|---|
| KALA | -94.2% | 156.6% | -0.49 | - |
| Sector ETF (XLV) | 8.4% | 17.3% | 0.31 | 8.5% |
| Equity (SPY) | 17.2% | 19.4% | 0.69 | 15.5% |
| Gold (GLD) | 75.4% | 25.7% | 2.16 | -2.6% |
| Commodities (DBC) | 9.7% | 16.9% | 0.38 | 6.8% |
| Real Estate (VNQ) | 7.2% | 16.6% | 0.25 | 11.4% |
| Bitcoin (BTCUSD) | -27.7% | 44.9% | -0.59 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KALA | |
|---|---|---|---|---|
| KALA | -75.5% | 162.0% | -0.19 | - |
| Sector ETF (XLV) | 8.0% | 14.5% | 0.37 | 5.2% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 10.2% |
| Gold (GLD) | 23.4% | 17.1% | 1.12 | -0.3% |
| Commodities (DBC) | 10.7% | 19.0% | 0.45 | 0.9% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | 7.4% |
| Bitcoin (BTCUSD) | 5.1% | 57.1% | 0.31 | 3.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KALA | |
|---|---|---|---|---|
| KALA | -54.1% | 132.4% | -0.12 | - |
| Sector ETF (XLV) | 10.9% | 16.5% | 0.54 | 7.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.75 | 10.3% |
| Gold (GLD) | 15.2% | 15.6% | 0.81 | 0.4% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 2.0% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 7.2% |
| Bitcoin (BTCUSD) | 66.0% | 66.7% | 1.05 | 1.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/8/2025 | 3.1% | 12.7% | 102.2% |
| 3/31/2025 | -5.3% | -29.9% | -29.8% |
| 11/12/2024 | -4.2% | -10.8% | -16.1% |
| 8/6/2024 | 4.0% | -0.8% | 1.2% |
| 3/29/2024 | 1.5% | -1.3% | -19.7% |
| 11/13/2023 | -0.6% | -2.2% | 29.6% |
| 8/4/2023 | -1.6% | -4.6% | -7.9% |
| 3/3/2023 | 64.7% | 85.0% | 48.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 6 | 8 |
| # Negative | 10 | 13 | 11 |
| Median Positive | 2.0% | 11.4% | 23.3% |
| Median Negative | -5.2% | -5.1% | -12.4% |
| Max Positive | 64.7% | 85.0% | 102.2% |
| Max Negative | -18.7% | -29.9% | -61.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/03/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Iwicki, Mark T | Direct | Sell | 10242025 | 0.81 | 154,894 | 125,464 | 83,867 | Form | |
| 2 | Reumuth, Mary | CHIEF FINANCIAL OFFICER | Direct | Sell | 10242025 | 0.83 | 32,230 | 26,751 | 24,795 | Form |
| 3 | Reumuth, Mary | CHIEF FINANCIAL OFFICER | Direct | Sell | 10242025 | 0.82 | 967 | 793 | 23,703 | Form |
| 4 | Bazemore, Todd | Direct | Sell | 10242025 | 0.83 | 47,768 | 39,647 | 29,824 | Form | |
| 5 | Brazzell, Romulus K | SEE REMARKS | Direct | Sell | 10242025 | 0.83 | 46,748 | 38,801 | 29,840 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.