Kala Bio (KALA)
Market Price (3/30/2026): $0.1753 | Market Cap: $1.2 MilSector: Health Care | Industry: Biotechnology
Kala Bio (KALA)
Market Price (3/30/2026): $0.1753Market Cap: $1.2 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 -119%, 3Y Excs Rtn is -161% | Penny stockMkt Price is 0.2 |
| 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 698% | ||
| 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 -2831% | ||
| High stock price volatilityVol 12M is 162% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 97% | ||
| 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 -119%, 3Y Excs Rtn is -161% |
| Penny stockMkt Price is 0.2 |
| 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 698% |
| 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 -2831% |
| High stock price volatilityVol 12M is 162% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 97% |
| 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 80% since 11/30/2025 because of the following key factors:
1. Continued Fallout from Failed Clinical Trial and Subsequent Strategic Shift.
Although the Phase 2b clinical trial for KPI-012 failed on September 29, 2025, its profound negative impact continued into and directly influenced the stock's severe decline during the specified period. This trial failure, which did not meet primary or key secondary endpoints for persistent corneal epithelial defect (PCED), led to the cessation of KPI-012 development and the mesenchymal stem cell secretome (MSC-S) platform, fundamentally eroding the company's previous valuation and necessitating a complete strategic overhaul. The company subsequently announced a strategic pivot in March 2026, focusing on deploying an on-premises AI infrastructure platform for the biotech industry with its "Researgency.AI" platform, signifying a drastic shift in its business model.
2. Severe Stock Dilution from Financing Activities.
To address critical financial needs and avert potential asset seizure, Kala Bio engaged in highly dilutive financing. This included a $6 million private placement of convertible preferred stock, with the initial $1.8 million closing in November 2025 and the remaining $4.2 million closing by January 2026 after stockholder approval. These preferred shares carried significant dilution potential, as the Series AA preferred stock was convertible into 49.5 million common shares and the Series AAA preferred stock into 882 million common shares, substantially increasing the outstanding share count. The company also obtained shareholder approval to increase authorized common stock to 1.5 billion shares and for a potential reverse stock split, further contributing to the dilution. Overall, total shares outstanding grew by 363.8% in the past year.
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1. Continued Fallout from Failed Clinical Trial and Subsequent Strategic Shift.
Although the Phase 2b clinical trial for KPI-012 failed on September 29, 2025, its profound negative impact continued into and directly influenced the stock's severe decline during the specified period. This trial failure, which did not meet primary or key secondary endpoints for persistent corneal epithelial defect (PCED), led to the cessation of KPI-012 development and the mesenchymal stem cell secretome (MSC-S) platform, fundamentally eroding the company's previous valuation and necessitating a complete strategic overhaul. The company subsequently announced a strategic pivot in March 2026, focusing on deploying an on-premises AI infrastructure platform for the biotech industry with its "Researgency.AI" platform, signifying a drastic shift in its business model.
2. Severe Stock Dilution from Financing Activities.
To address critical financial needs and avert potential asset seizure, Kala Bio engaged in highly dilutive financing. This included a $6 million private placement of convertible preferred stock, with the initial $1.8 million closing in November 2025 and the remaining $4.2 million closing by January 2026 after stockholder approval. These preferred shares carried significant dilution potential, as the Series AA preferred stock was convertible into 49.5 million common shares and the Series AAA preferred stock into 882 million common shares, substantially increasing the outstanding share count. The company also obtained shareholder approval to increase authorized common stock to 1.5 billion shares and for a potential reverse stock split, further contributing to the dilution. Overall, total shares outstanding grew by 363.8% in the past year.
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Stock Movement Drivers
Fundamental Drivers
The -81.8% change in KALA stock from 11/30/2025 to 3/29/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.97 | 0.18 | -81.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| KALA | -81.8% | |
| Market (SPY) | -5.3% | 26.9% |
| Sector (XLV) | -8.7% | 27.8% |
Fundamental Drivers
The -98.4% change in KALA stock from 8/31/2025 to 3/29/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.22 | 0.18 | -98.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -7.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| KALA | -98.4% | |
| Market (SPY) | 0.6% | 12.9% |
| Sector (XLV) | 5.2% | -4.3% |
Fundamental Drivers
The -97.5% change in KALA stock from 2/28/2025 to 3/29/2026 was primarily driven by a -34.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.93 | 0.18 | -97.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 5 | 7 | -34.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| KALA | -97.5% | |
| Market (SPY) | 9.8% | 16.6% |
| Sector (XLV) | -2.1% | 10.9% |
Fundamental Drivers
The -98.3% change in KALA stock from 2/28/2023 to 3/29/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.13 | 0.18 | -98.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 0 | |
| P/S Multiple | 2.6 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 7 | -78.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| KALA | -98.3% | |
| Market (SPY) | 69.4% | 15.9% |
| Sector (XLV) | 18.4% | 11.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KALA Return | -82% | -37% | -82% | -1% | -92% | -64% | -100% |
| Peers Return | 15% | -69% | 112% | 37% | 126% | -7% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| KALA Win Rate | 25% | 25% | 42% | 42% | 42% | 0% | |
| Peers Win Rate | 45% | 38% | 43% | 47% | 63% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| KALA Max Drawdown | -83% | -94% | -86% | -34% | -92% | -64% | |
| Peers Max Drawdown | -28% | -74% | -42% | -42% | -40% | -25% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[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 3/27/2026 (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.
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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
Here are 1-2 brief analogies for Kala Bio (KALA):
Think of Kala Bio as a Moderna for eye diseases, applying a unique drug delivery technology to develop new therapies.
Kala Bio is like a specialized, drug-focused Alcon or Bausch + Lomb, creating new prescription treatments for eye conditions using its proprietary technology.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
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- Ajinomoto Bio-Pharma Services (Ajinomoto Co., Inc., TYO: 2802)
- Catalent Pharma Solutions LLC (Catalent, Inc., CTLT)
- Recro Gainesville LLC (Recro Pharma, Inc., RECR)
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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.
AI Analysis | Feedback
```html1. 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.
```AI Analysis | Feedback
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Addressable Market Sizes for Kala Bio's Main Products
KPI-012 (Persistent Corneal Epithelial Defects - PCED)
The addressable market for Persistent Corneal Epithelial Defects (PCED) has an estimated incidence of approximately 100,000 patients in the U.S.. The global Persistent Corneal Epithelial Defects treatment market was valued at USD 1.44 billion in 2024 and is expected to reach USD 1.98 billion by 2032, growing at a CAGR of 4.05%. North America is anticipated to dominate this market, holding a 36.4% share. Another estimate indicates the total Persistent Epithelial Defects market size in the 7MM (United States, EU4 (Germany, France, Italy, and Spain), United Kingdom, and Japan) was approximately USD 274 million in 2023, with the U.S. market comprising approximately USD 183 million in the same year.EYSUVIS (Dry Eye Disease)
The global dry eye syndrome market size was valued at USD 8.00 billion in 2025 and is projected to grow to USD 15.09 billion by 2034, exhibiting a CAGR of 7.37%. North America held the largest market share of 47.03% in 2025. Specifically, the U.S. dry eye syndrome market is projected to reach an estimated value of USD 5.60 billion by 2032. Another report estimates the dry eye disease market size in the 7MM was USD 3,759 million in 2023, with the U.S. accounting for approximately USD 2,739 million.INVELTYS (Post-Operative Inflammation and Pain Following Ocular Surgery)
The global post-operative cataract surgery inflammation treatment market is estimated to be valued at USD 5.2 billion in 2025 and is projected to reach USD 10.0 billion by 2035, with a compound annual growth rate (CAGR) of 6.8%. The broader global ocular inflammation treatment market size was valued at USD 7.5 billion in 2023 and is set to exceed USD 11.4 billion by 2032, with North America dominating this market, reaching approximately USD 3 billion in 2023. Ocular surgeries in the United States were projected to reach approximately 10.1 million by 2024, highlighting the prevalence of procedures that can lead to post-operative inflammation.KPI-287 (Retinal Diseases: Wet Age-Related Macular Degeneration, Diabetic Macular Edema, and Retinal Vein Occlusion)
The addressable market for KPI-287 includes several retinal diseases:- 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
nullAI Analysis | Feedback
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:
- 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.
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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.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 7.58 |
| Mkt Cap | 0.8 |
| Rev LTM | 21 |
| Op Inc LTM | -194 |
| FCF LTM | -124 |
| FCF 3Y Avg | -122 |
| CFO LTM | -121 |
| CFO 3Y Avg | -114 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.4% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | -58.5% |
| QoQ Delta Rev Chg LTM | -16.4% |
| Op Mgn LTM | -558.8% |
| Op Mgn 3Y Avg | -367.7% |
| QoQ Delta Op Mgn LTM | -125.8% |
| CFO/Rev LTM | -409.2% |
| CFO/Rev 3Y Avg | -296.5% |
| FCF/Rev LTM | -429.5% |
| FCF/Rev 3Y Avg | -307.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.8 |
| P/S | 28.3 |
| P/EBIT | -5.6 |
| P/E | -5.0 |
| P/CFO | -6.8 |
| Total Yield | -20.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -19.6% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -19.0% |
| 3M Rtn | -20.7% |
| 6M Rtn | -11.5% |
| 12M Rtn | 59.2% |
| 3Y Rtn | 46.6% |
| 1M Excs Rtn | -14.8% |
| 3M Excs Rtn | -13.3% |
| 6M Excs Rtn | -2.5% |
| 12M Excs Rtn | 44.3% |
| 3Y Excs Rtn | -10.4% |
Price Behavior
Price Behavior
| Market Price | $0.18 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/20/2017 | |
| Distance from 52W High | -99.1% | |
| 50 Days | 200 Days | |
| DMA Price | $0.39 | $3.87 |
| DMA Trend | down | down |
| Distance from DMA | -55.5% | -95.5% |
| 3M | 1YR | |
| Volatility | 118.6% | 162.7% |
| Downside Capture | 3.65 | 2.34 |
| Upside Capture | -4.48 | -98.82 |
| Correlation (SPY) | 35.1% | 16.5% |
KALA Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.16 | 3.62 | 2.15 | 1.68 | 1.27 | 1.23 |
| Up Beta | 3.75 | 1.36 | 3.44 | 4.30 | 0.75 | 0.92 |
| Down Beta | 5.17 | 5.62 | 3.36 | 3.34 | 1.38 | 1.37 |
| Up Capture | 133% | 155% | -138% | -202% | -30% | 6% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 6 | 14 | 20 | 47 | 103 | 325 |
| Down Capture | 561% | 418% | 348% | 226% | 157% | 111% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 14 | 25 | 39 | 74 | 143 | 413 |
[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 | -97.5% | 162.1% | -0.93 | - |
| Sector ETF (XLV) | 0.3% | 17.6% | -0.13 | 10.5% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 16.8% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 0.6% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 6.9% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 11.1% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 7.3% |
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 | -79.0% | 163.0% | -0.27 | - |
| Sector ETF (XLV) | 6.0% | 14.5% | 0.23 | 5.7% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 10.2% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 0.2% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 0.6% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 7.3% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 2.9% |
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 | -57.8% | 132.6% | -0.19 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.48 | 8.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 10.5% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 1.1% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 2.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 7.3% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 2.0% |
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 | 5 | 7 |
| # Negative | 9 | 13 | 11 |
| Median Positive | 2.0% | 12.7% | 29.6% |
| Median Negative | -5.3% | -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 |
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