Kala Pharmaceuticals, Inc. (KALA): Business Model Canvas [Dec-2025 Updated]

You're looking at Kala Pharmaceuticals, Inc. now, and honestly, the current business model isn't about selling a product; it's a textbook case of corporate triage following a major clinical setback. After halting the CHASE Phase 2b trial, the entire focus pivoted to financial restructuring-managing the $29.1 million loan default and preserving the $31.9 million in cash they held as of June 30, 2025, bolstered by a recent $10 million offering. This Business Model Canvas distills the reality: they've slashed the workforce by 51% and are now operating as a lean entity whose primary activity is exploring a strategic transaction, whether a merger or an asset sale. See below how the nine essential blocks define this high-stakes survival strategy.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Kala Pharmaceuticals, Inc. (KALA) established or managed through late 2025, especially following the September 29, 2025, announcement regarding the CHASE Phase 2b trial results.

Financing and Restructuring Partners

The company executed several key financial maneuvers involving specific partners to address immediate liquidity needs and the fallout from the loan default.

The registered direct offering closed on December 5, 2025, raising aggregate gross proceeds of approximately $10,000,000 before fees, priced at $1.00 per share for 10,000,000 shares or pre-funded warrants,,.

Clinical Trial Management Partners

Following the CHASE Phase 2b trial for KPI-012 not meeting its primary endpoint of complete healing of Persistent Corneal Epithelial Defect (PCED) as measured by corneal fluorescein staining,,, Kala Pharmaceuticals, Inc. planned specific actions related to the trial's conclusion.

• Cease development of KPI-012 and the mesenchymal stem cell secretome (MSC-S) platform.
• Engage in discussions with the secured lender, Oxford Finance LLC.
• Implement cost-saving measures, including workforce reduction.

The CHASE trial evaluated KPI-012 at 2 different doses (3 U/mL and 1 U/mL) across 37 sites in the United States and Latin America, enrolling 79 patients.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Key Activities

You're navigating a tough spot right now, post-trial setback, so the key activities are all about survival and pivoting. Here's the quick math on what Kala Pharmaceuticals, Inc. (KALA) is focused on in terms of operations as of late 2025.

A major activity involves exploring strategic alternatives following the KPI-012 Phase 2b trial failure. The new Chief Executive Officer, David E. Lazar, explicitly stated plans to actively explore strategic opportunities to drive stockholder value, alongside evaluating and redeveloping remaining product candidates. This exploration is happening while the company faces severe financial stress, underscored by the recent default notice.

Financial restructuring and debt management are paramount. Kala Pharmaceuticals, Inc. (KALA) received a written notice of default from Oxford Finance LLC concerning a $29.1 million loan, which was declared immediately due and payable. This accelerated obligation amount of $29.1 million includes an exit fee. To address liquidity, the company executed a $10 million registered direct offering, with plans to use the net proceeds to repay certain indebtedness. Furthermore, a $6 million investment from David E. Lazar closed its first tranche at $1.8 million, with the remaining $4.2 million contingent on stockholder approval expected in the first quarter of 2026. As of December 5, 2025, the company's market capitalization stood at just $7.47 million, and its current ratio was 0.75.

The company is re-evaluating its pipeline assets. The lead candidate, KPI-012, failed its Phase 2b CHASE trial, not meeting the primary endpoint of complete healing for Persistent Corneal Epithelial Defect (PCED). Consequently, Kala Pharmaceuticals, Inc. (KALA) announced plans to cease development of KPI-012 and its mesenchymal stem cell secretome platform. However, preclinical studies were conducted under the KPI-014 program to evaluate the platform for inherited retinal degenerative diseases, such as Retinitis Pigmentosa and Stargardt Disease.

To preserve cash following the clinical setback, Kala Pharmaceuticals, Inc. (KALA) executed a significant workforce reduction. This involved parting ways with 19 employees, which corresponds to approximately 51% of its workforce. These terminations are expected to be substantially complete in the fourth quarter.

Maintaining public company compliance is a necessary, ongoing activity. The company scheduled its 2025 annual shareholder meeting for December 11, 2025. The recent financing was conducted under a shelf registration statement filed with the SEC in March 2023 and declared effective in May 2023.

Here is a snapshot of the financial context driving these key activities:

The company's focus is clearly on managing the immediate debt crisis while trying to salvage value from its intellectual property portfolio, which includes the platform technology behind KPI-012 and KPI-014.

• Cease development of KPI-012 and its MSC-S platform.
• Evaluate and redevelop remaining therapeutic candidates.
• Explore strategic transactions, such as a potential sale.
• Maintain compliance with SEC filings, including the upcoming 2025 annual shareholder meeting on December 11, 2025.

Finance: finalize the cash flow impact analysis incorporating the $10 million offering proceeds by Monday.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Key Resources

The Key Resources for Kala Pharmaceuticals, Inc. as of late 2025 center on intellectual property, recent capital infusions, and executive expertise.

The cash position as of June 30, 2025, was $31.9 million, which the company anticipated would fund operations into the first quarter of 2026. This was followed by a $6 million securities purchase agreement with David E. Lazar, which included an initial closing of $1.8 million. Furthermore, on December 5, 2025, Kala Pharmaceuticals closed a registered direct offering, generating approximately $10 million in gross proceeds by selling 10,000,000 shares at $1.00 per share.

The core technological asset is the proprietary mesenchymal stem cell secretome (MSC-S) platform technology. This platform underpins the development of therapeutic candidates, including the lead candidate KPI-012, which has received both Orphan Drug and Fast Track designations from the FDA for Persistent Corneal Epithelial Defect (PCED). The company also markets Eysuvis (KPI-121 1.0%), which utilizes a separate nanoparticle delivery platform.

The patent portfolio secures the MSC-S platform and related candidates. The company reported a net loss of -$38.51 million for the trailing four quarters, with a Q3 2025 loss of $7.6 million (-$1.07 per share EPS). The annual revenue recorded is $3.89 million.

The new leadership team includes David E. Lazar, appointed as CEO and Chairman following his investment. The second tranche of the Lazar investment, totaling $4.2 million, is contingent on stockholder approval expected in the first quarter of 2026.

Key operational and financial metrics as of late 2025 include:

The technology platform supports several key assets:

• Proprietary MSC-S platform technology.
• Lead candidate KPI-012 for PCED, with FDA Fast Track designation.
• Preclinical program KPI-014 targeting inherited retinal degenerative diseases.
• Approved product Eysuvis (KPI-121 1.0%) using a nanoparticle platform.
• New CEO/Chairman David E. Lazar, bringing capital restructuring expertise.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Value Propositions

You're looking at the core value propositions for Kala Pharmaceuticals, Inc. (KALA) as of late 2025, following the major strategic shift in September. The company's value proposition has pivoted from a near-term product launch focus to one centered on corporate restructuring and platform potential.

The most immediate, tangible value proposition relates to the company's structure following the clinical setback.

• Reduced operating expenses following the 51% workforce reduction announced on September 28, 2025.

This reduction was a direct response to the failure of KPI-012 in the CHASE Phase 2b trial, which did not meet its primary endpoint of complete healing for Persistent Corneal Epithelial Defect (PCED). The company is now actively pursuing strategic alternatives, which includes the potential for a corporate transaction.

The new leadership, appointed in December 2025, brings specific expertise to this area.

The biologics-based platform itself remains a core asset for potential partnerships, even with KPI-012 halted. The platform targets rare and severe eye diseases. The Q3 2025 net loss was $7.6 million, or $1.07 per share. Honestly, the immediate value proposition is less about the pipeline and more about the structure available for a deal.

The new CEO, David E. Lazar, has significant capital restructuring and reverse merger expertise, which directly supports the exploration of strategic alternatives. That's a clear signal you can use. The company is also looking at KPI-014 for retinal degenerative diseases like Retinitis Pigmentosa and Stargardt Disease.

Finance: draft 13-week cash view by Friday.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Customer Relationships

You're looking at the relationships Kala Bio, Inc. (KALA) maintains with its key external stakeholders, which are heavily weighted toward capital providers and scientific influencers, especially given the recent clinical setback and strategic pivot.

Intensive investor relations with institutional and private investors

Investor relations are intensive, focusing on managing perceptions following the September 29, 2025, announcement that the CHASE Phase 2b trial for KPI-012 did not meet its primary endpoint, leading to a cessation of development for that platform. As of December 5, 2025, the Institutional Ownership stood at approximately 51.86% of the stock. This ownership base includes major players who were actively trading around the third quarter of 2025.

Here's a snapshot of some institutional positions as of September 30, 2025:

On the private investor side, KALA engaged with David E. Lazar, who was appointed CEO and Chairman of the Board. This relationship involved a $6 million securities purchase agreement, with $1.8 million received in the first closing, and the second closing contingent on stockholder approval in the first quarter of 2026. That's a significant, immediate cash infusion from a key individual stakeholder.

Direct engagement with secured lenders to manage debt obligations

Managing debt is a critical, high-stakes relationship for Kala Bio, Inc. The company received a default notice from Oxford Finance LLC concerning a $29.1 million loan, which was declared immediately due following the clinical trial results. This necessitates direct, intense engagement to manage recovery actions.

The company has been actively managing this debt load through recent financing activities:

• The December 2025 registered direct offering of 10,000,000 shares for $10 million gross proceeds was explicitly intended to repay certain indebtedness.
• A prepayment of $5.0 million in principal and fees on the debt facility was made as of December 31, 2024.
• Another prepayment of $2.5 million in principal and fees on the debt facility occurred in the quarter ending June 30, 2025.

This relationship is underpinned by a prior financing event where Oxford Finance LLC provided a $125 million senior secured term loan, which was intended to refinance existing indebtedness. So, you're dealing with the original lender on a defaulted, large facility, while simultaneously using new capital to reduce that obligation.

Transactional relationship with placement agents for capital raises

The transactional relationship with placement agents is purely event-driven, centered on executing equity raises to fund operations and service debt. For the registered direct offering that closed on or about December 5, 2025, H.C. Wainwright & Co. served as the exclusive placement agent. This transaction involved selling 10,000,000 shares at $1.00 per share for gross proceeds of approximately $10 million.

The structure is clear: the agent facilitates the sale, and the final net proceeds are reduced by their fees and other offering expenses. This is a necessary, fee-based relationship to access capital markets when internal cash flow isn't sufficient. The company also completed a $10.75 million private placement financing in December 2024.

Maintaining relationships with key opinion leaders (KOLs) for future pipeline

Even after ceasing development of KPI-012, maintaining relationships with Key Opinion Leaders (KOLs) remains vital for validating the underlying technology platform and exploring strategic options or future pipeline development. KALA hosted a virtual KOL event in July 2025 to discuss the potential of KPI-012 for Persistent Corneal Epithelial Defect (PCED).

The engagement involved top specialists:

• Francis Mah, M.D., of Scripps Clinic Medical Group.
• Anthony Aldave, M.D., of Jules Stein Eye Institute.
• Stephen Pflugfelder, M.D., of Baylor College of Medicine.
• Melissa Toyos, M.D., of Toyos Clinic.

These KOLs provided insights into the high unmet need for PCED patients, an indication where KALA estimated there are approximately 100,000 patients in the United States. The relationship here is about scientific credibility and future optionality; these experts help frame the value proposition of the proprietary mesenchymal stem cell secretome (MSC-S) platform, even if the lead candidate is paused. Finance: draft 13-week cash view by Friday.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Channels

You're looking at how Kala Pharmaceuticals, Inc. (KALA) gets its critical information and capital out to the market and stakeholders as of late 2025. It's a mix of formal regulatory disclosures and direct engagement with the investment community, especially following recent clinical and financial events.

Registered direct offerings to institutional investors for capital

KALA BIO, Inc. executed a registered direct offering in late 2025 to secure near-term liquidity. This channel is used to raise capital directly from institutional investors, often at a price close to the prevailing market rate, which is typical for shelf registrations.

The closing of a registered direct offering on December 5, 2025, brought in gross proceeds of approximately $10 million before fees. This transaction involved the sale of 10,000,000 shares of common stock or pre-funded warrants at a purchase price of $1.00 per share.

The securities were offered under an existing shelf registration, specifically File No. 333-270263, which the SEC declared effective on May 11, 2023. The company stated the net proceeds are intended to repay certain indebtedness and for general corporate purposes.

Prior to this, on December 1, 2025, KALA BIO entered into a $6 million Securities Purchase Agreement with private investor David E. Lazar, with an initial tranche of $1.8 million received.

Here are the key figures from the December 2025 registered direct offering:

SEC filings (e.g., 8-K, 10-Q) for corporate and financial updates

Regulatory filings are the primary, mandated channel for disseminating material corporate and financial information to the public and the SEC. These documents provide the hard numbers you need for analysis.

The Form 8-K filed on August 8, 2025, detailed the financial position as of the end of the second quarter. The cash and cash equivalents balance was $31.9 million as of June 30, 2025, down from $42.2 million as of March 31, 2025. This cash position was anticipated to fund operations into the first quarter of 2026.

Following the CHASE Phase 2b trial results, an 8-K was filed on September 29, 2025, announcing the determination to cease development of KPI-012 and its mesenchymal stem cell secretome (MSC-S) platform. This filing also mentioned plans to engage in discussions with its secured lender.

Quarterly financial performance is also communicated via these filings. For the Q3 2025 earnings announced on November 19, 2025, the reported Earnings Per Share (EPS) was -$1.07, missing the consensus estimate of -$1.01 by $0.06.

Key financial reporting data points from 2025 filings include:

• Cash and Cash Equivalents (as of June 30, 2025): $31.9 million
• Net Loss for Q2 2025: $11.2 million
• Loss Per Share for Q2 2025: $1.71
• Q3 2025 Reported EPS: -$1.07
• Weighted Average Shares for Q2 2025 EPS calculation: 6.5 million

Direct communication with secured debt holders and financial advisors

Given the company's financial structure, direct, non-public communication with lenders and key financial advisors is critical, especially when facing covenant issues or executing significant financing. The search results point to specific relationships and events.

KALA BIO is actively engaging with its secured lender following the September 2025 trial readout to evaluate strategic options. A prior, significant debt facility was established with Oxford Finance LLC for $125 million, intended to refinance existing indebtedness and provide growth capital for EYSUVIS® and INVELTYS® marketing.

However, recent news indicated a potential issue: a default notice was received from Oxford Finance LLC regarding a loan of $29.1 million, which was declared immediately due.

The December 2025 registered direct offering explicitly stated an intention to use net proceeds to repay certain indebtedness, which directly addresses obligations to debt holders.

Key financial counterparties and associated amounts mentioned:

• Secured Lender: Oxford Finance LLC
• Prior Credit Facility Amount: $125 million
• Loan Amount Subject to Default Notice: $29.1 million
• New Investor Agreement: $6 million with David E. Lazar

Investor presentations at financial conferences (e.g., H.C. Wainwright)

Investor presentations serve as a proactive channel to control the narrative, update the investment community on pipeline progress, and signal financial stability or needs. These are often leveraged to support capital raises.

KALA BIO management presented at the H.C. Wainwright 27th Annual Global Investment Conference, held in New York, NY, on Wednesday, September 10, 2025. Management was also available for one-on-one meetings on that date.

The firm that acted as the exclusive placement agent for the $10 million registered direct offering closed on December 5, 2025, was H.C. Wainwright & Co. This shows a direct, ongoing relationship between the investment bank and the company's capital-raising channel.

Details regarding the September 2025 conference appearance:

Also, in July 2025, KALA hosted a virtual Key Opinion Leader (KOL) event to discuss KPI-012, which is archived on the Investor section of the website at www.kalarx.com.

Finance: draft 13-week cash view by Friday.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Kala Pharmaceuticals, Inc. (KALA) as of late 2025, a time defined by intense financial restructuring following clinical setbacks. Honestly, the focus has shifted from commercial growth to asset realization and debt management, which clearly defines who is currently engaging with the company.

The primary customer segments are those with a direct financial stake or a strategic interest in the remaining assets and liabilities, especially given the recent default and settlement activities.

• Institutional investors seeking high-risk, high-reward biotech equity.
• Private investors providing bridge financing (e.g., David E. Lazar).
• Potential strategic partners or acquirers for the company shell or assets.
• Secured debt holders (e.g., Oxford Finance LLC) managing their exposure.

Institutional Investors Seeking High-Risk, High-Reward Biotech Equity

This segment includes existing and new equity holders who are betting on the residual value of Kala Pharmaceuticals, Inc. (KALA) after the September 29, 2025, announcement that the CHASE Phase 2b trial for KPI-012 did not meet its primary endpoint, leading to the cessation of development for that program and its platform. These investors are clearly comfortable with extreme volatility and the prospect of a total loss, or a significant rebound based on non-core assets or a shell value.

The market valuation reflects this high-risk profile. As of June 30, 2025, the market capitalization was reported at $10.74 million. By late November 2025, the market capitalization was noted as low as $5.21 million, with the stock trading in a 52-week range of $0.61 to $20.58. Still, this segment has recently provided capital to keep the lights on.

Recent capital raises targeting this segment include:

• A December 5, 2025, registered direct offering that generated gross proceeds of approximately $10 million, selling 10,000,000 shares at $1.00 per share.
• A prior private placement in December 2024 raised $10.75 million from investors including SR One, Cormorant Asset Management, and Woodline Partners.

To date, Kala Pharmaceuticals, Inc. has raised approximately $596 million, primarily from equity issuance. This history suggests a deep pool of prior equity commitment, even if current sentiment is negative.

Private Investors Providing Bridge Financing (e.g., David E. Lazar)

This segment is critical for immediate survival, providing necessary liquidity to manage immediate obligations, such as negotiating with secured lenders or filing required reports. These are typically sophisticated individuals or small funds willing to take on highly subordinated, short-term risk for potentially high conversion or repayment terms upon a future transaction. David E. Lazar is a key example here.

The financing terms show the urgency and the nature of this relationship:

The bridge financing is explicitly intended to fund negotiations and filings, not long-term operations. The loan from the unnamed investor was designated for negotiating additional investment transactions and preparing the quarterly report.

Potential Strategic Partners or Acquirers for the Company Shell or Assets

Following the September 29, 2025, clinical failure, Kala Pharmaceuticals, Inc. began evaluating strategic options, making potential acquirers a key customer segment interested in the company's remaining intellectual property and corporate structure. These entities are looking for specific, de-risked assets or tax advantages.

The assets that would attract an acquirer include:

• Proprietary intellectual property and manufacturing protocols.
• GMP-grade master cell and working cell banks.
• Potency-assay suite and product inventory.
• Persistent Corneal Epithelial Defect (PCED) clinical trial IND approval and data.
• Federal net operating loss (NOL) carryforwards of $405.5 million as of December 31, 2024.

The company has prior experience in asset sales; in July 2022, it sold its Commercial Business (EYSUVIS® and INVELTYS® rights and AMPPLIFY® technology) to Alcon Pharmaceuticals Ltd. for an upfront cash payment of $60.0 million plus a minimum inventory purchase of $5.0 million. This history provides a benchmark for potential acquirers.

Secured Debt Holders (e.g., Oxford Finance LLC) Managing Their Exposure

Oxford Finance LLC, as the secured lender, is arguably the most powerful stakeholder segment in late 2025, as they effectively control the company's cash and assets following a default notice. Their primary interest is recovering the outstanding loan balance, which necessitated the company's immediate restructuring efforts.

The financial exposure and resolution details are stark:

Oxford swept substantially all of Kala Pharmaceuticals, Inc.'s cash on October 19, 2025, and only paused foreclosure to allow funding for the Convertible Loan Agreement negotiation. As of December 31, 2024, the outstanding debt to Oxford was $29.1 million, inclusive of the exit fee, out of an original $80 million raised from Oxford. This segment's actions dictate the near-term viability of the company.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Kala Pharmaceuticals, Inc. (KALA) as of late 2025, right after some major strategic shifts. The costs here reflect the reality of running a public biotech company, especially one undergoing a significant pivot.

High general and administrative (G&A) costs are a persistent feature of maintaining public company operations. For the first half of 2025, these costs were relatively consistent quarter-over-quarter, though slightly lower than the prior year's run rate. For the quarter ended March 31, 2025, G&A expenses were $4.6 million. This figure held steady for the quarter ended June 30, 2025, also coming in at $4.6 million. To give you a benchmark, the full year 2024 G&A expenses totaled $18.3 million.

Debt servicing and repayment obligations represent a significant cash outflow. While the specific $29.1 million loan figure is noted as a key element, recent activity shows scheduled debt reduction. For instance, the second quarter of 2025 included a prepayment of $2.5 million in principal and fees on the Company's debt facility. This followed a $5.0 million prepayment made in the fourth quarter of 2024. Following the September 2025 trial failure, Kala Pharmaceuticals planned to engage in discussions with its secured lender regarding amounts owed.

Research and development (R&D) expenses saw a reduction following the September 29, 2025, announcement that development of KPI-012 and the mesenchymal stem cell secretome (MSC-S) platform would cease. Before this decision, R&D costs were in the range typical for an active clinical-stage company. For the first quarter of 2025, R&D expenses were $6.1 million, increasing slightly to $6.2 million for the quarter ended June 30, 2025. The full year 2024 R&D spend was $22.1 million. The subsequent cessation of development and workforce reduction of approximately 51% (19 employees) are measures intended to reduce future R&D and associated operating costs.

Financing and strategic transaction exploration introduce specific, non-recurring costs. In December 2025, Kala Pharmaceuticals entered into agreements for a registered direct offering expected to generate aggregate gross proceeds of approximately $10 million before placement agent fees and offering expenses. H.C. Wainwright & Co. served as the exclusive placement agent for this December 2025 financing. The company intends to use the net proceeds to repay certain indebtedness and for general corporate purposes. Legal costs associated with exploring strategic options after the trial failure are also a component of this cost category.

Here is a snapshot of the recent operating expense components:

The cost structure is being actively managed through specific actions:

• Workforce reduction of approximately 51% (19 employees) approved in September 2025.
• Prepayment of $2.5 million on the debt facility in Q2 2025.
• Anticipated use of $10 million gross proceeds from December 2025 financing to repay indebtedness.
• Cessation of development for KPI-012 and the MSC-S platform.

Kala Pharmaceuticals, Inc. (KALA) - Canvas Business Model: Revenue Streams

You're looking at the current state of Kala Pharmaceuticals, Inc. (KALA) revenue generation as of late 2025, which is heavily weighted toward capital-raising activities rather than commercial product sales given its clinical-stage focus.

The most immediate and recent cash infusion comes from equity financing activities designed to address liquidity issues following the September 29, 2025, CHASE Phase 2b trial readout. Specifically, Kala Pharmaceuticals, Inc. announced the closing of a registered direct offering on or about December 5, 2025. This transaction generated gross proceeds expected to be approximately $10 million before placement agent fees and offering expenses. The offering involved the sale of 10,000,000 shares of common stock (or pre-funded warrants) at a purchase price of $1.00 per share.

This recent equity raise follows a prior private securities purchase agreement. Kala Pharmaceuticals, Inc. entered into a $6 million securities purchase agreement with private investor David E. Lazar, who was also appointed CEO and Chairman of the Board. The initial tranche of this deal closed first, bringing in $1.8 million from the sale of non-voting convertible preferred stock. The remaining $4.2 million from this Lazar agreement is contingent upon stockholder approval, expected during the first quarter of 2026.

Here's a quick look at the recent capital-raising revenue components:

As a clinical-stage company, product sales revenue remains minimal to non-existent. For instance, analyst forecasts for the fourth quarter of 2025 (2025/Q4) show an estimated revenue of 0.000 USD. To be fair, the company's prior product revenue stream was eliminated when it sold its commercial portfolio to Alcon on July 8, 2022. For context, prior to that sale, net product revenues were $3.9 million for the full year ended December 31, 2022.

The path forward for significant future revenue is explicitly tied to strategic corporate actions, not product sales in the immediate term. The company has signaled intentions regarding potential liquidity events:

• Kala Pharmaceuticals, Inc. is committed to pursuing a material strategic alternative transaction within one year to address the remaining balance of its loan settlement with Oxford Finance LLC.
• The new leadership, under David E. Lazar, plans to actively explore strategic opportunities to drive stockholder value.
• The company plans to use net proceeds from the December 2025 offering to repay certain indebtedness and for general corporate purposes.

The structure of the Oxford Finance loan settlement also points to a future revenue-related obligation. The settlement requires Kala Pharmaceuticals, Inc. to pay 10% of future equity financing proceeds, up to $1 million, with each payment reducing loan obligations by 3x the amount contributed.

Financial performance metrics from the most recently reported quarter, Q3 2025, underscore the reliance on financing over operations for cash flow:

• Q3 2025 Net Income was a loss of -$7.56M.
• Q3 2025 Earnings Per Share (EPS) was -$1.07.
• EBITDA for the last twelve months was reported as -$41.31 million.

Finance: draft 13-week cash view by Friday.