Kala Pharmaceuticals

KALAPhase 3

Waltham, United StatesFounded 2009kalarx.com

Kala Pharmaceuticals is a biotech company that has pivoted from its initial focus on commercial ophthalmology products to a clinical-stage strategy targeting rare diseases of the eye. The company's core technology, the AMPPLIFY mucus-penetrating particle platform, is designed to overcome the natural barriers of the eye to improve drug penetration and efficacy. Its lead asset, KPI-012, a human mesenchymal stem cell secretome (MSC-S) therapy, is advancing in clinical trials for PCED, with potential in other severe ocular surface conditions. Kala is a publicly traded company (NASDAQ: KALA) that has undergone significant strategic restructuring to focus on this high-need, orphan disease pipeline.

Market Cap

$215.8M

Founded

2009

Employees

20-50

Focus

Biotech

KALA · Stock Price

USD 0.2491.76 (-99.74%)

Historical price data

AI Company Overview

Technology Platform

AMPPLIFY mucus-penetrating particle (MPP) technology designed to enhance topical drug delivery by facilitating penetration through ocular surface barriers like the tear film mucus.

Pipeline Snapshot

11 drugs in pipeline, 6 in Phase 3

Drug	Indication	Stage
loteprednol etabonate 0.25% ophthalmic suspension	Corneal Endothelial Dystrophy	Approved
KPI-121 1% + Prednisolone acetate	Ocular Inflammation	Phase 3
KPI-121 Ophthalmic Suspension + Vehicle	Kerato Conjunctivitis Sicca	Phase 3
KPI-121 0.25% Ophthalmic Suspension + Vehicle of KPI-121 0.25% Ophthalmic Suspen...	Dry Eye Syndromes	Phase 3
KPI-121 1% Ophthalmic Suspension dosed BID + Vehicle of KPI-121 Ophthalmic Suspe...	Post Surgical Ocular Inflammation and Pain	Phase 3

Funding History

Total raised: $180M

IPO$70MUndisclosedJul 20, 2017

Series C$50MPolaris PartnersJun 15, 2014

Series B$35MPolaris PartnersJun 15, 2012

Series A$25MPolaris PartnersJun 15, 2010

Opportunities

Successful development of KPI-012 could establish a first-in-class therapy for multiple rare ocular surface diseases with high unmet need.

Orphan Drug Designations provide significant market exclusivity and pricing power.

The MSC-S platform has potential for expansion into other inflammatory and degenerative eye conditions.

Risk Factors

The company faces binary clinical risk with its lead asset's Phase 2b trial readout in late 2024.

Limited cash runway necessitates near-term financing.

As a single-asset company, its entire value is tied to KPI-012's success, creating high volatility and existential risk.

Competitive Landscape

In rare ocular diseases, Kala's KPI-012 primarily competes with Dompé's Oxervate for neurotrophic keratopathy/PCED. Differentiation lies in KPI-012's multi-factor secretome mechanism versus a single growth factor, and its topical formulation enabled by MPP technology. In LSCD, it offers a potential non-surgical alternative to complex transplants.