KALA on Nasdaq

Kala Pharmaceuticals (United States)

We are a biopharmaceutical company in transition, evaluating the development of a dedicated, on-premises artificial intelligence (AI) infrastructure platform for the biotechnology industry.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

Jan 1, 2009Founded1

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  • TickerKALA on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersWaltham1
  • Websitewww.kalarx.com
  • Incorporated inDE3
  • Business address1167 Massachusetts Avenue, Arlington, Ma 024763
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation

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We are a biopharmaceutical company in transition, evaluating the development of a dedicated, on-premises artificial intelligence (AI) infrastructure platform for the biotechnology industry. Our current focus is leveraging our mesenchymal stem cell secretome (“MSC-S”) platform to test development of a scalable AI platform-as-a-service business to deploy secure, purpose-built AI systems directly within biotech and pharmaceutical client environments. We have historically been engaged in the research, development and commercialization of innovative therapies for rare and severe diseases of the front and back of the eye. Our lead product candidate was KPI-012, MSC-S, which we acquired from Combangio, Inc. (“Combangio”) on November 15, 2021. KPI-012 was in clinical development for the treatment of persistent corneal epithelial defects (“PCED”), a rare disease of impaired corneal healing. Based…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-385.6%Return on equity5

Financial statements

Revenue6789105$0 in 2025
0$5.0M$10.0M$15.0M2019: $6.1M$6.1M20192020: $6.4M$6.4M2020+5%2021: $11.2M$11.2M2021+77%2022: $3.9M$3.9M2022−65%2023: $0$020232024: $0$020242025: $0$02025
Operating income6789105-$39.2M in 2025−56% since 2019
-$150.0M-$100.0M-$50.0M02019: -$88.2M-$88.2M20192020: -$96.2M-$96.2M2020+9%2021: -$130.2M-$130.2M2021+35%2022: -$81.7M-$81.7M2022−37%2023: -$39.7M-$39.7M2023−51%2024: -$41.0M-$41.0M2024+3%2025: -$39.2M-$39.2M2025−4%
Net income6789105-$27.0M in 2025−71% since 2019
-$150.0M-$100.0M-$50.0M02019: -$94.3M-$94.3M20192020: -$104.3M-$104.3M2020+11%2021: -$142.6M-$142.6M2021+37%2022: -$44.8M-$44.8M2022−69%2023: -$42.2M-$42.2M2023−6%2024: -$38.5M-$38.5M2024−9%2025: -$27.0M-$27.0M2025−30%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312022-12-31
General and administrative$23.6M$18.3M
Research and development$18.8M$22.1M
(Gain) loss on fair value remeasurement of contingent consideration-$4.7M$549.0K
Impairment of right-of-use assets$1.4M
Total costs and expenses$39.2M$41.0M
Loss from operations-$39.2M-$41.0M
Interest income$1.1M$2.1M
Interest expense-$3.3M-$5.8M
Grant income$3.4M$6.2M
Gain on extinguishment of debt$5.8M-$2.6M
Other income (expense), net$5.1M
Total other income (expense)$12.2M$2.5M
Net loss per share attributable to common stockholders-basic (in dollar per share)-$3.31-$10.15
Net loss per share attributable to common stockholders-diluted (in dollar per share)-$3.31-$10.15
Weighted average shares outstanding-basic (in shares)8.1M shares3.8M shares
Weighted average common shares outstanding -diluted (in shares)8.1M shares3.8M shares
Net loss-$27.0M-$38.5M
Total comprehensive loss-$27.0M-$38.5M

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Leadership

Who has led Kala Pharmaceuticals (United States), and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark T. Iwicki2017–2025
  2. David E. Lazar2025–2026
  3. Avraham Minkowitz2026–now

President

  1. Charles Douglas McDermott2017

Chief financial officer

  1. Mary Reumuth2017–now

Chief operating officer

  1. Todd Bazemore2017–2021
2010201520202025
Board members and other officers (26)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorAvi Minkowitz named Feb 13, 2026 to Mar 17, 202643
  • Executive OfficerKim Brazzell named Nov 29, 2021 to Dec 31, 202444
  • Executive OfficerHongming Chen named Nov 29, 202145

Former names

  • KALA BIO, Inc.Aug 2, 2023 to Sep 24, 20263
  • Kala Pharmaceuticals, Inc.Dec 23, 2009 to Jun 23, 20233

Timeline

  1. Feb 9, 2026New chief executive Avraham Minkowitz becomes CEO14
  2. Nov 26, 2025New chief executive David E. Lazar becomes CEO15
  3. Jul 19, 2017New chief executive Mark T. Iwicki becomes CEO16
  4. Jan 1, 2009Founded Founded1

Filings

372 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 75 major events, 138 insider forms, 42 large holders, 5 private raises, 92 other. The latest 20:

  1. Sep 24, 2026DEF 14A EDGAR
  2. Sep 11, 2026PRE 14A EDGAR
  3. Sep 10, 20268-K EDGAR
  4. Sep 9, 20268-K EDGAR
  5. Aug 28, 20268-K EDGAR
  6. Aug 19, 202610-Q EDGAR
  7. Aug 14, 2026NT 10-Q EDGAR
  8. Jul 23, 20268-K EDGAR
  9. Jul 22, 2026424B5 EDGAR
  10. Jul 2, 2026SCHEDULE 13D/A EDGAR
  11. Jun 25, 2026EFFECT EDGAR
  12. Jun 12, 2026S-3/A EDGAR
  13. May 15, 2026SCHEDULE 13G/A EDGAR
  14. May 15, 202610-Q EDGAR
  15. May 7, 2026S-3 EDGAR
  16. May 7, 20268-K EDGAR
  17. Apr 15, 202610-K EDGAR
  18. Mar 31, 2026NT 10-K EDGAR
  19. Mar 17, 2026144 EDGAR
  20. Mar 17, 2026D EDGAR

The 372 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

72 open-market trades by officers, directors and large owners since October 2021: 1 buys and 71 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 23, 2025Reumuth MaryCHIEF FINANCIAL OFFICERSale967$0.82$793Form 4
Oct 23, 2025Iwicki Mark TDirectorSale154,894$0.81$125.5KForm 4
Oct 22, 2025Kharabi DariusCHIEF BUSINESS OFFICERSale20,806$0.83$17.3KForm 4
Oct 22, 2025Reumuth MaryCHIEF FINANCIAL OFFICERSale32,230$0.83$26.8KForm 4
Oct 22, 2025Bazemore ToddDirectorSale47,768$0.83$39.6KForm 4
Oct 22, 2025Brazzell Romulus KSEE REMARKSSale46,748$0.83$38.8KForm 4
Oct 1, 2025BAKER JULIANSale513,607$1.38$708.8KForm 4
Sep 30, 2025BAKER JULIANSale216,801$1.60$346.9KForm 4
Jun 24, 2025Kharabi DariusCHIEF BUSINESS OFFICERSale4,511$4.01$18.1KForm 4
Jun 24, 2025Reumuth MaryCHIEF FINANCIAL OFFICERSale3,631$4.01$14.6KForm 4
Jun 24, 2025Bazemore ToddDirectorSale4,058$4.01$16.3KForm 4
Jun 24, 2025Brazzell Romulus KSEE REMARKSSale5,251$4.01$21.1KForm 4
Jun 24, 2025Iwicki Mark TDirectorSale13,227$4.01$53.0KForm 4
Jun 3, 2025Kharabi DariusCHIEF BUSINESS OFFICERSale730$3.74$2.7KForm 4
Jun 3, 2025Reumuth MaryCHIEF FINANCIAL OFFICERSale2,850$3.74$10.7KForm 4
Jun 3, 2025Bazemore ToddDirectorSale3,390$3.74$12.7KForm 4
Jun 3, 2025Brazzell Romulus KSEE REMARKSSale3,687$3.74$13.8KForm 4
Jun 3, 2025Iwicki Mark TDirectorSale10,866$3.74$40.6KForm 4
Jun 3, 2025Iwicki Mark TDirectorSale10,866$3.74$40.6KForm 4
Jan 6, 2025Kharabi DariusCHIEF BUSINESS OFFICERSale2,021$7.63$15.4KForm 4

All 72 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 3, 2026Raised $1.8 million in a private offering of equity Form D: 1 investor so far Form D
  2. Jan 30, 2026Raised $2.3 million in a private offering of equity Form D: $4.2 million offered in all Form D
  3. Dec 31, 2024Raised $10.7 million in a private offering of equity Form D: 6 investors so far Form D
  4. Jun 28, 2024Raised $12.5 million in a private offering of equity Form D: 5 investors so far Form D
  5. Nov 15, 2021Raised $16.1 million in a private offering of equity Form D: $36.5 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC220,623$381.7K0.0%New
Geode Capital Management, LLC145,152$251.1K0.0%New
Vanguard Fiduciary Trust Co101,396$175.4K0.0%New
BlackRock, Inc.71,542$123.8K0.0%New
Northern Trust Corp41,606$72.0K0.0%New
Qube Research & Technologies Ltd11,073$19.2K0.0%New
Goldman Sachs Group Inc10,921$18.9K0.0%New
UBS Group AG9,057$15.7K0.0%New
Tower Research Capital LLC (TRC)616$1.1K0.0%New
Barclays PLC608$1.1K0.0%New
Morgan Stanley28$480.0%New
Caitong International Asset Management Co., Ltd10$170.0%New
International Assets Investment Management, LLC2$40.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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