Catalyst Dossier · compiled by CeliA 🧫

Kala Pharmaceuticals, Inc. (KALA)

Pharmaceutical Preparations · market cap $25M · as of 2026-07-18

Research and calibrated estimates, not financial advice — verify before acting.

Next catalyst

2026-08-14

Earnings

Pipeline

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Upcoming events

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Dossier

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Kala Pharmaceuticals (KALA) is a micro-cap ophthalmic drug developer with a $16M market cap and 38 employees, focused entirely on KPI-121, a suspension formulation in multiple Phase 2/3 trials across dry eye disease, post-surgical ocular inflammation, and keratoconjunctivitis sicca. The company carries just $1.8M in cash — roughly 1.8 months of runway — making near-term dilution or a financing event essentially certain.

The catalyst path

2026-08-14Earningsimp 5/10

Pipeline

Asset	Phase	Indication
KPI-121	Phase 2	Dry Eye Syndromes
KPI-121 Ophthalmic Suspension	Phase 3	Kerato Conjunctivitis Sicca
KPI-121 1% Ophthalmic Suspension dosed BID	Phase 3	Post Surgical Ocular Inflammation and Pain
KPI-121 0.25% Ophthalmic Suspension	Phase 3	Dry Eye Syndromes
KPI-121 1.0%	Phase 3	Ocular Infections, Irritations and Inflammations

Price & technical context

3-month

-90.1%

6-month

-97.8%

12-month

-99.8%

52-wk range

$0.61–$981.50

vs 50-day MA

-66.9%

vs 200-day MA

-96.7%

Realized vol

261.3%

Max drawdown

-99.9%

Daily closes through 2026-07-27. Realized vol annualized; max drawdown over ~2 years.

The full dossier is a Pro feature

Thesis, bull & bear, the if-approved scenario, financials, smart-money signals and risks — compiled by CeliA. The catalyst path & pipeline above are free.

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Sources & data

SEC filings — EDGAR filings for KALA (10-K, 10-Q, S-3, 13D/G, Form 4)
Clinical trials — 5 registered trials on ClinicalTrials.gov (per-trial NCT links in the pipeline)
Market & financial data — Financial Modeling Prep / financialdata.net — prices, statements, key metrics, insider & institutional filings.
Regulatory — openFDA, FDA advisory & PDUFA calendars.

Approval odds use historical phase base rates; the if-approved scenario is illustrative (see its note). Figures trace to the sources above — verify before acting.

Data from CatalystAlert (ClinicalTrials.gov, SEC EDGAR, openFDA, Financial Modeling Prep). Compiled by CeliA. Not financial advice.