KALA BIO, Inc. (NASDAQ:KALA) shares gain ground Friday. The clinical-stage biopharmaceutical company dedicated to the research, development and commercialization of innovative therapies for rare and severe diseases of the eye, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate update.
Said CEO Mark Iwicki, “Earlier this week, we unveiled our new company name, which reflects our commitment to advancing our MSC-S platform to develop and deliver a suite of novel biologics that can improve the treatment of rare and severe front- and back-of-the-eye diseases.”
As of June 30, 2023, the firm had $59.2 million in cash, cash equivalents and short-term investments; together with $15.0 million CIRM award expected to fund operations into 2Q 2025.
KALA did not recognize product revenues in the second quarter of 2023 as a result of the sale of its commercial portfolio to Alcon Inc. (Alcon) on July 8, 2022. For the quarter ended June 30, 2022, KALA reported net product revenues of $2.1 million.
For the quarter ended June 30, 2023, net loss was $10.4 million, or $4.36 per share, compared to a net loss of $28.1 million, or $18.92 per share, for the same period in 2022. The weighted average number of shares used to calculate net loss per share was 2.4 million for the quarter ended June 30, 2023 and 1.5 million for the quarter ended June 30, 2022.
KALA shares acquired 35 cents, or 2.4%, to $14.71.
