Kala Pharmaceuticals(US:KALA)2024-05-14 20:06Financial Performance - KALA reported a net loss of $11.8 million, or $4.20 per share, for Q1 2024, compared to a net loss of $14.5 million, or $6.99 per share, for the same period in 2023[11]. - General and administrative expenses for Q1 2024 were $5.4 million, a decrease from $6.0 million in Q1 2023, primarily due to lower administrative and professional service fees[11]. - Research and development expenses for Q1 2024 increased to $6.4 million from $4.0 million in Q1 2023, driven by higher development costs for KPI-012[11]. - KALA's total assets as of March 31, 2024, were $53.0 million, down from $55.9 million as of December 31, 2023[15]. - As of March 31, 2024, KALA had cash and cash equivalents of $48.5 million, down from $50.9 million as of December 31, 2023, reflecting cash used in operations[8]. Product Development and Market Opportunity - KALA is targeting topline data from the ongoing Phase 2b CHASE trial of KPI-012 for persistent corneal epithelial defect (PCED) by year-end 2024, which could support a Biologics License Application (BLA) submission[2]. - The estimated incidence of PCED in the U.S. is approximately 100,000 patients, representing a significant market opportunity as there are currently no FDA-approved products for all underlying etiologies of PCED[5]. - KALA is exploring the potential of KPI-012 for additional rare corneal diseases, including Limbal Stem Cell Deficiency (LSCD), which also has an estimated incidence of 100,000 patients in the U.S.[6]. - KPI-014, KALA's preclinical program, is being evaluated for inherited retinal degenerative diseases, with preclinical studies initiated for conditions such as Retinitis Pigmentosa and Stargardt Disease[7]. Future Outlook - The company anticipates that its cash resources will fund operations into the third quarter of 2025, supported by anticipated funding from the CIRM award[8].