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Kala Pharma Stops Working On Certain Preclinical Programs, Extends Cash Runway Into 2024

·1 min read
  • Kala Pharmaceuticals Inc (NASDAQ: KALA) said it would focus its efforts on KPI-012, mesenchymal stem cell secretome (MSC-S), for rare and severe ocular diseases.

  • The company has ceased the development of its other preclinical pipeline programs, including KPI-287, its receptor tyrosine kinase inhibitor, and selective glucocorticoid receptor modulators.

  • Kala plans to initiate a Phase 2/3 trial of KPI-012 in Persistent corneal epithelial defect (PCED) patients in Q4. Topline data is expected in 1Q 2024.

  • In addition to PCED, Kala is evaluating the potential of KPI-012 for Partial Limbal Stem Cell Deficiency and ocular manifestations of moderate-to-severe Sjögren's.

  • Kala also plans to initiate preclinical studies for KPI-014, the company's program evaluating the utility of its MSC-S platform for retinal degenerative diseases such as Retinitis Pigmentosa and Stargardt Disease, to select a retinal indication for development in 2H of 2023.

  • Related: This Biopharma Stock Surges After Offloading Its Ophthalmic Eye Drop Portfolio.

  • Kala ended Q2 with cash, cash equivalents, and short-term investments of $44.6 million, which along with the net proceeds from the Alcon transaction, will enable it to fund its operations into Q2 of 2024.

  • Following the Alcon transaction, the company reduced its corporate infrastructure and anticipates approximately a 50% reduction in non-GAAP operating expenses in 2H of 2022 and a 60-70% reduction in non-GAAP total operating expenses for the full year 2023 compared to the full year 2021.

  • Price Action: KALA shares are up 14.90% at $0.40 on the last check Thursday.

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