Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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Method
MethodCoverageAbout
Kala BIO, Inc.KALA · healthcare
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025
Peer failure rate0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size bandunder $12.5M assetstotal assets $9.5M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, short runway, late filer, thin data, degenerate inputs · fortress balance sheet
Inputs computable6 of 14
Graded fromfilings received through Apr 15, 2026177 days before the rescan; every figure keyed to the SEC receipt date
Last close$0.302026-10-08; market equity $5.7M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$50NovDecJanFebMarAprMayJunJulAugSepOct$0.30
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2018nonen/aQ2
Mar 21, 2019nonen/aQ3
Mar 21, 2023E99.6Q2
Apr 21, 2024nonen/aQ2
Apr 21, 2026nonen/aQ1

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Apr 15, 2026; the document on sec.gov.

In this Annual Report on Form 10-K, unless the context otherwise requires, references to “we,” “us,” “our,” “our company,” “KALA,” “KALA BIO” and “Company” refer to KALA BIO, Inc. and its subsidiaries. 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.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 14305.4%[3-4]
Short runway. cash runway is 0.1 months[5]
Late filer. found 3 NT 10-K/Q filings in the last eight quarters
Thin data. 6 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]
Fortress balance sheet. cash minus debt is 27,192,000 USD; Altman Z is not used[6-7]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 94.0
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio15.4%[1,8-10](6.6%)94.08112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 76.9
Twelve-month failure probability0.51%0.07%83.82482026-06-30
Altman Z double-prime(258.66)[1,11-16](0.31)98.87562025-12-31
Net debt to EBITDAnot computable1.82x
EBITDA must exceed $100,000
Interest coveragenot computable(4.51x)
latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31
Current ratio3.81x[11-12]2.96x48.08392025-12-31
Growth and financing, sleeve percentile 98.9
Revenue growth, three-year compoundnot computable10.0%
current value must be positive and the base must exceed $100,000
Free cash flow growth, three-year compoundnot computable10.9%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable37.1%
one or more required annual facts are missing
Asset growth, three years(52.2%)[1,10,17-18]2.1%98.37042025-12-31
Net share issuance, one year14,305.4%[3-4]2.5%99.56342026-04-10

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(99.1%)8.0%0hotter than 0 of 100 peers
Distance from 52-week high(99.6%)(31.4%)0closer to its high than 0 of 100 peers
EBIT to enterprise value(120.7%)(1.5%)5pricier than 95 of 100 peers
Free cash flow yield(1,639.7%)(1.0%)0pricier than 100 of 100 peers
Book value to price1.580.2894pricier than 6 of 100 peers
Sales to price0.000.310pricier than 100 of 100 peers
Composite equity issuance, five years666.6%20.3%99more equity-funded than 99 of 100 peers
Relative strength against the sector, log excess return(4.95)(0.14)0ahead of 0 of 100 peers

Inputs: market equity $5.7M; EBIT -$39.2M; free cash flow -$94.1M; book equity $9.0M; sales $0; debt $26.9M; cash $229,000[19].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(48.6%)✗ fail[8,10]
Operating cash flow above zero-$32.0M✗ fail[9]
Return on assets improved20.2 pts✓ pass[8,10,17,20]
Operating cash flow exceeds net income-$5.0M✗ fail[8-9]
Long-term leverage felln/a[1,10,17,21]
Current ratio improved69.1 pts✓ pass[11-12,22-23]
No new shares issued14,305.4%✗ fail[3-4]
Gross margin improvedn/a
Asset turnover improved0.0 pts✗ fail[2,10,17,24]
Cash, filings, liquidity
Cash and equivalents$229,000[5]
Operating cash flow, four quarters-$19.9M[5,9,25-28]
Months of runway0.1
Late filings, two years3
NT 10-K or NT 10-Q
Days since last periodic filing51
10-Q received Aug 19, 2026
Median daily dollar volume$90,415
63 sessions
Days since newest grade input177

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$9.5M2025-12-312026-04-1510-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerIncludingAssessedTax$02025-12-312026-04-1510-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding929,491,5782026-04-102026-04-1510-Kfiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding6,452,3982025-03-282025-03-3110-Kfiling · viewer · series
5cashus-gaap:CashAndCashEquivalentsAtCarryingValue$229,0002026-06-302026-08-1910-Qfiling · viewer · series
6cashus-gaap:CashAndCashEquivalentsAtCarryingValue$70.5M2022-12-312024-03-2910-Kfiling · viewer · series
7total debtus-gaap:LongTermDebt$43.3M2022-12-312023-03-0310-Kfiling · viewer · series
8net incomeus-gaap:NetIncomeLoss-$27.0M2025-12-312026-04-1510-Kfiling · viewer · series
9operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$32.0M2025-12-312026-04-1510-Kfiling · viewer · series
10assetsus-gaap:Assets$55.5M2024-12-312026-04-1510-Kfiling · viewer · series
11current assetsus-gaap:AssetsCurrent$9.5M2025-12-312026-04-1510-Kfiling · viewer · series
12current liabilitiesus-gaap:LiabilitiesCurrent$2.5M2025-12-312026-04-1510-Kfiling · viewer · series
13retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$694.9M2025-12-312026-04-1510-Kfiling · viewer · series
14operating incomeus-gaap:OperatingIncomeLoss-$39.2M2025-12-312026-04-1510-Kfiling · viewer · series
15book equityus-gaap:StockholdersEquity$7.0M2025-12-312026-04-1510-Kfiling · viewer · series
16liabilitiesus-gaap:Liabilities$2.5M2025-12-312026-04-1510-Kfiling · viewer · series
17assetsus-gaap:Assets$55.9M2023-12-312025-03-3110-Kfiling · viewer · series
18assetsus-gaap:Assets$86.8M2022-12-312024-03-2910-Kfiling · viewer · series
19shares outstandingdei:EntityCommonStockSharesOutstanding19,339,7862026-08-142026-08-1910-Qfiling · viewer · series
20net incomeus-gaap:NetIncomeLoss-$38.5M2024-12-312026-04-1510-Kfiling · viewer · series
21long term debtus-gaap:LongTermDebtNoncurrent$20.1M2024-12-312026-04-1510-Kfiling · viewer · series
22current assetsus-gaap:AssetsCurrent$52.8M2024-12-312026-04-1510-Kfiling · viewer · series
23current liabilitiesus-gaap:LiabilitiesCurrent$17.0M2024-12-312026-04-1510-Kfiling · viewer · series
24revenueus-gaap:RevenueFromContractWithCustomerIncludingAssessedTax$02024-12-312026-04-1510-Kfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$4.4M2026-06-302026-08-1910-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$2.9M2026-03-312026-05-1510-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$27.4M2025-09-302025-11-1910-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$16.6M2025-06-302026-08-1910-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026