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After a ~65% gain in the previous session, Kala Clinical Biotech Pharmaceuticals (NASDAQ:KALA) more other ~26% meOn Monday morning as Wall Street reacts to the company’s Q4 2022 results.
Financial statement highlights include an update to the CHASE Phase 2b clinical trial registry for KPI-012 in patients whose eye disease is a persistent corneal epithelial defect (PCED).
Chief Executive Officer Mark Iwicki commented: “We recently enrolled the first patient in the CHASE Phase 2b clinical trial of KPI-012, potentially the first of two important studies. necessary to support the application for marketing approval in the United States.
The FDA-approved trial in late 2022 is expected to produce top data by Q1 2024.
ka (KALA) also updated its liquidity position, reaching $70.5 million in cash and cash equivalents as of the end of 2022, marking an increase of ~35% y/y mainly due to to the total proceeds of $31.0 million from the December private placement.
In Q1 2023, the company used $10 million to repay debt from $11.4 million in net proceeds it received from its market offering (ATM) in January.KALA) assuming its cash source as of December 31 can allow it The fund will operate in the first quarter of 2025.
Read: Seeking Alpha contributor Terry Chrisomalis gave Kala a Strong Buy rating (KALA) in January, cites its therapeutic background.
