KALA BIO (KALA) investor relations material

Executive summary

• Transitioning from biologics R&D to an AI platform-as-a-service model for biotech and pharma clients, following discontinuation of KPI-012 after failed clinical trial endpoints in September 2025.

• Strategic focus on monetizing legacy biologics assets and developing the Researgency agentic AI platform under an exclusive license.

• Net loss for Q1 2026 was $1.6 million, a significant improvement from $8.9 million in Q1 2025, driven by reduced R&D and G&A expenses.

Financial highlights

• Q1 2026 net loss: $1.6 million, down from $8.9 million in Q1 2025.

• General and administrative expenses decreased to $1.7 million from $4.6 million year-over-year.

• Research and development expenses dropped to $0.06 million from $6.1 million year-over-year, reflecting the wind-down of clinical programs.

• No grant income recognized in Q1 2026 versus $2.4 million in Q1 2025.

• Cash and cash equivalents at March 31, 2026: $1.8 million; short-term investments: $7.0 million.

Outlook and guidance

• Current cash and equivalents expected to fund operations into Q2 2027.

• Actively evaluating additional financing options, including ATM equity sales and private placements.

• Strategic focus on asset monetization and commercialization of the Researgency AI platform.