Home / Going-concern warnings / KALA BIO, Inc.
Filed 2025-11-19 路 Form 10-Q 路 Accession 0001104659-25-113927 nano
Price before filing: $34.44 (2025-11-18 close, split/dividend-adjusted)
Market cap at flag: $4.5M (2025-11-19) 路 Latest: $14,083 (2026-10-16)
| Window | KALA | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -9.7% | +3.4% | -13.1% | 2025-12-19 |
| 90 days | -42.2% | +3.8% | -46.0% | 2026-02-17 |
| 180 days | -92.1% | +12.5% | -104.7% | 2026-05-18 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 6 insiders sold $1.3M (10 sales)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-09-30 | BAKER BROS. ADVISORS LP (+3 joint filers) Former 10% owner | Sale | 21,376 | $1.60 | $34K | no | Form 4 |
| 2025-09-30 | BAKER BROS. ADVISORS LP (+3 joint filers) Former 10% owner | Sale | 195,425 | $1.60 | $312K | no | Form 4 |
| 2025-10-01 | BAKER BROS. ADVISORS LP (+3 joint filers) Former 10% owner | Sale | 50,640 | $1.38 | $70K | no | Form 4 |
| 2025-10-01 | BAKER BROS. ADVISORS LP (+3 joint filers) Former 10% owner | Sale | 462,967 | $1.38 | $641K | no | Form 4 |
| 2025-10-22 | Bazemore Todd Director | Sale | 47,768 | $0.83 | $40K | no | Form 4 |
| 2025-10-22 | Brazzell Romulus K SEE REMARKS | Sale | 46,748 | $0.83 | $39K | no | Form 4 |
| 2025-10-22 | Kharabi Darius CHIEF BUSINESS OFFICER | Sale | 20,806 | $0.83 | $17K | no | Form 4 |
| 2025-10-22 | Reumuth Mary CHIEF FINANCIAL OFFICER | Sale | 32,230 | $0.83 | $27K | no | Form 4 |
| 2025-10-23 | Iwicki Mark T Director | Sale | 154,894 | $0.81 | $125K | no | Form 4 |
| 2025-10-23 | Reumuth Mary CHIEF FINANCIAL OFFICER | Sale | 967 | $0.82 | $793 | no | Form 4 |
| 2025-11-19: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-21 to 2025-12-19. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As a result, the Company has concluded that there is a substantial doubt about its ability to continue as a going concern within twelve months after the date these condensed consolidated financial statements are issued."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure; also within 90 days: Auditor change
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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