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KALA Q4 Loss Wider Than Expected, Pipeline Remains in Focus
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Kala Pharmaceuticals (KALA - Free Report) reported a fourth-quarter 2022 loss of $7.97 per share, narrower than the year-ago quarter’s loss of $33.94 per share. The reported loss was, however, wider than the Zacks Consensus Estimate of $6.56 per share.
The company did not report any product revenues in the fourth quarter of 2022, following the sale of its commercial portfolio to Alcon on Jul 8, 2022. In the year-ago quarter, net product revenues were $1.9 million.
Kala’s shares are up in pre-market trading on Mar 6, following the fourth-quarter result announcement on Mar 3. Shares of Kala have plunged 45.1% in the past year against the industry’s 5.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Selling, general and administrative (SG&A) expenses were $5.8 million, down by approximately 76% year over year. The decline was primarily due to the sale of Kala’s commercial portfolio to Alcon, which closed on Jul 8, 2022, related to a workforce reduction.
Research and development (R&D) expenses were $3.3 million, indicating an increase of 37.5% from the year-ago quarter. The increase was primarily due to the rise in development costs for the KPI-012 candidate.
2022 Results
Kala generated revenues of $3.9 million for 2022, reflecting the closing of the sale of Kala’s commercial portfolio to Alcon on Jul 8, 2022.
The company reported a loss of $29.48 per share for the same period.
Pipeline Updates
Kala's development pipeline includes KPI-012 in clinical development for treating persistent corneal epithelial defect (PCED). In February, first patient was dosed in the phase IIb trial of KPI-012.
Kala is also evaluating KPI-012 for potential development of the candidate for rare front-of-the-eye diseases, such as partial limbal stem cell deficiency and moderate-to-severe Sjögren's.
KPI-014, its pre-clinical candidate, is being evaluated for rare inherited retinal disease.
Allogene Therapeuctics’ loss per share estimates have narrowed from $2.84 to $2.59 for 2023 and from $2.85 to $2.47 for 2024, in the past 60 days.
Earnings of ALLO beat estimates in all the last four quarters, the average surprise being 8.33%. The stock has plunged 25.3% in the past year.
CRISPR Therapeutics' loss per share estimates for 2023 have narrowed from $8.21 to $7.52 in the past 60 days.
CRSP's earnings beat estimates in two of the last four quarters and missed the mark in the other two, the average surprise being 3.19%. CRSP’s shares declined 7.9% in the past year.
Arcus Biosciences’ loss per share estimates have narrowed from $4.75 to $4.54 for 2023 and from $3.79 to $3.50 for 2024, in the past 60 days. Arcus Biosciences’ shares have plunged 44.3% in the past year.
Earnings of RCUS beat estimates in two of the last four quarters, met the mark in one and missed in another, the average negative surprise being 48.83%.
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KALA Q4 Loss Wider Than Expected, Pipeline Remains in Focus
Kala Pharmaceuticals (KALA - Free Report) reported a fourth-quarter 2022 loss of $7.97 per share, narrower than the year-ago quarter’s loss of $33.94 per share. The reported loss was, however, wider than the Zacks Consensus Estimate of $6.56 per share.
The company did not report any product revenues in the fourth quarter of 2022, following the sale of its commercial portfolio to Alcon on Jul 8, 2022. In the year-ago quarter, net product revenues were $1.9 million.
Kala’s shares are up in pre-market trading on Mar 6, following the fourth-quarter result announcement on Mar 3. Shares of Kala have plunged 45.1% in the past year against the industry’s 5.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Selling, general and administrative (SG&A) expenses were $5.8 million, down by approximately 76% year over year. The decline was primarily due to the sale of Kala’s commercial portfolio to Alcon, which closed on Jul 8, 2022, related to a workforce reduction.
Research and development (R&D) expenses were $3.3 million, indicating an increase of 37.5% from the year-ago quarter. The increase was primarily due to the rise in development costs for the KPI-012 candidate.
2022 Results
Kala generated revenues of $3.9 million for 2022, reflecting the closing of the sale of Kala’s commercial portfolio to Alcon on Jul 8, 2022.
The company reported a loss of $29.48 per share for the same period.
Pipeline Updates
Kala's development pipeline includes KPI-012 in clinical development for treating persistent corneal epithelial defect (PCED). In February, first patient was dosed in the phase IIb trial of KPI-012.
Kala is also evaluating KPI-012 for potential development of the candidate for rare front-of-the-eye diseases, such as partial limbal stem cell deficiency and moderate-to-severe Sjögren's.
KPI-014, its pre-clinical candidate, is being evaluated for rare inherited retinal disease.
Kala Pharmaceuticals, Inc. Price and Consensus
Kala Pharmaceuticals, Inc. price-consensus-chart | Kala Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Kala Pharmaceuticals currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector include Allogene Therapeutics (ALLO - Free Report) , CRISPR Therapeutics (CRSP - Free Report) and Arcus Biosciences (RCUS - Free Report) ), all holding a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Allogene Therapeuctics’ loss per share estimates have narrowed from $2.84 to $2.59 for 2023 and from $2.85 to $2.47 for 2024, in the past 60 days.
Earnings of ALLO beat estimates in all the last four quarters, the average surprise being 8.33%. The stock has plunged 25.3% in the past year.
CRISPR Therapeutics' loss per share estimates for 2023 have narrowed from $8.21 to $7.52 in the past 60 days.
CRSP's earnings beat estimates in two of the last four quarters and missed the mark in the other two, the average surprise being 3.19%. CRSP’s shares declined 7.9% in the past year.
Arcus Biosciences’ loss per share estimates have narrowed from $4.75 to $4.54 for 2023 and from $3.79 to $3.50 for 2024, in the past 60 days. Arcus Biosciences’ shares have plunged 44.3% in the past year.
Earnings of RCUS beat estimates in two of the last four quarters, met the mark in one and missed in another, the average negative surprise being 48.83%.