Andreas Argyrides

Chris Howerton

Christopher Neyor

François Brisebois

Yi Chen

Chris Neyor

Franc Brisebois

Tim Chiang

- On **September 29, 2025**, KALA BIO, Inc. received a written notice of event of default from Oxford Finance LLC.  **[1479419_0001104659-25-095342_tm2527691d1_8k.htm:1]** 
- The notice asserted an event of default under Section 8.3 (Material Adverse Change) of the Loan and Security Agreement.  **[1479419_0001104659-25-095342_tm2527691d1_8k.htm:1]** 
- As a result of the default, Oxford Finance LLC declared **all obligations of the Company under the Loan Agreement immediately due and payable**.  **[1479419_0001104659-25-095342_tm2527691d1_8k.htm:1]** 
- The total amount of the Company's obligations accelerated and declared payable by Oxford is **$29.1 million**, plus any additional interest and expenses.  **[1479419_0001104659-25-095342_tm2527691d1_8k.htm:1]**

KALA BIO receives notice of loan default

- KALA BIO's CHASE Phase 2b clinical trial for **KPI-012** in treating persistent corneal epithelial defect (PCED) **did not meet its primary endpoint** of complete healing, nor did it achieve statistical significance for secondary endpoints.  **[1479419_2b5363c398984abbb098edc0ff3076ae_0]** 
- Despite KPI-012 being well-tolerated with a favorable safety profile, KALA BIO will **cease development** of KPI-012 and its mesenchymal stem cell secretome (MSC-S) platform due to the lack of efficacy.  **[1479419_2b5363c398984abbb098edc0ff3076ae_0]** 
- The company plans to **evaluate strategic options**, engage with its secured lender, and implement **cash preservation measures**, including a **reduction in workforce**.  **[1479419_2b5363c398984abbb098edc0ff3076ae_0]**

KALA BIO's KPI-012 Phase 2b Trial Fails Primary Endpoint

- KALA BIO, Inc. announced on **September 29, 2025**, that its CHASE Phase 2b clinical trial for KPI-012 in Persistent Corneal Epithelial Defect (PCED) **did not meet its primary endpoint** of complete healing or achieve statistical significance for secondary endpoints.  **[1479419_0001104659-25-094125_tm2527340d1_ex99-1.htm:1]** **[1479419_0001104659-25-094125_tm2527340d1_8k.htm:2]** 
- As a result, KALA BIO plans to **cease development of KPI-012** and its mesenchymal stem cell secretome platform.  **[1479419_0001104659-25-094125_tm2527340d1_ex99-1.htm:1]** **[1479419_0001104659-25-094125_tm2527340d1_8k.htm:2]** 
- The company's board of directors approved a **reduction in workforce by approximately 19 employees, or 51%**, expected to be substantially completed in the fourth quarter of 2025, as part of efforts to preserve cash and explore strategic options.  **[1479419_0001104659-25-094125_tm2527340d1_8k.htm:1]** **[1479419_0001104659-25-094125_tm2527340d1_8k.htm:2]**

KALA BIO Announces Negative Phase 2b Trial Results for KPI-012 and Workforce Reduction

- KALA BIO, Inc. has appointed **Todd Bazemore** as its **President and Chief Executive Officer (CEO)** and to its Board of Directors.  **[1479419_2c439acee95b4c4cb03dbf9adfa49f06_0]** 
- Mr. Bazemore previously served as KALA’s **interim CEO since February 2025** and as President and Chief Operating Officer (COO).  **[1479419_2c439acee95b4c4cb03dbf9adfa49f06_0]** **[1479419_2c439acee95b4c4cb03dbf9adfa49f06_1]** 
- His appointment occurs as KALA approaches a **key data readout** for its Phase 2b CHASE trial of **KPI-012** and prepares for a potential transition towards commercialization.  **[1479419_2c439acee95b4c4cb03dbf9adfa49f06_0]**

KALA BIO (KALA)