Kala Pharmaceuticals, Inc. (KALA) Balance Sheet
KALA balance sheet, 2025
December 31, 2025 · U.S. dollars$9.5M assets = $2.5M liabilities + $7.0M equity
Both columns are drawn to the same scale: what KALA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KALA financial health
Current ratio3.81
Comfortable · current assets cover current liabilities 3.81×
Equity / assets73.7%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
KALA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $46.3M2016 | $9.5M2025 | −16.2%/yr | |
| Total liabilities | $134.1M2016 | $2.5M2025 | −35.8%/yr | |
| Shareholders’ equity | −$87.8M2016 | $7.0M2025 | — | |
| Cash & short-term investments | $45.5M2016 | $7.6M2025 | −18.1%/yr | |
| Total debt | $9.7M2016 | $32.3M2024 | +16.3%/yr | |
| Net cash (debt) | $35.8M2016 | $18.9M2024 | −$16.9M | |
| Working capital | $40.1M2016 | $7.0M2025 | −$33.1M | |
| Current ratio | 8.232016 | 3.812025 | −4.42 | |
| Debt / equity | 0.212017 | 2.622024 | +2.41 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KALA assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
KALA liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
KALA debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KALA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $7.6M | $51.2M | $50.9M | $70.5M | $92.1M | $153.5M | $85.4M | $170.9M | $114.6M | $45.5M |
| Cash & equivalents | $7.6M | $51.2M | $50.9M | $70.5M | $92.1M | $77.3M | $85.4M | $170.9M | $114.6M | $45.5M |
| Short-term investments | — | — | — | — | $0 | $76.3M | $699,000 | — | $0 | — |
| Receivables | $0 | $0 | $236,000 | $6.5M | $17.5M | $9.9M | $13.1M | $1.0M | $0 | $0 |
| Inventory | $0 | $0 | $0 | $7.7M | $8.6M | $5.2M | $4.6M | $4.1M | $0 | $0 |
| Other current assets | $1.9M | $1.6M | $1.7M | $1.3M | $6.1M | $2.8M | $2.3M | $1.0M | $648,000 | $154,000 |
| Total current assets | $9.5M | $52.8M | $52.9M | $85.9M | $124.4M | $171.4M | $105.5M | $177.0M | $115.2M | $45.6M |
| Property, plant & equipment (net) | $0 | $2.4M | $2.8M | $416,000 | $4.0M | $31.0M | $32.5M | $31.7M | $786,000 | $594,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $246,000 | $301,000 | $462,000 | $11.0M | $19.2M | $16.4M | $12.2M | $134,000 | $109,000 |
| Total assets | $9.5M | $55.5M | $55.9M | $86.8M | $139.4M | $221.6M | $154.3M | $221.0M | $116.1M | $46.3M |
| Liabilities | ||||||||||
| Accounts payable | $986,000 | $628,000 | $919,000 | $2.3M | $4.9M | $1.7M | $2.5M | $5.4M | $1.2M | $997,000 |
| Short-term debt | — | $10.7M | $334,000 | $5.0M | $711,000 | $1.5M | $1.3M | $463,000 | $7.1M | $556,000 |
| Deferred revenue | — | $637,000 | $1.1M | $4.2M | $28.0M | — | — | — | — | — |
| Total current liabilities | $2.5M | $17.0M | $8.3M | $25.7M | $37.4M | $22.2M | $24.8M | $17.0M | $14.5M | $5.5M |
| Long-term debt | $0 | $20.1M | $34.2M | $37.9M | $78.9M | $72.2M | $71.2M | $70.2M | $12.0M | $9.1M |
| Lease obligations | $0 | $1.8M | $2.1M | $13,000 | $1.3M | $28.7M | $30.0M | $29.2M | — | — |
| Other long-term liabilities | $0 | $6.1M | $5.9M | $4.2M | $6.3M | $27.1M | $28.7M | $28.8M | $9,000 | $119.4M |
| Total liabilities | $2.5M | $43.2M | $48.4M | $67.8M | $122.6M | $121.6M | $124.6M | $116.0M | $26.5M | $134.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $28,000 | $6,000 | $3,000 | $2,000 | $1,000 | $59,000 | $36,000 | $34,000 | $25,000 | $1,000 |
| Retained earnings (deficit) | −$694.9M | −$667.9M | −$629.4M | −$587.2M | −$542.4M | −$399.8M | −$295.5M | −$201.1M | −$134.4M | −$92.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | — | — | — | — | — | $4,000 | −$2.5M | −$1.8M | −$1.5M | −$1.3M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $7.0M | $12.3M | $7.5M | $19.0M | $16.8M | $100.0M | $29.7M | $105.0M | $89.7M | −$87.8M |
| Key figures | ||||||||||
| Total debt | — | $32.3M | $36.3M | $43.0M | $80.2M | $100.9M | $101.2M | $99.4M | $18.7M | $9.7M |
| Net cash (debt) | — | $18.9M | $14.6M | $27.5M | $11.9M | $52.6M | −$15.7M | $71.5M | $95.9M | $35.8M |
| Working capital | $7.0M | $35.8M | $44.5M | $60.3M | $86.9M | $149.2M | $80.7M | $160.0M | $100.8M | $40.1M |
| Tangible book value | $7.0M | $12.3M | $7.5M | $19.0M | $16.8M | $100.0M | $29.7M | $105.0M | $89.7M | −$87.8M |
| Current ratio | 3.81 | 3.11 | 6.33 | 3.35 | 3.32 | 7.71 | 4.26 | 10.41 | 7.97 | 8.23 |
| Quick ratio | 3.03 | 3.02 | 6.13 | 3.00 | 2.93 | 7.35 | 3.98 | 10.11 | 7.92 | 8.20 |
| Debt / equity | — | 2.62 | 4.84 | 2.26 | 4.77 | 1.01 | 3.41 | 0.95 | 0.21 | — |
| Equity / assets | 73.7% | 22.2% | 13.4% | 21.9% | 12.1% | 45.1% | 19.2% | 47.5% | 77.2% | −189.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.2M | $8.8M | $7.6M | $21.1M | $31.9M | $42.2M | $51.2M | $49.2M | $54.2M | $48.5M | $50.9M | $56.1M |
| Cash & equivalents | $229,000 | $1.8M | $7.6M | $21.1M | $31.9M | $42.2M | $51.2M | $49.2M | $54.2M | $48.5M | $50.9M | $56.1M |
| Short-term investments | $7.0M | $7.0M | — | — | — | — | — | — | — | — | $99.7M | — |
| Receivables | $214,000 | $74,000 | $0 | $8,000 | $127,000 | $2.5M | $0 | $0 | $3.5M | $0 | $236,000 | $272,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.1M | $3.5M | $1.9M | $3.2M | $1.6M | $1.0M | $1.6M | $2.1M | $1.2M | $1.6M | $1.7M | $1.6M |
| Total current assets | $10.6M | $12.3M | $9.5M | $24.3M | $33.7M | $45.7M | $52.8M | $51.3M | $58.9M | $50.1M | $52.9M | $57.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $603,000 | $2.2M | $2.3M | $2.4M | $2.5M | $2.5M | $2.7M | $2.8M | $2.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $144,000 | $226,000 | $239,000 | $246,000 | $260,000 | $273,000 | $287,000 | $301,000 | $314,000 |
| Total assets | $10.6M | $12.3M | $9.5M | $25.0M | $36.1M | $48.3M | $55.5M | $54.1M | $61.6M | $53.0M | $55.9M | $61.1M |
| Liabilities | ||||||||||||
| Accounts payable | $1.1M | $1.0M | $986,000 | $917,000 | $658,000 | $931,000 | $628,000 | $711,000 | $665,000 | $732,000 | $919,000 | $787,000 |
| Short-term debt | — | — | — | $28.8M | $9.9M | $15.9M | $10.7M | $18.3M | $12.3M | $6.3M | $334,000 | $324,000 |
| Deferred revenue | — | — | — | — | — | $546,000 | $637,000 | $314,000 | $2.3M | — | $1.1M | $2.9M |
| Total current liabilities | $1.5M | $1.6M | $2.5M | $32.6M | $16.0M | $23.0M | $17.0M | $23.9M | $19.2M | $11.9M | $8.3M | $10.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $18.8M | $15.1M | $20.1M | $17.2M | $22.8M | $28.5M | $34.2M | $33.9M |
| Lease obligations | — | — | $0 | $1.5M | $1.6M | $1.7M | $1.8M | $1.9M | $2.0M | $2.1M | $2.1M | $2.2M |
| Other long-term liabilities | $0 | $0 | $0 | $1.1M | $4.5M | $4.4M | $6.1M | $6.2M | $5.9M | $6.0M | $5.9M | $5.7M |
| Total liabilities | $1.5M | $1.6M | $2.5M | $33.7M | $39.3M | $42.5M | $43.2M | $47.2M | $47.9M | $46.4M | $48.4M | $49.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $20,000 | $19,000 | — | $7,000 | $7,000 | $6,000 | $6,000 | $5,000 | $5,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$698.1M | −$696.5M | −$694.9M | −$695.6M | −$688.0M | −$676.9M | −$667.9M | −$659.7M | −$650.8M | −$641.2M | −$629.4M | −$620.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | $1,000 |
| Total shareholders' equity | $9.0M | $10.8M | $7.0M | −$8.7M | −$3.2M | $5.7M | $12.3M | $6.9M | $13.7M | $6.7M | $7.5M | $11.2M |
| Key figures | ||||||||||||
| Total debt | — | — | — | $29.9M | $29.9M | $32.3M | $32.3M | $37.0M | $36.8M | $36.6M | $36.3M | $36.1M |
| Net cash (debt) | — | — | — | −$8.8M | $2.0M | $9.9M | $18.9M | $12.2M | $17.4M | $11.9M | $14.6M | $20.0M |
| Working capital | $9.0M | $10.8M | $7.0M | −$8.3M | $17.6M | $22.7M | $35.8M | $27.4M | $39.7M | $38.2M | $44.5M | $47.6M |
| Tangible book value | $9.0M | $10.8M | $7.0M | −$8.7M | −$3.2M | $5.7M | $12.3M | $6.9M | $13.7M | $6.7M | $7.5M | $11.2M |
| Book value per share | — | — | — | — | — | — | $2.63 | $1.48 | — | — | — | — |
| Shares outstanding | — | — | — | — | — | — | 4.7M | 4.6M | — | — | — | — |
| Current ratio | 6.88 | 7.91 | 3.81 | 0.75 | 2.10 | 1.99 | 3.11 | 2.15 | 3.07 | 4.22 | 6.33 | 5.62 |
| Quick ratio | 4.84 | 5.68 | 3.03 | 0.65 | 2.00 | 1.95 | 3.02 | 2.06 | 3.00 | 4.08 | 6.13 | 5.47 |
| Debt / equity | — | — | — | — | — | 5.67 | 2.62 | 5.40 | 2.68 | 5.49 | 4.84 | 3.22 |
| Equity / assets | 85.5% | 87.4% | 73.7% | −34.6% | −8.9% | 11.8% | 22.2% | 12.7% | 22.3% | 12.6% | 13.4% | 18.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.
KALA financial position
At the end of fiscal 2025 (December 31, 2025), Kala Pharmaceuticals had total assets of $9.5 million (down 82.9% from a year earlier), total liabilities of $2.5 million and shareholders' equity of $7.0 million. Its current ratio was 3.81. In the latest quarter (ended June 30, 2026) total assets were $10.6 million and equity $9.0 million.
Related: KALA income statement, KALA cash flow statement, KALA key metrics. See the KALA stock overview for the latest quote and news.
KALA balance sheet FAQ
What are Kala Pharmaceuticals's total assets?
Kala Pharmaceuticals reported total assets of $9.5 million at the end of fiscal 2025 (December 31, 2025), compared with $55.5 million a year earlier.
How much cash does Kala Pharmaceuticals have?
Kala Pharmaceuticals held $7.6 million in cash and short-term investments at the end of fiscal 2025.
What is Kala Pharmaceuticals's book value?
Kala Pharmaceuticals's shareholders' equity (book value) was $7.0 million at the end of fiscal 2025.
What is Kala Pharmaceuticals's current ratio?
Kala Pharmaceuticals had current assets of $9.5 million and current liabilities of $2.5 million, a current ratio of 3.81 (it can cover its short-term obligations).