Rankings Pharma & medtech KALA BIO
KALA BIO
33
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Listing risk−12
- Margin−9
- Capital allocation−9
Strengths
- Debt-free after write-down+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 2.82 DKK
- Market value
- DKK 55m
- Cash runway
- 14 months
- Cash / debt
- 7.2 / 0.0m USD
- Dilution, 12 months
- +6,875%
Bull case
The acquisition closes with mostly cash and few new shares: KALA gets USD 12.7m in revenue and positive cash flow for a market value of 8m. If the combined business is priced at 1–2x revenue (13–25m), and the listing survives, the stock could rise 2–3x. That requires the target company's unaudited figures to hold.
Bear case
The Nasdaq panel delists the share (no cure period), so it goes to OTC and cannot be traded on Nordnet. Alternatively the acquisition is paid for with a large share issue at a low price, so existing shareholders are diluted 50–80%. The history (−99.6% in a year) shows how fast it can go.
Catalysts
- Nov 2026Due diligence on the telehealth acquisition is completedbinary ad-hoc-news.de
- 18 Nov 2026Q3 reportgradual stockanalysis.com
- Q4 2026Nasdaq Hearings Panel decides whether the share can remain listed (no cure period)binary sec.gov
- Late 2026 or Q1 2027Definitive agreement and closing of the telehealth acquisition (about USD 15m, cash and shares)binary ad-hoc-news.de
Risk of going to zerohigh – delisting procedure without a cure period, serial dilution and a business that has to be bought before there is anything to own
Next financingOperations alone can run about 14 months on USD 7.2m (0.2m cash plus 7m in short-term securities), but the telehealth acquisition at 15m is paid in cash and shares and almost certainly requires an issue or share issuance at closing (late 2026/early 2027). The listing problem may force yet another reverse split.
Warrants & convertiblesAll preferred shares (series E, F, G, H, AA, AAA) were converted or expired as of 30/6-2026; series AAA alone became 17.6m common shares (about 90% of the shares today). Old warrants from 2016 and others exist, but their number and strike are not mapped. Authorised shares raised to 1.5bn. No ATM programme found.
Insiders, last 12 monthsNo insider purchases found; insiders own 0.01% (stockanalysis).
Largest ownersNot examined in detail; institutions own c. 4% and insiders 0.01%. Former preferred shareholders from the Series AAA conversion probably own a large part.
Circio check(1) Small market cap: yes – approx. USD 8m. (2) Hot theme: partial – AI and weight-loss telehealth are hot, but KALA has no advantage. (3) Upcoming milestones: yes – Nasdaq hearing and closing of the acquisition. (4) Major partner: no. (5) Funding 2+ years: no – operations have approx. 14 months, but the acquisition requires new capital. (6) Price near the bottom: yes – −99.6% over 52 weeks.
Why this asymmetryCash is almost equal to market cap and the acquisition could bring revenue, but delisting risk is acute, and the company has a history of massive dilution. Price spikes on news (such as the LOI) have quickly faded. It is a momentum and news stock, not an asymmetric value.
How the score is built
From 100 to 33, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.17 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −100%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −9MarginNo revenue since 2022; operating loss of USD 1.7–1.8m per quarter in H1 2026 after cuts (10–11m per quarter in 2025). Negative ROE (−345%).
- −5Quality of growthNo revenue from the AI platform Researgency.ai, which was launched in March 2026 with a promise of a commercial AI agent 'within 14 days'; H1 2026 still shows zero revenue.
- −7Moat and future segmentThe lead candidate KPI-012 (the eye disease PCED) failed in the CHASE trial, and R&D has been put on hold. The new strategy (AI tools plus telehealth in weight loss, hormones and 'longevity') is a crowded market without a moat.
- −9Capital allocationThe share count rose about 6,900% over a year (convertible preferred shares series E–AAA were converted to ordinary shares), followed by a 1:50 reverse split in May 2026. The number of authorized shares has been raised from 120m to 1.5bn.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own history and peersThe market cap (USD 8.3m) is close to cash and securities (7.2m), EV approx. 1m and P/B 0.92. No earnings to measure against; the price is effectively for the cash plus an option on a change of course that has not been completed.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−28 of −35
- −12Listing riskNasdaq notice 27/8-2026 on price below USD 1; the company gets NO cure period, because it did a 1:50 reverse split in May 2026. Only a hearing before the Nasdaq Hearings Panel postpones delisting. There was already a notice in November 2025 about missing market value/equity.
- −9Financing and dilution from acquisitionsThe telehealth acquisition costs about USD 15m in 'cash and KALA shares' – almost twice the market cap and the cash of 7.2m. With 1.5bn authorised shares there is room for massive dilution.
- −7Execution and strategy shiftThird strategy in a year (eye medicine → AI → telehealth). The LOI is non-binding, the target company's figures (USD 12.7m in revenue TTM) are unaudited, and closing is not expected until late 2026 or early 2027. Telehealth within weight loss and hormones is under regulatory pressure.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Debt-free after write-downThe USD 29.9m loan (Oxford) has been off the balance sheet since Q4 2025, and burn has been cut to about USD 1.5m per quarter.
Caveats
What the score does not capture, or where the data is weak.
Effectively a shell after the failed KPI-012: no revenue, 6 employees and R&D put on hold. The company is now switching business to an AI platform (Researgency.ai, no revenue) and an acquisition of a telehealth company via a non-binding LOI; the terms (share of cash/shares) are unknown. The very high turnover (12.6m USD/day) is due to price jumps on news (LOI 24/9-2026: +57% after close to 0.79 USD, since back to 0.43). Warrants and any new financing agreements after 30/6 have not been mapped in detail. No analysts (forecast 404). Industry set to 'Medicine & medtech'; telehealth belongs closest to 'Health insurance & services' if the acquisition is completed.
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