KALA BIO shares surge 22.16% after-hours after announcing $10 million at-the-market offering to repay debt.

KALA BIO surged 22.16% in after-hours trading following the announcement of a $10 million registered direct offering. The company sold 10 million shares at $1.00 each under Nasdaq rules, with proceeds intended to repay debt and fund operations. This capital raise, led by H.C. Wainwright & Co., signals improved financial flexibility and aligns with investor optimism about the company’s ability to strengthen its balance sheet amid ongoing clinical and financial challenges. The move comes as KALA BIO navigates recent setbacks, including a halted trial for its lead candidate KPI-012 and a loan default.