KALA BIO, Inc. Leases Disclosure
Note 7: Lease
Operating leases
Menlo Park, California Office Lease
In April 2023, Combangio entered into a lease agreement with Menlo Prepi I, LLC, pursuant to which Combangio leases approximately 6,135 square feet of office, laboratory and research and development space in Menlo Park, California. The Company entered into a guaranty of lease agreement guarantying the obligations of Combangio under the lease agreement. The initial term of the lease is for 62 months which commenced on the lease commencement date of July 1, 2023, unless earlier terminated pursuant to the terms of the lease. The lease provides Combangio with an option to extend the lease for an additional five-year term. Combangio was required to make a payment in the amount of $144, as a security deposit pursuant to the lease during the year ended December 31, 2023, which is included in other long-term assets on the consolidated balance sheet as of December 31, 2024. Upon the lease commencement, the Company recorded a right-of-use asset of $2,154 and corresponding $2,133 of lease liability.
As a result of the CHASE trial of KPI-012 decision to cease development, on November 21, 2025, the Company terminated the lease with the landlord and signed a settlement to return the space and release the Company from its obligations and liabilities. The settlement was paid prior to December 31, 2025.
The components of lease expense and related cash flows were as follows:
Year Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
Lease cost | | | | | ||
Operating lease cost | $ | 546 | $ | 596 | ||
Short-term lease cost | 37 | 34 | ||||
Variable lease cost | 179 | 209 | ||||
Total lease cost | $ | 762 | $ | 839 | ||
Operating cash outflows from operating leases | $ | 550 | $ | 581 | ||
The weighted average remaining lease term and weighted average discount rate of operating leases were as follows:
December 31, | December 31, | ||
2025 | 2024 | ||
Weighted average remaining lease term | - | 3.7 years | |
Weighted average discount rate | - | 13.1% |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 15, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 29, 2022 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Mar 12, 2019 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.