Kala Bio is a clinical-stage biotech that failed its only active drug program and is now pivoting into two early-stage, pre-revenue initiatives. Kala Bio's core legacy business was developing KPI-012, a mesenchymal stem cell secretome therapy for persistent corneal epithelial defects — a rare, non-healing corneal wound condition. That program was discontinued in September 2025 after its Phase 2b trial failed to meet its primary and secondary endpoints. Following the failure, Kala Bio's lender nearly foreclosed on its assets, its executive team and board were replaced, and new controlling investor AK Holdings Group took control. The company now has just 3 full-time employees. Going forward, Kala Bio is pursuing two paths. First, it licensed an agentic AI research platform called Researgency from Younet AI, with the intent to offer biotech and pharma companies a private, on-premises AI infrastructure solution — allowing customers to run AI-powered research workflows on their own data without sending it to external servers. The intended business model is a PaaS offering targeting mid-size biotechs, CROs, and pharma companies, but no revenue has been generated and the company is still in early feasibility assessment. Second, Kala Bio retains worldwide rights to its KPI-012 and KPI-014 product candidates and associated patents, and is exploring licensing or partnership arrangements for those assets.