KALA BIO, Inc.

## Signal Note: Baker Bros. Initiates Major Position in KALA BIO (KALA) Baker Bros. Advisors, the premier biotech-concentrated fund known for deep scientific due diligence, has initiated a substantial new position of ~1.8M shares in KALA BIO, a company focused on KPI-012 (mesenchymal stem cell secretome) for persistent corneal epithelial defects—a rare ophthalmic condition with limited treatment options currently in Phase 2b (DAZZLE trial), with topline data expected in 2025. The size of this new position—over $1B in reported value—from a fund that runs extremely concentrated, high-conviction bets suggests Baker has likely conducted significant diligence on KPI-012's clinical and regulatory pathway, potentially including early data signals or confidence in the FDA's receptivity given breakthrough therapy or fast-track designations