KPI-012 is a cell therapy commercialized by Kala Pharmaceuticals, with a leading Phase II program in Persistent Corneal Epithelial Defects. According to Globaldata, it is involved in 2 clinical trials, of which 1 was completed, and 1 is ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of KPI-012’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for KPI-012 is expected to reach an annual total of $2 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

KPI-012 Overview

KPI-012 is under development for the treatment of persistent corneal epithelial defects, moderate-to-severe sjögren's, partial limbal stem cell deficiency and chemical burns of cornea. The drug candidate is administered by topical as well as drops through ocular route.

Kala Pharmaceuticals Overview

Kala Pharmaceuticals is a clinical stage pharmaceutical company. It offers nanoparticle-based treatments for ocular diseases affecting both front and back of the eye. The company’s AMPPLIFY technology, treats the medical needs for the front of the eye, and NCEs, targeted to address front and back of the eye diseases. Its pipeline products includes EYSUVIS (loteprednol etabonate ophthalmic suspension), is used for the treatment of short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease, and INVELTYS (loteprednol etabonate ophthalmic suspension), a topical twice-a-day ocular steroid for the treatment of post-operative inflammation and pain following ocular surgery. It supplies its products across the US and Europe. Kala Pharmaceuticals is headquartered in Watertown, Massachusetts, the US.

The company reported revenues of (US Dollars) US$11.2 million for the fiscal year ended December 2021 (FY2021), an increase of 76.7% over FY2020. The operating loss of the company was US$134.3 million in FY2021, compared to an operating loss of US$96.2 million in FY2020. The net loss of the company was US$142.6 million in FY2021, compared to a net loss of US$104.3 million in FY2020. The company reported revenues of US$0.4 million for the third quarter ended September 2022, a decrease of 80% over the previous quarter.

For a complete picture of KPI-012’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.