Acceleration/Increase of Financial Obligation, Financial Obligation (Form 8-K)

Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On September 29, 2025, KALA BIO, Inc. (the "Company") received a written notice (the "Notice") of event of default from Oxford Finance LLC ("Oxford") with respect to that certain Loan and Security Agreement, dated as of May 4, 2021 (as amended, the "Loan Agreement"), by and among the Company, Combangio, Inc. and Oxford, as lender and collateral agent. The Notice asserted that an event of default (the "Event of Default") has occurred and is continuing under Section 8.3 (Material Adverse Change) of the Loan Agreement and alleged that other events of default under the Loan Agreement may exist.

In the Notice, Oxford declared, by reason of the Event of Default, that all obligations of the Company under the Loan Agreement were immediately due and payable. In addition, the Notice indicated that the Company's obligations under the Loan Agreement began accruing interest at the Default Rate (as defined in the Loan Agreement) effective immediately upon occurrence of the Event of Default. The total amount of the Company's obligations under the Loan Agreement as of the date hereof that have been accelerated and declared payable by Oxford is $29.1 million plus any additional interest due upon final payment and any expenses that become payable by the Company under the Loan Agreement.

A description of the Loan Agreement is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed with the Securities and Exchange Commission on August 8, 2025, which description is incorporated herein by reference.