<SEC-DOCUMENT>0001104659-25-014401.txt : 20250214
<SEC-HEADER>0001104659-25-014401.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214210416
ACCESSION NUMBER:		0001104659-25-014401
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KALA BIO, Inc.
		CENTRAL INDEX KEY:			0001479419
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				270604595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90054
		FILM NUMBER:		25632202

	BUSINESS ADDRESS:	
		STREET 1:		1167 MASSACHUSETTS AVENUE
		CITY:			ARLINGTON
		STATE:			MA
		ZIP:			02476
		BUSINESS PHONE:		781-996-5252

	MAIL ADDRESS:	
		STREET 1:		1167 MASSACHUSETTS AVENUE
		CITY:			ARLINGTON
		STATE:			MA
		ZIP:			02476

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kala Pharmaceuticals, Inc.
		DATE OF NAME CHANGE:	20091223

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAR1 Capital Management, LLC
		CENTRAL INDEX KEY:			0001940272
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		3503 WILD CHERRY DRIVE
		STREET 2:		BUILDING 9
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-254-3790

	MAIL ADDRESS:	
		STREET 1:		3503 WILD CHERRY DRIVE
		STREET 2:		BUILDING 9
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-24-119136</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: ADAR1 Capital Management, LLC -->
          <cik>0001940272</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001479419</issuerCik>
        <issuerName>KALA BIO, Inc.</issuerName>
        <issuerCusip>483119202</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1167 Massachusetts Avenue</com:street1>
          <com:city>Arlington</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02476</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>ADAR1 Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>TX</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>298955.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>298955.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>298955.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.91</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>(1) Includes (i) 260,182 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 38,773 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC as of February 14, 2025. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC., ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.

(2) Based on 6,091,182 shares of Common Stock of KALA BIO, Inc. (the "Issuer") outstanding as of December 31, 2024 reported in the Issuer's prospectus, filed with the SEC on February 4, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>ADAR1 Capital Management GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>TX</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>260182.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>260182.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>260182.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.27</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>(1) Includes 260,182 shares of Common Stock by ADAR1 Partners, LP as of February 14, 2025. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP.

(2) Based on 6,091,182 shares of Common Stock of the Issuer outstanding as of December 31, 2024 reported in the Issuer's prospectus filed with the SEC on February 4, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Daniel Schneeberger</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>V8</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>298955.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>298955.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>298955.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.91</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>(1) Includes (i) 260,182 shares of Common Stock held by ADAR1 Partners, LP and (ii) 38,773 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC as of February 14, 2025. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.

(2) Based on 6,091,182 shares of Common Stock of the Issuer outstanding as of December 31, 2024 reported in the Issuer's prospectus filed with the SEC on February 4, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>KALA BIO, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1167 Massachusetts Avenue, Arlington, MA, 02476</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"):
(i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management");
(ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); and
(iii) Daniel Schneeberger ("Mr. Schneeberger").</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(i) ADAR1 Capital Management is a Texas limited liability company;
(ii) ADAR1 General Partner is a Texas limited liability company; and
(iii) Mr. Schneeberger is a citizen of Switzerland.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</amountBeneficiallyOwned>
        <classPercent>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>ADAR1 Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Daniel Schneeberger</signature>
        <title>Daniel Schneeberger, Manager</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>ADAR1 Capital Management GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Daniel Schneeberger</signature>
        <title>Daniel Schneeberger, Manager</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Daniel Schneeberger</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Daniel Schneeberger</signature>
        <title>Daniel Schneeberger, in his individual capacity</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
